<SEC-DOCUMENT>0001213900-22-026961.txt : 20220516
<SEC-HEADER>0001213900-22-026961.hdr.sgml : 20220516
<ACCEPTANCE-DATETIME>20220516143851
ACCESSION NUMBER:		0001213900-22-026961
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		169
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220516
DATE AS OF CHANGE:		20220516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORMULA SYSTEMS (1985) LTD
		CENTRAL INDEX KEY:			0001045986
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29442
		FILM NUMBER:		22927829

	BUSINESS ADDRESS:	
		STREET 1:		5 HAPLADA ST.
		CITY:			OR YEHUDA
		STATE:			L3
		ZIP:			6021805
		BUSINESS PHONE:		011-972-3-538-9487

	MAIL ADDRESS:	
		STREET 1:		5 HAPLADA ST.
		CITY:			OR YEHUDA
		STATE:			L3
		ZIP:			6021805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORMULA SYSTEMS \1985\ LTD
		DATE OF NAME CHANGE:	19970911
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>f20f2021_formulasystems.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:35:04 UTC 2022 -->
<html xmlns:compsci="http://compsciresources.com" xmlns:currency="http://xbrl.sec.gov/currency/2021" xmlns:dei="http://xbrl.sec.gov/dei/2021q4" xmlns:dtr="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:forty="http://formulasystems.com/20211231" xmlns:ifrs-full="http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:srt="http://fasb.org/srt/2021-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31" xmlns:us-types="http://fasb.org/us-types/2021-01-31" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.w3.org/1999/xhtml" xmlns:xml="http://www.w3.org/XML/1998/namespace"><head>
     <title> </title>

<meta content="text/html" http-equiv="Content-Type" />
</head>
<body><div style="font: 10pt Times New Roman, Times, Serif"><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric> <b>REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric> <b>ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2021</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric> <b>TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the transition period from __________ to
__________</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric> <b>SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Date of event requiring this shell company report
__________</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Commission File Number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">000-29442</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName">FORMULA SYSTEMS (1985) LTD</ix:nonNumeric>.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter<br/>
and translation of Registrant&#8217;s name into English)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><b><span style="text-decoration:underline">Israel</span></b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of Incorporation or Organization)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Yahadut Canada 1 Street</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Or Yehuda</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">6037501</ix:nonNumeric>,
<ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Israel</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Asaf Berenstin</ix:nonNumeric>; <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Yahadut Canada 1 Street</ix:nonNumeric>,
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Or Yehuda</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">6037501</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Israel</ix:nonNumeric></span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Tel: <ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">972</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">3 5389389</ix:nonNumeric>, Fax: <ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelFaxNumber">972 3 5389300</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile Number
and Address of Company Contact Person)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered or to be registered pursuant
to Section 12(b) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Each Class</span></td> <td style="width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</span></td> <td style="width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Each<br/> Exchange&#160;On&#160;Which&#160;Registered</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary Shares, each representing one Ordinary Share, NIS 1 par value</b></span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORTY</b></span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Global Select Market</b></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered or to be registered pursuant
to Section 12(g) of the Act: <b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: <b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares of each
of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>As of December 31, 2021, the registrant had
<ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction> outstanding ordinary shares, NIS 1 par value, of which 140,969 were represented by American Depositary Shares.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">Yes</ix:nonNumeric> &#9746;&#160;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Yes &#9744;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> &#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> &#9746;&#160;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167; 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> &#9746;&#160;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Large accelerated filer</ix:nonNumeric> </span></td> <td style="white-space: nowrap; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="white-space: nowrap; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer </span></td> <td style="white-space: nowrap; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer </span></td> <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company </span></td> <td style="white-space: nowrap"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP &#9744;</span></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 25%; text-align: center">&#160;</td> <td style="width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-0">International Financial Reporting</span><br/>
Standards as issued by the International<br/>
Accounting Standards Board &#9746;</span></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &#8220;Other&#8221; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Item 17 &#9744;&#160;&#160;Item 18 &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes &#9744;&#160;&#160;No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 90%; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</b></span></a></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ii</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002"><b>CERTAIN TERMS AND CONVENTIONS</b></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iii</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 9pt; text-align: center"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I</b></span></a></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 3. KEY INFORMATION</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 4. INFORMATION ON THE COMPANY</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>89</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>89</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>126</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>143</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 8. FINANCIAL INFORMATION</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>148</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 9. THE OFFER AND LISTING</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>152</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 10. ADDITIONAL INFORMATION</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>153</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>166</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>167</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9pt; text-align: center"><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>168</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>168</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 15. CONTROLS AND PROCEDURES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>168</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><b><a href="#a_021">ITEM 16. RESERVED</a></b></td>
    <td style="vertical-align: bottom; text-align: center"><b>169</b></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>169</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16B. CODE OF ETHICS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>169</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>170</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16G. CORPORATE GOVERNANCE</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; text-align: justify"><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; text-align: justify"><a href="#a_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>171</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 9pt; text-align: center"><a href="#a_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><a href="#a_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 17. FINANCIAL STATEMENTS</b></span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>172</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_033"><b>ITEM 18. FINANCIAL STATEMENTS</b></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>172</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_034"><b>ITEM 19. EXHIBITS</b></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>173</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_035"><b>SIGNATURES</b></a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>174</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-align: justify; text-indent: -9pt">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_036">INDEX TO FINANCIAL STATEMENTS</a> </b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-1</b></span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual report on Form
20-F contains various &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S Private Securities Litigation
Reform Act of 1995, as amended, with respect to our business, financial condition and results of operations. Such forward-looking statements
reflect our current view with respect to future events and financial results. Statements which use the terms &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate&#8221;, &#8220;may&#8221;, &#8220;will&#8221;
and similar expressions are intended to identify forward looking statements. Such statements reflect our current views with respect to
future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels
of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed
or implied by the forward-looking statements, including, but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the degree of our success in integrating the companies that we have acquired through the implementation of our M&amp;A growth strategy;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the degree of our success in developing and deploying new technologies for software solutions that address the updated needs of our customers and serve as the basis for our revenues;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the lengthy development cycles for a portion of our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our lengthy and complex sales cycles, which do not always result in the realization of revenues;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the degree of our success in retaining our existing customers and competing effectively for greater market share;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties in successfully planning and managing changes in the size of our operations;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the frequency of long-term, large, complex projects that we perform from time to time that involve complex estimates of project costs and profit margins, which sometimes change mid-stream;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the challenges and potential liability that heightened privacy laws and regulations pose to our business;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">occasional disputes with clients, which may adversely impact our results of operations and our reputation;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">various intellectual property issues related to our business;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers&#8217; systems, <span>particularly&#160;in the current work-from-home environment</span>;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks related to industries, such as the insurance, healthcare, defense and the telecom, in which certain of our clients operate;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks posed by our global sales and operations, such as changes in regulatory requirements, supply chain disruptions, geopolitical instability stemming from Russia&#8217;s recent invasion of Ukraine, wide-spread viruses and epidemics like the <span>COVID-19 pandemic</span>, or fluctuations in currency exchange rates; </span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the <span>unknown further duration of the global COVID-19 pandemic and the extent of its impact on our operations, financial position and cash flows, and those of our customers and suppliers</span>; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks related to our and our subsidiaries&#8217; principal location in Israel.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we believe our forward-looking
statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties
materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the
risks discussed in Item 3 &#8211; &#8220;Key Information&#8221; under the caption &#8220;Risk Factors&#8221; and cautionary statements
appearing elsewhere in this annual report in order to review conditions that we believe could cause actual results to differ materially
from those contemplated by the forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not rely upon
forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected
in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly
any forward-looking statements for any reason after the date of this annual report, to conform these statements to actual results or to
changes in our expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN TERMS AND CONVENTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context requires otherwise, all references
in this annual report to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Formula&#8221; </i>refer to Formula
Systems (1985) Ltd. alone; </span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;we,&#8221; &#8220;our,&#8221; &#8220;ours,&#8221;
&#8220;our company,&#8221; &#8220;our Group&#8221; and &#8220;us&#8221; </i>refer to Formula, together with its subsidiaries and its affiliate
company, unless otherwise indicated. </span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are currently
conducted through our subsidiaries&#8212;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Matrix,&#8221;</i> which refers to
Matrix IT Ltd. and its subsidiaries;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                     </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Sapiens,&#8221; </i>which refers to
Sapiens International Corporation N.V. and its subsidiaries;</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Magic Software,&#8221;</i> which refers
to Magic Software Enterprises Ltd. and its subsidiaries;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Michpal&#8221;, </i>which refers to
Michpal Micro Computers (1983) Ltd. and its subsidiaries;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;InSync&#8221;, </i>which refers to
InSync Staffing Solutions, Inc.;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Ofek Aerial Photography&#8221;, </i>which
refers to Ofek Aerial Photography Ltd.; and</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Zap Group&#8221;, </i>which refers
to Zap Group Ltd. (which we acquired in April 2021) and its subsidiaries; </span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">and our affiliated company&#8212;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;TSG,&#8221; </i>which refers to TSG
Advanced IT Systems, Ltd., in which we hold a 50% share interest<i>.</i></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Companies Law&#8221; </i>refer to the
Israeli Companies Law, 5759-1999.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;dollars&#8221; or &#8220;$&#8221; </i>are
to U.S. dollars;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;NIS&#8221; </i>are to New Israeli Shekels;
</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;ADSs&#8221; </i>refer to our American
Depositary Shares, each of which represents one ordinary share, par value NIS 1.0 per share, of our company;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;ordinary shares&#8221; </i>refer to
our ordinary share, par value NIS 1.0 per share, and include ordinary shares that are represented by ADSs;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Nasdaq&#8221; </i>refer to the Nasdaq
Stock Market, on which the ADSs are listed for trading;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;TASE&#8221; </i>refer to the Tel Aviv
Stock Exchange, on which the ordinary shares are listed for trading; </span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;SEC&#8221; </i>refer to the U.S. Securities
and Exchange Commission;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Israeli CPI&#8221; </i>refer to the
Israeli consumer price index;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;IFRS&#8221;</i> refer to International
Financial Reporting Standards, as issued by the IASB; and</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;IASB&#8221;</i> refer to the International
Accounting Standards Board.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements appearing in this annual report are prepared in U.S. dollars and in accordance with IFRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements made in this
annual report concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents
and are not complete descriptions of all of their terms. If we have filed any of these documents as an exhibit to this annual report or
to any previous filling with the SEC, you may read the document itself for a complete recitation of its terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All trademarks appearing
in this annual report are the property of their respective holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved] </b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization and Indebtedness</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons for the Offer and Use of Proceeds</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk Factors</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our ordinary
shares, including ordinary shares represented by ADSs, involves a high degree of risk and uncertainty. You should carefully consider the
risks and uncertainties described below before investing in our ordinary shares or ADSs. Our business prospects, operating results and
financial condition could be seriously harmed due to any of the following risks. Additional risks and uncertainties that we are not aware
of or that we currently believe are immaterial may also adversely affect our business prospects, financial condition, and results of operations.
The trading prices of our ordinary shares and ADSs could decline as a result of the realization of any of these risks, in which case you
may lose part or all of your investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Risk Factors Summary</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><i>The
following is a summary of the principal risks that could materially adversely affect our business, results of operations, and financial
condition, all of which are more fully described below. This summary should be read in conjunction with the other information discussed
in this Item 3.D, and should not be relied upon as an exhaustive summary of the material risks facing our business. Please carefully consider
all of the information discussed in this Item 3.D. &#8220;Risk Factors&#8221; and elsewhere in this annual report for a more thorough
description of these and other risks.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Summary of Risks Related
to Our Business, Our Industry and Our Financial Condition </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our performance is dependent on the success of
our M&amp;A growth strategy, and the integration and continued success of the entities that we acquire.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We may be unable to successfully develop and
deploy new technologies to address the updated needs of our customers.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our product development and sales cycles are
often lengthy, requiring us to expend significant time and resources prior to, and without assurances of, generating associated revenues.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If we are unable to keep our supply of skills
and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, our business,
the utilization rate of our professionals and our results of operations may be materially adversely affected.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Retention of key talent is challenging in the
current labor markets in Israel and the other regions in which we operate.</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Failure to manage our growth&#8212; both organic
and non-organic&#8212;could effectively harm our business.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The market for software solutions and related
services is highly competitive and dynamic, and we may be unable to adapt rapidly enough to changing market conditions and to compete
successfully with existing or new competitors.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Customers switching to cloud-based solutions
may lead to a decrease in demand for our products.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Long-term, large, complex implementation projects
that we work on often involve changes, which could cause disputes between us and our customers.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We enter from time to time into&#160;fixed-price&#160;contracts that could subject us to losses in the event we fail to properly estimate our costs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Security vulnerabilities in our software solutions
could lead to reduced revenue or to liability claims.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We are subject to risks that are characteristic
of the insurance market, including catastrophes, potential capital markets crashes, and consolidation.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Breaches or significant disruptions of our information
technology systems have occurred and may occur again in the future.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation of the internet and telecommunications, privacy and data security may adversely affect sales of our products and result in increased compliance costs.</span></td></tr>
  </table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>
</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We face increased competition from a wide variety
of market participants.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our expanding international operations are accompanied
by costs, operational risks and required regulatory compliance in many jurisdictions.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Summary of Risks Related
to Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We may be unable to protect our patents and trademarks
from infringement and avoid infringing the intellectual property rights of others.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We and our customers rely on technology and intellectual property of third-parties, the loss of which could limit the functionality of our products and disrupt our business.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We could be required to provide the source code of our products to our customers.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may be liable to our clients for damages caused by a violation of intellectual property rights.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Summary of Risks Related
to Our Status as Israeli Company and Our Israeli Operations </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reduction of government
    spending in Israel on IT services may reduce our revenues and profitability; and any delay in the annual budget approval process may
    negatively impact our cash flows.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli government tax benefits we receive may be terminated if we cease to qualify for them.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Israeli research and development grants impose various limitations on us, including restrictions on our ability to transfer manufacturing operations or technology outside of Israel.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Business, Our Industry
and Our Financial Condition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The implementation of our M&amp;A growth
strategy, which requires the integration of our multiple acquired companies and their respective businesses, operations and employees
with our own,&#160;and their respective businesses, operations and employees with our own, involves significant risks, and the failure
to integrate successfully may adversely affect our future results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past decade we have
completed a significant number of important acquisitions. Most recently, we have acquired the following companies in the following fiscal
periods: in 2021, we acquired the entire share capital of Zap Group Ltd., EnableIT LLC., and Menarva Software Solutions Ltd., 60% of the
of the share capital of 9540 Y.G. Soft I.T Ltd., 60% of the of the share capital of SQ Service Quality Ltd., 75% of the share capital
of A.A Engineering Ltd., 75% of the of the share capital of I.T.D. Group Ltd., and 60% of the of the share capital of AVB Technologies
Ltd.; in the fourth quarter of 2020, we acquired Thor Denmark Holding ApS and RightStar Inc.; in the third quarter of 2020, we acquired
Delphi Technology Inc, Stockell Information Systems, Inc, Gestetnertec Ltd. (51%) and Mobisoft Ltd (70%); in the second quarter of 2020,
we acquired Tiful Gemel Ltd. (75%), Magic Hands B.V, Liram Financial Software Ltd. (70%) and Aptonet Inc, and in the first quarter of
2020, we acquired sum.como GmbH and Ofek Aerial Photography (80%).&#160; These acquisitions are part of our integrated M&amp;A growth
strategy, which is centered on three key factors: growing our customer base, expanding our geographic footprint and adding complementary
solutions to our portfolio&#8212; all while we seek to ensure our continued high quality of services and product delivery. Any failure
to successfully integrate the business, operations and employees of our acquired companies, or to otherwise realize the anticipated benefits
of these acquisitions, could harm our results of operations. Our ability to realize these benefits will depend on the timely integration
and consolidation of organizations, operations, facilities, procedures, policies and technologies, and the harmonization of differences
in the business cultures between these companies and their personnel. Integration of these businesses will be complex and time-consuming,
will involve additional expense and could disrupt our business and divert management&#8217;s attention from ongoing business concerns.
The challenges involved in integrating these acquired entities and other former acquisitions include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Preserving customer and other important relationships</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Integrating complex, core products and services that we acquire with our
existing products and services</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Integrating financial forecasting and controls, procedures and reporting
cycles</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Combining and integrating information technology, or IT, systems</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Integrating employees and related HR systems and benefits, maintaining employee
morale and retaining key employees</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Potential confusion that we may have in our dealings with customers and prospective
customers as to the products we are offering to them and potential overlap among those products</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Investment of significant management time and attention towards the integration
process</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The benefits we expect to
realize from these acquisitions are, necessarily, based on projections and assumptions about the combined businesses of our Group, and
assume, among other things, the successful integration of these acquired entities into our business and operations. Our projections and
assumptions concerning our acquisitions may be inaccurate, however, and we may not successfully integrate the acquired companies and our
operations in a timely manner, or at all. We may also be exposed to unexpected contingencies or liabilities of the acquired companies.
If we do not realize the anticipated benefits of these transactions, our growth strategy and future profitability could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we do not successfully develop and deploy
new technologies to address the updated needs of our customers, our business and results of operations could suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success has been based
in part on our ability to design software solutions that enable our customers to facilitate, improve and automate traditional processes
to make them easier for end-customers, by utilizing advanced technologies, such as digital engagement, low-code/no-code, API layer, advanced
analytics and cloud computing. We spend substantial amounts of time and money researching and developing new technologies and enhanced
versions of existing features to meet our customers&#8217; and potential customers&#8217; rapidly evolving needs. There is no assurance
that our enhancements to our solutions or our new solutions&#8217; features, capabilities, or offerings, will be compelling to our customers
or gain market acceptance. If our research and development investments do not accurately anticipate customer demand or if we fail to develop
our solutions in a manner that satisfies customer preferences in a timely and cost-effective manner, we may fail to retain our existing
customers or increase demand for our solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Introduction of new products
and services by competitors or the development of entirely new technologies to replace existing offerings could make our solutions obsolete
or adversely affect our business, financial condition, and results of operations. We may experience difficulties with software development,
design, or marketing that delay or prevent our development, introduction, or implementation of new solutions, features, or capabilities.
We have in the past experienced delays in our internally planned release dates of new features and capabilities, and there can be no assurance
that new solutions, features, or capabilities will be released according to schedule. Any delays could result in adverse publicity, loss
of revenue or market acceptance, or claims by customers brought against us, any of which could harm our business. Moreover, the design
and development of new solutions or new features and capabilities to our existing solutions may require substantial investment, and we
have no assurance that such investments will be successful. If customers do not widely adopt our new solutions, experiences, features,
and capabilities, we may not be able to realize a return on our investment and our business, financial condition, and results of operations
may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our new and existing solutions and changes to our
existing solutions could fail to attain sufficient market acceptance for many reasons, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our failure to predict market demand accurately in terms of product functionality
and to supply offerings that meet that demand in a timely fashion;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Product defects, errors, or failures or our inability to satisfy customer
service level requirements;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Negative publicity or negative private statements about the security, performance,
or effectiveness of our solutions or product enhancements;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Delays in releasing to the market our new offerings or enhancements to our
existing offerings, including new product modules;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Introduction or anticipated introduction of competing solutions or functionalities
by our competitors;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Inability of our solutions or product enhancements to scale and perform to
meet customer demands;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Receiving qualified or adverse opinions in connection with security or penetration
testing, certifications or audits, such as those related to IT controls and security standards and frameworks or compliance;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Poor business conditions for our customers, causing them to delay software
purchases;</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Reluctance of customers to purchase proprietary software solutions; and</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Reluctance of customers to purchase products incorporating open source software.</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are not able to continue
to identify challenges faced by our customers and develop, license, or acquire new features and capabilities for our solutions in a timely
and cost-effective manner, or if such enhancements do not achieve market acceptance, our business, financial condition, results of operations,
and prospects may suffer and our anticipated revenue growth may not be achieved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because we derive, and expect
to continue to derive, a material portion of our revenue from implementation of our solutions, along with post-implementation services
such as ongoing support and maintenance and professional services, market acceptance of these solutions, and any enhancements or changes
thereto, is important to our success.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our development cycles are often lengthy,
and we may not have the resources available to complete development of new, enhanced or modified solutions. We may incur significant expenses
before we generate revenues, if any, from our solutions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because certain of our solutions
are complex and require rigorous testing, development cycles can be lengthy, taking us up to two years to develop and introduce new, enhanced
or modified solutions. Moreover, development projects can be technically challenging and expensive. The nature of these development cycles
may cause us to experience delays between the time we incur expenses associated with research and development and the time we generate
revenues, if any, from such expenses. We may not have, in the future, sufficient funds or other resources to make the required investments
in product development. Furthermore, we may invest substantial resources in the development of solutions that do not achieve market acceptance
or commercial success. Even where we succeed in our sales efforts and obtain new orders from customers, the complexity involved in delivering
our solutions to such customers makes it more difficult for us to consummate delivery in a timely manner and to recognize revenue and
maximize profitability. Failure to deliver our solutions in a timely manner could result in order cancellations, damage our reputations
and require us to indemnify our customers. Any of these risks relating to our lengthy and expensive development cycle could have a material
adverse effect on our business, financial conditions and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our sales cycle is variable and often lengthy,
depending upon many factors outside our control, which requires us to expend significant time and resources prior to generating associated
revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The typical sales cycle for
certain of our solutions and services is lengthy and unpredictable, requires pre-purchase evaluation by a significant number of persons
in our customers&#8217; organizations, and often involves a significant operational decision by our customers. Our sales efforts sometimes
involve educating our customers, industry analysts and consultants about the use and benefits of our solutions, including the technical
capabilities of those solutions and the efficiencies achievable by organizations deploying our solutions. Customers typically undertake
a significant evaluation process, which frequently involves not only our solutions, but also those of our competitors, and can result
in a lengthy sales cycle. Our sales cycle for new customers is sometimes one to two years and can extend even longer in some cases. We
often spend substantial time, effort and money in our sales efforts without any assurance that such efforts will produce any sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investment in highly skilled research and
development, product implementation, customer support and other personnel is a critical factor in our ability to develop and enhance our
solutions and support our customers, but that personnel may nevertheless be hard to retain and an increase in that investment may furthermore
reduce our profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a provider of proprietary
software solutions that rely upon technological advancements, we rely heavily on our research and development activities to remain competitive.
We consequently depend in large part on the ability to attract, train, motivate and retain highly skilled information technology professionals
for our research and development team, as well as software programmers and communications engineers, and product implementation experts,
particularly individuals with knowledge and experience in the insurance industry. Because our software solutions are highly complex and
are generally used by our customers to perform critical business functions, we also depend heavily on other skilled technology professionals
to provide ongoing support to our customers. Skilled technology professionals are often in high demand and short supply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development,
product delivery, and general and administrative, activities are conducted at locations where the competition for skilled technology professionals
is particularly intense. While there has been strong competition for qualified human resources in the high-tech industry historically,
the industry experienced record growth and activity in 2021, both at the earlier stages of venture capital and growth equity financings,
and at the exit stage of initial public offerings and mergers and acquisitions. This flurry of growth and activity has caused a sharp
increase in job openings in both high-tech companies and research and development centers, as well as the intensification of competition
between employers to attract qualified employees in those jurisdictions. Employee attrition&#8212; for all fields and professions, and
for all levels of management&#8212; has accompanied this strong competition, and High-Tech companies such as ours that are based in Israel
and these other jurisdictions are currently facing a severe shortage of skilled human capital, including engineering, research and development,
sales and customer support personnel. Many of the companies with which we compete for qualified personnel may have greater resources than
we do, and we may not succeed in recruiting additional experienced or professional personnel, retaining personnel or effectively replacing
current personnel who may depart with qualified or effective successors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to hire
or retain qualified research and development personnel and other technology professionals to develop, implement and modify our solutions,
we may be unable to meet the needs of our customers. Even if we succeed at retaining the necessary skilled personnel in our research and
development and customer support efforts, our investments in our personnel and product development efforts increase our costs of operations
and thereby reduce our profitability, unless accompanied by increased revenues. As a result of the intense competition for qualified human
resources, the High-Tech market in which we operate has experienced and may continue to experience significant wage inflation. Accordingly,
our efforts to attract, retain and develop personnel may also result in significant additional expenses, which could adversely affect
our profitability. Given the highly competitive industry in which we operate, we may not succeed in increasing our revenues in line with
our increasing investments in our personnel and research and development efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, as we seek to
expand the marketing and offering of our products and services into new territories, it requires the retention of new, additional skilled
personnel with knowledge of the particular market and applicable regulatory regime. Such skilled personnel may not be available at a reasonable
cost relative to the additional revenues that we expect to generate in those territories, or may not be available at all. In particular,
wage costs in lower-cost markets where we have recently added personnel, such as India, are increasing and we may need to increase the
levels of our employee compensation more rapidly than in the past to remain competitive. The transition of projects to new locations may
also lead to business disruptions due to differing levels of employee knowledge and organizational and leadership skills. Although we
have never experienced an organized labor dispute, strike or work stoppage, any such occurrence, including with unionization efforts,
could disrupt our business and operations and harm our financial condition. In addition, we may need to attract and train additional IT
professionals at a rapid rate in order to serve several new customers or implement several new large-scale projects in a short period
of time. If there is a subsequent downturn in economic conditions and we need to lay off some of those employees, that will result in
our loss of the time and resources that we had invested in training them, and our loss of their accumulated know-how.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 10; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to manage our growth&#8212; both organic and non-organic&#8212;could
effectively harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, we experienced,
and expect to continue to experience in the future, growth in our international operations that has placed, and will continue to place,
a significant strain on our operational and financial resources and our personnel. To manage our anticipated future growth effectively,
we must continue to maintain and may need to enhance our information technology infrastructure, financial and accounting systems and controls
and manage expanded operations and employees in geographically distributed locations. We also must attract, train and retain a significant
number of additional qualified sales and marketing personnel, professional services personnel, software engineers, technical personnel
and management personnel. Our failure to manage our growth effectively could have a material adverse effect on our business, results of
operations and financial condition. Our growth could require significant capital expenditures and may divert financial resources from
other projects, such as the development of new services or product enhancements. For example, since it may take as long as six months
to hire and train a new member of our professional services staff, we make decisions regarding the size of our professional services staff
based upon our expectations with respect to customer demand for our products and services. If these expectations are incorrect, and we
increase the size of our professional services organization without experiencing an increase in sales of our products and services, we
will experience reductions in our gross and operating margins and net income. If we are unable to effectively manage our growth, our expenses
may increase more than expected, our revenues could decline or grow more slowly than expected and we may be unable to implement our business
strategy. Our growth may also be accompanied by greater exposure to litigation, including suits by clients, vendors, employees or former
employees, as the sizes of our workforce and our overall international operations increase. All such litigation carries with it related
costs and could divert our management&#8217;s attention from ongoing business concerns. We also intend to continue to expand into additional
international markets which, if not technologically or commercially successful, could harm our financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market for software solutions and related
services is highly competitive and dynamic, and we need to adapt quickly to trends in order to retain or grow our market share.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market for software solutions
and related services, including for business solutions for the insurance and financial services industry, in which we compete, is highly
competitive and continuously evolving.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our competitors include,
with respect to Magic Software and Matrix IT:</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">multinational IT service providers, including the services arms of global
technology providers;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">off-shore IT service providers in lower-cost
locations such as India and Eastern Europe;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">accounting firms and consultancies that provide consulting and other IT services
and solutions;</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">solution or service providers that compete with us in a specific geographic
market, industry or service area, including advertising agencies, engineering services providers and technology start-ups and other companies
that can scale rapidly to focus on or disrupt certain markets and provide new or alternative products, services or delivery models; and</span></td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">in-house IT departments that use their own resources, rather than engage
an outside firm.</span></td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to Sapiens&#8217;
insurance software solutions, our competitors generally consist of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">global software provides with their own IP;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">local/domestic software vendors with their own IP, operating in a designated geographic market and/or within a designated segment of the insurance industry;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BPO providers (as described below in this risk factor) who offer end-to-end outsourcing of insurance carriers&#8217; business, including core software administration (although BPO providers want to buy comprehensive software platforms to serve as part of the BPO proposition from vendors and may seek to purchase our solutions for this purpose);</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">internal IT departments, who often prefer to develop solutions in-house; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new insurtech companies with niche solutions.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our failure to adapt to changing
market conditions and to compete successfully with established or new competitors could have a material adverse effect on our results
of operations and financial condition. Many of our smaller competitors have been acquired by larger competitors, which provides those
smaller competitors with greater resources and potentially a larger client base for which they can develop solutions. Our customers or
potential customers may prefer suppliers that are larger than us, are better known in the market or that have a greater global reach.
In lieu of being acquired by larger competitors, current and potential competitors have established, and may establish in the future,
cooperative relationships among themselves, or with third parties to increase their abilities to address the needs of our existing, or
prospective, customers. As a result, our competitors may be able to adapt more quickly than us to new or emerging technologies and changes
in customer requirements, and may be able to devote greater resources to the promotion and sale of their products. As a means of adapting
to competition, we and some of our competitors have developed systems to allow customers to outsource their core systems to external providers
(known as BPO). We are seeking to partner with BPO providers, but there can be no assurance that such BPO providers will adopt our solutions
rather than those of our competitors. Determinations by current and potential customers to use BPO providers that do not use our solutions
may result in the loss of such customers and limit our ability to gain new customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 11; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of our competitors
also have operational advantages relative to us, as they are generally private companies that are not required to report results of operations
on a regular basis, and can consequently benefit from the ability to take more risky actions in the hope of building up strong brand name
recognition, such as payment of higher salaries as a recruitment tool, sale of products at cheaper prices, and very rapid growth of sales
and marketing teams, even if those actions result in operating losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To compete in the rapidly
changing environment, and win the competition for end-customers, we also need to offer a coherent digital and data propositions, allowing
our insurance provider customers to better interact with their own customers in a digital and omni-channel manner. If we fail to adapt
and accelerate the development of our digital and data offerings, that may adversely impact our ability to compete in some of our target
markets. Consolidation in the insurance industry in which some of our clients operate also increases competitiveness for us by reducing
the number of potential clients for whose business we and our competitors compete. The high level of continuity with which insurance and
other financial services clients remain with their providers of software-related services also increases general competitiveness by tying
clients to their service providers and thereby shrinking the market of potential clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Customers switching to cloud-based solutions
may lead to a decrease in demand for our products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our competitiveness in the
market is also tied to our ability to adapt quickly to the movement towards cloud-based solutions. Our ability to provide solutions that
may be deployed in the cloud has required, and may continue to require, considerable investment in resources, including technical, financial,
legal, sales, information technology and operational systems. Market acceptance of cloud offerings is affected by a variety of factors,
including but not limited to: security, service availability, reliability, availability of tools to automate cloud migration, scalability,
integration with public cloud platforms, customization, availability of qualified third-party service providers to assist customers in
transitioning to cloud-based solutions, performance, current license terms, customer preference, customer concerns with entrusting a third
party to store and manage their data, public concerns regarding privacy and the enactment of restrictive laws or regulations. We may not
meet our financial and strategic objectives if the pace at which we transform our solutions to be cloud-compatible is slower than our
customers&#8217; adoption of cloud-based solutions. To address the challenges in transitioning our customers to the cloud, we continue
to invest in innovation and feature development, simplified cloud migration, and performance and reliability, as well as other cloud customer
success and sales initiatives. There can be no assurance, however, that these initiatives will improve our ability to capture or retain
customers that prefer cloud-based solutions. If we are unable to win over those new customers or retain those existing customers, we may
experience a negative impact on our overall financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This movement towards cloud-based
solutions is occurring in the insurance and financial services sectors in which our subsidiary Sapiens operates, and also in other sectors
in which our subsidiaries operate. The rising trend of Matrix&#8217;s and Magic Software&#8217;s customers to switch to cloud-based solutions,
is, on the one hand, a business opportunity for us to expand our cloud-based offerings, yet, on the other hand, also carries with it the
risk of those customers consuming less of the other services provided by us. For example, in the marketing and software support solutions
sector, Matrix and Magic Software have many opportunities for marketing new software solutions products and related services, new solutions
which are cloud-based. Yet, in many cases these will be an alternative to our traditional software solutions products, which are also
being promoted by Matrix and Magic Software. As long as the decrease in demand for Matrix&#8217;s and Magic Software&#8217;s services,
due to customers switching to cloud based solutions, is greater than the increase in demand for Matrix&#8217;s and Magic Software&#8217;s
cloud based solutions, the business results of Matrix and Magic Software may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the gross
profit derived by Matrix and by Magic Software from their cloud-based solutions may be lower than the gross profit that they derive from
their traditional solutions, which were replaced by the cloud-based solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be required to increase or decrease
the scope of our operations in response to changes in the demand for our products and services, and if we fail to successfully plan and
manage changes in the size of our operations, our business will suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, we have both
grown and contracted our operations, in some cases rapidly, to profitably offer our products and services in a continuously changing market.
If we are unable to manage these changes, or to plan and manage any future changes in the size and scope of our operations, our business
may be negatively impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Restructurings and cost reduction
measures that we have implemented in the past have reduced the size of our subsidiaries&#8217; operations and workforce. Reductions in
personnel can result in significant severance, administrative and legal expenses, and may also adversely affect or delay various sales,
marketing and product development programs and activities. These cost reduction measures have included, and may in the future include,
employee separation costs and consolidating and/or relocating certain of our subsidiaries&#8217; operations to different geographic locations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Acquisitions, organic growth
and absorption of significant numbers of customers&#8217; employees in connection with managed services projects have, from time to time,
increased our subsidiaries&#8217; headcount. During periods of expansion, our subsidiaries may need to serve several new customers or
implement several new large-scale projects in short periods of time. This may require our subsidiaries to attract and train additional
IT professionals at a rapid rate, as well as quickly expand their facilities, which may be difficult to successfully implement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If existing customers are not satisfied
with our solutions and services and either do not make subsequent purchases from us or do not continue using such solutions and services,
or if our relationships with our largest customers are impaired, our revenue could be negatively affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We depend to an extent on
repeat product and service revenues from our base of existing customers. For example, five of Sapiens&#8217; largest customers accounted
for, in the aggregate, 15.3% and 14.9% of its revenues in the years ended December 31, 2020 and 2021, respectively. Two of Magic Software&#8217;s
largest clients accounted together for 19.0% and 21.2% of its revenues in the years ended December 31, 2020 and 2021, respectively, and
five of Magic Software&#8217;s largest clients accounted for 26.0% and 27.5% of its revenues in the years ended December 31, 2020 and
2021, respectively. If our existing customers are not satisfied with our solutions and services, they may not enter into new project contracts
with us or continue using our technologies. A significant decline in our revenue stream from existing customers, including due to termination
of agreement(s), would have an adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are in part dependent on a limited number
of core product families, and a decrease in revenues from these products would adversely affect our business, results of operations and
financial condition; our future success will be partially dependent on the acceptance of future releases of our core product offerings,
and if we are unsuccessful with these efforts, our business, results of operations and financial condition will be adversely affected.&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We (through our Magic Software
subsidiary) derive a portion of our revenues and profits from sales of application and integration platforms and vertical software solutions
and from related professional services, software maintenance and technical support. Our future growth depends in substantial part on our
ability to effectively develop and sell new products developed by us or acquired from third parties as well as add new features to existing
products and new software service offerings. A decrease in revenues from our principal products and related services would adversely affect
our business, results of operations and financial condition.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future success depends
in part on the continued acceptance of our application platforms and integration products and our vertical packaged software solutions.
The continued acceptance of our platforms and software solutions will be dependent in part on the continued acceptance and growth of the
cloud market, including rich internet applications, or RIAs, mobile and software as a service, or SaaS, for which certain of them are
particularly useful and advantageous. We will need to continue to enhance our products to meet evolving requirements and if new versions
of such products are not accepted, our business, results of operations and financial condition may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business sometimes involves long-term,
large, complex implementation projects across the globe, which involve uncertainties, mainly during the implementation period, such as
changes to the estimated project costs and changes in project schedule. Such changes may cause disputes between us and our customers,
whether or not due to failure on our part, and may in some cases result in cancellation of those projects. Such cancellation can adversely
impact our revenues, profitability and/or, in some cases, our relationship with the relevant customer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is, in part,
characterized by relatively large, complex implementation projects or engagements that can have a material impact on our total revenue
and cost of revenue from quarter to quarter. A material percentage of our expenses, particularly employee compensation, are relatively
fixed. Therefore, variations in the timing of the initiation, estimated scope of work, progress or completion of projects or engagements
can cause significant variations in operating results from quarter to quarter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This is particularly the
case for fixed-price contracts, where our delivery requirements sometimes span more than one year. For a highly complex, fixed-price project
that requires customization, we may not be able to accurately estimate our actual costs of completing the project. We are sometimes dependent
on the assistance of third-parties (such as our customers&#8217; vendors or IT employees, or our system integrator partners) in implementing
such projects, which may not be provided in a timely manner. If our actual cost-to-completion of a project significantly exceeds the estimated
costs, we could experience a loss on the related contract, which (when multiplied by multiple projects) could have an adverse effect on
our results of operations, financial position and cash flow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similarly, delays in implementation
projects (whether fixed price or not) may affect our revenue and cause our operating results to vary. Some of our solutions are delivered
over periods of time ranging from several months to a few years. Payment terms for those solutions are generally based on periodic payments
or on the achievement of milestones. Any delays in payment or in the achievement of milestones may have an adverse effect on our results
of operations, financial position or cash flows. Such delays in our achievement of milestones may potentially result from, among other
factors, reduced workforce productivity as a result of our implementation of a work-from-home policy or illness among our personnel, or
due to restrictions imposed by applicable governmental authorities, in each case as a result of the COVID-19 pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For non-fixed price contracts,
we generally provide our customers with up-front estimates regarding the duration, budget and costs associated with the implementation
of their project. Due to the complexities described above, however, we may not meet those upfront estimates and/or the expectations of
our customers, which could lead to a dispute with a client. In the past, these disputes have sometimes arisen with significant customers
of Sapiens that have accounted for a significant portion of its revenues, and the settlement of these disputes reduced its revenues and
operating profit relative to its prior estimates. In 2020 and 2021, certain customers of Sapiens canceled projects with us at the stage
of implementation, resulting in the loss of potential future revenues from those customers. We expect that we may have similar cancellations
by our customers in the future, during the implementation phase. These cancellations, if coupled with disputes with significant customers
in the future, whether or not due to failure on our part, could result in lost revenues, lower profit margins, legal claims against us
and even the refund of the customers&#8217; money and could harm our reputation, thereby adversely affecting our ability to attract new
customers and to sell additional solutions and services to existing customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be liable to our clients for damages
caused by a violation of intellectual property rights, the disclosure of other confidential information, including personally identifiable
information, system failures, errors or unsatisfactory performance of services, and our insurance policies may not be sufficient to cover
these damages.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We often have access to,
and are required to collect and store, sensitive or confidential client information, including personally identifiable information. Some
of our client agreements do not limit our potential liability for breaches of confidentiality, infringement indemnity and certain other
matters. Furthermore, breaches of confidentiality may entitle the aggrieved party to equitable remedies, including injunctive relief.
If any person, including any of our employees and subcontractors, penetrates our network security or misappropriates sensitive or confidential
client information, including personally identifiable information, we could be subject to significant liability from our clients or from
our clients&#8217; customers for breaching contractual confidentiality provisions or privacy laws. Despite measures we take to protect
the intellectual property and other confidential information or personally identifiable information of our clients, unauthorized parties,
including our employees and subcontractors, may attempt to misappropriate certain intellectual property rights that are proprietary to
our clients or otherwise breach our clients&#8217; confidences. Unauthorized disclosure of sensitive or confidential client information,
including personally identifiable information, or a violation of intellectual property rights, whether through employee misconduct, breach
of our computer systems, systems failure or otherwise, may subject us to liabilities, damage our reputation and cause us to lose clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of our contracts involve
projects that are critical to the operations of our clients&#8217; businesses and provide benefits to our clients that may be difficult
to quantify. Any failure in a client&#8217;s system or any breach of security could result in a claim for substantial damages against
us, regardless of our responsibility for such failure. Furthermore, any errors by our employees in the performance of services for a client,
or poor execution of such services, could result in a client terminating our engagement and seeking damages from us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, while we have
taken steps to protect the confidential information that we have access to, including confidential information we may obtain through usage
of our cloud-based services, our security measures may be breached. If a cyber-attack or other security incident were to result in unauthorized
access to or modification of our customers&#8217; data or our own data or our IT systems or in disruption of the services we provide to
our customers, or if our products or services are perceived as having security vulnerabilities, we could suffer significant damage to
our business and reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we attempt to limit
our contractual liability for consequential damages in rendering our services, these limitations on liability may not apply in all circumstances,
may be unenforceable in some cases, or may be insufficient to protect us from liability for damages. There may be instances when liabilities
for damages are greater than the insurance coverage we hold and we will have to internalize those losses, damages and liabilities not
covered by our insurance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Changes in privacy regulations may impose additional costs and
liabilities on us, limit our use of information, and adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Personal privacy has become
a significant issue in the United States, Europe, and many other countries where we operate. Many government agencies and industry regulators
continue to impose new restrictions and modify existing requirements about the collection, use, and disclosure of personal information.
Changes to laws or regulations affecting privacy and security may impose additional liability and costs on us and may limit our use of
such information in providing our services to customers. If we were required to change our business activities, revise or eliminate services
or products, or implement burdensome compliance measures, our business and results of operations may be harmed. Additionally, we may be
subject to regulatory enforcement actions resulting in fines, penalties, and potential litigation if we fail to comply with applicable
privacy laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular, our European
activities are subject to the European Union General Data Protection Regulation, or GDPR, which has created additional compliance requirements
for us. GDPR broadens the scope of personal privacy laws to protect the rights of European Union citizens and requires organizations to
report on data breaches within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data
can be used. GDPR became enforceable on May 25, 2018 and non-compliance may expose entities such as our company to significant fines or
other regulatory claims. In the United States, our operations in various states, such as New York and California, are now subject to expanded
privacy regulations. In California, we are subject to the California Consumer Privacy Act, or CCPA, a statute that went into effect on
January 1, 2020. The CCPA imposes enhanced disclosure requirements for us regarding our interactions with customers who are residents
of California, such as comprehensive privacy notices for consumers when we, or our agents, collect their personal information. We may
be further required to ensure third-party compliance, as under the CCPA we could be liable if third parties that collect, process or retain
personal information on our behalf violate the CCPA&#8217;s privacy requirements. The sanctions for non-compliance could include fines
and/or civil lawsuits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we have invested in,
and intend to continue to invest in, reasonably necessary resources to comply with these standards, to the extent that we fail to adequately
comply, that failure could have an adverse effect on our business, financial conditions, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Significant disruptions of our information
technology systems or breaches of our data security could adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant invasion, interruption,
destruction or breakdown of our information technology, or IT, systems and/or infrastructure by persons with authorized or unauthorized
access could negatively impact our business and operations. We could also experience business interruption, information theft and/or reputational
damage from cyber-attacks, which may compromise our systems and lead to data leakage internally. Both data that has been input into our
main IT platform, which covers records of transactions, financial data and other data reflected in our results of operations, as well
as data related to our proprietary rights (such as research and development, and other intellectual property- related data), are subject
to material cyber security risks. From time to time, we experience cyber-attacks and other security incidents of varying degrees, though
none which individually or in the aggregate has led to costs or consequences which have materially impacted our operations or business.
Sapiens experienced attacks in or about April 2020, which resulted in a ransom payment and a brief interruption of service availability
to customers, prior to restoration of secure computing operations. The amount paid in connection with, and the consequences of, the foregoing
did not have a material adverse effect on Sapiens&#8217; or our business or operations. In response, we have implemented further controls
and planned for other preventative actions to further strengthen our systems against future attacks. However, we cannot assure you that
such measures will provide absolute security, that we will be able to react in a timely manner, or that our remediation efforts following
past or future attacks will be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Outside parties have furthermore
in the past, and may also in the future, attempt to fraudulently induce our subsidiaries&#8217; employees to disclose sensitive, personal
or confidential information via illegal electronic spamming, phishing or other tactics. This existing risk is compounded given the COVID-19
pandemic, as some of our subsidiaries shifted nearly all of their workforces to more frequent work-from-home arrangements. Some of our
subsidiaries have implemented in their offices a hybrid model where a large portion of their workforce spends a portion of their time
working in their offices and a portion of their time working from home. Unauthorized parties may also attempt to gain physical access
to our subsidiaries&#8217; facilities in order to infiltrate their or our information systems or attempt to gain logical access to our
subsidiaries&#8217; products, services, or information systems for the purpose of exfiltrating content and data. These actual and potential
breaches of our and our subsidiaries&#8217; security measures and the accidental loss, inadvertent disclosure or unauthorized dissemination
of proprietary information or sensitive, personal or confidential data about us, our subsidiaries, their employees or their customers,
including the potential loss or disclosure of such information or data as a result of hacking, fraud, trickery or other forms of deception,
could expose us, our subsidiaries, their employees or their customers to a risk of loss or misuse of this information. This may result
in litigation and liability or fines, our or our subsidiaries&#8217; compliance with costly and time-intensive notice requirements, governmental
inquiry or oversight or a loss of customer confidence, any of which could harm our subsidiaries&#8217; business or damage our or their
brand and reputation, thereby requiring time and resources to mitigate these impacts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries have invested
in advanced detection, prevention and proactive systems to reduce these risks. Based on independent audits, we believe that our subsidiaries&#8217;
level of protection is in keeping with the industry standards of peer technology companies. Our subsidiaries also maintain a disaster
recovery solution, as a means of assuring that a breach or cyber-attack does not necessarily cause the loss of their information. They
furthermore review their protections and remedial measures periodically in order to ensure that such measures are adequate. Our subsidiaries
devote resources to address security vulnerabilities through enhancing security and reliability features in their systems, code hardening,
conducting rigorous penetration tests, deploying updates to address security vulnerabilities, providing resources such as mandatory security
training for their workforce and improving their incident response time, but security vulnerabilities cannot be totally eliminated. The
cost of these steps could reduce our subsidiaries&#8217; or our operating margins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite these protective
systems and remedial measures, techniques used to obtain unauthorized access are constantly changing, are becoming increasingly more sophisticated
and often are not recognized until after an exploitation of information has occurred. We and our subsidiaries may be unable to anticipate
these techniques or implement sufficient preventative measures, and we therefore cannot assure you that our and our subsidiaries&#8217;
preventative measures will be successful in preventing compromise and/or disruption of our or their information technology systems and
related data. We furthermore cannot be certain that our or our subsidiaries&#8217; remedial measures will fully mitigate the adverse financial
consequences of any cyber-attack or incident. If we or our subsidiaries do not make the appropriate level of investment in our or their
technology systems or if such systems become out-of-date or obsolete and we or they are not able to deliver the quality of data security
that meet our or their independent security control certification requirements, our consolidated business could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Security vulnerabilities in our software solutions could lead
to reduced revenue or to liability claims.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maintaining the security
of the software solutions and related services that we offer is a critical issue for us and our customers. Security researchers, criminal
hackers and other third parties regularly develop new techniques to penetrate our customers&#8217; end points, information systems and
network security measures. Cyber threats are constantly evolving and becoming increasingly sophisticated and complex, making it increasingly
difficult to detect and successfully defend against them. Unauthorized parties have, in the past, infiltrated Sapiens&#8217; internal
IT systems, gaining access to certain proprietary information. If they were to similarly breach the security related to, and misuse, software
solutions that we offer, they might access the authentication, payment and personal information of our customers. In addition, cyber-attackers
(which may include individuals or groups, as well as sophisticated groups such as nation-state and state-sponsored attackers, which can
deploy significant resources to plan and carry out exploits) also develop and deploy viruses, worms, credential stuffing attack tools
and other malicious software programs, some of which may be specifically designed to attack the solutions and services that we offer.
Software and operating system applications that we develop have contained and may contain defects in design or manufacture, including
bugs, vulnerabilities and other problems that could unexpectedly compromise the security of the software or impair a customer&#8217;s
ability to operate or use our solutions. The costs to prevent, eliminate, mitigate, or alleviate cyber- or other security problems, bugs,
viruses, worms, malicious software programs and security vulnerabilities are significant, and our efforts to address these problems, including
notifying affected parties, may not be successful or may be delayed and could result in interruptions, delays, cessation of service and
loss of existing or potential customers. It is impossible to predict the extent, frequency or impact these problems may have on us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual and potential breaches
of our security measures and the accidental loss, inadvertent disclosure or unauthorized dissemination of proprietary information or sensitive,
personal or confidential data about our customers, including the potential loss or disclosure of such information or data as a result
of hacking, fraud, trickery or other forms of deception, could expose our customers to a risk of loss or misuse of this information. This
may result in litigation and liability or fines, our compliance with costly and time-intensive notice requirements, governmental inquiry
or oversight or a loss of customer confidence, any of which could harm our business or damage our brand and reputation, thereby requiring
time and resources to mitigate these impacts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time we have
identified, and in the future we may identify other, vulnerabilities in some of our solutions and services. We devote significant resources
to address security vulnerabilities through engineering more secure solutions, enhancing security and reliability features in our solutions
and services, code hardening, conducting rigorous penetration tests, deploying updates to address security vulnerabilities, regularly
reviewing our solutions&#8217; security controls, reviewing and auditing our solutions against independent security control frameworks
(such as ISO 27001, SOC 2 and PCI), providing resources such as security training for our customers&#8217; workforces and improving our
incident response time, but security vulnerabilities cannot be totally eliminated. The cost of these steps could reduce our subsidiaries&#8217;
or our operating margins, and we may be unable to implement these measures quickly enough to prevent cyber-attackers from gaining unauthorized
access into our solutions. Despite our preventative efforts, actual or perceived security vulnerabilities in our solutions may harm our
subsidiaries&#8217; or our reputation or lead to claims against our subsidiaries (and have in the past led to such claims) or us, and
could lead some customers to stop using certain systems or services, to reduce or delay future purchases of solutions or services, or
to use competing solutions or services. If we do not make the appropriate level of investment in our solutions or if our solutions become
out-of-date or obsolete and we are not able to deliver the quality of data security our customers require, our business could be adversely
affected. Customers may also adopt security measures designed to protect their existing computer systems from attack, which could delay
their adoption of our new solutions. Moreover, delayed sales, lower margins or lost customers resulting from disruptions caused by cyber-attacks
and implementation of preventative measures could adversely affect our financial results, share price and reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Errors or defects in our software solutions
could inevitably arise and harm our profitability and our reputation with customers, and could even give rise to claims against us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The quality of our solutions,
including new, modified or enhanced versions thereof, is critical to our success. Since our software solutions are complex, they may contain
errors that cannot be detected at any point in their testing phase. While we continually test our solutions for errors or defects and
work with customers to identify and correct them, errors in our technology may be found in the future. Quality assurance is complicated
because it is difficult to simulate the breadth of operating systems, user applications and computing environments that our customers
use, and our solutions themselves are increasingly complex. Errors or defects in our technology have resulted in terminated work orders
and could result in delayed or lost revenue, diversion of development resources and increased services, termination of work orders, damage
to our brand and warranty and insurance costs in the future. In addition, time-consuming implementations may also increase the number
of services personnel we must allocate to each customer, thereby increasing our costs and adversely affecting our business, results of
operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, since our customers
rely on our solutions to operate, monitor and improve the performance of their business processes, they are sensitive to potential disruptions
that may be caused by the use of, or any defects in, our software. As a result, we may be subject to claims for damages related to software
errors in the future. Liability claims could require us to spend significant time and money in litigation or to pay significant damages.
Regardless of whether we prevail, diversion of our subsidiaries&#8217; key employees&#8217; time and attention from our business, the
incurrence of substantial expenses and potential damage to our reputation might result. While the terms of our sales contracts typically
limit our exposure to potential liability claims and we carry errors and omissions insurance against such claims, there can be no assurance
that such insurance will continue to be available on acceptable terms, if at all, or that such insurance will provide us with adequate
protection against any such claims. A significant liability claim against us could have a material adverse effect on our business, results
of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Incorrect or improper use of our products
or our failure to properly train customers on how to implement or utilize our products could result in customer dissatisfaction and negatively
affect our business, results of operations, financial condition and growth prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our products are
more complex than others and are deployed in a wide variety of network environments. The proper use of our solutions requires training
of the customer. If our solutions are not used correctly or as intended, inadequate performance may result. Additionally, our customers
or third-party partners may incorrectly implement or use our solutions. Our solutions may also be intentionally misused or abused by customers
or their employees or third parties who are able to access or use our solutions. Similarly, our solutions are sometimes installed or maintained
by customers or third parties with smaller or less qualified IT departments, potentially resulting in sub-optimal installation and, consequently,
performance that is less than the level anticipated by the customer. Because our customers rely on our software, services and maintenance
support to manage a wide range of operations, the incorrect or improper use of our solutions, our failure to properly train customers
on how to efficiently and effectively use our solutions, or our failure to properly provide implementation or maintenance services to
our customers, has resulted in terminated work orders and may result in termination of work orders, negative publicity or legal claims
against us in the future. Also, as we continue to expand our customer base, any failure by us to properly provide these services will
likely result in lost opportunities for follow-on sales of our software and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if there is
substantial turnover of customer personnel responsible for implementation and use of our products, or if customer personnel are not well
trained in the use of our products, customers may defer the deployment of our products, may deploy them in a more limited manner than
originally anticipated or may not deploy them at all. Further, if there is substantial turnover of the customer personnel responsible
for implementation and use of our products, our ability to make additional sales may be substantially limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Catastrophes may adversely impact the insurance
industry, preventing us from expanding or maintaining our existing customer base and increasing our revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; customers
include insurance carriers that have experienced, and will likely experience in the future, catastrophic losses that adversely impact
their businesses. Catastrophes can be caused by various events, including, amongst others, hurricanes, tsunamis, floods, windstorms, earthquakes,
hail, tornados, explosions, severe weather and fires, or the spread of pandemics of disease, such as the coronavirus. Moreover, acts of
terrorism or war could cause disruptions in Sapiens&#8217; or our customers&#8217; businesses or the economy as a whole. The risks associated
with natural disasters and catastrophes are inherently unpredictable, and it is difficult to predict the timing of such events or estimate
the amount of loss they will generate. In the event a future catastrophe adversely impacts Sapiens&#8217; or our current or potential
customers, they or we may be prevented from maintaining and expanding their or our customer base and from increasing their or our revenues
because such events may cause customers to postpone purchases of new products and professional service engagements or discontinue projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The increasing amount of identifiable intangible
assets and goodwill recorded on our balance sheet may lead to significant impairment charges in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of goodwill and
identifiable intangible assets on our consolidated balance sheet has increased significantly over the last five years from approximately
$623.8 million as of December 31, 2016 to $1.1748 billion as of December 31, 2021 because of our acquisitions, and may increase further
following future acquisitions. We regularly review our long-lived assets, including identifiable intangible assets and goodwill, for impairment.
Goodwill and indefinite life intangible assets are subject to impairment review at least annually. Other long-lived assets are reviewed
when there is an indication that impairment may have occurred. Impairment testing, subject to downturns in our operating results and financial
condition, may lead to impairment charges in the future. Any significant impairment charges could have a material adverse effect on our
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Decreases in the capital markets may adversely
impact the industries in which we operate, thereby preventing us from expanding or maintaining our existing customer base and increasing
our revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers include life
insurance carriers and other financial industry participants that have invested some of their funds in the capital markets. Those carriers
may experience in the future major losses in those capital market investments that may cause disruptions to their businesses or to the
economy as a whole. Any such major disruption, may cause those existing or potential new customers to postpone purchases of new products
or professional service engagements, or discontinue existing projects, which, in turn, may prevent us from increasing our revenues, or
from maintaining or expanding or our customer base.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>There may be consolidation in the insurance or other markets
in which we operate, which could reduce the use of our products and services and adversely affect our revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mergers or consolidations
among our customers could reduce the number of our customers and potential customers. This could adversely affect our revenues even if
these events do not reduce the aggregate number of customers or the activities of the consolidated entities. If our customers merge with
or are acquired by other entities that are not our customers, or that use fewer of our products and services, they may discontinue or
reduce their use of our products and services. Any of these developments could materially and adversely affect our results of operations
and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our and our investees&#8217; credit facility
agreements with banks and other financial institutions, and our and our investees&#8217; debentures, are subject to a number of restrictive
covenants which, if breached, could result in acceleration of our obligation to repay our debt.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the context of our and
our subsidiaries&#8217; and affiliate&#8217;s engagements with banks and other financial institutions for receiving various credit facilities
and under the terms governing our Series A Secured Debentures and Series C Secured Debentures, and Sapiens&#8217; non-convertible unsecured
Series B Debentures, we have undertaken to comply with a number of conditions and limitations on the manner in which we can operate our
business. These include limitations on our ability to undergo a change of control, distribute dividends, incur debt or a floating charge
on our assets, or undergo an asset sale or other change that results in a fundamental change in our operations. These credit facilities,
agreements and deed of trusts that we have entered into with the trustees for the holders of each of our debentures also require us to
comply with certain financial covenants. Those covenants include maintenance of certain financial ratios related to shareholders&#8217;
equity, total rate of debt and liabilities, minimum outstanding balance of total cash and short-term investments, and operating results
that are customary for companies of comparable size, and maintenance of a minimum rating level for the debentures. These limitations and
covenants may force us to pursue less than optimal business strategies or forego business arrangements which could have been financially
advantageous to us and, by extension, to our shareholders. The deeds of trust of each of our debentures furthermore provides for an upwards
adjustment in the interest rate payable under the debentures in the event that our debentures&#8217; rating is downgraded below a certain
level. A breach of the financial covenants for more than two successive quarters or a substantial downgrade in the rating of any of our
debentures (below BBB-) would constitute an event of default that could result in the acceleration of our obligation to repay the debentures,
which accelerated repayment may be difficult for us to effect. In addition, the Formula Series A Secured Debentures and Series C Secured
Debentures are secured by certain of the shares of Formula&#8217;s publicly held subsidiaries&#8212; Matrix, Sapiens and Magic Software.
A breach of the restrictive covenants could result in the acceleration of our obligations to repay Formula&#8217;s or its subsidiaries&#8217;
debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The global COVID-19 pandemic may directly
or indirectly-- through macro-economic trends triggered by it, such as inflation and supply chain problems&#8212; adversely affect, our
business, results of operations and financial condition, due primarily to impacts on the industries in which we and our customers operate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 global pandemic
has had numerous adverse effects on the global economy. Governmental shutdowns and &#8220;shelter-in-place&#8221; orders suggested or
mandated by governmental authorities or otherwise elected by companies as a preventative measure, adversely affected workforces, customers,
consumer sentiment, economies and certain financial markets, and, along with decreased consumer spending, led to an economic downturn
in many of the markets into which we sell our products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the overall recovery
from the COVID-19 pandemic in many regions, certain global macro-economic conditions that were triggered, in large part, by the pandemic
now threaten a downturn in economic conditions that could ruin the improved economic outlook achieved by the recovery from the pandemic.
Supply chain delays and rising shipping costs, along with inflationary pressures due to the infusion of money into circulation as part
of a &#8220;loose&#8221; monetary policy and low interest rates designed to ease economic conditions during the pandemic, now threaten
economic prosperity globally, including in our target markets. We cannot predict what impact these new economic trends may have on our
target markets and our expected results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We furthermore face uncertainty
as to the degree and duration of the impact of these trends going forward, and as to the degree of successful macro-economic resistance
to them. We do not know the impact of governmental measures (such as higher interest rates) targeted at maintaining economic prosperity
in the aftermath of the trends triggered by the COVID-19 pandemic, or the degree of overall potentially permanent changes in consumer
behavior that may have been caused by the pandemic. The inflationary trend, and higher interest rates in response to inflation, may contribute
towards global economic weakness that is more than temporary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prolonged economic uncertainties
or downturns in certain regions or industries could adversely affect our business materially. Our business depends on our current and
prospective customers&#8217; ability and willingness to invest money in our solutions and core systems, which in turn is dependent upon
their overall economic health. Negative economic conditions in the global economy or certain regions such as Israel, the U.S. or Europe,
including conditions resulting from financial and credit market fluctuations, could cause a decrease in corporate spending on products
and services that we sell. In 2021, approximately 24% of our revenues generated from the United States, approximately 63% of our revenues
generated from Israel, approximately 11% of our revenues generated from Europe, and approximately 2% from other regions (mostly Asia Pacific).
In addition, a significant portion of our revenue is generated from customers in the financial services industry, including banking and
insurance. Negative economic conditions may cause customers in general, and in that industry in particular, to reduce their IT spending.
Customers may delay or cancel projects, choose to focus on in-house development efforts or seek to lower their costs by renegotiating
maintenance and support agreements. Additionally, customers may be more likely to make late payments in worsening economic conditions,
which could require us to increase our collection efforts and incur additional associated costs to collect expected revenues. To the extent
that the purchase of licenses for our software is perceived by customers and potential customers to be discretionary, our revenues may
be disproportionately affected by delays or reductions in general IT spending. If economic conditions generally, or in the industries
in which we operate specifically, worsen from present levels, the results of our operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most importantly, our customers,
especially in the insurance market, may reduce the amount of work for which they retain our services if they experience a slowdown in
their businesses or may be less likely to make significant changes to their core systems if they face a wave of claims related to the
virus (in the case of insurance industry customers of Sapiens).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the COVID-19
pandemic hits hard once again, in any wave or via any variant of the virus, in Israel or in India where a significant percentage of our
worldwide employees are located, that may also adversely impact our operating results, as the resulting closures, restrictions and health
problems for our workers may compromise our ability to service our customers in various regions of the world.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 19; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Assertions by third parties of infringement
or other violation by us of their intellectual property rights could result in significant costs and substantially harm our business and
results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The software industry is
characterized by the existence of a large number of patents and frequent claims and related litigation regarding patents and other intellectual
property rights. In particular, leading companies in the software industry own large numbers of patents, copyrights, trademarks and trade
secrets, which they may use to assert claims against us. From time to time, third parties, including certain of these leading companies,
may assert patent, copyright, trademark or other intellectual property claims against us, our customers and partners, and those from whom
we license technology and intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we believe that
our products and services do not infringe upon the intellectual property rights of third parties, we cannot assure you that third parties
will not assert infringement or misappropriation claims against us with respect to current or future products or services, or that any
such assertions will not require us to enter into royalty arrangements or result in costly litigation, or result in us being unable to
use certain intellectual property. We cannot assure you that we are not infringing or otherwise violating any third party intellectual
property rights. Infringement assertions from third parties may involve patent holding companies or other patent owners who have no relevant
product revenues, and therefore our own issued and pending patents may provide little or no deterrence to these patent owners in bringing
intellectual property rights claims against us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any intellectual property
infringement or misappropriation claim or assertion against us, our customers or partners, and those from whom we license technology and
intellectual property could have a material adverse effect on our business, financial condition, reputation and competitive position regardless
of the validity or outcome. If we are forced to defend against any infringement or misappropriation claims, whether they are with or without
merit, are settled out of court, or are determined in our favor, we may be required to expend significant time and financial resources
on the defense of such claims. Furthermore, an adverse outcome of a dispute may require us to pay damages, potentially including treble
damages and attorneys&#8217; fees, if we are found to have willfully infringed on a party&#8217;s intellectual property; cease making,
licensing or using our products or services that are alleged to infringe or misappropriate the intellectual property of others; expend
additional development resources to redesign our products or services; enter into potentially unfavorable royalty or license agreements
in order to obtain the right to use necessary technologies or works; and to indemnify our partners, customers, and other third parties.
Royalty or licensing agreements, if required or desirable, may be unavailable on terms acceptable to us, or at all, and may require significant
royalty payments and other expenditures. Any of these events could seriously harm our business, results of operations and financial condition.
In addition, any lawsuits regarding intellectual property rights, regardless of their success, could be costly to resolve and divert the
time and attention of our management and technical personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Although we apply measures to protect our
intellectual property rights and our source code, there can be no assurance that the measures that we employ to do so will be successful.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">In accordance with industry
practice, we rely on a combination of contractual provisions and intellectual property law to protect our proprietary technology. We believe
that due to the dynamic nature of the computer and software industries, copyright protection is less significant than factors such as
the knowledge and experience of our management and personnel, the frequency of product enhancements and the timeliness and quality of
our support services. We seek to protect the source code of our products as trade secret information and as unpublished copyright works.
We also rely on security and copy protection features in our proprietary software. We distribute our products under software license agreements
that grant customers a personal, non-transferable license to use our products and contain terms and conditions prohibiting the unauthorized
reproduction or transfer of our products. In addition, while we attempt to protect trade secrets and other proprietary information through
non-disclosure agreements with employees, consultants and distributors, not all of our employees have signed invention assignment agreements.
Although we intend to protect our rights vigorously, there can be no assurance that these measures will be successful. Our failure to
protect our rights, or the improper use of our products by others without licensing them from us could have a material adverse effect
on our results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><b><i>We and our customers
rely on technology and intellectual property of third parties, the loss of which could limit the functionality of our products and disrupt
our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use technology and intellectual
property licensed from unaffiliated third parties in certain of our products, and we may license additional third-party technology and
intellectual property in the future. Any errors or defects in this third-party technology and intellectual property could result in errors
that could harm our brand and business. In addition, licensed technology and intellectual property may not continue to be available on
commercially reasonable terms, or at all. The loss of the right to license and distribute this third party technology could limit the
functionality of our products and might require us to redesign our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 20; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, although we believe
that there are currently adequate replacements for the third-party technology and intellectual property we presently use and distribute,
the loss of our right to use any of this technology and intellectual property could result in delays in producing or delivering affected
products until equivalent technology or intellectual property is identified, licensed or otherwise procured, and integrated. Our business
would be disrupted if any technology and intellectual property we license from others or functional equivalents of this software were
either no longer available to us or no longer offered to us on commercially reasonable terms. In either case, we would be required either
to attempt to redesign our products to function with technology and intellectual property available from other parties or to develop these
components ourselves, which would result in increased costs and could result in delays in product sales and the release of new product
offerings. Alternatively, we might be forced to limit the features available in affected products. Any of these results could harm our
business and impact our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We could be required to provide the source code of our products
to our customers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our customers have
the right to require the source code of our products to be deposited into a source code escrow. Under certain circumstances, our source
code could be released to our customers. The conditions triggering the release of our source code vary by customer. A release of our source
code would give our customers access to our trade secrets and other proprietary and confidential information which could harm our business,
results of operations and financial condition. A few of our customers have the right to use the source code of some of our products based
on the license agreements signed with such clients (mostly with respect to older versions of our solutions), although such use is limited
for specific matters and cases, these clients are exposed to some of our trade secrets and other proprietary and confidential information
which could harm us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Some of our services and technologies may
use &#8220;open source&#8221; software, which may restrict how we use or distribute our services or require that we release the source
code of certain products subject to those licenses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">Some of our services and
technologies may incorporate software licensed under so-called &#8220;open source&#8221; licenses, including, but not limited to, the
GNU General Public License and the GNU Lesser General Public License. In addition to risks related to license requirements, usage of open
source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide
warranties or controls on origin of the software. Additionally, open source licenses typically require that source code subject to the
license be made available to the public and that any modifications or derivative works to open source software continue to be licensed
under open source licenses. These open source licenses typically mandate that proprietary software, when combined in specific ways with
open source software, become subject to the open source license. If we combine our proprietary software with open source software, we
could be required to release the source code of our proprietary software.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">We take steps to ensure that
our proprietary software is not combined with, and does not incorporate, open source software in ways that would require our proprietary
software to be subject to an open source license. However, few courts have interpreted open source licenses, and the manner in which these
licenses may be interpreted and enforced is therefore subject to some uncertainty. Additionally, we rely on multiple software programmers
to design our proprietary technologies, and although we take steps to prevent our programmers from including open source software in the
technologies and software code that they design, write and modify, we do not exercise complete control over the development efforts of
our programmers and we cannot be certain that our programmers have not incorporated open source software into our proprietary products
and technologies or that they will not do so in the future. In the event that portions of our proprietary technology are determined to
be subject to an open source license, we could be required to publicly release the affected portions of our source code, re-engineer all
or a portion of our technologies, or otherwise be limited in the licensing of our technologies, each of which could reduce or eliminate
the value of our services and technologies and materially and adversely affect our business, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our International Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our international sales and operations subject
us to additional risks that can adversely affect our business, results of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are continuing to expand
our international operations as part of our growth strategy. In fiscal years 2020 and 2021, 38% and 37%, respectively, of our revenues
were derived from outside of Israel. Our current international operations and our plans to further expand our international operations
subject us to a variety of risks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Increased exposure to fluctuations in foreign currency exchange rates</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Complexity in our tax planning, and increased exposure to changes in tax
regulations in various jurisdictions in which we operate, which could adversely affect our operating results and hinder our ability to
conduct effective tax planning</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 21; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increased management, travel, infrastructure and legal compliance costs associated
with having multiple international operations</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Longer payment cycles and difficulties in enforcing contracts and collecting
accounts receivable</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">The need to localize our products and licensing programs for international
customers</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Lack of familiarity with and unexpected changes in foreign regulatory requirements</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">The burden of complying with a wide variety of foreign laws and legal standards</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended,
or FCPA, particularly in emerging market countries</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The potential worsening of the coronavirus outbreak
on a global scale, which may cause customers to cancel projects with us, prevent potential future opportunities for our business and harm
our ability to maintain a healthy workforce that can implement our services and solutions offerings</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Import and export license requirements, tariffs, taxes and other trade barriers</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Increased financial accounting and reporting burdens and complexities</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Weaker protection of intellectual property rights in some countries</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Multiple and possibly overlapping tax regimes</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">Political, social and economic instability abroad, terrorist attacks and
general security concerns</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we continue to expand
our business globally, our success will depend, in large part, on our ability to anticipate and effectively manage these and other risks
associated with our international operations. Any of these risks could harm our international operations and reduce our international
sales, adversely affecting our business, results of operations, financial condition and growth prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>International operations in the insurance industry, in which
a significant portion of our business is concentrated, are accompanied by additional costs related to adaptation to regulations in specific
territories.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we seek to expand the
marketing and offering of our products into new territories, because insurance regulations vary by legal jurisdiction, the investment
required to adapt our solutions to the legal and language requirements of such territories may prevent or delay us from effectively expanding
into such territories. Such adaptation process requires the retention of new, additional skilled personnel with knowledge of the particular
market and applicable regulatory regime. Such skilled personnel may not be available at a reasonable cost relative to the additional revenues
that we expect to recognize in those territories or may not be available at all. However, since insurance carriers are regularly required
to adopt their systems and software to comply with the changing regulations, this provides an additional revenue source for Sapiens by
providing related services for compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 22; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our international operations expose us to
risks associated with fluctuations in foreign currency exchange rates that could adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to our extensive operations
and sales in Israel, most of our revenues and expenses from our IT services are denominated in NIS. For financial reporting purposes,
we translate all non-U.S. dollar denominated transactions into dollars in accordance with IFRS. Therefore, we are exposed to the risk
that a devaluation of the NIS relative to the dollar will reduce our revenue growth rate in dollar terms. On the other hand, a significant
portion of our revenues from proprietary software products and related services is currently denominated in other currencies, particularly
the Euro, Japanese Yen, British Pound, India Rupee, or INR, and Polish Zloty, or PLN, while a substantial portion of our expenses relating
to the proprietary software products and related services, principally salaries and related personnel expenses, is denominated in NIS.
As a result, the depreciation of the Euro, Japanese Yen, British Pound, INR and PLN relative to the U.S. dollar reduces our dollar recorded
revenues from sales of our proprietary software products and related services that are denominated in those currencies and thereby harms
our results of operations. In addition, the appreciation of the NIS relative to the dollar increases the dollar-recorded value of expenses
that we incur in NIS in respect of such proprietary software products sales, and, therefore, could adversely affect our results of operations
and harm our competitive position in the markets. In 2020 and 2021, the NIS appreciated by 7.0% and 6.0%, respectively, relative to the
dollar (in each case, based on the change in the average annual representative exchange rate reported by the Bank of Israel for that year
compared to the year that preceded it). Inflation in Israel further increases the dollar cost of our NIS-based operating expenses and
adversely impacts the profits that we realize from our proprietary software products sales. While inflation in Israel was not a factor
during the year ended December 31, 2020 (there was deflation of 0.59%), in the year ended December 31, 2021 and in early 2022, the rate
of Israeli inflation has risen, in keeping with the international trend, and was measured at 1.5% and 3.5% for the year ended December
31, 2021 and for the three months period ended March 31, 2022, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In certain locations, we
have engaged and may continue in the future to engage in currency-hedging transactions intended to reduce the effect of fluctuations in
foreign currency exchange rates on our financial position and results of operations. However, there can be no assurance that any such
hedging transactions will materially reduce the effect of fluctuation in foreign currency exchange rates on such results. In addition,
if for any reason exchange or price controls or other restrictions on the conversion of foreign currencies were imposed, our financial
position and results of operations could be adversely affected. For additional information relating to the exchange rates between different
relevant currencies, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212; Overview&#8212; Our Functional and Reporting
Currency.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business may be materially affected
by changes to fiscal and tax policies. Potentially negative or unexpected tax consequences of these policies, or the uncertainty surrounding
their potential effects, could adversely affect our results of operations and share price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a multinational corporation,
we are subject to income taxes, withholding taxes and indirect taxes in numerous jurisdictions worldwide. Significant judgment and management
attention and resources are required in evaluating our tax positions and our worldwide provision for taxes. In the ordinary course of
business, there are many activities and transactions for which the ultimate tax determination is uncertain. In addition, our tax obligations
and effective tax rates could be adversely affected by changes in the relevant tax, accounting, and other laws, regulations, principles
and interpretations. This may include recognizing tax losses or lower than anticipated earnings in jurisdictions where we have lower statutory
rates and higher than anticipated earnings in jurisdictions where we have higher statutory rates, changes in foreign currency exchange
rates, or changes in the valuation of our deferred tax assets and liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be audited in various
jurisdictions, and such jurisdictions may assess additional taxes against us. If we experience unfavorable results from one or more such
tax audits, there could be an adverse effect on our tax rate and therefore on our net income. Although we believe our tax estimates are
reasonable, the final determination of any tax audits or litigation could be materially different from our historical tax provisions and
accruals, which could have a material adverse effect on our operating results or cash flows in the period or periods for which a determination
is made. Additionally, we are subject to transfer pricing rules and regulations, including those relating to the flow of funds between
us and our affiliates, which are designed to ensure that appropriate levels of income are reported in each jurisdiction in which we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 23; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As we continue to expand our business in
emerging markets, such as India, we face increasing challenges that could adversely impact our results of operations, reputation and business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approximately 40% of Sapiens&#8217;
employees are currently located in India (accounting for 8% of our overall employee headcount). Our significant presence in India, in
particular Sapiens&#8217; Research &amp; Development personnel and Sapiens&#8217; personnel for the delivery of its professional services,
poses a number of challenges. These challenges are related to more volatile economic conditions, poor protection of intellectual property,
inadequate protection against crime (including counterfeiting, corruption and fraud), lack of due process, and inadvertent breaches of
local laws or regulations. In addition, local business practices may be inconsistent with international regulatory requirements, such
as anti-corruption and anti-bribery laws and regulations (including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act) to
which we are subject. It is possible that some of our employees, subcontractors, agents or partners may violate such legal and regulatory
requirements, which may expose us to criminal or civil enforcement actions, including penalties and suspension or disqualification from
U.S. federal procurement contracting. If we fail to comply with such legal and regulatory requirements, our business and reputation may
be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conducting business in India
involves unique challenges, including potential political instability; threats of terrorism; the transparency, consistency and effectiveness
of business regulation; corruption; the protection of intellectual property; and the availability of sufficient qualified local personnel.
Any of these or other challenges associated with operating in India may adversely affect our business or operations. Terrorist activity
in India and Pakistan has contributed to tensions between those countries and our operations in India may be adversely affected by future
political and other events in the region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to our Traded Securities and
Consolidated Holdings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is limited trading volume for our
ADSs and ordinary shares, which reduces liquidity for our shareholders, and may furthermore cause the stock price to be volatile, all
of which may lead to losses by investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There has historically been
limited trading volume for our ADSs and ordinary shares, respectively, both on the Nasdaq Global Select Market and the TASE, as well as
for our publicly traded investees Matrix (whose shares are traded on the TASE) and Sapiens and Magic Software (whose shares are both traded
on the Nasdaq Global Select Market and the TASE), such that trading has still not reached the level that enables shareholders to freely
sell their shares in substantial quantities on an ongoing basis and thereby readily achieve liquidity for their investment. As a further
result of the limited volume, our or our publicly traded investees ordinary or common shares have experienced significant market price
volatility in the past and may experience significant market price and volume fluctuations in the future, in response to factors such
as announcements of developments related to our investees businesses, announcements by competitors of our investees, quarterly fluctuations
in our financial results and general conditions in the industry in which we through our investees compete.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market price of our ordinary shares
and ADSs may be volatile and you may not be able to resell your shares at or above the price you paid, or at all. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock market in general
has experienced during recent years extreme price and volume fluctuations. The market prices of securities of technology companies have
been extremely volatile and have experienced fluctuations that have often been unrelated or disproportionate to the operating performance
of those companies. These broad market fluctuations have affected and are expected to continue to affect the market price of our ordinary
shares and ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The high and low closing
market price of our ordinary shares traded on the TASE, under the symbol &#8220;FORTY,&#8221; and the high and low closing market price
of our ADSs traded on the Nasdaq Global Select Market under the symbol &#8220;FORTY,&#8221; during each of the last five years, are summarized
in the table below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nasdaq</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tel Aviv Stock Exchange*</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">In USD$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">In NIS</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">In USD$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">High</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Low</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">High</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Low</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">High</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Low</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 27%; text-align: left">2022(**)</td><td style="width: 1%; text-align: left"></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">121.80</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">97.44</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">380.60</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">315.10</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">123.05</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">98.50</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2021</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">125.78</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">80.10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">382.50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">264.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">123.83</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">82.99</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2020</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">89.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.75</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">310.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">148.90</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">89.16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39.79</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2019</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">73.68</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35.64</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">258.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">135.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">74.20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.08</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2018</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44.95</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32.57</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">156.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">117.70</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43.65</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33.72</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2017</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44.20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35.52</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">162.10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">128.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42.07</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35.49</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 29px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The U.S. dollar price of our ordinary shares on the Tel Aviv Stock Exchange was determined by dividing the closing price of an ordinary share in NIS on the relevant date by the representative exchange rate of the NIS against the U.S. dollar as reported by the Bank of Israel on the same date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 29px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(**)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From January 1, 2022 through April 25, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 24; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of our
ordinary shares and ADSs may fluctuate substantially due to a variety of factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any actual or anticipated fluctuations in our or our competitors&#8217; quarterly revenues and operating results;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industry trends and changes;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in expectations as to our future financial performance, including financial estimates by securities analysts and investors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public announcements concerning us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">results of integrating investments and acquisitions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the introduction or market acceptance of new service offerings by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in product pricing policies by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public announcements concerning distribution of dividends and payment of dividends;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the public&#8217;s response to our press releases, our other public announcements and our filings with the SEC and the Israeli Securities Authority;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting principles;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of our shares by existing shareholders;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the loss of any of our key personnel;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other events or factors in any of the markets in which we operate, including those resulting from war, incidents of terrorism, natural disasters or responses to such events; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general trends of the stock markets.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, global and
local economic, political, market and industry conditions and military conflicts and in particular, those specifically related to the
State of Israel, may affect the market price of our ordinary shares and ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Significant fluctuations in our annual and
quarterly results, which make it difficult for investors to make reliable period-to-period comparisons, may also contribute to volatility
in the market price of our ordinary shares and American Depositary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our quarterly and annual
revenues, gross profit, net income and results of operations have fluctuated significantly in the past, and we expect them to continue
to fluctuate significantly in the future. The following events may cause fluctuations:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general global economic conditions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">global success/lack of success in containing the coronavirus pandemic; </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquisitions and dispositions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the size, time and recognition of revenue from significant contracts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing of product releases or enhancements;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing of contracts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing of completion of specified milestones and delays in implementation;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 25; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the proportion of service and license revenues;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price and product competition;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market acceptance of our new products, applications and services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases in selling and marketing expenses, as well as other operating expenses;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency fluctuations; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidation of our customers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A substantial portion of
our expenses, including most product development and selling and marketing expenses must be incurred in advance of when revenue is generated.
If our projected revenue does not meet our expectations, we are likely to experience an even larger shortfall in our operating profit
relative to our expectations. The gross margins of our individual subsidiaries vary both among themselves and over time. As a result,
changes in the revenue mix from these subsidiaries may affect our quarterly operating results. In addition, we may derive a significant
portion of our net income from the sale of our investments or the sale of our proprietary software technology. These events do not occur
on a regular basis and their timing is difficult to predict. As a result, we believe that period-to-period comparisons of our historical
results of operations are not necessarily meaningful and that you should not rely on them as an indication for future performance. Also,
it is possible that our quarterly and annual results of operations may be below the expectations of public market analysts and investors.
If this happens, the prices of our ordinary shares and ADSs will likely decrease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market prices of our ordinary shares
and ADSs may be adversely affected if the market prices of our publicly traded investees decrease.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant portion of
our assets is comprised of equity securities of directly held publicly traded companies. Our publicly traded investees are currently Matrix,
Sapiens and Magic Software. The share prices of these publicly traded companies have been extremely volatile and have been subject to
fluctuations due to market conditions and other factors which are often unrelated to operating results and which are beyond our control.
Fluctuations in the market price and valuations of our holdings in these companies may affect the market&#8217;s valuation of the price
of our ordinary shares and ADSs and may also thereby impact our results of operations. If the value of our assets decreases significantly
as a result of a decrease in the value of our interest in our publicly traded investees, our business, operating results and financial
condition may be materially and adversely affected and the market price of our ordinary shares and ADSs may also fall as a result.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our securities are traded on more than one
market and this may result in price variations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Formula&#8217;s ordinary
shares are traded on the TASE and its ADSs are traded on the Nasdaq Global Select Market. Trading in those ordinary shares and ADSs on
those markets takes place in different currencies (dollars on the Nasdaq Global Select Market and NIS on the TASE), and at different times
(resulting from different time zones, different weekly trading days and different public holidays in the United States and Israel). The
trading prices of our ordinary shares and ADSs on these two markets may differ due to these and other factors (see the risk factor titled
&#8220;The market price of our ordinary shares and ADSs may be volatile and you may not be able to resell your shares at or above the
price you paid, or at all&#8221; above for data related to the differences in trading prices on Nasdaq as compared to on the TASE). On
the other hand, any decrease in the trading price of our ordinary shares or ADSs, as applicable, on one of these markets could likely
affect&#8212; and cause a decrease in&#8212; the trading price on the other market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 26; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our largest shareholder, Asseco Poland S.A.,
can significantly influence the outcome of matters that require shareholder approval.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Asseco Poland S.A., or Asseco,
our largest shareholder, currently owns approximately 25.6% of our outstanding share capital and is furthermore party to a shareholders&#8217;
agreement with our Chief Executive Officer, under which agreement Asseco has been granted an irrecoverable proxy to vote 1,797,973 of
our ordinary shares owned by our Chief Executive Officer. As a result, Asseco has effective voting power over an aggregate of 37.3% of
our outstanding ordinary shares (which excludes shares that we have repurchased that lack voting rights and shares subject to restrictions
that are voted in proportion to the votes of our other shares). Therefore, Asseco can significantly influence the outcome of those matters
requiring shareholder approval, including the election of directors and approval of significant corporate transactions. This voting power
may have the effect of delaying or preventing a change in control which may otherwise be favorable to our minority shareholders. In addition,
potential conflicts of interest may arise in the event that we or any of our investees enters into any agreements or transactions with
affiliates of Asseco. Although Israeli law imposes certain procedures (including the requirement to obtain shareholder approval, which
in certain cases includes a &#8220;majority of the minority&#8221;) for approval of certain related party transactions, we cannot assure
you that these procedures will eliminate the possible detrimental effects of these conflicts of interest. If certain transactions are
not approved in accordance with required procedures under applicable Israeli law, these transactions may be void or voidable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to maintain effective internal
control over financial reporting in accordance with Sections 302 and 404(a) of the Sarbanes-Oxley Act of 2002, the reliability of our
financial statements may be questioned and our share price may suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to a range
of requirements relating to internal controls over financial reporting. Despite our internal control measures, we may still be subject
to financial reporting errors or even fraud, which may not be detected. A control system, which is increasingly based on computerized
processes, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that its objectives are met.
In addition, the benefit of each control must be considered relative to its cost, and the design of a control system must reflect such
reasonable resource constraints. Implementation of changes or updates to our control systems, including implementation of our investees
enterprise resource planning (ERP) systems at additional sites, may encounter unexpected difficulties. These inherent limitations include
the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Further,
controls can be circumvented by individual acts, by collusion of two or more persons or by management override of the controls. Over time,
a control may be inadequate because of changes in conditions or the degree of compliance with applicable policies or procedures may deteriorate.
Failure to maintain effective internal control over financial reporting could result in investigation or sanctions by regulatory authorities,
and could adversely affect our operating results, investor confidence in our reported financial information and the market price of our
ordinary shares and ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The enactment of legislation implementing
changes in taxation of international business activities, the adoption of other&#160;corporate tax reform policies, or changes in tax
legislation or policies could impact our future financial position and results of&#160;operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that our effective tax rate of 23% for the year ended December 31, 2021 will not change over time as a result of changes in corporate
income tax rates or other changes in the tax laws the jurisdictions in which we operate. Any changes in tax laws could have an adverse
impact on our financial results. Corporate tax reform, base-erosion efforts and tax transparency continue to be high priorities in many
tax jurisdictions where we have business operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions
are under heightened scrutiny and tax reform legislation is being proposed or enacted in a number of jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, there is growing
pressure in many jurisdictions and from multinational organizations such as the Organization for Economic Cooperation and Development
(OECD) and the EU to amend existing international taxation rules in order to align the tax regimes with current global business practices.
Specifically, in October 2015, the OECD published its final package of measures for reform of the international tax rules as a product
of its Base Erosion and Profit Shifting (BEPS) initiative, which was endorsed by the G20 finance ministers. Many of the initiatives in
the BEPS package required and resulted in specific amendments to the domestic tax legislation of various jurisdictions and to existing
tax treaties. We continuously monitor these developments. Although many of the BEPS measures have already been implemented or are currently
being implemented globally (including, in certain cases, through adoption of the OECD&#8217;s &#8220;multilateral convention&#8221; (to
which Israel is also a party) to effect changes to tax treaties which entered into force on July 1, 2018 and through the European Union&#8217;s
&#8220;Anti Tax Avoidance&#8221; Directives), it is still difficult in some cases to assess to what extent these changes our tax liabilities
in the jurisdictions in which we conduct our business or to what extent they may impact the way in which we conduct our business or our
effective tax rate due to the unpredictability and interdependency of these potential changes. In January 2019, the OECD announced further
work in continuation of the BEPS project, focusing on two &#8220;pillars.&#8221; On October 8, 2021, 136 countries approved a statement
known as the OECD BEPS Inclusive Framework, which builds upon the OECD&#8217;s continuation of the BEPS project. The first pillar is focused
on the allocation of taxing rights between countries for in-scope large multinational enterprises (with revenue in excess of Euro 20 Billion
and profitability of at least 10%) that sell goods and services into countries with little or no local physical presence. We do not expect
to be within the scope of the first Pillar. The second pillar is focused on developing a global minimum tax rate of at least 15 percent
applicable to in-scope multinational enterprises (with revenue in excess of Euro 750 million). Israel is one of the 136 jurisdictions
that has agreed in principle to the adoption of the global minimum tax rate. Given these developments, it is generally expected that tax
authorities in various jurisdictions in which we operate may increase their audit activity and may seek to challenge some of the tax positions
we have adopted. It is difficult to assess if and to what extent such challenges, if raised, might impact our effective tax rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 27; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, there are proposals
in the United States to introduce further amendments to the federal tax regime applicable to corporations. As of the date of filing, it
remains unclear what legislation, if any, would be enacted. If the draft legislation currently being discussed is enacted, it could create
the potential for added volatility in our provision for income taxes and might have an adverse impact on our future income tax provision
and tax rate.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Operations in Israel and Other
Specific Geographic Locations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Political, economic, and military conditions
in Israel could negatively impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
the laws of, and our headquarters and principal research and development facilities are located in, the State of Israel, and approximately_62%
and_63% of our consolidated revenues in 2020 and 2021, respectively, were generated from the Israeli market. As a result, political, economic
and military conditions in Israel and the Middle East directly affect our operations. Since the establishment of the State of Israel,
a number of armed conflicts have taken place between Israel and its Arab neighbors. Although the recent Abraham Accords have enhanced
Israel&#8217;s relations with certain countries in the Middle East, an ongoing state of hostility, varying in degree and intensity, has
caused security and economic problems for Israel. In addition, several countries still restrict business with Israel and with companies
doing business in Israel. These political, economic and military conditions in Israel&#8212;if adverse&#8212; as well as the foregoing
business restrictions, could have a material adverse effect on our business, financial condition, results of operations and future growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conflicts in North Africa
and the Middle East, including in Syria, which borders&#160;Israel, have resulted in continued&#160;political uncertainty and violence
in the region. Efforts to improve Israel&#8217;s relationship with the Palestinian Authority have failed to result in a permanent solution,
and there have been numerous periods of hostility in recent years during which Hamas, a terrorist group that controls the Gaza Strip,
has attacked Israel with rockets. In addition, Iran continues to take a hostile stance towards Israel, having proceeded with development
of a nuclear program and having promised the destruction of Israel periodically. Such instability may affect the economy, could negatively
affect business conditions and, therefore, could adversely affect our operations. To date, these matters have not had any material effect
on our business and results of operations; however, the regional security situation and worldwide perceptions of it are outside our control
and there can be no assurance that these matters will not negatively affect our business, financial condition and results of operations
in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of our employees (including
executive officers) in Israel are obligated to perform military reserve duty, currently consisting of approximately 30 days of service
annually (or more for reserves officers or non-officers with certain expertise). Additionally, these employees are subject to being called
to active duty at any time upon the outbreak of hostilities. While we have operated effectively under these requirements, no assessment
can be made as to the full impact of these requirements on our business or work force and no prediction can be made as to the effect on
us of any expansion of these obligations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As some of our revenues are derived from
the Israeli government sector, a reduction of government spending in Israel on IT services may reduce our revenues and profitability;
and any delay in the annual budget approval process may negatively impact our cash flows. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Matrix and Magic Software
subsidiaries perform work for a wide range of Israeli governmental agencies and related subcontractors. Any reduction or elimination for
political or economic reasons (such as in the case of COVID-19) of total Israeli government spending may reduce our revenues and profitability.
In addition, the Government of Israel has experienced significant delays in the approval of its annual budget in recent years. Such delays
in the future could negatively affect our cash flows by delaying the receipt of payments from the government of Israel for services performed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 28; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Political relations could limit our ability
to sell or buy internationally</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We could be adversely affected
by the interruption or reduction of trade between Israel and its trading partners. Some countries, companies and organizations continue
to participate in a boycott of Israeli firms, other firms doing business with Israel as well as Israeli-owned companies operating in other
countries. There can be no assurance that restrictive laws, policies or practices directed towards Israel or Israeli businesses will not
have an adverse impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Israel&#8217;s economy may become unstable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time Israel&#8217;s
economy may experience inflation or deflation, low foreign exchange reserves, fluctuations in world commodity prices, military conflicts,
civil and political unrest and budgetary constraints. For these and other reasons, in the past the government of Israel has intervened
in the economy employing fiscal and monetary policies, import duties, foreign currency restrictions, controls of wages, prices and foreign
currency exchange rates and regulations regarding the lending limits of Israeli banks to companies considered to be in an affiliated group.
The Israeli government has periodically changed its policies in these areas. Reoccurrence of previous destabilizing factors could make
it more difficult for us to operate our business as we have in the past and could adversely affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business may be materially affected
by changes to fiscal and tax policies. Potentially negative or unexpected tax consequences of these policies, or the uncertainty surrounding
their potential effects, could adversely affect our results of operations and share price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a multinational Group,
we are subject to income taxes, withholding taxes and indirect taxes in numerous jurisdictions worldwide. Significant judgment and management
attention and resources are required in evaluating our tax positions and our worldwide provision for taxes. In the ordinary course of
business, there are many activities and transactions for which the ultimate tax determination is uncertain. In addition, our tax obligations
and effective tax rates could be adversely affected by changes in the relevant tax, accounting, and other laws, regulations, principles
and interpretations. This may include recognizing tax losses or lower than anticipated earnings in jurisdictions where we have lower statutory
rates and higher than anticipated earnings in jurisdictions where we have higher statutory rates, changes in foreign currency exchange
rates, or changes in the valuation of our deferred tax assets and liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be audited in various
jurisdictions, and such jurisdictions may assess additional taxes against us. If we experience unfavorable results from one or more such
tax audits, there could be an adverse effect on our tax rate and therefore on our net income. Although we believe our tax estimates are
reasonable, the final determination of any tax audits or litigation could be materially different from our historical tax provisions and
accruals, which could have a material adverse effect on our operating results or cash flows in the period or periods for which a determination
is made. Additionally, we and our subsidiaries are subject to transfer pricing rules and regulations, including those relating to the
flow of funds between each of us and our respective affiliates, which are designed to ensure that appropriate levels of income are reported
in each jurisdiction in which we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The tax benefits that will be available
to certain of our Israeli subsidiaries and our Israeli affiliate will require us to continue to meet various conditions and may be terminated
or reduced in the future, which could increase our costs and taxes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our Israeli subsidiaries
derive and expect to continue to derive significant benefits from various programs, including Israeli tax benefits relating to our &#8220;Preferred
Technological Enterprise&#8221;, or PTE, and our &#8220;Special Preferred Technological Enterprise,&#8221; or SPTE, programs. To be eligible
for tax benefits as a PTE or SPTE, these Israeli subsidiaries must continue to meet certain conditions including, with respect to Sapiens,
consolidated group revenue at the level of Asseco (its and our controlling shareholder) of at least NIS 10 billion. If they do not meet
the conditions stipulated in the Israeli Law for the Encouragement of Capital Investments, 5719-1959, or the Investment Law and the regulations
promulgated thereunder, as amended, for the PTE, any of the associated tax benefits may be cancelled and they would be required to repay
the amount of such benefits, in whole or in part, including interest and consumer price index, or CPI, linkage (or other monetary penalties).
Further, in the future these tax benefits may be reduced or discontinued. While we believe that certain of our Israeli subsidiaries have
met and continue to meet the conditions that entitle then to previously-obtained Israeli tax benefits, there can be no assurance that
the Israeli Tax Authority will agree (for example, with respect to Sapiens, in case the overall revenue at the Asseco group level is lower
than NIS 10 billion, or if Asseco no longer controls Sapiens).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Israeli government grants that Sapiens,
one of our subsidiaries, has received require it to meet several conditions and restrict its ability to manufacture products and transfer
know-how developed using such grants outside of Israel and require it to satisfy specified conditions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of our Israeli subsidiaries
(an Israeli subsidiary of Sapiens) received grants in the past from the government of Israel through the Israeli National Authority for
Technological Innovation, or the Innovation Authority (formerly operating as Office of the Chief Scientist of the Ministry of Economy
of the State of Israel, or the OCS), for the financing of a portion of its research and development expenditures in Israel with respect
to Sapiens legacy technology. In consideration for receiving grants from the Innovation Authority, that subsidiary is obligated to pay
the Innovation Authority royalties from the revenues generated from the sale of products (and related services) developed (in whole or
in part) using the Innovation Authority funds, in an amount that is up to 100% to 150% of the aggregate amount of the total grants that
it received from the Innovation Authority, plus annual interest for grants received after January 1, 1999. The subsidiary must fully and
originally own any intellectual property developed using the Innovation Authority grants and any right derived therefrom unless transfer
thereof is approved in accordance with the provisions of the Israeli Encouragement of Research, Development and Technological Innovation
Law, 5744-1984, or the Innovation Law (formerly known as the Encouragement of Industrial Research and Development Law, 5744-1984, or the
Research Law), and related regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When a company develops
know-how, technology or products using grants provided by the Innovation Authority, the terms of these grants and the Innovation Law restrict
the transfer of such know-how, and the transfer of manufacturing or manufacturing rights of such products, technologies or know-how outside
of Israel. Even after the repayment of such grants in full, our subsidiary will remain subject to the restrictions set forth under the
Innovation Law, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer of know-how outside of Israel</i>. Any transfer of the know-how that was developed with the funding of the Innovation Authority, outside of Israel, requires prior approval of the Innovation Authority, and the payment of a redemption fee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Local manufacturing obligation</i>. The terms of the grants under the Innovation Law require that the manufacturing of products resulting from Innovation Authority-funded programs be carried out in Israel, unless a prior written approval of the Innovation Authority is obtained (except for a transfer of up to 10% of the production rights, for which a notification to the Innovation Authority is sufficient).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Certain reporting obligations</i>. Sapiens, as any recipient of a grant or a benefit under the Innovation Law, is required to file reports on the progress of activities for which the grant was provided as well as on its revenues from know-how and products funded by the Innovation Authority. In addition, our subsidiary is required to notify the Innovation Authority of certain events detailed in the Innovation Law.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, if aspects of
our subsidiary&#8217;s technologies are deemed to have been developed with Innovation Authority funding, the discretionary approval of
an Innovation Authority committee would be required for any transfer to third parties outside of Israel of know-how or manufacturing or
manufacturing rights related to those aspects of such technologies. Our subsidiary may not receive those approvals. Furthermore, the Innovation
Authority may impose certain conditions on any arrangement under which it permits our subsidiary to transfer technology or development
out of Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer of Innovation
Authority-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the value
of the transferred technology or know-how, the amount of Innovation Authority support, the time of completion of the Innovation Authority-supported
research project and other factors. Furthermore, the consideration available to shareholders in a transaction involving the transfer outside
of Israel of technology or know-how developed with the Innovation Authority&#8217;s funding (such as a merger or similar transaction)
may be reduced by any amounts that are required to be paid to the Innovation Authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Israeli subsidiary received
grants from the Innovation Authority prior to an extensive amendment to the Research Law that came into effect as of January 1, 2016,
or the Amendment, which may also affect the terms of existing grants. The Amendment provides for an interim transition period (which has
not yet expired), after which time our subsidiary&#8217;s grants will be subject to terms of the Amendment. Under the Research Law, as
amended by the Amendment, the Innovation Authority is provided with a power to modify the terms of existing grants. Such changes, if introduced
by the Innovation Authority in the future, may impact the terms governing our subsidiary&#8217;s grants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 30; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As we continue to expand our business in
emerging markets, such as India, we face increasing challenges that could adversely impact our results of operations, reputation and business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Approximately
forty percent (40%) of Sapiens&#8217; employees are currently located in India. Our significant presence in India, in particular Sapiens&#8217;
Research &amp; Development personnel and its personnel for the delivery of its professional services, poses a number of challenges. Those
challenges are related to more volatile economic conditions, poor protection of intellectual property, inadequate protection against crime
(including counterfeiting, corruption and fraud), lack of due process, and inadvertent breaches of local laws or regulations. In addition,
local business practices may be inconsistent with international regulatory requirements, such as anti-corruption and anti-bribery laws
and regulations (including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act) to which we are subject. It is possible that
some of Sapiens&#8217; employees, subcontractors, agents or partners may violate such legal and regulatory requirements, which may expose
it to criminal or civil enforcement actions, including penalties and suspension or disqualification from U.S. federal procurement contracting.
If Sapiens fails to comply with such legal and regulatory requirements, our business and reputation may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Conducting
business in India involves unique challenges, including potential political instability; threats of terrorism; the transparency, consistency
and effectiveness of business regulation; corruption; the protection of intellectual property; and the availability of sufficient qualified
local personnel. Any of these or other challenges associated with operating in India may adversely affect our business or operations.
Terrorist activity in India and Pakistan has contributed to tensions between those countries and our operations in India may be adversely
affected by future political and other events in the region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>It may be difficult to serve process and
enforce judgments against our directors and officers in the United States or in Israel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are organized under the
laws of the State of Israel. All of our executive officers and directors are nonresidents of the United States, and a substantial portion
of our assets and the assets of these persons are located outside of the United States. Therefore, it may be difficult to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect service of process within the United States on us or any of our executive officers or directors;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enforce court judgments obtained in the United States including those predicated upon the civil liability provisions of the United States federal securities laws, against us or against any of our executive officers or directors, in the United States or Israel; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bring an original action in an Israeli court against us or against any of our executive officers or directors to enforce liabilities based upon the United States federal securities laws.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Israeli courts may refuse
to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum in which
to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law
is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proven as a fact by expert
witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be governed by Israeli law. There
is little binding case law in Israel that addresses the matters described above. As a result of the difficulty associated with enforcing
a judgment against us in Israel, an investor may not be able to collect any damages awarded by either a U.S. or foreign court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions of Israeli law may delay, prevent
or make difficult an acquisition of us, which could prevent a change of control and therefore depress the price of our shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law regulates
mergers and requires that tender offers for acquisitions of shares above specified thresholds be approved via special shareholder approvals.
The Companies Law furthermore requires shareholder approvals for transactions involving directors, officers or significant shareholders
and regulates other matters that may be relevant to these types of transactions. Furthermore, Israeli tax considerations may make potential
transactions unappealing to us or to some of our shareholders. These provisions of Israeli corporate and tax law may have the effect of
delaying, preventing or complicating a merger with, or other acquisition of, us. This could cause our ordinary shares to trade at prices
below the price for which third parties might be willing to pay to gain control of us. Third parties who are otherwise willing to pay
a premium over prevailing market prices to gain control of us may be unable or unwilling to do so because of these provisions of Israeli
law. Asseco&#8217;s control of a significant percentage of our outstanding ordinary shares may also discourage potential acquirers from
paying a premium to our shareholders pursuant to a change of control transaction. Please see the risk factor above titled &#8220;Our largest
shareholder, Asseco Poland S.A., can significantly influence the outcome of matters that require shareholder approval.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>


</div><!-- Field: Page; Sequence: 31; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Your rights and responsibilities as a shareholder
are governed by Israeli law and differ in some respects from the rights and responsibilities of shareholders under U.S. law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
Israeli law. The rights and responsibilities of holders of our ordinary shares are governed by our memorandum of association, amended
and restated articles of association, which we sometimes refer to as our articles, and Israeli law. These rights and responsibilities
differ in some respects from the rights and responsibilities of shareholders in typical U.S. corporations. In particular, a shareholder
of an Israeli company has a duty to act in good faith in exercising the rights thereof and fulfilling the obligations thereof toward the
company and other shareholders and to refrain from abusing the power thereof in the company, including, among other things, in voting
at the general meeting of shareholders on certain matters. Israeli law provides that these duties are applicable in shareholder votes
at the general meeting with respect to, among other things, amendments to a company&#8217;s articles of association, increases in a company&#8217;s
authorized share capital, mergers and acquisitions and transactions involving interests of officers, directors or other interested parties
which require the shareholders&#8217; approval. In addition, a controlling shareholder of an Israeli company or a shareholder who knows
that he or she possesses the power to determine the outcome of a vote at a meeting of our shareholders, or who has, by virtue of the company&#8217;s
articles of association, the power to appoint or prevent the appointment of an office holder in the company, or any other power with respect
to the company, has a duty of fairness toward the company. The Companies Law does not establish criteria for determining whether or not
a shareholder has acted in good faith.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As a foreign private issuer whose ADSs are
listed on the Nasdaq Global Select Market, we may follow certain home country corporate governance practices instead of certain Nasdaq
requirements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer
whose ADSs are listed on the Nasdaq Global Select Market, we are permitted to follow certain home country corporate governance practices
instead of certain requirements of the Listing Rules of the Nasdaq Stock Market. A foreign private issuer that elects to follow a home
country practice instead of such requirements must submit to Nasdaq in advance a written statement from independent counsel in such issuer&#8217;s
home country certifying that the issuer&#8217;s practices are not prohibited by the home country&#8217;s laws. In addition, a foreign
private issuer must disclose in its annual reports filed with the SEC or on its website, each such requirement that it does not follow
and describe the home country practice followed by the issuer in lieu of any such requirement. In keeping with these leniencies, we have
elected to follow home country practice with regard to, among other things, composition of our board of directors, director nomination
procedure, compensation of officers, quorum at shareholders&#8217; meetings and timing of our annual shareholders&#8217; meetings. We
have furthermore elected to follow our home country law, in lieu of those rules of the Nasdaq Stock Market that require that we obtain
shareholder approval for certain dilutive events, such as for the establishment or amendment of certain equity based compensation plans,
an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances
of a 20% or more interest in the company and certain acquisitions of the stock or assets of another company. Accordingly, our shareholders
and ADS holders may not be afforded the same protection as provided under Nasdaq&#8217;s corporate governance rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our U.S. shareholders may suffer adverse
tax consequences if we are classified as a passive foreign investment company or as a &#8220;controlled foreign corporation&#8221;.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, if for any taxable
year 75% or more of our gross income is passive income, or at least 50% of the average quarterly value of our assets (which may be measured
in part by the market value of our ordinary shares, which is subject to change) are held for the production of, or produce, passive income,
we would be characterized as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes under the Code. Based
on our gross income and gross assets, and the nature of our business, we believe that we were not classified as a PFIC for the taxable
year ended December 31, 2021. Because PFIC status is determined annually based on our income, assets and activities for the entire taxable
year, it is not possible to determine whether we will be characterized as a PFIC for the taxable year ending December 31, 2022, or for
any subsequent year, until we finalize our financial statements for that year. Furthermore, because the value of our gross assets is likely
to be determined in large part by reference to our market capitalization, a decline in the value of our ordinary shares may result in
our becoming a PFIC. Accordingly, there can be no assurance that we will not be considered a PFIC for any taxable year. Our characterization
as a PFIC could result in material adverse tax consequences for you if you are a U.S. investor, including having gains realized on the
sale of our ordinary shares treated as ordinary income, rather than a capital gain, the loss of the preferential rate applicable to dividends
received on our ordinary shares by individuals who are U.S. holders, and having interest charges apply to distributions by us and the
proceeds of share sales. Certain elections exist that may alleviate some of the adverse consequences of PFIC status and would result in
an alternative treatment (such as mark-to-market treatment) of our ordinary shares. Prospective U.S. investors should consult their own
tax advisers regarding the potential application of the PFIC rules to them. Prospective U.S. investors should refer to &#8220;Item 10.E.
Taxation&#8212;U.S. Federal Income Tax Considerations&#8221; for discussion of additional U.S. income tax considerations applicable to
them based on our treatment as a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 32; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. holders of
our ordinary shares may suffer adverse tax consequences if we or any of our non-U.S. subsidiaries are characterized as a &#8220;controlled
foreign corporation&#8221;, or a CFC, under Section 957(a) of the Code. A non-U.S. corporation is considered a CFC if more than fifty
percent of the voting power or the total value of the shares is owned, or is considered to be owned, by U.S. shareholders who each own
shares representing ten percent or more of the voting or total value of the shares of such non-U.S. corporation, who refer to as 10% U.S.
Shareholders. Generally, 10% U.S. Shareholders of a CFC are currently required to include in their gross income their pro-rata share of
the CFC&#8217;s &#8220;Subpart F income&#8221;, a portion of the CFC&#8217;s earnings, to the extent the CFC holds certain U.S. property,
and certain other new items under H.R. 1, originally known as the 2017 Tax Cuts and Jobs Act, or the TCJA. Such 10% U.S. Shareholders
are subject to current U.S. federal income tax with respect to such items, even if the CFC has not made an actual distribution to such
shareholders. &#8220;Subpart F income&#8221; includes, among other things, certain passive income (such as income from dividends, interests,
royalties, rents and annuities or gain from the sale of property that produces such types of income) and certain sales and services income
arising in connection with transactions between the CFC and a person related to the CFC. Certain changes to the CFC constructive ownership
rules introduced by the TCJA may cause one or more of our non-U.S. subsidiaries to be treated as CFCs and may also impact our CFC status.
This may result in negative U.S. federal income tax consequences for 10% U.S. Shareholders of our ordinary shares. The CFC rules are complex
and therefore no assurances can be given that we are not or will not become a CFC. Certain changes to the CFC constructive ownership rules
introduced by recent U.S. tax legislation could, under certain circumstances, cause us to be classified as a CFC. Current or prospective
10% U.S. Shareholders should consult their tax advisors regarding the U.S. tax consequences of acquiring, owning, or disposing our ordinary
shares and the impact of the TCJA, especially the changes to the rules relating to CFCs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may have difficulty protecting our interests
as a shareholder of Sapiens, which is a Cayman Islands company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the completion
of the migration of its legal jurisdiction to the Cayman Islands in August 2018, Sapiens&#8217; corporate affairs are governed by its
memorandum of association, or the Memorandum, its articles of association, or the Articles, the Companies Act (as revised) of the Cayman
Islands, or the Companies Act and the common law of the Cayman Islands. The rights of Sapiens&#8217; shareholders&#8212; such as Formula&#8212;
and the fiduciary responsibilities of Sapiens&#8217; directors under the laws of the Cayman Islands are, in some respects, not as clearly
established under statutes or judicial precedent in the Cayman Islands as in jurisdictions in the United&#160;States. Therefore, we may
have more difficulty in protecting our interests than would shareholders of a corporation incorporated in a jurisdiction in the United
States, due to the comparatively less developed nature of Cayman Islands law in this area.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Act permits
mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. Dissenting
shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, will be determined by
the Cayman Islands court) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a
merger or consolidation which is effected in compliance with these statutory procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, there are statutory
provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in
number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy
at a meeting convened for that purpose. The convening of the meeting and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. A dissenting shareholder has the right to express to the court the view that the transaction ought not to
be approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When a takeover offer is
made and accepted by holders of 90.0% of the affected shares within four months, the offeror may, within a two-month period, notify the
holders of the remaining shares that it requires them to transfer such shares on the terms of the offer. An objection can be made to the
Grand Court of the Cayman Islands within one month of the notice, but this is unlikely to succeed unless there is evidence of fraud, bad
faith or collusion. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the arrangement and reconstruction
is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be
available to dissenting shareholders of a corporation incorporated in a jurisdiction in the United States, providing rights to receive
payment in cash for the judicially determined value of the shares. This may make it more difficult for you to assess the value of any
consideration you may receive in a merger or consolidation or to require that the offeror give you additional consideration if you believe
the consideration offered is insufficient.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 33; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders of Cayman Islands
exempted companies have no general rights under Cayman Islands law to inspect corporate records and accounts or to obtain copies of lists
of shareholders. Sapiens&#8217; directors have discretion under the Company&#8217;s Memorandum and Articles to determine whether or not,
and under what conditions, its corporate records may be inspected by its shareholders, but are not obliged to make them available to its
shareholders (other than annual accounts, which are available for inspection prior to annual general meetings, and each shareholder&#8217;s
right to view the share register in respect of shares registered in its name). This may make it more difficult for a shareholder to obtain
the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection
with a proxy contest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to limited exceptions,
under Cayman Islands law, a minority shareholder may not bring a derivative action against the board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Copies of Sapiens&#8217;
Memorandum and Articles, which serve as exhibits to its 2021 annual report, were annexed as Appendix A to the proxy statement for Sapiens&#8217;
2017 annual general meeting of shareholders, which was appended as Exhibit 99.1 to Sapiens&#8217; Report of Foreign Private Issuer on
Form 6-K furnished to the SEC on October 26, 2017. A table comparing certain Curacao law provisions to Cayman Islands law provisions was
annexed as Appendix B to that same proxy statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 4. INFORMATION ON THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History and Development of the Company</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both our legal name and
our commercial name are Formula Systems (1985) Ltd. We were incorporated under the laws of the State of Israel on April 2, 1985 and are
subject to the Israeli Companies Law, 5759-1999. We maintain our principal executive offices at 1 Yahadut Canada Street, Or Yehuda 6037501,
Israel and our telephone number is +972-3-5389389. Our agent in the United States is Corporation Service Company and its address is 2711
Centerville Road, Suite 400, Wilmington, DE 19808. Our Internet address is www.formulasystems.com. The information contained on that site
is not a part of this annual report and is not incorporated by reference herein. The SEC maintains an Internet site, http://www.sec.gov,
which contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
The information on that website is not part of this annual report and is not incorporated by reference herein. Except as described elsewhere
in this annual report, we have not had any important events in the development of our business since January 1, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Capital Expenditures and Divestitures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our inception, we
have acquired effective controlling interests, and have invested, in companies that are engaged in the IT solutions and services business.
We, together with our investees, are known as the Formula Systems Group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted a strategy
of seeking to create positive economic impact and long-term value for our shareholders and the companies we invest in. We believe that
this strategy provides us with capital to support the growth of our interest in our remaining subsidiaries, as well as provide us the
opportunity to pursue new acquisitions of, and investments in, other businesses, particularly businesses offering products, technologies
and services that are complementary to ours and are suitable for integration into our business, thereby increasing value for our shareholders
(and ADS holders). We expect to continue to develop and enhance the products, services and solutions of our investees, and to continue
to pursue additional acquisitions of, or investments in, companies that provide IT services and proprietary software solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal investment
and divestiture activities since the start of our 2019 fiscal year are described below. For additional information concerning our related
financing activities since the start of our 2019 fiscal year, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212; B.
Liquidity and Capital Resources&#8212; Sources of Financing.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 34; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investments by Formula in Existing Subsidiaries:
</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Changes in our percentage
ownership of Sapiens</i>. As of January 1, 2019, our percentage interest in Sapiens was 48.1%. During the last three years, mainly due
to exercises of options by employees of Sapiens, but also due to Sapiens&#8217; follow-on public offering completed in October 2020, our
direct interest in Sapiens&#8217; outstanding common shares was diluted to 47.9%, and 44.0% as of December 31, 2019 and 2020, respectively,
and 43.6% as of December 31, 2021. Our interest in Sapiens&#8217; common shares as of March 31, 2022 increased to 43.9% pursuant to our
acquisition of 185,672 of Sapiens common shares on February 2022 and on March 2022 for a total consideration of $4.7 million (there were
no such purchases in 2019, 2020 or 2021). The source of funds for our purchase of Sapiens common shares in 2022 was our working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Changes in our percentage
ownership of Magic Software</i>. As of January 1, 2019, our percentage interest in Magic Software was 45.2%. Pursuant to our acquisition
of Magic Software ordinary shares, we invested an aggregate of $0.9 million in 2019, $1.2 million in 2020 and $1.1 million in 2021. Our
interest in Magic Software&#8217;s ordinary shares as of March 31, 2022 stands at 45.6%. The source of funds for those acquisitions has
been our working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Changes in our percentage
ownership of Matrix</i>. As of January 1, 2019, our percentage interest in Matrix was 49.2%. During the last three years, mainly due to
exercises of options by employees of Matrix, our direct interest in Matrix&#8217;s outstanding share capital was diluted to 48.9%, 49.3%
and 48.9% as of December 31, 2019, 2020 and 2021, respectively. Our interest in Matrix&#8217;s ordinary shares as of March 31, 2022 stands
at 48.7%. We invested an aggregate of $5.0 million in 2020 pursuant to our acquisitions of Matrix shares. There were no such purchases
in 2019 or in 2021. The source of such funds has been our working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisition by Formula:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Zap Group</i>.
In April 2021, Formula acquired all of the issued and outstanding share capital of Zap Group from Apax Partners for consideration of approximately
NIS 244.2 million in cash, with up to an additional NIS 60 million of consideration (for a total maximum purchase price of approximately
NIS 304.2 million) contingent upon Zap Group meeting certain EBITDA targets during the first two years following the acquisition. Zap
Group is Israel&#8217;s largest group of consumer websites which manages more than 20 leading consumer websites from diverse content worlds
with a total of more than 17 million visits per month, including Zap Price Comparison website, Zap Yellow Pages (the largest business
index in Israel) and Zap Rest (Israel&#8217;s restaurants index). The websites managed and offered by Zap Group provide small and medium-sized
businesses in Israel with a broad and rich advertising platform and offer consumers a user-friendly search experience with a variety of
advanced tools, which enable them to make rational purchase decisions in the best and most effective way. For further information, please
see Note 3(i)(a) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>Acquisition of
Ofek Aerial Photography. </i>On March 13, 2020, Formula completed the acquisition of an 80% share interest in Ofek Aerial Photography,
or Ofek, and also received an option to acquire the remaining 20% of the equity in the future,&#160;for total consideration of approximately
NIS 27.7 million (or NIS 14.3 million, net of acquired cash). Ofek is one of the leading companies in Israel in the fields of aerial and
satellite mapping, geographic data collection and processing, and provides services in numerous geographic applications. Ofek employs
approximately 100 employees, all situated at Ofek&#8217;s headquarter in Netanya, Israel. We and the minority shareholder of Ofek hold
mutual call and put options, respectively, for the remaining 20% interest in Ofek, exercisable for 36 months following the third year
anniversary of the transaction (April 30, 2020 is considered the date of the transaction for purposes of that provision). For further
information, please see Note 3(i)(b) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisitions by Sapiens:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, Sapiens did not
effect any material acquisitions of businesses or technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Tia Technology</i>.
On November 30, 2020, Sapiens acquired&#160;Tia Technology, a vendor of digital software solutions, from the global investment organization&#160;EQT
Mid Market, for total consideration of $75.3 million in cash (or $73.0 net of acquired cash).&#160;During 2021, Sapiens and the sellers
of Tia Technology agreed on final working capital adjustments related to the purchase price for this acquisition, which resulted in the
payment of $0.8 million from those sellers to Sapiens. Tia Technology is headquartered in Denmark and&#160;has nearly 70 customers globally,
primarily in Denmark, Norway, Sweden, Finland, South Africa and the Baltics. It offers comprehensive software solutions, primarily for
Property &amp; Casualty insurers as well as Life and Pension, Health, and several innovative extension modules. For further information,
please see Note 3(ii)(a) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 35; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Sapiens
Japan Co.</i> In the fourth quarter of 2020, Sapiens acquired the remaining 10% of Sapiens Japan Co, for a total consideration of approximately
15 million Japanese Yen (approximately $0.2 million). Following that acquisition, Sapiens owns all of the share capital of Sapiens Japan
Co.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Digital
License. </i>In the fourth quarter of 2020, Sapiens purchased from Cognitive Ltd. a source code license which provides it the ability
to pursue the acceleration of its digital offering. The total consideration was $2.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Delphi.
</i>On July 27, 2020, Sapiens acquired Delphi, a leading vendor of software solutions for P&amp;C carriers, with a focus on the medical
professional liability (MPL)/healthcare professional liability (HCPL) markets (sometimes referred to as &#8220;medical malpractice&#8221;).
Delphi is headquartered in Boston, Massachusetts, and offers core products for MPL, including policy administration, claims management,
and financial and risk management. The consideration in the transaction was approximately $19.6 million in cash (or $13.3 million net
of acquired cash). Acquisition-related costs amounted to $0.3 million. For further information, please see Note 3(ii)(c) to our consolidated
financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Tiful
Gemel</i>. On June 1, 2020, Sapiens acquired 75% of the outstanding shares of Tiful Gemel Ltd., an Israeli company&#160;which provides
software solutions and managed services related to pension and provident funds in the Israeli market, for total cash consideration of
$1.3 million. In addition, under the share purchase agreement for this acquisition, Sapiens is committed to acquire the remainder of Tiful
Gemel&#8217;s outstanding shares on June 1, 2023 for $0.45 million. On July 8, 2021, Sapiens completed the acquisition of an additional
20% of the outstanding shares of Tiful Gemel for a total amount of $0.4 million. For further information, please see Note 3(ii)(d) to
our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of sum.cumo.</i>
On February 6, 2020, Sapiens acquired sum.cumo, a German-based technology provider that offers digital, consumer-centric solutions mainly
to the insurance sector, for a purchase price of $22.5 million in cash. An additional $1.8 million was paid to sum.cumo&#8217;s senior
executives as part of an existing agreement between sum.cumo and its former shareholders. In addition, Sapiens issued 173,005 restricted
shares units worth approximately $4.4 million to sum.cumo&#8217;s senior management, for which vesting is subject to performance criteria.
Sum.cumo&#8217;s senior executives may be entitled to future payments of up to $2.8 million that are subject to both earn out-based and
retention-specific criteria over the next four years. For further information, please see Note 3(ii)(b) to our consolidated financial
statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of C&#225;lculo</i>.
In September 2019, Sapiens acquired C&#225;lculo, a leading vendor of insurance consulting and managed services, and a core solution
to the Spanish market. C&#225;lculo&#8217;s team of insurance system experts (one of the largest in Spain) and solid customer base are
expected to help us to continue Sapiens&#8217; global expansion by entering the large Iberian market. Sapiens paid approximately $5.8
million in the acquisition (of which $5.6 million was paid in September 2019, and $0.2 million in the first quarter of 2020), and about
$1.7 million was subject to earn out-based specific criteria and continued employment of founders. The results of C&#225;lculo&#8217;s
operations have been included in our consolidated financial statements since September 2019. For further information, please see Note
3(ii)(e) to our consolidated financial statements included in Item 18 of this annual report.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisitions by Matrix:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of AVB Technologies
Ltd.</i> On October 5, 2021, Matrix, through Matrix Integration and Infrastructure Ltd., Matrix&#8217;s wholly owned subsidiary, acquired
60% of the share capital of AVB Technologies Ltd. for NIS 4.6 million (approximately $1.4 million). As part of the purchase agreement,
additional consideration will be paid, subject to the achievement of certain operating profit targets, to be based on Matrix&#8217;s calculation.
According to our calculation, the value of the additional consideration for the business acquisition is estimated at NIS 2.1 million (approximately
$0.7 million). AVB Technologies Ltd. provides services in the field of multimedia systems. AVB Technologies Ltd.&#8217;s services vary
and include constructing multimedia systems for meeting rooms and video conference rooms, state of the art digital display solutions,
video walls, command and control management rooms, advanced audio solutions and advanced display solutions. For further information, please
see Note 3(iv)(a) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>


</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of I.T.D.
Group Ltd</i>. On April 29, 2021, Matrix acquired 75% of the share capital of the I.T.D. Group Ltd., or I.T.D. Group, for NIS 5.75 million
(approximately $1.8 million). As part of the purchase agreement, additional consideration was agreed to, subject to I.T.D. Group achieving
certain operating profit targets. According to our calculation, the value of the additional consideration for the business acquisition
is NIS 0.7 million (approximately $0.2 million). Matrix also holds a future call option to purchase the additional 25% of I.T.D. Group&#8217;s
share capital. I. T.D. Group is a leading provider of software development, regulation and cybersecurity services for the healthcare industry in Israel, assisting companies to design and develop innovative solutions, services, and desktop, mobile, and cloud-based apps; ensure
rock-solid cybersecurity and privacy in compliance with HIPAA/GDPR standards; and manage FDA/CE submissions. For further information,
please see Note 3(iv)(b) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of SQ Service
Quality Ltd</i>. On April 5, 2021, Babcom Centers Ltd., a subsidiary of Matrix, acquired 60% of the share capital of S.Q. Service Quality
Ltd. for NIS 4 million (approximately $1.2 million). As part of the purchase agreement, additional consideration was agreed to, subject
to the achievement of operating profit targets, to be based upon Matrix&#8217;s estimate. The value of the additional consideration was
calculated as of the day of the business combination, totaling NIS 0.3 million (approximately $0.1 million). We and the minority shareholder
of SQ Service Quality Ltd. hold mutual call and put options for the remaining 40% interest in SQ Service Quality Ltd.. SQ Service Quality
Ltd. has been active for more than a decade; it accompanies organizations and companies in service quality improvement processes. For
further information, please see Note 3(iv)(c) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of A. A.
Engineering Ltd</i>. On April 5, 2021, Dana Engineering Ltd. (a subsidiary of Matrix) acquired 75% of the share capital of A.A Engineering
Ltd., or A.A. Engineering, for NIS 10.5 million (approximately $3.2 million). As part of the purchase agreement, the sellers may be entitled
to future additional consideration, contingent upon A.A Engineering achieving certain future operating profit targets. As of the acquisition
date, Matrix estimated the future value of the contingent consideration at NIS 0.5 million (approximately $0.1 million). Matrix holds
a call option for the remaining 25% share interest in A.A Engineering. Since 1973, A.A Engineering specializes in planning, management,
coordination and supervision work in civil engineering projects serving a wide range of customers, both from institutions and public bodies
and from leading companies in the Israeli economy. For further information, please see Note 3(iv)(d) to our consolidated financial statements
included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of RightStar
Inc. </i>On November 16, 2020, Matrix acquired all of the share capital of RightStar Inc., or RightStar, a U.S.-based company and a seller
and an integrator of BMC and Atlassian Jira solutions, for total consideration of approximately NIS 12.2 million (approximately $3.6 million),
of which $3.0 million was paid in cash and $0.5 million was paid on January 15, 2021. The sellers may also be entitled to contingent consideration,
estimated as of the acquisition date at $1.0 million, upon RightStar meeting various operating profit targets. Based on RightStar&#8217;s
operating results, Matrix estimated the contingent consideration as of December 31, 2021 at approximately $2.3 million. For further information,
please see Note 3(iv)(f) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Gestetnertec
Ltd.</i> On July 9, 2020, Matrix I.T. Integration and Infrastructure, Matrix&#8217;s wholly owned subsidiary company, acquired 51% of
the share capital of Gestetnertec Ltd., or Gestetnertec, for NIS 49.8 million in cash (approximately $14.5 million). Gecstetnertec provides
various solutions in the printing and documents generation field, and provides different solutions, including 3D printing solutions. We
and the minority shareholder hold mutual call and put options, respectively, for the remaining 49% interest in Gestetnertec. For further
information, please see Note 3(iv)(e) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of the Remainder
of Network Infrastructure Technologies (NIT). </i>In January 2020, Matrix acquired the remaining 40% of the share capital of Network Infrastructure
Technologies (NIT), increasing its share capital interest in NIT from 60% to 100%, for total cash consideration of $4.5 million (approximately
NIS 15.3 million), which was paid upon closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Techtop
Ltd.</i> On May 7, 2019, Matrix purchased the net assets of Techtop Ltd., or Techtop, for cash consideration of NIS 17.1 million (approximately
$4.8 million). Techtop is a leasing Israeli supplier of professional sound and systems. For further information, please see Note 3(iv)(h)
to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of MedaTech
Technologies Ltd. </i>On February 20, 2019, Matrix acquired all of the share capital of MedaTech Technologies Ltd, or MedTech Technologies,
an Israeli company, for cash consideration of approximately NIS 85 million (approximately $23.5 million). MedTech Technologies is Israel&#8217;s
leading system integrator and business partner of Priority ERP, with over 1,000 customers in a variety of verticals. In April 2019, Matrix
acquired 25% of the issued and outstanding share capital of MedaTech Systems Inc., or MedaTech Systems, a subsidiary of MedaTech Technologies,
for NIS 5.2 million (approximately $1.4 million). As a result of the acquisition, MedaTech Technologies&#8217; interest in the issued
and outstanding share capital of MedaTech Systems increased to 75%. For further information, please see Note 3(iv)(i) to our consolidated
financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 37; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Dana Engineering
Ltd. </i>On February 6, 2019, Matrix acquired 80% of the share capital of Dana Engineering Ltd., or Dana Engineering, an Israeli company,
for cash consideration of approximately NIS 52.0 million (approximately $14.4 million). We and the minority shareholder of Dana Engineering
hold mutual call and put options, respectively, for the remaining 20% interest in Dana Engineering, which may be exercised following the
second-year anniversary of the acquisition. Dana Engineering provides project management services in the field of national infrastructure.
For further information, please see Note 3(iv)(j) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisitions by Magic Software:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Y.G. Soft
IT Ltd.</i> On January 1, 2021, Magic Software, through one of its Israeli subsidiaries, acquired 60% of the shares of 9540 Y.G. Soft
IT Ltd., or Soft IT, an Israel-based services company which specializes in outsourcing of software development services for a total consideration
of up to $1.1 million. $0.4 million was paid upon closing, $0.3 million was paid on July 4, 2021, and the remaining amount constitutes
a contingent payment that is contingent upon the future operating results of IT Soft. The estimated fair value of the contingent consideration
amounted to $0.5 million as of the acquisition date. We and Soft IT&#8217;s minority shareholder hold mutual call and put options for
the remaining 40% interest. For further information, please see Note 3(iii)(c) to our consolidated financial statements included in Item
18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of EnableIT.
</i>On April 1, 2021, Magic Software acquired the entire share capital of EnableIT, LLC, or EnableIT, a U.S.-based services company that
specializes in IT staffing and recruiting, for total consideration of $6.0 million, of which $4.0 million was paid upon closing and the
remaining $2.0 million was to be paid in two equal installments&#8212; on April 1, 2022 and 2023. On April 1, 2022, Magic Software paid
the first $1.0 million payment. For further information, please see Note 3(iii)(a) to our consolidated financial statements included in
Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Menarva.
</i>On April 1, 2021, Magic Software acquired the entire share capital of Menarva Ltd., or Menarva, an Israeli-based services company
which specializes in software solutions for non-profit organizations for a total estimated consideration of up to $5.6 million, of which,
$3.0 million was paid upon closing, and the remaining $2.6 million was to be due in two equal installments, on April 1, 2022 and 2023,
depending on the operational results of Menarva. On April 1, 2022, Magic Software paid an additional amount of $1.055 million in respect
of the purchase price. For further information, please see Note 3(iii)(b) to our consolidated financial statements included in Item 18
of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Stockell
Inc. </i>On September 2, 2020, Magic Software acquired all of the share capital of Stockell, a U.S.-based services company, specializing
in IT staffing and recruiting, for total consideration of $7.7 million, of which $6.3 million was paid upon closing and the remaining
$1.5 million was due 12 months following the closing date. In December 2021 and following a few discrepancies in the sellers&#8217; disclosures,
we paid as final consideration and amount of $0.76 million to settle the remainder of the purchase price. For further information, please
see Note 3(iii)(e) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Aptonet
Inc. </i>On May 7, 2020, Magic Software acquired all of the share capital of Aptonet, a U.S.-based services company that specializes in
IT staffing and recruiting, for a total consideration of $4.7 million, of which $3.7 million was paid upon closing and the remaining $&#160;1.0
million will be paid in two installments, six and twelve months following the closing date. During 2020 and 2021, we paid the remainder
of the consideration in two equal installments of $0.5 million each. For further information, please see Note 3(iii)(d) to our consolidated
financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Mobisoft
Ltd and Magic Hands B.V. </i>On July 1, 2020 and in June 2020 Magic Software acquired 70% of the outstanding share capital of Mobisoft
and all of the outstanding share capital of Magic Hands, respectively. The acquisition of each of Mobisoft and Magic Hands individually,
and both of them in the aggregate, was not material. These entities have been consolidated in our financial results since their respective
acquisition dates. The aggregate consideration paid for the acquisition of both Mobisoft and Magic Hands was $11.3 million. Magic Software
and the seller of Mobisoft both hold mutual options to purchase and sell (respectively) the remaining 30% interest in Mobisoft, which
may be exercised during the three-year period beginning following the third-year anniversary of the acquisition. Mobisoft&#8217;s and
Magic Hands&#8217; results of operations have been included in our consolidated financial statements since their respective acquisition
dates. For further information, please see Note 3(iii)(f) to our consolidated financial statements included in Item 18 of this annual
report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 38; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>Acquisition of
Additional Stake in Comblack</i>. On April 15, 2020, Magic Software acquired an additional stake of 10.17% in its subsidiary Comblack
IT Ltd., or Comblack, an Israeli-based company that specializes in software professional and outsource management services for mainframes
and complex large-scale environments, for total cash consideration of approximately $3.6 million, of which $3 million was paid upon closing
and the remaining is being paid over a period of up to 18 months. In addition to the cash consideration, we have in place a contingent
consideration mechanism according to which an additional amount may be paid in the event Comblack meets certain income thresholds. In
April 2022, based on Comblack&#8217;s operating results in 2020 and 2021, we paid an additional $1.7 million as final consideration with
respect to the contingent consideration. Magic Software currently holds an 80.2% stake in Comblack. Comblack holds a put option in respect
of its remaining 19.8% holding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of NetEffects
</i>Inc<i>. </i>On July 1, 2019, Magic Software acquired all of the share capital of NetEffects Inc, a U.S.-based services company engaged
in IT staffing and recruiting services, for total consideration of $12.5 million, of which $9.4 million was paid upon closing and the
remaining $3.1 million was to be paid in two installments following the first and second anniversaries of the acquisition. During 2020
and 2021, Magic Software paid the two installments, in amounts of $1.55 million and the remainder of the consideration, respectively.
For further information, please see Note 3(iii)(g) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of PowWow
Inc. </i>On April 1, 2019, Magic Software acquired all of the share capital of PowWow Inc., or PowWow, a U.S.-based company and the creator
of SmartUX&#8482;, a leading Low-Code development platform for mobilizing and modernizing enterprise applications, for total consideration
of $8.4 million. Total consideration included an estimated deferred consideration of $2.0 million contingent upon PowWow&#8217;s meeting
various revenue targets over three years (2020-2022). During 2020, Magic Software reversed the entire contingent amount as it estimated
that PowWow will not meet its revenue targets. For further information, please see Note 3(iii)(h) to our consolidated financial statements
included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Infinigy
Solutions LLC, </i>In October 2019, Magic Software acquired 30% of the share capital of Infinigy Solutions LLC, or Infinigy, increasing
its interest in Infinigy&#8217;s share capital from 70% to 100%, for total cash consideration of $4.4 million, which was paid upon closing.
Infinigy is a U.S.-based services company focused on expanding the development and implementation of technical solutions which deliver
design-driven turnkey solutions, combining architecture and engineering, or A&amp;E, design, project management and general contracting
competencies, across the wireless communications industry. For further information, please see Note 3(iii)(j) to our consolidated financial
statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of OnTarget
Group Inc. </i>On February 28, 2019, Magic Software acquired all of the share capital of OnTarget Group Inc, or OnTarget, a U.S.-based
services company specializing in outsourcing of software development services. Total consideration consisted of $7.0 million that was
paid upon closing, of which $0.5 million was deferred and paid on the six-month anniversary of the closing and additional $0.5 million
was deferred and paid on the 15-month anniversary of the closing, as well as an additional amount constituting a contingent payment depending
on the future operating results to be achieved by OnTarget between 2019 and 2022. Based on OnTarget&#8217;s operating results between
2019 and 2021 Magic Software estimates the total purchase price is expected to amount to approximately $19.6 million. Beyond the $6.5
million paid in 2019, Magic Software paid $1.0 million in 2020, $1.0 million in 2021 and $2.0 million in 2022. For further information,
please see Note 3(iii)(i) to our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisitions by Michpal Micro Computers (1983)
Ltd:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Formally
Smart Form System Ltd., or Formally. </i>On February 16, 2022, Michpal acquired 70% of the share capital of Formally, creator of Formally
Smart Form platform &#8211; a central server platform for managing knowledge and work processes, and for producing digital forms combined
with a legally-binding eSignature technology allowing customers to create impressive documents in minutes and get them signed in a snap.
Formally offers a variety of proprietary computerized and advanced tools for managing business processes trusted by Israel&#8217;s largest
financial, banking and insurance enterprises. This acquisition of Formally is an additional strategic step, supporting the expansion of
Michpal&#8217;s product offering in the fields of payroll, human resources and financial management and compliance. Total cash consideration
amounted to NIS 44.8 million (approximately $13.9 million). In addition, Michpal and the minority shareholder of Formally hold mutual
call and put options, respectively, for the remaining 30% interest in Formally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 39; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Liram
Financial Software Ltd. </i>On May 17, 2020, Michpal acquired 70% of the share capital of Liram Financial Software Ltd., or Liram, an
Israeli provider of proprietary integrated specialized management systems in the field of financial accounting, taxation and compliance,
for accounting professionals (accountants and tax consultants), bookkeepers, controllers, and CFOs. Liram&#8217;s solutions include specialized
financial software solutions for preparation and reporting of financial statements, tax declarations, single-entry and double-entry bookkeeping,
fixed asset management and depreciation calculations (under the brand name Ram-Nihul) etc. Total cash consideration amounted to NIS 15.3
million (approximately $4.3 million). In addition, Michpal and the minority shareholder of Liram hold mutual call and put options, respectively,
for the remaining 30% interest in Liram. Acquisition related costs were immaterial. For further information, please see Note 3(v)(a) to
our consolidated financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Acquisition of Unique
Software Industries Ltd. </i>In November 2019, Michpal completed the acquisition of Unique Software Industries Ltd., or Unique, for up-front
consideration of approximately NIS 49 million (approximately $14.0 million), as well as up to an additional NIS 12 million (approximately
$3.5 million) that is subject to defined performance goals. Unique is a software development and services company that has provided integrated
solutions in the field of payroll for more than 30 years, including pay-stubs, pension services management, education funds management,
and software solutions for managing employee attendance. For further information, please see Note 3(v)(b) to our consolidated financial
statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisition by Zap Group:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2022, Zap Group
completed the acquisition of 49.9% of the entire minority rights in its controlled partnership, Winhelp Ofran, a provider of digital advertising
solutions for domestic travel businesses in Israel, for consideration of NIS 11.0 million (or approximately $3.4 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Overview </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a global information
technology company that is principally engaged through our directly held investees in providing software consulting services and computer-based
business solutions, and in developing proprietary software products. We deliver our solutions in numerous countries worldwide to customers
with complex IT services needs, including a number of &#8220;Fortune 1000&#8221; companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide our investees
with our management, technical expertise and marketing experience to help them create a consecutive positive economic impact and long-term
value, and direct their overall strategy through our active involvement. We carry out those activities at the level of our investees rather
than at our parent company level. Following our transition to IFRS during 2016, we consolidate the results of all of the entities in which
Formula holds an equity interest, other than our equity investee TSG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate through our subsidiaries&#8212;
Matrix, Sapiens, Magic Software, Michpal, Zap Group, InSync and Ofek Aerial Photography&#8212; and through our equity investee TSG. We
describe below the areas of our business activity:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>IT Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We design and implement
IT solutions and software systems which improve the productivity of our customers&#8217; existing IT assets, enable them to effectively
manage their operations and reduce their business risks in the face of changing business environments. In delivering our IT services,
we at times use proprietary software developed by members of the Formula Group. We provide our IT services across the full system development
life cycle, including definition of business requirements, developing customized software, implementing software and modifying it based
on the customer&#8217;s needs, system analysis, technical specifications, coding, testing, training, implementation and maintenance. We
perform our projects on-site or at our own facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Proprietary Software Solutions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We design, develop and market
proprietary software solutions for sale in selected niche markets worldwide. We regularly seek opportunities to invest in or acquire companies
with attractive proprietary software solutions under development which we believe to have market potential. All of our investments and
acquisitions in this area have been in companies with products beyond the prototype stage. In addition, from time to time, we selectively
invest in companies with proven technology where we believe we can leverage our experience to enhance product positioning and increase
market penetration. We provide our management and technical and financial expertise, marketing experience and financial resources to help
bring these products to market. We also assist the members of our group to form teaming agreements with strategic partners to develop
a presence in international markets and to raise debt and capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Formula Group</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Formula is the parent company
of investees, which, as noted above, we refer to collectively (together with Formula) as the Formula Group. As of December 31, 2021, we
held 90.1% of the shares of InSync, an 80% interest in Ofek Aerial Photography, a 48.9% interest in Matrix, a 43.6% interest in Sapiens,
a 45.59% interest in Magic Software, a 50% interest in TSG through our equity holdings, and the entire share capital of Michpal and Zap
Group. We have effective control of each of the companies in the Formula Group other than TSG for purposes of consolidation under IFRS
10. We provide to all of our investees our management, technical and financial expertise, and our marketing experience, thereby asserting
a positive economic impact upon, and creating long-term value for, our investees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We direct the overall strategy
of our investees. While our investees each have independent management, we monitor their growth through our active involvement in the
following matters:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic planning;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">marketing policies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">senior management recruitment;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investment and budget policy; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financing policies; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">support for the process of raising debt and capital.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We promote the synergy and
cooperation among our investees by encouraging the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transfer of technology and expertise;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leveling of human resources demand;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">combining skills for specific projects;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">formation of critical mass for large projects; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">marketing and selling the Formula Group&#8217;s products and services to its collective customer base.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, through our investees,
offer a wide range of integrated software solutions and IT professional services, such as implementation and integration projects of computing
and software, outsourcing, software project management, software development, IT managed services, operating a network of high-tech training
and instruction centers, providing software testing and QA, depending on specific needs of the customer and depending on the subject expertise
necessary on a case by case basis, and design, develop and market proprietary software solutions for sale in selected niche markets, both
in Israel and worldwide. Formula&#8217;s Chief Executive Officer and Chief Financial Officer serve as the Chief Executive Officer and
Chief Financial Officer, respectively, of Magic Software as well, and Formula&#8217;s Chief Executive Officer also serves as Chairman
of the Board of each of Sapiens and Matrix.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 41; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Matrix</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix IT Ltd. is Israel&#8217;s
leading IT services company as demonstrated in recent research reports of the Israeli IT market, published by the research companies IDC
and STKI. Matrix employs approximately 10,820 software, hardware, integration, engineering and training personnel, which provide advanced
IT services to hundreds of customers in the Israeli and the U.S markets. Matrix&#160;executes some of the largest IT projects in Israel.
It develops and implements leading technologies, software solutions and products. Matrix provides infrastructure and consulting services,
outsourcing, offshore, near-shore, training and assimilation services. Matrix represents and markets leading software vendors. Among its
customers are most of the leading Israeli organizations and companies in the industry, retail, banking and finances, education and academe,
Hi-tech and ISVs, telecom, defense, health and the government/public&#160;sectors. Matrix&#160;is traded on the Tel Aviv Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The solutions, services
and products supplied by Matrix are designed to improve Matrix&#8217;s customers&#8217; competitive capabilities, by providing a response
to their unique IT needs in all levels of their operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Areas of Operation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix operates through
its directly and indirectly held subsidiaries in the following principal areas:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Technologies (IT) Software solutions and services in the United States.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and cloud infrastructure and integration solutions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software product marketing and support.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Training and integration.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Information Technologies (IT) Software solutions
and services, Consulting &amp; Management in Israel</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The software solutions and
services in Israel provided by Matrix consist mainly of providing tailored software solutions and upgrading and expanding mainly existing
large-scale software systems. These services include, among others, developing customized software, adapting software to the customer&#8217;s
specific needs, implementing software and modifying it based on the customer&#8217;s needs, outsourcing, software project management,
software testing and QA and integrating all or part of the above elements. Furthermore, the activity in this segment includes project
management consulting services and multi-disciplinary operational and engineering consulting services, including supervision of complex
engineering projects, all according to client specific needs as the scope of work invested in each element varies from one customer to
the other. In 2021 under this line of business Matrix recorded revenues of approximately NIS 2.361 billion (approximately $731.4 million),
compared to NIS 2,309 million (approximately $671.9 million) in 2020, an increase of approximately 2.3% when measured in NIS. Operating
income in 2021 was approximately NIS186.7 million (approximately $57.9 million), compared to NIS 153.2 million (approximately $44.6 million),
an increase of approximately 22% when measured in NIS. In 2021, activity in software solutions and value-added services in Israel accounted
for approximately 54% of Matrix&#8217;s revenues and approximately 57% of its operating income. The minor increase in revenues and the
significant growth in operating income alongside the improvement in operating margin compared to 2020 were primarily attributable to costs
savings initiatives and increased work productivity resulting from the transition to a hybrid working model, which reduced operational
costs and increased focus on services carrying higher gross margins, offset, in part, by an increase in the rate of payroll expenses,
in line with industry trends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 42; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Information Technologies (IT) Software solutions
and services in the United States</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix provides solutions
and expert services mainly in the area of governance risk and compliance, or GRC, including activities in the following areas: risk management,
fraud management and prevention of fraud, anti-money laundering, trade surveillance and regulatory compliance security in these areas
all through its subsidiary Matrix-IFS. Matrix also provides solutions and technological services in the areas of portals, BI (Business
Intelligence), DBA (Database Administration), CRM (Customer Relations Management) and EIM (Enterprise Information Management). This sector
also includes dedicated solutions for the GovCon Government contracting market, IT help desk services for healthcare and software distribution
services, in particular for IBM, BMC, Atlassian and Microsoft. The activity in this segment is performed mostly through Matrix IFS, Xtivia
Technologies Inc. Matrix global services, wholly owned subsidiaries of Matrix and their respective subsidiaries. During 2020, Matrix initiated
a new line of business under this segment for 3D printing specifically for the healthcare sector. In 2021, under this line of business,
Matrix recorded revenues of approximately NIS 355.9 million (approximately $110.3 million), compared to approximately NIS 358.3 million
(approximately $104.3 million) in 2020. Operating income in 2021 was approximately NIS 37.7 million (approximately $11.7 million), compared
to approximately NIS 52.2 million (approximately $15.2 million) in 2020, a decrease of approximately 23% when measured in U.S dollars.
In 2021, activity in the U.S accounted for approximately 8% of Matrix&#8217;s revenues and for approximately 11% of its operating income.
The decrease in operating income and in operating margin despite the small increase in revenues (when measured in U.S dollars), was primarily
attributable to lengthening of our sales cycles, which reflected the impact of COVID-19 on the North America financial services sector,
coupled with our maintaining our headcount (impairing current productivity) due to our strategy to preserve our talent during times of
slowdown in order to remain equipped to handle expected future demand for our services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Computer and cloud infrastructure and integration
solutions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix activities in the
area of computer and cloud infrastructure and integration consist of: (i) providing computer and telecommunication infrastructure solutions;
(ii) selling and marketing computer equipment, licenses and peripherals to enterprises together with services; and (iii) selling and marketing
cloud based solutions (under the &#8220;CloudZone&#8221; division) and services relating to databases and &#8220;big data&#8221; (under
the &#8220;DataZone&#8221; division). Matrix infrastructure and integration solutions include solutions of IBM, Oracle Red Hat, Dell-Boomi
and others. In 2021, under this line of business, Matrix recorded revenues of approximately NIS 1,210 million (approximately $374.9 million),
compared to NIS 854.3 million (approximately $248.6 million) in 2020, an increase of approximately 42% when measured in NIS. Operating
income in 2021 was approximately NIS 61.7 million (approximately $19.1 million), compared to NIS 43.9 million (approximately $12.8 million)
in 2020, an increase of approximately 41% when measured in NIS and in line with the increase in revenues. In 2021, activity in computer
and cloud infrastructure and integration solutions accounted for approximately 28% of Matrix&#8217;s revenues and for approximately 19%
of its operating income. The increase in both revenues and operating income is mainly attributable to the increase in demand for cloud
and cloud related services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Software product marketing and support</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix activities in this
area include marketing and support for various software products (mainly originated outside of Israel) the principal of which are CRM,
computer systems management infrastructures, web world content management, database and data warehouse mining, application integration,
database and systems, data management and software development tools, and providing professional support for these products to customers,
including marketing and upgrade maintenance of software products. In 2021, under this line of business, Matrix recorded revenues of approximately
NIS 258 million (approximately $79.9 million), compared to 190.6 million (approximately $55.5 million) in 2020, an increase of approximately
35% when measured in NIS. Operating income in 2021 was approximately NIS 25.3 million (approximately $7.8 million), compared to approximately
NIS 25.4 million (approximately $7.4 million) in 2020. In 2021, activity in software product marketing and support accounted for approximately
6% of Matrix&#8217;s revenues and approximately 8% of its operating income. The increase in revenues alongside the stability of our operating
income in absolute numbers and the decline in operating margin were primarily attributable to the transition to subscription-based software
licensing transactions compared to perpetual-based software licensing transactions. Over the long run, that transition will enable Matrix
to achieve more significant and recurring revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Training and integration</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix&#8217;s activities
in this area consist of operating a network of training centers which provide advances courses for high-tech professionals, courses for
developers and professional training, and soft skills and management training, and providing training and instructions with respect to
computer systems. In recent years Matrix has also started outsourcing IT services based on graduates from its courses. In 2021, under
this line of business, Matrix recorded revenues of approximately NIS 174.9 million (approximately $54.2 million), compared to approximately
NIS 142.0 million (approximately $41.3 million), an increase of 23% year over year when measured in NIS. Operating income in 2021 was
approximately NIS 17.9 million (approximately $5.5 million), compared to approximately NIS 14.4 million (approximately $4.2 million) in
2020, an increase of 25% year over year, in line with the increase in revenues. In 2021, activity in training and integration accounted
for approximately 4% of Matrix&#8217;s revenues and for approximately 5% of its operating income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix provides solutions,
services and products primarily to the following market sectors (or verticals): banking and finance, high-tech and startups, industry
and retail, government and the public sector, defense, transportation, healthcare, and education and academia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix offers to each market
sector a broad range of solutions and services, customized for the specific needs of that sector. Matrix operates dedicated departments,
each of which specializes in a particular sector. Each such department supplies customers in that sector with a products and services
offering providing a response to most of its IT requirements, based on an in-depth business understanding of the challenges which are
typical to that sector. Matrix established a separate division for each particular market sector, which manages the operations relating
to that sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specialization in the various
sectors is reflected in the applications, professional and marketing aspects of each sector. Accordingly, the professional and marketing
infrastructure required to support each market sector is developed to address such sector&#8217;s specific needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the five
sector-based areas of operations, Matrix operates three horizontal divisions providing specialist services for all of the different sectors
of operations as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expertise centers &#8211; Matrix operates approximately 20 &#8220;expertise centers&#8221; (&#8220;Centers of Excellence&#8221;), in areas such as: Cloud Computing, Internet of Things (IOT), Digital, User Experience, Mobility (Mobile Technology), Analytical BI and Big Data, DevOps, Service Oriented Architecture (SOA), Customer Relations Management (CRM), Enterprise Resource Planning (ERP), eXtended Relationship Management (XRM), Open Source, Security &amp; Cyber, Machine Learning and Artificial Intelligence. These expertise centers are based on business vertical concept, which is targeted to yield significant added value to the company&#8217;s customers, including: group of professionals that are focused and have expertise in the related technologies, hands-on experience and expertise in the related technologies, methodologies, and best practices; and strategic management consulting center that provides customers with diverse consultation services on topics such as organization, strategy, complex project management in areas such as environmental planning, transportation and chain of supply, business development and technological development.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix Global - Quality assurance and related professional services under an offshore/&#8220;nearshore&#8221; model.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management/engineering consulting services - Comprehensive management and engineering consulting services, from the stage of adoption of strategy through the stages of implementation and effecting of changes, including project management of complex projects, including engineering projects, engineering supervisory projects of a wide scope, and projects in the fields of planning and environmental, and transportation, as well as multiple-field engineering advisory services and advisory and implementation in the field of management of supply chain and management of operational logistics.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the context of its offshore/&#8220;nearshore&#8221;
activities, Matrix conducts IT-related activities, including content development, quality assurance, maintenance, customer call center
services indexing and related activities that are performed in a specific region or country where such activities can be conducted most
inexpensively. Matrix offers its enterprise customers these types of solutions, whether via its &#8220;nearshore&#8221; Talpiot project,
via its offshore solutions that are based on its development centers in Bulgaria and Macedonia or via back-office and call center services
through Babcom Centers Ltd. (a company located in the Galilee, housing thousands of educated and skillful men and women interested in
developing a career near their homes). Periods of economic cautiousness (such as the present time) provide an added incentive for these
types of inexpensive economic solutions. This trend is likely to expand Matrix&#8217;s operations in these areas in the context of its
&#8220;Matrix Global&#8221; activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix&#8217;s customers
include large and medium size enterprises in Israel, including commercial banks, loan and mortgage banks, telecommunications services
providers, cellular operators, credit card companies, leasing companies, insurance companies, security agencies, hi-tech companies and
startups, the Israeli Defense Forces and government ministries and public agencies and media and publishing entities. The majority of
Matrix&#8217;s customers in the software solutions and value-added services business segment in Israel have a business relationship with
it for more than ten years. The COVID-19 pandemic, its extended duration and its economic impact, have adversely affected the Israeli
and global economy and consequently also negatively impacted the demand for IT services. However, recovery from the pandemic (due primarily
to the proliferation of vaccines in the last year) led, in 2021, to a restored and even increased level of demand compared to pre-pandemic
levels in most of our operations. In addition, while based on statistics cited by Gartner, worldwide IT spending was expected to grow
by 5%-6% in 2021, it actually grew by over 9%, and is expected to continue and grow by 5.1% in 2022 (see https://www.gartner.com/en/newsroom/press-releases/2022-01-18-gartner-forecasts-worldwide-it-spending-to-grow-five-
point-1-percent-in-2022).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the COVID-19 pandemic,
2021 was again a year of growth, with Matrix&#8217;s overall revenues growing during 2021 by approximately 13% when measured in NIS. The
direct impact of COVID-19 on Matrix&#8217;s results of operations and on its business activities was more noticeable over its U.S. operations
rather than Israeli operations, however, both are assessed to be immaterial. Based on information provided by Gartner, despite the potential
impact of the Omicron variant, economic recovery from COVID-19 will continue to boost technology investments, with high expectations for
digital market prosperity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix has little exposure
to customers in industries that were directly and materially affected by the COVID-19 pandemic, such as the aviation industry, the fashion
industry, the tourism industry and the hotel industry. However, it is estimated that the COVID-19 crisis may ultimately have a negative
impact over other industries (with varying degrees of severity from industry to industry) and as a result may also lead to an impact on
the demand for IT services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the exception of the
Information Technologies (IT) Software solutions and services in the United States, all other operating segments of Matrix showed significant
improvement in 2021 compared to 2020 and were not materially affected by the pandemic, with some activities even benefiting as a result
of customers&#8217; need to move their employees to work from home in a short period of time. This also included activities such as cloud
services, information security, as well as projects in the fields of health, digital, cyber and command and control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;The training and implementation
sector, which was directly and materially affected by COVID-19 government restrictions in 2020, benefited from the transition to a hybrid
training model in 2021, which allowed it to improve its productivity and offer flexibility via videotaped courses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, almost all of
Matrix employees work in a usual manner, in an hybrid work model which combine work from home with work at the office) while at the same
time Matrix is working to reduce real estate occupancy and save on operating costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market activity, the
economic atmosphere both in Israel and worldwide, the unemployment level, government actions and the concern related to global and/or
local recession may all still adverse impact the Matrix results pf operations to the extent that they materialize, in whole or in part</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix management regularly
and closely continue to monitor the economic developments in Matrix business levels and act accordingly. Matrix management estimate that
these processes may have a mixed impact over Matrix operations, the exact scope of which cannot be estimated at this date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sapiens</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens is a leading global
provider of software solutions for the insurance industry. Sapiens&#8217; extensive expertise is reflected in its innovative software,
solutions and professional services for property &amp; casualty (P&amp;C); reinsurance; life, pension &amp; annuity (L&amp;A); workers&#8217;
compensation (WC); medical professional liability (MPL); financial&amp; compliance (F&amp;C); and decision modelling for both insurance
and financial markets. Sapiens offers and end to end solutions for insurers core, data &amp; analytics and digital operations, as well
as stand-alone solutions which help them optimize and maximize their current investment. Importantly Sapiens&#8217; wide array of professional
services ensures that it not only makes a sale but accompany and guide its customers on their path to digital transformation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the COVID-19 pandemic,
2021 was again a year of double-digit growth for Sapiens, as it began to build upon the three main acquisitions that it had carried out
in 2020. Sapiens also invested in foundations for further expansion in 2022 and beyond. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 45; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens supplies decision
management solutions tailored to a variety of financial services providers, so that business users across verticals can quickly deploy
business logic and comply with policies and regulations throughout their organizations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; platforms
possess modern, modular architecture and are digital-driven. They empower customers to respond to the rapidly changing insurance market
and frequent regulatory changes, while improving the efficiency of their core operations. These process enhancements increase revenue
and reduce costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Overview of Sapiens Software Solutions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; software
portfolio is comprised of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property &amp; Casualty </b>&#8211; a comprehensive software platform and solutions supporting a broad range of business lines, including personal, commercial, MPL and specialty lines, as well as reinsurance and workers&#8217; compensation (see below). Our core solutions are pre-integrated with our DigitalSuite, analytics and decision modeling solutions, all of which are also available stand-alone. Sapiens&#8217; portfolio includes Sapiens Cloud-first Platform for Property &amp; Casualty, which is comprised of a commonly shared Data and Digital solutions and two core suites: Sapiens CoreSuite for Property &amp; Casualty (for North America) and Sapiens IDITSuite for Property &amp; Casualty (for EMEA and APAC). We provide a flexible proposition where Insurers can choose between deploying our full core suite or one or more of our standalone components: policy, billing and claims. In addition, we have lately launched a new IDIT Go proposition, a cloud SaaS offering for smaller, more agile P&amp;C insurance providers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Life, Pension &amp; Annuities </b>&#8211; a comprehensive, cloud-based, digital software platform, suite and complementary solutions for the management of a diversified range of products for life, pension &amp; annuities. Our core solutions are pre-integrated with our DigitalSuite, analytics and decision modeling solutions, all of which are also available stand alone. Our portfolio includes Sapiens Platform for Life, Pension &amp; Annuities, Sapiens CoreSuite for Life, Pension &amp; Annuities; Sapiens UnderwritingPro for Life &amp; Annuities; Sapiens ApplicationPro for Life &amp; Annuities; Sapiens IllustrationPro for Life &amp; Annuities; and Sapiens ConsolidationMaster for Life &amp; Pension.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Digital </b>&#8211; Sapiens Cloud-based DigitalSuite enables insurers to incorporate a fully digital experience for customers, agents and employers, enhancing insurers&#8217; engagement with customers, enhancing their end-consumers&#8217; experience and fostering a rapid time to market for new digital initiatives. Sapiens Digital Suite is pre-integrated as part of Sapiens&#8217; comprehensive platforms or can be deployed stand-alone on top of any 3<sup>rd </sup>party core solution already in place. Comprised of innovative digital modules and content libraries to facilitate diverse customer journeys, DigitalSuite includes: low-code/no code Journey Composer, insurance-driven API Layer, and portal solutions for customers, agents and employers. Sapiens have also added an AI driven chat-bot solution (BotConnect) which knows to hand off to a live agent (LiveConnect) to facilitate omnichannel communications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Data and Analytics</b> &#8211; together with Sapiens&#8217; digital offering, Sapiens offers an advanced data and analytics platform, which includes: an analytics platform that drives analytics adoption across the organization with compelling, insightful dashboards and apps; a comprehensive BI solution with pre-configured reports, dashboards and scorecards; predictive analytics, which uses AI and Machine Learning to generate actionable insights based on different models across the insurance value chain.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reinsurance &#8211; </b>a market-leading complete reinsurance software solutions for full financial control and auditing support. Sapiens&#8217; portfolio includes: Sapiens ReinsuranceMaster, Sapiens ReinsurancePro and Sapiens Reinsurance GO, providing solutions to various sizes of insurance companies.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Workers&#8217; Compensation &#8211; </b>Sapiens workers&#8217; compensation offerings handle comprehensive policy/billing and claims needs.&#160;Sapiens solution portfolio Sapiens CoreSuite for Workers&#8217; Compensation and Sapiens GO for Workers&#8217; Compensation, that can be deployed as a full suite or in a modular manner (policy / billing / claims), and is pre-integrated with Sapiens&#8217; DigitalSuite and its Analytics solutions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Medical Professional Liability</b>&#160;(&#8220;MPL&#8221;)
    &#8211; Sapiens MPL offering provides a complete end-to-end solution for managing the insurance processes for the medical malpractice
    market, including policy management, billing and claims, all adjusted to the unique characteristics of this specific market. The Sapiens
    Digital and Data platforms are also pre-integrated to the MPL core solution and thus providing additional value add and benefits to Sapiens
    MPL customer base.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial &amp; Compliance </b>&#8211; Sapiens offers financial &amp; compliance solutions comprised of both annual statement and insurance accounting software. This software includes Sapiens FinancialPro, Sapiens Financial GO, Sapiens StatementPro, Sapiens CheckPro and Sapiens Reporting Tools.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Decision Management </b>&#8211; Sapiens Decision is an enterprise-scale platform that enables institutions and &#8220;citizen developers&#8221; across verticals to centrally author, store and manage all organizational business logic. Organizations use it to track, verify and ensure that every decision is based on the most up-to-date rules and policies. Our Decision management products are offered across verticals (including commercial banking, investment banking, mortgage banking, insurance &#8211; for both P&amp;C and life, government, etc.).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Technology-Based </b>&#8211; tailor-made solutions (unrelated to the insurance or financial services market) based on Sapiens eMerge platform, which provides end-to-end, modular business solutions, ensuring rapid time to market.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 46; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens&#8217; Marketplace and its Needs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens&#8217; Target Markets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sapiens operates in a large market undergoing
significant transformation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Gartner
report, &#8220;Forecast: Enterprise IT Spending for the Insurance Market, Worldwide, 2019-2025, 2Q21Update&#8221; (a market statistics
research report by Gartner, a research and consulting firm, written by Rajesh Narayan, James Ingham, Inna Agamirzian, Rika Narisawa and
Gregor Petri that was published on July 2021 , and includes internal services, IT services, software, telecom services, devices, and data
centers systems, which we refer to herein as the &#8220;Gartner report&#8221;), Gartner forecasted global insurance market IT spending
to grow by 7.3% in 2022 and to reach nearly $250 billion in U.S. dollars. This industry is predicted to reach $311 billion by 2025, growing
at a 7.5% compound annual growth rate (CAGR) from 2020 through 2025. This growth will be driven by an increase in IT services spending
and software spending at CAGRs of 9.2% and 12.3%, respectively, according to the Gartner Report.Gartner forecasts total insurance IT spending
on software in 2022 will be $63.8 billion (software includes application software (analytics and business intelligence; back office/ERP
and supply chain; front office/CRM; collaboration), infrastructure software (application development and middleware; information management;
storage management software; and system and network management), and vertical industry-specific applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens estimates that our
current total addressable market for core insurance software solutions and the accompanied point solutions and the corresponding part
of IT services is approximately $40 billion, which we expect will grow as a result of insurance carriers&#8217; and financial institutions&#8217;
need to better address customers needs, via moderning software solutions from external providers, to overcome operational challenges presented
by the inefficiency of their legacy core.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The insurance market is
a large, complex and highly regulated environment. Insurance carriers operate in a super-competitive and quickly evolving ecosystem, which
necessitates differentiating their value propositions. Additionally, providers operate under a rigid regulatory regime that demands fast
compliance. The insurance market is going through a rapid evolution process, driven by needs and demands of their customers, complex and
evolving ecosystems, digital distribution channels and new business models, all enabled by new technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To efficiently manage their
operations, insurance carriers require IT platforms that enable rapid introduction of changes via configurable, user-driven activities,
integration with internal and external systems, control and auditing of employees&#8217; work, support for omni-channel distribution and
clear visibility into the carrier&#8217;s business operations, through streamlining and intelligent usage of data.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To compete in the rapidly
changing environment, and win the competition for end customers, insurance carriers require a coherent digital proposition, allowing them
to better interact with their customers in a digital and omni-channel manner. They are increasingly using robotics, predictive analytics,
AI and machine learning to automate processes and obtain stronger business insights. The cloud can also be utilized for improved operations
and scale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insurance carriers are experiencing
substantial operational challenges due to the inefficiency of their legacy policy administration systems and their lack of digitalization.
These legacy systems, which include both technical and functional limitations, acutely impact carriers&#8217; ability to cope with growing
challenges, such as the need for innovation, the shift of power to the consumer, and the dynamic and constantly changing regulatory environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 47; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Property &amp; Casualty Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Property &amp; casualty
insurance protects policyholders against a range of losses on items of value. P&amp;C insurance includes the <b>personal segment</b>,
which is insurance coverage for individuals, with products such as motor, home, personal property and travel; the <b>commercial segment</b>,
covering aspects of commercial activity, such as commercial property, car fleets, cyber and professional liability; and <b>specialty lines</b>,
covering unique domains, such as marine, art and credit insurance. This market also includes workers&#8217; compensation for market carriers,
administrators and state funds, and Medical Professional Liability for health care professionals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the past few years,
the P&amp;C market has been characterized by a fast rate of digital adoption. New business and technology models are adopted rapidly,
to launch innovative business offerings. This requires advanced software solutions, both on the core layer, which needs to be flexible
and open, and with the variety of digital tools addressing customer experience needs.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Life, Pension &amp; Annuity Markets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Life, pension &amp; annuity
providers offer their customers a wide range of products for long-term savings, protection, pension and insurance. They assist policyholders
with financial planning through life insurance, medical and investment products. Their products can be classified into several areas,
primarily investment and savings, risk and protection, pension and health-related products. These products can be targeted to individuals,
as well as group- and employee-benefit types of products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The products in this field
are long-term in nature. When insurance providers consider purchasing new platforms from Sapiens, the decision is typically slower and
involves multiple decision-makers throughout the organization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Reinsurance Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reinsurance is insurance
that is purchased by an insurance company (ceded reinsurance) from another insurance company (assumed reinsurance) as a means of risk
management. The reinsurer and the insurer enter into a reinsurance agreement, which details the conditions upon which the reinsurer would
pay the insurer&#8217;s losses. The reinsurer is paid a reinsurance premium by the insurer and the insurer issues insurance policies to
its own policyholders. The insurer must maintain an accurate system of records to track its reinsurance contracts and treaties, to avoid
claims leakage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Workers&#8217; Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Workers&#8217; compensation
is one of the largest lines of business in the P&amp;C industry in North America. But future profitability is getting harder to maintain,
with medical and indemnity costs per lost time claim increasing at rates greater than inflation. Insurance organizations require technology
solutions that can adapt quickly to business and market conditions, offering high levels of accuracy and efficiency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial &amp; Compliance Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial professionals
face overwhelming challenges as they struggle to satisfy ever-changing regulatory requirements, while meeting the demands of managerial
reporting. The move towards globalization has introduced new currencies, and CEOs need more performance data for strategic decision-making.
Organizations require one partner to optimize efficiencies with solutions that can be implemented quickly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Decision Management Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Increasing competition,
regulatory burden, customer experience expectations and the proliferation of digital and product innovation requirements have necessitated
a shift in thinking and approach among organizations across verticals. By replacing conventional policy and process management with the
discipline known as &#8220;decision management,&#8221; financial institutions are bridging the gap between business and IT, by enabling
business users to rapidly frame requirements in formal business models that can be easily understood by all stakeholders.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decision management
processes affect overall corporate performance, including its impact on customers and competitors. Decision management systems are a key
performance component of every financial services organization, as they help the organization define, avoid and hedge financial risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 48; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sapiens&#8217; Market Drivers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Large insurance and financial
organizations must constantly invest in their IT systems to respond to key market drivers. They require the ability to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -16.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Satisfy today&#8217;s sophisticated, tech-savvy
and demanding end-customers &#8211; who demand the type of instant, personalized service they enjoy from Netflix or Amazon &#8211; via
digitalization and innovative initiatives, providing a stronger customer experience and engagement.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Facilitate, improve and automate traditional
insurance processes to make them easier for end-customers, by utilizing advanced technologies, such as digital engagement, mobile, artificial
intelligence (AI) machine learning, and cloud computing.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Provide innovative business models, based on
technology capabilities and digital operation (such as portals, web-based acquisition processes, advanced analytics, customer engagement
platforms and data sources &#8211; including wearables, the Internet of Things and robo-advice).</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Respond to complex and evolving regulatory standards
(past and current standards include Solvency II, IFRS 17, Dodd-Frank legislation, GDPR, etc.)</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Support internal customers&#8217; growth and
operations. This includes reducing the time to market of new products, expanding into new geographies, reducing costs and streamlining
operations.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rapidly launch new products and propositions
to the market, within a short timeframe and using existing, pre-defined capabilities.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens&#8217; Market Trends</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the above,
we believe the following are key considerations for insurance carriers that are considering upgrading their legacy systems:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dynamic business environment with constantly changing regulations</b> &#8211; insurance carriers still use outdated legacy systems that are costly and time-consuming to modify or upgrade. This has prevented them from innovating and growing. Carriers who use legacy systems may find it difficult to modify existing products, introduce new products and reach untapped market segments. Frequently changing global regulatory requirements necessitate specialized data and business rules, which makes change implementation particularly challenging.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change in end-consumers&#8217; behavior and the shift of power to consumers</b> &#8211; insurance carriers must rapidly adapt to the shifting needs and behaviors of consumers, including the types and terms of insurance products offered, and how consumers access information. Insurance providers require systems with integration capability and support for multi-channel distribution, so they can reach their clients&#8217; customers and partners using multiple methods, including social media, across devices.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A need to improve operational efficiency and reduce total cost of ownership </b>&#8211; Sapiens believes that a significant percentage of insurance carriers are still using inefficient and outdated processes that do not automate operations and workflows, and thus do not offer efficient process management. Many of these processes likely have high error rates. Additionally, the ongoing maintenance of legacy systems is expensive and technically difficult. A specialized IT staff with the requisite skills and experience needed to maintain these systems is difficult to find and then eventually replace. Insurers seek systems that are modern, digital, automated, efficient and easy to maintain, and can lower costs over the long term.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 49; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Increasing global and multi-national operation</b> &#8211; a rising number of insurers are accelerating their growth initiatives through global acquisitions. These insurers seek a single provider who can deliver solutions that will be used across markets, combining the support of local regulatory requirements and specific customer needs, while driving a generic corporate business approach and strategy across the globe, reducing costs and overhead.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exploring new business models and innovative propositions</b> &#8211; carriers are increasingly looking to: join innovative ecosystems; adopt and use new technologies, and partner with insurtechs; bring modern and differentiating propositions to the market; reduce cost; enhance and speed customer engagement; and improve their business parameters and KPIs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going digital and shifting to Cloud</b> &#8211; digitalization holds significant potential for insurers, but only if they manage to efficiently digitalize their operations, support multi-channel distribution and ensure that agents and customers are able to access real-time, accurate data at any time and from anywhere &#8211; across devices. Same is true for Cloud transition, where more insurers are moving their IT systems to be managed in the Cloud.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Business Decision Management Market Needs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many large organizations,
particularly in the financial services market, must comply with complex regulations. They operate in highly competitive markets that require
quick responses. Business logic drives most of the financial services transactions and is the backbone of an organization&#8217;s policies
and strategies, and its ability to successfully operate.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To achieve efficiency, business
owners must assume ownership of the business logic and possess the ability to define, modify, standardize and reuse it across the organization.
Business logic is defined today by business owners and compliance officers, but IT departments translate the requirements into code. This
process raises several key challenges: 1) the result does not always accurately reflect the business requirements; 2) the new requirements
might conflict with, or override, previous requirements; 3) the changes can take a long time and, 4) the entire process is not fully audited.
These gaps often create an inefficient and risk-exposed organization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens&#8217; Software Offerings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; offerings
not only enable our customers to effectively manage their core business functions &#8211; including policy administration, claims and
billing &#8211; they support insurers on their path to digital transformation. Sapiens&#8217; portfolio also provides a variety of complimentary
solutions for critical requirements such as reinsurance management, underwriting management, illustration software, electronic applications
and financial compliance tools. The latest versions of Sapiens&#8217; platforms possess modern, modular cloud-first architecture and are
digital-driven. They empower customers to respond to the rapidly changing insurance market and frequent regulatory changes, while improving
the efficiency of their core operations. These enhancements increase revenue and reduce costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens provides a comprehensive
digital &amp; analytics suite, which is pre-integrated in Sapiens core solutions, across P&amp;C, L&amp;A and WC business, but also available
stand-alone to insurers whether they utilize our core solutions or not. Sapiens DigitalSuite provides a strong customer engagement and
experience capabilities through a wide range of connectivity tools such as portals, chatbots, live-chats and low-code/no-code digital
business processes builders, are allowing insurance companies to rapidly go to mart with new propositions, and to manage a data-driven
operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens offers its insurance
customers a range of packaged software solutions that are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Digital </b>&#8211; revealing their history and anticipating their future needs, while facilitating easy engagement across preferred interaction channels and multiple devices.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Data-driven </b>&#8211; based on set of data analysis tools, from data-warehouse and reporting, through business intelligence and analytics, to predictive and advanced analytics &#8211; so our customers can become a data-driven operation.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Highly automated </b>&#8211; by using various technologies, from decision to robotics, we improve efficiency and offer agile customer engagement.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comprehensive and proven</b>&#8211; support for insurance standards, regulations and processes, by providing field-proven functionality and best practices.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Configurable and rich functionality</b>&#8211;easily matches our customers&#8217; specific business requirements. Our flexible architecture and configurable structure allow quick functionality augmentation that permits our platform to be used across different markets, unique business requirements and regulatory regimes. We utilize our knowledge and extensive insurance best practices and feature business-led configuration, thus enabling a rapid adaptation of our solutions using smart configuration tools and no-code/low-code approach.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Open architecture and insurtech ecosystem </b>&#8211; provides easy integration to any external application under any technology, allowing streamlined connectivity to all satellite applications. This enhances the digital experience and omni-channel distribution, while maintaining total platform independence and system reliability. Easy interaction with various insurtech companies providing point-solutions that can be consumed by our platforms is enabled.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Component-based and scalable </b>&#8211; allows our customers to deploy platforms and solutions in a phased and modular approach, reducing risk and harm to the business, while supporting the growth plans and cost efficiency of the organization.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; packaged
software solutions enable:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rapid deployment of new insurance products </b>&#8211; via configurable software and using pre-defined templates, which create a competitive advantage in all the insurance markets we serve.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Improvement of operational efficiency and reduction of risk</b> &#8211; full insurance process automation, with configurable workflows, audit and control, streamlined insurance practices, and simple integration and maintenance.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reduction of overhead for IT maintenance</b> &#8211; easy-to-integrate and simple-to-configure solutions with flexible and modern architecture, resulting in lower costs for ongoing maintenance, modifications, additions and integration.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Enhanced omni-channel distribution and focus on the customers </b>&#8211; event-driven architecture, a proactive client management approach, rapid access to all levels of data, and a holistic view of clients and distributors.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cloud-first as a preferred deployment model </b>&#8211; with the flexibility to also provide an on-premise deployment.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Support for digitalization </b>&#8211;insurers and financial services institutions who manage to efficiently digitalize their operations, support omni-channel distribution and ensure that agents and customers are able to access real-time, accurate data at any time and from anywhere &#8211; including tablets and mobile devices &#8211; will unlock massive potential.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Managed services </b>&#8211; offering our customers access to a long-term engagement by providing comprehensive support for their daily IT operations, while allowing them to focus on their business KPIs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Property &amp; Casualty Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Platform for Property &amp; Casualty</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sapiens Platform for
Property &amp; Casualty is an end-to-end, cloud-based platform with advanced digital capabilities. It can be implemented as a pre-integrated
platform, or as standalone modules. The platform addresses all P&amp;C carrier needs across all lines of business and distribution channels,
offering a wealth of digital features. It is comprised of core (policy, billing and claims), data (advanced analytics) and digital (a
full suite) solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cloud-based Sapiens
DigitalSuite offers an end-to-end, holistic and seamless digital experience for P&amp;C customers, agents, brokers, customer groups and
third-party service providers. The suite is pre-integrated with Sapiens&#8217; P&amp;C core and is comprised of digital engagement and
digital enablement components.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Suites for Property
and Casualty are tailored by region: North America versus EMEA &amp; Rest of World.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>North America</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens CoreSuite for Property &amp; Casualty
(North America)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens CoreSuite for Property
&amp; Casualty is comprised of three fully integrated, core components that can also be deployed stand-alone: Sapiens PolicyPro, Sapiens
BillingPro and Sapiens ClaimsPro. CoreSuite is pre-integrated with additional components that can be selected, including business intelligence,
reinsurance and digital solutions, as well as various interfaces. This modular, automated, highly customizable suite offers a single platform
for personal, commercial and specialty lines of business (LoBs).&#160;This increases organizational efficiency&#160;by reducing manual
effort, generates competitive advantages and&#160;saves costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens PolicyPro</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sapiens&#8217; PolicyPro
solutions for property &amp; casualty come pre-integrated with the core system. They are easily integrated with existing and external
systems and applications. The solutions manage the end-to-end policy administration lifecycle of an insurance contract, from initial quote,
through rating and policy issuance. They also feature a complete range of policy issuance and amendment capabilities. Agents, underwriters
and customers use the solutions to quote, issue and administer policies. The offerings provide comprehensive policy lifecycle support
for all P&amp;C lines of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens BillingPro</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sapiens&#8217; billingPro
solution for P&amp;C enables carriers, MGAs and brokers to manage the full lifecycle of premium services, taxes and fees, along with commission
billing, collection and disbursements. P&amp;C carriers can integrate with third-party systems and data repositories, enjoy best-in-class
usability and automate processes throughout the billing lifecycle.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens ClaimsPro</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; claims solutions
for property &amp; casualty provide simplified management and automated control of claims management handling and the settlement process.
They offer intelligent, rules-driven workflow with effective claim assignment, ensuring faster cycle times, as well as rules-driven automatic
claims payment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>EMEA and Rest of World&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens IDITSuite for Non-life/General/Short
Term Insurance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sapiens IDITSuite for
Property &amp; Casualty is a cloud-based, component-based, standalone software solution suite that offers policy, billing and claims and
forms the core of the Sapiens Platform for Property &amp; Casualty. IDITSuite supports all end-to-end core operations and processes for
the non-life P&amp;C market from inception, to renewal and claims. This pre-integrated, fully digital suite offers customer and agent
portals, business intelligence and more. IDITSuite enables insurers to expand their offerings by testing new lines of business, products
and services using our flexible product factory.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The suite is modular and
can integrate with your ecosystem&#8217;s components. Sapiens IDITSuite for Property &amp; Casualty includes multiple lines of business
in one policy for multiple insured objects and assets. It can support corporate agreements and master policy structures. IDITSuite is
designed with growth and change in mind, with extensive multi-company, multi-branding, multi-country, multi-currency and multi-lingual
capabilities. The IDITSuite management system is built on open technology and can be used across devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens IDIT Go for Non-life/General/Short
Term Insurance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IDIT Go is a new, pre-configured
version of the Sapiens IDITSuite core insurance solution and provides access to a diverse array of product configurations for personal
and commercial lines. IDIT Go can be deployed within just a few months, with complete core PAS capabilities. Sapiens&#8217; fully digital
IDIT Go, is a cloud-first platform that delivers benefits only the cloud can provide, including streamlined upgrades, 24/7 accessibility
from anywhere, increased operational efficiencies and security. By also providing full managed services in the cloud, Sapiens enables
insurers to focus on their core business objectives without worrying about IT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Also available in different parts of the world:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>e-Tica Solution for Property &amp; Casualty
(Spain)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The e-Tica solution for
Property &amp; Casualty tailored for the Iberian market, empowers insurance companies with a product engine, as well as policy, billing,
claims and reinsurance capabilities. A fourth-generation solution, e-Tica supports all core operations and processes for the P&amp;C market,
and supports bank assurance, brokers and direct insurance. The suite is modular, flexible and customizable through module workshops. e-Tica
ecosystem is being enhanced through new features in micro services technology, like group policy management and injury agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fully digital SCIP Core (DACH)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SCIP CORE is a flexible,
high-performance, cloud-capable and easily extensible inventory management platform. It offers all essential processes for efficient contract
and claims processing and can be flexibly configured and extended in a few weeks. SCIP CORE digitally enables end customers, agents, claim
handlers by using extensive self-services in different interfaces and portals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Tia Enterprise (Nordics)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tia Enterprise is a component-based,
software solution suite that offers policy, billing and claims. Tia Enterprise can be hosted on-prem or in the cloud and can be extended
through an API layer to incorporate ecosystem solutions as well as a digital communications and enablement layer and advanced analytics/BI.
Tia Enterprise supports all end-to-end core operations and processes for the non-life market from inception, to renewal and claims.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>OASIS for MPL</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">OASIS is a fully integrated
collection of components designed to embed core functionalities required in the MPL sector, including: underwriting, policy management,
claims management, financial management, BI and predictive analytics. The component-based platform delivers maximum out of the box functionality
and stationing which ensures OASIS can easily integrate within a legacy environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Life, Pension &amp; Annuity Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Platform for Life, Pension &amp; Annuities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sapiens Platform for
Life, Pension &amp; Annuities is a modern, digital insurance platform that includes core, data and digital solutions. With the ability
to deploy its offerings as a complete platform, or as standalone modules, Sapiens can address life providers&#8217; needs across all their
lines of business and distribution channels. Our mature platform is cloud and API-based, and features a strong core and advanced analytics,
as well as data enablement and full digital engagement capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens CoreSuite for Life, Pension &amp; Annuities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens CoreSuite for Life,
Pension &amp; Annuities is designed to provide excellence in the administration of insurance business, facilitate digital transformation
and fast time-to-value for digital strategies, and create greater efficiency via legacy consolidation. It offers insurers:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A single platform for individual and group business</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transformation, enablement and execution for digital strategies</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greater efficiency via improved automation, user experience and system consolidation</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens CoreSuite for Life,
Pension &amp; Annuities suite supports the end-to-end administration of group and individual life, annuities, pension and investment business
&#8210; in a single system. The suite offers a 360-degree view of the customer from their policy administration system, across all distribution
channels and communication streams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many insurers still use
systems developed decades ago that cannot support today&#8217;s regulatory changes, digital marketplace and demanding customers. Too many
manual processes can lead to errors that impact customer experience. Our unique conversion approach reduces the risks involved in migrating
from existing legacy systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Complimentary modules are available in North America:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens UnderwritingPro for Life &amp; Annuities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens UnderwritingPro
for Life, Pension &amp; Annuities is a web-based solution for automated underwriting and new business case management that is part of&#160;Sapiens&#8217;
solution set for life insurers. It speeds new business processes for insurance carriers and their channels, offering an intuitive user
interface with critical updates and task assignments provided on a real-time dashboard. Sapiens UnderwritingPro enables underwriters and
case managers to work on multiple cases simultaneously.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens ApplicationPro for Life &amp; Annuities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens ApplicationPro for
Life &amp; Annuities is a digital insurance application software that helps carriers address critical business drivers, such as decreasing
time-to-issue and reducing policy acquisition costs, all in an extremely intuitive and easy-to-use package. Carriers have a choice of
a standalone eApplication system, or a more comprehensive solution that seamlessly integrates with&#160;Sapiens IllustrationPro for Life
&amp; Annuities&#160;and&#160;Sapiens UnderwritingPro for Life &amp; Annuities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens IllustrationPro for Life &amp; Annuities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens IllustrationPro
for Life &amp; Annuities is a point-of-sale solution, offering responsive product illustrations from any device. ACORD<sup>&#174;</sup>-compliant,
it offers straight-through processing, from point-of-sale to application e-submission, supported by a needs analysis suite. IllustrationPro
explains complex products in a compelling way. Its powerful calculation engines handle the most complex product illustrations, including
the appropriate historical and hypothetical references.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens ConsolidationMaster for Life &amp;
Pension</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens ConsolidationMaster
is a purpose-built, end-to-end, legacy, portfolio-focused system with a unique migration methodology that deals with &#8220;dirty&#8221;
data. The solution has over 500 product templates capable of supporting the compliant administration of legacy products in any language
and regulatory jurisdiction. ConsolidationMaster is designed to significantly cut the costs that are commonly associated with legacy platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Digital Offerings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens DigitalSuite offers
an end-to-end, holistic and seamless digital experience for customers, agents, brokers, risk managers, customer groups and third-party
service providers. The suite is pre-integrated with Sapiens&#8217; core solutions. The DigitalSuite is also available stand-alone, and
can be easily integrated with 3<sup>rd</sup> party core and ecosystem solutions through an advanced API layer. This facilitates digital
transformation and fast time-to-value for digital strategies. It enables life carriers to become engaged, agile organizations with increased
sales opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens DigitalSuite was
designed to enable our carrier customers to deliver on the future of user and customer expectations. DigitalSuite is an offering that
can react to market changes, support flexible interaction with dynamic APIs and offer a modern user experience. Our DigitalSuite features
component-based architecture, built on modern technologies and customer-centric design.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens DigitalSuite is
comprised of innovative digital modules, which can be used together or stand-alone, and content libraries to facilitate diverse customer
journeys, omnichannel communications and include rich portal content: Sapiens AgentConnect, EmployerConnect and CustomerConnect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All digital offerings are
entirely supported in the cloud.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Digital API Layer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This highly scalable layer
facilitates an open-communication, API-based platform that enables carriers to interact with insurtech companies, ecosystem technology
providers and business partners. By enabling seamless interaction with any service under any technology, Sapiens&#8217; open architecture
ensures that providers will easily choose the building blocks they need. They&#8217;ll be able to easily define new APIs on the fly and
seamlessly integrate all elements within their insurance ecosystem, to succeed today and prepare for the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Customer Journey and Form Builder</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Features journey and form
builders, journey analytics and deployment management capabilities &#8211; enables business users to easily create and maintain digital
journeys, using a low-code/no-code approach. This component empowers insurers with agility and fast time to market, based on its &#8220;one
click to deploy&#8221; functionality. Also available are full versioning capabilities and an extendable UI components library.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens AgentConnect, CustomerConnect and EmployerConnect</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens dynamic portals
built to deliver the optimal experiences expected by customers, brokers, agents, employers, alike, providing a high level of personalization
to meet the diversified, individual needs of customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens BotConnect and LiveConnect</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens brings conversational
messaging to the next level, making it highly efficient in engaging customers. Sapiens BotConnect (AI-based chatbot) and LiveConnect (Omni-channel
live chat) are designed to cultivate and enhance conversational messaging by ensuring perfect handoffs between different channels and
personas, which translates into one unified customer-centric and smooth experience for both customers and the reps that cater to their
needs. Together, this duo of components greatly improves the operational efficiency, providing a better service level to end-customers,
based on their channel of choice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens PartnerHub and Partner Ecosystem</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens is a global organization
with over three decades of extensive experience in insurance innovation and technology. Sapiens seek out and identify the most relevant,
advanced and innovative technology solutions for the insurance market. Sapiens connect third-party technology and insurtech solutions
to our Sapiens PartnerHub, from where we make their offerings available to insurers for their own use, and for the use of their customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Analytics and Data Platform	</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens offers its analytics
solutions, across both Life and P&amp;C businesses, which include: insightful dashboards, reporting and apps; and predictive analytics
which utilize AI and machine learning, generates actionable insights based on different models across the insurance value chain. By integrating
with our advanced analytics solution and data warehouse, we can quickly generate actionable insights, self-service business intelligence
and data discovery capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Reinsurance Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens reinsurance solutions
are comprehensive business and accounting systems, providing a superior management for all types of reinsurance contracts &#8211; treaty
and facultative, and proportional and non-proportional. It enables insurers of all sizes to manage their entire range of reinsurance contracts
and activities for all lines of business, including rich accounting functionality and reporting capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; reinsurance
solution enables full and flexible control of reinsurance processes, with built-in automation of contracts, calculations and processes.
By incorporating fully automated functions adapted conveniently for your business procedures, Sapiens Reinsurance provides flexible and
total financial control of your reinsurance processes, including complete support for all auditing requirements and statutory compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The solutions are available
in three flavors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>ReinsuranceMaster </i>(in
EMEA, APAC and for global insurers), <i>ReinsurancePro</i> (in N. America) which also produces schedule F automatically, and <i>Reinsurance
GO</i> (N. America) which is designed to meet the ceded reinsurance processing needs of property &amp; casualty providers, from calculating
premium and claim cessions, to producing the data required for Schedule F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Workers&#8217; Compensation Offerings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Sapiens Platform for
Workers&#8217; Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Platform for Workers&#8217;
Compensation includes the Sapiens CoreSuite for Workers&#8217; Compensation, and comes pre-integrated with Sapiens DigitalSuite, including:
Sapiens EmployerConnect a digital portal for employers and Sapiens Analytics and Data platform.&#8217;&#8217;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Sapiens CoreSuite for
Workers&#8217; Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens CoreSuite for Workers&#8217;
Compensation offers larger carriers, administrators and state funds the technology solutions that enable them to adapt quickly to business
and market conditions, offering high levels of accuracy and efficiency. The suite provides broad functionality throughout the entire insurance
lifecycle for workers&#8217; compensation, via a core suite, as well as policy, claims and intelligence modules that can be deployed individually,
or as an integrated solution. This suite can be purchased as an integrated offering, or standalone components: Sapiens PolicyPro and Sapiens
ClaimsPro. &#8216;&#8216;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Sapiens GO for Workers&#8217;
Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens GO for Workers&#8217;
Compensation was developed specifically for carriers, managing general agents (MGAs), self-insurance funds and third-party administrators.
Sapiens GO can deliver a turnkey solution in just 120 days. With its streamlined user interface and advanced business features, the suite
addresses critical objectives. This suite can be purchased as an integrated offering, or standalone components: Sapiens PolicyGO and Sapiens
ClaimsGO for Workers&#8217; Compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Financial &amp; Compliance Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; set of financial
&amp; compliance solutions comprised of both annual statement and insurance accounting software includes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
FinancialPro -&#160;accounting software designed for insurers to meet their unique requirements for cash, statutory and GAAP reporting,
well as unique allocation and consolidation needs. It handles multi-basis accounting and inter-company transactions and facilitates the
speed and accuracy of financial reporting.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
Financial GO -&#160;offers small- and mid-sized insurers a solution for cash, statutory and GAAP reporting, as well as unique allocation
and consolidation needs. Sapiens Financial GO manages and presents data to help insurance managers make informed decisions.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
StatementPro -&#160;makes statement preparation faster and simpler by offering one-click navigation between statements, pages and form
validations (cross-checks) to the pages they reference and offering one-step filing.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, Sapiens offers&#160;Sapiens CheckPro&#160;and&#160;Sapiens reporting tools.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Business Decision Management Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Decision is a complete
decision management platform that places software development in the hands of the business domain, creating &#8220;citizen developers,&#8221;
and enforces business logic across all enterprise applications. Decision effectively addresses the complexity of determining and then
translating business logic &#8211; data, business rules and machine learning used to make business decisions &#8211; into operational
code. The business side of the organization can model, validate, test and simulate the business logic required for all new processes using
Sapiens Decision. The process takes days or weeks, instead of months or years. A rigorous, structured approach ensures accuracy, efficiency
and consistency during modeling. The models may then be automatically generated and deployed as code into automated DevOps environments,
ensuring that the software is fully aligned with the organization&#8217;s business needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens is currently focusing
on the development and marketing of Sapiens Decision in the financial services market in North America and Western Europe, and we are
building best practices where the scale and complexity of operations requires enterprise-grade technology that can easily be adapted as
policies and business strategies rapidly evolve. Sapiens developed and market Sapiens Decision for several verticals, including the insurance
industry, and leverage our industry knowledge and close relationships with our existing customers and partners. Decision targets multiple
markets:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Decision for Financial Institutions
(including Consumer &amp; Commercial Banking, Investment Banking, &amp; Mortgage Banking)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tailored to meet the needs
of Consumer &amp; Commercial Banking, Investment Banking and Mortgage Banking institutions&#160;addresses the cost of change. It enables
banks to efficiently adapt their operations to the demands of digital transformation, changing regulations, customer demands and increasing
competition, using model-driven development (MDD). The MDD approach, enables businesspeople to define business logic in easily understood
models. The process takes days or weeks, instead of months or years. It enforces business logic across all enterprise applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Decision for Insurance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Decision for Insurance
enables insurers to efficiently adapt their business operations to the demands of digital transformation, changing regulations, customer
demands and increasing competition. It is currently used by a top-tier, P&amp;C insurance company to implement process automation and
effect digital transformation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens Decision for Government</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Decision for Government
provides the capability to automate manual processes, alleviates gaps coming from different roles and interpretations, and creates fully
validated policy artifacts in a format that other roles in the organization can understand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Technology-Based Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens eMerge</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens eMerge is a rules-based,
model-driven architecture that enables the creation of tailor-made, mission-critical core enterprise applications with little or no coding.
Our technology is intended to allow customers to meet complex and unique requirements using a robust development platform. For example,
we perform proxy porting for our customers in an efficient, cost effective manner with Sapiens eMerge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; services
modernize and automate processes for insurance providers and financial institutions around the globe, helping to create greater organizational
efficiencies, reduce costs and provide a better end user experience. They can be divided into three main categories: <b>program delivery</b>,
<b>value added services</b> and <b>managed services</b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens has partnered with
both Microsoft Azure and AWS to offer its solutions over private and public (single tenant) clouds. Sapiens&#8217; cloud deployment includes
full infrastructure for operations, plus the option of choosing cloud-related managed services delivered by Sapiens&#8217; experienced
professional services team.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens delivery methodologies
are typically based on Agile approach or a hybrid agile-waterfall approach that fits best some segments of our market. Sapiens also provides
delivery tools and delivery performance indicators. Built on a solid foundation of insurance domain expertise, proven technology and a
history of successful deployments, our organization assists clients in identifying and eliminating IT barriers to achieve business objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; services
modernize and automate processes for insurance providers and financial institutions around the globe, helping to create greater organizational
efficiencies, reduce costs and provide a better end-user experience. Built on a solid foundation of insurance domain expertise, proven
technology and a heritage of successful deployments, we assist clients in identifying and eliminating IT barriers to achieve business
objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Benefits include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Project delivery experience</b> &#8211; more than 35 years of field-proven project delivery of its core system solutions, based on best practices and accumulated experience.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>System integration </b>&#8211; Sapiens helps its customers deploy modern solutions, while expertly integrating these solutions with their legacy environments that must be supported.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Global presence &#8211; </b>insurance and technology domain experts are located close to our customers to provide professional services<b>.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; implementation
teams assist customers in building implementation plans, integrating Sapiens software solutions with their existing systems, and deploying
specific requirements unique to each customer and installation. Sapiens&#8217; business services include API integration management and
business intelligence (BI) and advanced analytics consolidation. Sapiens&#8217; managed services offer ongoing production support and
a 24/7 help desk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; service teams
possess strong technology skills and industry expertise. The level of service and business understanding they provide contributes to the
long-term success of our customers. This helps Sapiens develop strategic relationships with Sapiens&#8217; customers, enhances information
exchange and deepens our understanding of the needs of companies within the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through Sapiens&#8217; service
teams, Sapiens provides a wide scope of services and consultancy around Sapiens&#8217; solutions, both in the initial project implementation
stage, as well as ongoing additional services. Many of Sapiens&#8217; customers also use Sapiens&#8217; services and expertise to assist
them with various aspects of daily maintenance, ongoing system administration and the addition of new solution enhancements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such services include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adding new lines of business and functional coverage to existing solutions running in production.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ongoing support services for managing and administering the solutions.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creating new functionalities, per specific requirements of our customers.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assisting
with compliance for new regulations and legal requirements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, many of Sapiens&#8217;
clients choose to enter into an ongoing maintenance and support contract with Sapiens. The terms of such a contract are usually twelve
months and are renewed every year. A maintenance contract entitles the customer to technology upgrades (when made generally available)
and technical support. Sapiens also offers introductory and advanced classes and training programs available at our offices and customer
sites.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of Sapiens&#8217; offerings
include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Program delivery includes:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Project
and program management</i> - Overall program planning, governance, PMO services and risk management</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Training
</i>- Training needs analysis and consulting, train-the-trainer, user training, and application configuration training.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Testing
</i>- Test strategy consulting, design and planning, SIT / Functional UAT / Business UAT, migration testing, performance / scalability
and load testing, security testing and testing automation.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Migration
consulting</i>- Migration strategy consulting and planning, data extract and load, data cleansing and data reconciliation.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Development,
implementation and integration</i> - Technical Solution Architecture (TOM), Analysis and Design, Development and Configuration, core
system integration and project management.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Value added services are comprised
of:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>User
acceptance testing</i> (UAT) - is different than system testing. UAT is a complementary stage which focuses on business processes, user&#8217;s
journeys, and acceptance criteria as outlined in the specifications.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Migration
Services </i>&#8211; full ownership of the migration of systems from one system to another.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Analytics
                                            Services </i>&#8211; let Sapiens&#8217; experts help you build predictive models which are
                                            aligned and integrated into your insurance practices.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Managed services include:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>L1
&#8211; Hosting Infrastructure Services</i>: Virtual machines selection based on the applications architecture and performance requirement
to ensure a value-for-money approach. Cloud services including, among others, network, business continuity and security.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>L2
&#8211; Hosting IT Services</i>: continuous services that obviate the need for local IT involvement to maintain the infrastructure and
includes: Operation Control Center (OCC) as a service, Security Operation Center (SOC) as a Service, Backup as a service, DBA as a service,
DevOps as a service, Disaster Recovery (DR) as a service.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>L3
</i>&#8211; <i>Applications Managed Services</i>: extends the standard maintenance agreement to provide additional services for Sapiens&#8217;
solutions based on specific customer needs, and may include any of the following: Extended maintenance and support - Customer layer/components
defect handling and extended SLA, Application changes &#8211; setup / config / workflow / templates, Application operation &#8211; batches
/ release deployment / performance monitoring, Sapiens+ &#8211; support for non-Sapiens products (optional).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens sometimes partners
with several system integrators and consulting firms to achieve scalable, cost-effective implementations for Sapiens customers. Sapiens
has developed an efficient, repeatable methodology that is closely aligned with the unique capabilities of our solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens offers various delivery methodologies, including Agile approach or a hybrid agile-waterfall approach that fits best some segments
of its market. Sapiens also provides delivery tools and delivery performance indicators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Built on a solid foundation
of insurance domain expertise, proven technology and a history of successful deployments, Sapiens&#8217; organization assists clients
in identifying and eliminating IT barriers to achieve business objectives. Its services modernize and automate processes for insurance
providers and financial institutions around the globe, helping to create greater organizational efficiencies, reduce costs and provide
a better end-user experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens&#8217; Competitive Landscape</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens is focused on serving
insurers. The market for core software solutions for the insurance industry is highly competitive and characterized by rapidly changing
technologies, evolving industry standards and customer requirements, and frequent innovation. In addition, we offer a business decision
management platform, mainly to financial services organizations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Competitive Landscape for Sapiens Insurance
Software Solutions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; competitors
in the insurance software solutions market differ from us based on size, geography and lines of business. Some of our competitors offer
a full suite, while others offer only one module; some operate in specific (domestic) geographies, while others operate on a global basis.
And delivery models vary, with some competitors keeping delivery in-house, using IT outsourcing (ITO), or business process outsourcing
(BPO).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The insurance software solutions
market is highly competitive and demanding. Maintaining a leading position is challenging because it requires:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
of new core insurance solutions, which necessitates a heavy R&amp;D investment and in-depth knowledge of complex insurance environments</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
innovation to attract new customers, with rapid, technology-driven changes in the insurance business model and new propositions coming</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
global presence and the ability to support global insurance operations</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ability
to manage multiple partnerships, due to the changing landscape of insurers&#8217; ecosystems</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extensive
knowledge of regulatory requirements and how to fulfill them (they can be burdensome and require specific IT solutions)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continued
support and development of the solutions entails a critical mass of customers that support an ongoing R&amp;D investment</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Know-how
of insurance system requirements and an ability to bridge between new systems and legacy technologies</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enabling
mission-critical operations that require experience, domain expertise and proven delivery capabilities to ensure success</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The complex requirements
of this market create a high barrier to entry for new players. As for existing players, these requirements have led to a marked increase
in M&amp;A transactions in the insurance software solutions sector, since small, local vendors have not been able to sustain growth without
continuing to fund their R&amp;D departments and following the globalization trend of their customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens believes that it
is well-positioned to leverage its modern solutions, customer base and global presence to compete in this market and meet its challenges.
In addition, our accumulated experience and expert teams allow us to provide a comprehensive response to the ITa challenges of this market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Different types of competitors
include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
software providers with their own IP</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local/domestic
software vendors with their own IP, operating in a designated geographic market and/or within a designated segment of the insurance industry</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BPO
providers who offer end-to-end outsourcing of insurance carriers&#8217; business, including core software administration (although BPO
providers want to buy comprehensive software platforms to serve as part of the BPO proposition from vendors and may seek to purchase
our solutions for this purpose)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal
IT departments, who often prefer to develop solutions in-house</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
insurtech companies with niche solutions</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens differentiates itself
from its competitors via the following key factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
offers cloud-based innovative and modern software solutions, with rich functionality and advanced, intuitive user interfaces, based on
deep domain expertise and insurance know how</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
uses model-driven architecture that allows rapid deployment of the system, while reducing total cost of ownership</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 60; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
solutions are built using an architecture that allows customers to implement the full solution or components, and readily integrate the
solution or individual components into their existing IT landscape</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong
and global partnership program, with established IT players and new insurtech companies, to ensure linkage to innovative technologies
and new business models, as well as ongoing work to embed innovation into Sapiens platforms</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
identifies technology trends and invest in adjusting our solutions to keep pace with today&#8217;s frenetic evolutions</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
financial stability, and its large and growing global customer base, enables it to fund R&amp;D investment and maintain the competitive
advantage of its products Sapiens is able to fund R&amp;D investment and maintain the competitive advantage of its products, due to its
large and growing customer base and financial stability</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
delivery methodology is based on extensive insurance industry experience and cooperation with large insurance companies globally. Sapiens
track record over the past few years in developing a strong offshore development center is also a significant parameter in differentiating
our abilities in the services space</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Competitive Landscape for Business Decision
Management Solutions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens Decision is a pioneer
in this disruptive market landscape. Since the introduction of our innovative approach to enterprise architecture to the market, we have
identified only a small number of potential competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sapiens differentiates itself from its potential
competitors through the following key factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
believes that Sapiens Decision is the only solution (that is currently generally available and already in production) that offers a true
separation of the business logic in a decision management system for large enterprises</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
Decision is unique in its proven ability to support complex environments, with a full audit trail and governance that is crucial for
large financial services organizations</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
understands complex environments where Decision is deployed, due to its experience delivering complex, mission-critical solutions</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sapiens Sales and Marketing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Sapiens&#8217; main sales
channel is direct sales, with a small portion of partner sales. Sapiens&#8217; sales team is spread across its regional offices in North
America, the United Kingdom, Belgium, France, Israel, Australia, India, Poland, the Nordics, Spain and Germany. The direct sales force
is geared to large organizations within the insurance and financial services industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Sapiens believes that its
sales teams are sufficiently large to service its target regions &#8211; North America, the UK, Europe and South Africa &#8211; and to
execute sales, while also assisting its presales, domain experts and marketing teams. We anticipate that Sapiens&#8217; sales team will
leverage its proximity to customers and prospective clients to drive more business, and offer its services across its target markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Sapiens&#8217; customer success
teams were focused on building ongoing relationships with existing customers during the past year, to maintain a high level of customer
satisfaction and identify up-selling opportunities within these organizations. Sapiens believes that a high level of post-contract customer
support is important to its continued success.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">As part of its sales process,
Sapiens typically sell a package that includes a license, implementation, customization and integration services, and training services.
All of Sapiens&#8217; clients for whom it has deployed its solutions elect to enter into an ongoing maintenance and support contract with
Sapiens. Sapiens aims to expand its distribution model to include more channel partners and system integrators, but it intends to maintain
the direct sales model as its prime distribution channel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Sapiens attends major industry
trade shows (both physical and virtual) to improve its visibility and its market recognition. Additionally, Sapiens hosts client conferences&#8211;
such as its annual Sapiens Summit/Client Conference, which went virtual in 2020 and 2021. Sapiens continues investing in its web presence
and digital marketing activities to generate leads and enhance its brand recognition. Sapiens maintains a blog channel and also invests
in its working relationships and advisory services within the global industry-analyst community.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Sapiens works together with
standards providers&#8211; such as ACORD&#8211; to further enrich its offerings and provide its customers with comprehensive and innovative
solutions that address the entire breadth of their business needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Magic Software</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software is a global
provider of: (i) software services and Information Technologies (&#8220;IT&#8221;) outsourcing software services; (ii) proprietary application
development and business process integration platforms; (iii) selected packaged vertical software solutions; as well as (iv) cloud based
services for end to end digital transformation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s software
technology is used by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications quickly and
cost effectively. In addition, its technology enables enterprises to accelerate the process of delivering business solutions that meet
current and future needs and allow customers to dramatically improve their business performance and return on investment. Magic Software
also provides selected verticals with a complete software solution and return on investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on its technological
capabilities and its specialists, Magic Software enables its clients to respond to rapidly evolving market needs and regulatory changes,
while improving the efficiency of their core operations. Magic Software has approximately 3,677 employees, who serve its clients at any
given time and whose skills and specialization are a significant source of competitive differentiation. Magic Software operates through
a network of over 3,000 independent software vendors, or ISVs, who we refer to as Magic Software Providers, or MSPs, and hundreds of system
integrators, distributors, resellers, and consulting and OEM partners. Thousands of enterprises in approximately 50 countries use Magic
Software&#8217;s products and services</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Magic Software&#8217;s Software Technology
Platforms</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Organizations across all
industries are digitally transforming by leveraging software to automate and optimize mission critical operations, enhance customer experiences,
and drive competitive differentiation. Historically, organizations have principally relied on off-the-shelf packaged software and custom
software solutions to operationalize and automate their businesses. Packaged software often fails to address unique use cases or to enable
differentiation. It also requires organizations to adapt their business (processes, systems of record, etc.) to the software package,
as opposed to adapting the software to their unique business needs. While traditional custom software solutions can be differentiated
and tailored to meet strategic objectives, development requires a long, iterative, and cumbersome process, as well as costly integration
that relies on scarce developer talent. We enable organizations to differentiate themselves from their competition through software-enabled
digital transformation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Throughout our history,
we have traditionally maintained two major lines of products, one is our application development platform, which today is known as Magic
xpa Application Platform, an evolution of our original metadata-based development platform; and the second is our application integration
platform, Magic xpi Integration Platform, originally introduced in 2003 under the name iBOLT. In December 2011, we acquired the AppBuilder
development platform of BluePhoenix Solutions Ltd., a leading provider of value-driven legacy IT modernization solutions. AppBuilder is
a comprehensive application development infrastructure used by many Fortune 1000 enterprises around the world. This enterprise application
development environment is a powerful, model-driven tool that enables development teams to build, deploy, and maintain large-scale, custom-built
business applications. On April 2019, we acquired the SmartUX development platform of PowWow Inc., a leading Low-Code enterprise mobile
development application platform for citizen to professional developers to rapidly design, build, analyze, and run cross-platform mobile
business applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our low-code platforms employ
an intuitive, visual interface and pre-built development modules that reduce the time required to build powerful and unique applications.
Our platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that would
otherwise need to be manually coded. This functionality greatly reduces the iterative development process, allowing for real-time optimization
and ultimately shortening the time it takes to design, build, and deploy applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers leverage our
technologies to apply the right automation approach for their specific use case. We believe our unified low-code platforms are a differentiator
in the marketplace. We strive to deeply integrate our capabilities so that they are all interoperable and low-code making it easier and
faster for our clients to address complex use cases, particularly those that involve multiple departments within an organization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s software
technology platforms consist of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Magic xpa Application Platform</b> &#8211; a proprietary low-code application platform for developing and deploying Client Server/Mobile/Web business applications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AppBuilder Application Platform</b> &#8211; a proprietary low-code application platform for building, deploying, and maintaining high-end, mainframe-grade business applications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Magic xpi Integration Platform</b> &#8211; a proprietary low-code platform for application integration</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Magic SmartUX</b> &#8211; a proprietary low-code enterprise mobile development application platform for citizen to professional developers to rapidly design, build, analyze, and run cross-platform mobile business applications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FactoryEye</b> &#8211; a cloud-based platform for manufacturers enabling smooth migration to Industry 4.0 smart factories. Real-time factory floor visibility and optimization is provided as part of the end-to-end visibility to maximize production performance.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BusinessEye &#8211; </b>a cloud-based platform for all verticals enabling smooth end-to-end digital transformation and full organizational business intelligence</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><br/>
Magic Software&#8217;s Vertical Software Packages</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s vertical
packaged software solutions include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Clicks&#8482; </b>&#8211; offered by its Roshtov subsidiary, Clicks is a proprietary comprehensive core software solution for medical record information management systems, used in the design and management of patient-file for managed care and large-scale healthcare providers. The platform is connected to each provider clinical, administrative and financial data base system, residing at the provider&#8217;s central computer, and allows immediate analysis of complex data with potentially real-time feedback to meet the specific needs of physicians, nurses, laboratory technicians, pharmacists, front- and back-office professionals and consumers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leap&#8482; </b>&#8211; offered by its FTS subsidiary, Leap is a proprietary comprehensive core software solution for BSS, including convergent charging, billing, customer management, policy control, mobile money and payment software solutions for the telecommunications, content, Machine to Machine/Internet of Things or M2M/IoT, payment and other industries.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hermes Cargo</b> &#8211; offered by its Hermes Logistics Technologies Ltd. subsidiary, the Hermes Air Cargo Management System is a proprietary, state-of-the-art, packaged software solution for managing air cargo ground handling. Our Hermes Solution covers all aspects of cargo handling, from physical handling and cargo documentation through customs, seamless EDI communications, dangerous goods and special handling, tracking and tracing, security and billing. Customers benefit through faster processing and more accurate billing, reporting and ultimately enhanced revenue. The Hermes Solution is delivered on a licensed or fully hosted basis. Hermes recently supplemented its offering with the Hermes Business Intelligence (HBI) solution, adding unprecedented data analysis capabilities and management-decision support tools.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HR Pulse &#8211; </b>offered by its Pilat NAI, Inc. and Pilat Europe Ltd. subsidiaries, Pulse (now in its 10<sup>th</sup> release) is a proprietary tool for the creation of customizable HCM solutions quickly and affordably. It has been used by Pilat to create products, such as Pilat Frist and Pilat Professional, that provide &#8220;out of the box&#8221; SaaS solutions for organizations that implement Continuous Performance and/or Talent Management.&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MBS Solution</b> &#8211; offered by its Complete Business Solutions Ltd. subsidiary, MBS Solution is a proprietary comprehensive core system for managing TV broadcast channels.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nativ &#8211; </b>offered by its Menarva Ltd. subsidiary, Nativ is a proprietary comprehensive core system for management of rehabilitation centers.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mobisale &#8211; </b>offered by its Mobisoft Ltd. subsidiary, Mobisale is a proprietary comprehensive core system for sales and distribution field activities for consumer goods manufacturers and wholesalers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Magic Software&#8217;s Professional Software
and IT Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s software
professional services offerings include a vast portfolio of professional services in the areas of infrastructure design and delivery,
application development, technology consulting planning and implementation services, support services, DevOps (Development &amp; Operations),
Mobile, Big Data and Analytical BI, M/F, cloud computing for deployment of highly available and massively-scalable applications and APIs
and supplemental IT outsourcing services to a wide variety of companies, including Fortune 1000 companies, all in accordance with the
professional expertise required, in each case allowing us to create significant value for our clients in managing, streamlining, accelerating
and making their businesses thrive. The talents we provide generally supplement in-house capabilities of our customers. We have extensive
and proven experience with virtually all types of telecom infrastructure technologies in wireless and wire-line as well as in the areas
of infrastructure design and delivery, application development, project management, technology planning and implementation services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We&#160;have substantial
experience in end-to-end development of high-end software solutions, beginning with collection and analysis of system requirements, continuing
with architecture specifications and setup, to software implementation, component integration and testing. From concept to implementation,
from application of the ideas of startups requiring the early development of an application or a device, to somewhat larger, more established
enterprises, vendors or system houses who need our team of experts to take full responsibility for the development of their systems and
products. With our ability to draw on our pool of resources, comprised of hundreds of highly trained, skilled, educated and flexible engineers,
we adhere to timelines and budget and work in full transparency with our customers every step of the way to create a tailor-made and cost-effective
solution to answer all of our customers&#8217; unique needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our IT services subsidiaries consist of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coretech
Consulting Group LLC</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusion
Solutions LLC</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xsell
Resources Inc.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AllStates
Consulting Services LLC</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futurewave
Systems, Inc.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NetEffects,
Inc.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CommIT
Group</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comblack
Ltd</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Infinigy
Solutions</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shavit Software Ltd.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OnTarget Group Inc</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aptonet Inc</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockell information systems</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EnableIT LLC</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vidstart Ltd</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 64; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Magic Software&#8217;s Partnerships and Alliances</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software continues
to build on its existing strategic partnerships that include partnerships with Oracle, JD Edwards, SAP, Salesforce.com, Microsoft, IBM
and SugarCRM to enhance its mobile, integration and cloud offerings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2018, following
an extension of its partnership with Salesforce, Magic Software included new features in its Magic&#160;xpi&#160;4.7 to make the integration
between Salesforce and other systems even easier. By collaborating with Salesforce, we are significantly expanding our partners&#8217;
network and maximizing our service offering to customers around the world, enabling them to better serve their customers via all channels
by connecting to back-office ERP and finance applications, and streamlining business processes across numerous applications. We have reached
the status of Salesforce Premier ISV partner, showing our high competence expert level, ensuring that all of our customers enterprise
software is faultlessly integrated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software is an Oracle
Platinum Partner holding an Oracle Validated Integration status, a SAP Channel Gold Partner holding SAP Certified Integration status,
an IBM Server Proven, and a SYSPRO business partner, among others. It appears on the Salesforce AppExchange and are a featured partner
on SugarCRM&#8217;s Sugar Exchange, marketplaces for apps provided by partners. We continue to update and strengthen our relationships
with these major IT partners by attending partner events and by updating and certifying our Magic xpi connectors for each specific ecosystem.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;In December 2018,
Magic Software achieved Microsoft Gold Competency and has maintained this elite status since then. Gold Competency is Microsoft&#8217;s
highest level of partner certification reserved for the top one percent of Microsoft elite partners worldwide who have demonstrated expertise
and proven skills with a particular Microsoft technology or service. In addition to that, we earned the Co-Sell Ready Status as a member
in the Microsoft One Commercial Partner (OCP) Program. Magic xpi, which maps data, automates business processes and connects apps, databases,
APIs with built-in Microsoft connectors, and Magic BusinessEye, a 100% cloud-native, microservices-based integration platform are available
on the Microsoft AppSource app store and are listed on the Microsoft Azure Marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Magic Software&#8217;s
CommIT Group achieved AmazonAWS SaaS Competency status. AWS SaaS Competency is designated to help customers find top AWS consulting partners
with deep specialization and experience in designing and building software-as-a-service solutions on AWS. Organizations are interested
in software that is easy to use, implement, and operate. They are looking to reduce time-to-value and obtain access to innovative product
features and flexible software procurement on a consumption or contractual basis. AWS SaaS Competency Partners follow Amazon Web Services
(AWS) best practices for designing and building SaaS solutions through their professional services practices. To qualify for the AWS SaaS
Competency designation, organizations have undergone rigorous technical validation by AWS Partner Solutions Architects and demonstrated
proven customer success. In recent years, Comm-IT has successfully led, developed and produced many SaaS solutions on AWS for companies
across many business sectors, including high-tech and startups, industrial and retail, and insurance and finance. Comm-IT&#8217;s unique,
flexible R&amp;D model, which provides complete flexibility in determining the mix of experts, allows for full control of budgets and
schedules throughout the development project. In this framework, We accompany our clients in their digital journey and in their entry
into the SaaS world, providing design and build services for application environments or migration services for applications from existing
models to cloud SaaS models. These processes require software architecture, construction, and software development from both Digital and
SaaS, all of which take into account performance aspects, information security, scalability, infrastructure monitoring, customer experience
and billing. Achieving AWS SaaS Competency status allows us to expand our business offering and even accompany the organizational change
for customers who are in the process of transitioning to SaaS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Magic Software&#8217;s Industry Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, the number
of available enterprise applications has grown significantly which has led information system complexity within many organizations to
a level that has obstructed business progress and evolution, reduced business agility and led to significantly higher costs. We believe
this complexity will continue to increase in the future. Although it is not unusual for organizations to operate multiple applications,
systems and platforms that were created utilizing disparate programming languages, the complexity of these environments typically reduces
an organization&#8217;s operating flexibility, hinders decision-making processes and leads to costly inefficiencies and redundancies.
When organizations seek to swiftly change, update and upgrade IT assets to support new business processes or to cope with changes in business
and regulatory environments, they often find that the introduction and integration of new or upgraded business applications is more complex
than expected, requires significant implementation resources, takes a long time to implement and is costly. The proliferation of smartphones
and mobile platforms necessitates device-independent and future-proof business solutions for fast, simple, and cost-effective mobile deployment.
In addition, new cloud computing technologies present enterprises with an opportunity to realize greater agility and meaningful cost savings
to businesses, creating a growing need for further changes to enterprises&#8217; IT applications and systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 65; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pace of digital transformation
is also accelerating at companies all around the world. Customers are increasingly demanding an all-digital experience from the companies
they do business with. They seek instant gratification through real-time updates or instant customer service without having to talk to
or wait for other human beings. Employees are also pushing for a more digital experience in their workplaces. The confluence of these
internal and external forces is causing companies of all sizes to put digital transformation goals at the top of the agenda. It is becoming
clearer that companies will need to embrace and prioritize the creation of a digital operating environment to gain a competitive edge
and be able to recruit and maintain a talented employee base.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Manual coding and application
development is a complex and time-consuming process with an end result that is not guaranteed. The process requires constant iteration
as bugs are discovered and new features are integrated. In addition, the communication gap and general disconnect between developers and
end-users are critical shortcomings of manual coding that results in business applications that are less than ideally designed. Many of
these problems can be addressed by low-code and no-code development platforms. The enterprise application development software market
consists of several application development sub-segments and includes large dominant players such as IBM, Microsoft, Oracle, Salesforce,
HP, CA Technologies and Compuware as well as a large number of highly specialized vendors, with focused capabilities for specific vertical
markets. Huge backlogs of enterprise app development work and growing demand for apps coupled with shortage and expense of skilled programmers,
is increasingly leading enterprises to turn to low-code/no-code application development platforms that democratize the development process
and give business users the ability to develop applications themselves with minimal or no assistance from IT. Through the adoption of
business applications, these business users are increasingly looking for ways to automate manual workflows and become more efficient and
effective by reallocating their time to solving more complex business problems. Even IT resources and developers are using low-code development
tools to increase their development speed and reduce backlog. a growing market for low-code/no-code development platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the market for
low-code development platforms is not new by any means, it has certainly started to gain more traction over the past couple of years and
is expected to continue its strong growth due to continued demand for applications and a shortage of skilled developers. Low-code development
is a natural evolution of rising abstraction levels in application development, which will eventually lead to viable cross-enterprise,
highly scalable citizen development and composition of applications. According to market analysts spending on low-code development technologies
(excluding RPA) is expected to grow from $9.6 billion in 2020 to $24.7 billion by 2025, at a CAGR of 21%. Based on Gartner&#8217;s, Magic
Quadrant for Enterprise Low Code Application Platforms, 8 August 2019, by 2024 low-code application platforms will be responsible for
more than 65 percent of all application development activity and three-quarters of large enterprises will be using at least four low-code
development tools for both IT application development and citizen development initiatives. The increasing need of digitalization and maturity
of agile DevOps practices are expected to enhance the use of low-code development platform market across the globe. Web application is
considered as a face of an organization and by using the low-code development platform organizations can roll out user-defined web-based
applications quickly. Instead of writing the programming language for the development of web-based applications, employees with less development
experience can also create sophisticated applications. For those who has relevant experience, this platform can ease out the daily work
chores and can even help them create more custom web-based applications by integrating already existing digital ecosystems. North America
has the presence of several prominent market players delivering low-code development platform and services to all end users in the region.
The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the low-code development
platform market. The geographical presence, significant research and development (R&amp;D) activities, partnerships, and acquisitions
and mergers are the major factors for the deployment of low-code development platform and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The IT services segment
of the market is comprised of a broad array of specific segments such as infrastructure design and delivery, application development,
technology consulting planning and implementation services, support services and supplemental outsourcing services. In addition, IT professional
services include quality assurance, product engineering services and process consulting. The IT services segment is also undergoing a
profound transition, with some key trends that have accelerated recently. Growing demand for mobile and cloud-based applications as well
as Big Data solutions also entails more complex IT development and integration projects which management and implementation require a
higher level of expertise, In addition, the typical software-based projects of IT consulting have been gradually shifting towards software
and technology-driven solutions that can be embedded into clients&#8217; systems, providing ongoing engagement services. This transition
has been accentuated by an underlying change in IT services sourcing processes: the need for a faster go-to-market process as well as
constrained resources in IT departments is resulting in greater influence by specific business units on the purchasing decision as opposed
to the traditional sourcing process. The traditional outsourcing business model of capacity on demand is also transitioning towards a
model of capability on demand. Information technology service buyers are increasingly looking at outcome-driven managed services with
a tighter integration between software, service and infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have identified the following
trends that are relevant to the markets Magic Software operates in:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Increasingly complex business integration</b>: In recent years, enterprises operate multiple applications and platforms, using various programming languages, resulting in complex enterprise information systems. Such systems and the ability to swiftly change, update, and upgrade them to support new business processes are crucial to the enterprise&#8217;s ability to cope with changes in the business, economic and regulatory environment. However, the introduction and integration of new business applications is complex, requires significant time and human resources and entails significant and often unpredicted costs. Therefore, enterprises are in need of solutions that will facilitate the rapid and seamless deployment of business applications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reusing IT assets/enterprise applications</b>: In an increasingly dynamic technology, business and economic environment, organizations face mounting pressure to continue to leverage their large IT investments in enterprise applications, such as ERP and CRM, while increasing their ability to change business processes and support new ones. Tools to support lightweight yet rapid, iterative and modular development methodologies, reusable architectures and application life-cycle management are primary drivers for spending on application development worldwide.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Enterprise mobility</b>: With the proliferation of smartphones and mobile platforms that support enterprise mobility, enterprise users now expect instant access to real-time information, a rich user experience, seamless integration with various enterprise systems and support to multiple mobile devices. As such, enterprises need to be able to develop device-independent and robust business solutions for fast and cost-effective mobile deployment.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cloud, Platform-as-a-Service and Software-as-a-Service</b>: Cloud, Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) are each becoming a well-established phenomenon in some areas of enterprise IT. Cloud-hosted applications continue to grow as alternatives to internally managed systems as they deliver greater agility and meaningful cost savings to businesses. In addition, fast time-to-deployment, low cost-of-entry, and adoption of pay-as-you-go models drive growing adoption of SaaS applications. In turn, SaaS applications enable the rapid construction, deployment and management of some custom-built applications accessed as a service in the cloud. With more SaaS deployments, the need for integration tools that bridge the cloud apps with on-premise application increases.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Big Data: </b>The amount of digital information that is being generated by enterprises each year, across a number of diverse data sources and formats, is growing rapidly. Enterprises are required to retain, process and analyze data to attain meaningful insights and gain competitive advantages, and therefore require versatile and flexible tools in order to quickly and reliably process these increasingly large amounts of data.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IT Consulting: </b>The typical software-based projects of IT consulting have been gradually shifting towards software and technology-driven solutions that can be embedded into clients&#8217; systems, providing ongoing engagement services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sourcing processes: </b>The need for a faster go-to-market process as well as constrained resources in IT departments is resulting in greater influence by specific business units on the purchasing decision as opposed to the traditional sourcing process. The traditional outsourcing business model of capacity on demand is also transitioning towards a model of capability on demand. Information technology service buyers are increasingly looking at outcome-driven managed services with a tighter integration between software, service and infrastructure.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mobility &amp; IT skills shortage:</b> Growth in mobility skills demand is outpacing organizations&#8217; ability to keep up, resulting in mobile strategists facing a skills shortage across the entire mobility ecosystem, with mobile application development skills in greatest demand. Poor availability of skilled staff is driving mobile strategists to outsource many functions across the mobility ecosystem, including application development and testing services. The increasing mobility skills gap will force mobile strategists to use a multifaceted application development and delivery approach.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Magic Software&#8217;s Software Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s software
solutions enable enterprises to accelerate the planning, development, deployment and integration of on-premise, mobile and cloud business
applications that can be rapidly customized to meet current and future needs. Its software solutions and complementary professional services
empower customers to dramatically improve their business performance and return on investment by enabling the cost-effective and rapid
delivery, integration and mobilization of business applications, systems and databases. Its technology and solutions are especially in
demand when time-to-market considerations are critical, budgets are tight, and integration is required with multiple platforms or applications,
databases or existing systems and business processes, as well as for RIA and SaaS applications. Its technology also provides the option
to deploy our software capabilities in the cloud, hosted in a web services cloud computing environment. We believe these capabilities
provide organizations with a faster deployment path and lower total cost of ownership. Magic Software&#8217;s technology also allows developers
to stage multiple applications before going live in production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Development communities
are facing high complexity, cost and extended pay-back periods in order to deliver cloud, RIAs, mobile and SaaS applications. Magic xpa,
AppBuilder, Magic SmartUX, Magic xpi, Magic FactoryEye, and Magic BusinessEye all provide MSPs with the ability to rapidly build integrated
applications in a more productive manner, deploy them in multiple modes and architectures as needed, lower IT maintenance costs and speed
time-to-market. Magic Software&#8217;s solutions are comprehensive and industry proven. These technologies can be applied to the entire
software development market, from the implementation of micro-vertical solutions, through tactical application modernization and process
automation solutions, to enterprise spanning service-oriented architecture, or SOA, migrations and composite applications initiatives.
Unlike most competing platforms, Magic Software offers a coherent and unified toolset based on the same proven metadata driven and rules-based
declarative technology. Its low-code, metadata platforms consist of pre-compiled and pre-written technical and administrative functions,
which are essentially ready-made business application coding that enables developers to bypass the intensive technical code-writing stage
of application development and integration, concentrate on building the correct logic for their apps and move quickly and efficiently
to deployment. Through the use of metadata-driven platforms such as Magic xpa, AppBuilder, Magic SmartUX, Magic xpi, Magic BusinessEye
and Magic FactoryEye, software vendors and enterprise customers can experience unprecedented cost savings through fast and easy implementation
and reduced project risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s software
technology solutions include application platforms for developing and deploying specialized and high-end large-scale business applications
and integration platforms that allow the integration and interoperability of diverse solutions, applications and systems in a quick and
efficient manner. These solutions enable our customers to improve their business performance and return on investment by supporting the
affordable and rapid delivery and integration of business applications, systems and databases. Using our software solutions, enterprises
and ISVs can accelerate time-to-market by rapidly building integrated solutions, deploying them in multiple environments while leveraging
existing IT resources. In addition, our solutions are scalable and platform-agnostic, enabling our customers to build solutions by specifying
their business logic requirements in a commonly used language rather than in computer code, and to benefit from seamless platform upgrades
and cross-platform functionality without the need to re-write applications. its technology also enables future-proof protection and supports
current market trends such as the development of mobile applications that can be deployed on a variety of smartphones and tablets, and
cloud environments. In addition, we also offer a variety of vertical-targeted products that are focused on the needs and requirements
of specific growing markets. Certain of these products were developed utilizing our application development platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software sells its
solutions globally through its own direct sales representatives and offices and through a broad sales distribution network, including
independent country distributors, independent service vendors that use our technology to develop and sell solutions to their customers,
and system integrators. Magic Software also offers software maintenance, support, training, and consulting services in connection with
our products, thus aiding the successful implementation of projects and assuring successful operation of the platforms once installed.
We sell our integration solutions to customers using specific popular software applications, such as SAP, Salesforce.com, IBM i (AS/400),
Oracle JD Edwards, Microsoft SharePoint, Microsoft Dynamics, SugarCRM and other eco-systems. As such, we enjoy a well-diversified client
base across geographies and industries including oil &amp; gas companies, telecommunications groups, financial institutions, healthcare
providers, industrial companies, public institutions and international agencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underlying principles
and purpose of our technology are to provide:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Simplicity </b>&#8211; the use of code-free/low code development tools instead of hard coding and multiple programming languages to solve critical and complex challenges;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business focus </b>&#8211; the use of pre-compiled business logic and components eliminates repetitive, low level technical and coding tasks;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comprehensiveness </b>&#8211; the use of a comprehensive development and deployment platform offers a full end-to-end development, deployment and integration capability;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Automation of mundane tasks</b> &#8211; to accelerate development and maintenance and reduce risk; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interoperability </b>&#8211; to support business logic across multiple hardware and software platforms, operating systems and geographies.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software offers three
complementary application platforms that address the wide spectrum of composite applications, Magic xpa, Magic SmartUX and AppBuilder.
Our Magic xpi integration platform, Magic FactoryEye and Magic BusinessEye deliver fast and simple integration and orchestration of business
processes and applications. Our customers operate in a wide variety of industries, including financial services, life sciences, government,
telecommunications, energy and manufacturing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Magic xpa Application Platform</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic xpa Application Platform,
our metadata driven application platform, provides a simple, low code and cost-effective development and deployment environment that lets
organizations and MSPs quickly create user-friendly, enterprise-grade, multi-channel mobile and desktop business app that employ the latest
advanced functionalities and technologies. The Magic xpa Application Platform, formerly named uniPaaS, was first released in 2008 and
is an evolution of our original eDeveloper product, a graphical, rules-based and event-driven framework that offered a pre-compiled engine
for database business tasks and a wide variety of generic runtime services and functions which was released in 2001.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software has continually
enhanced our Magic xpa application platform to respond to major market trends such as the growing demand for cloud-based offerings including
Rich Internet Applications (RIA), mobile applications and SaaS. Accordingly, we have added new functionalities and extensions to our application
platform, with the objective of enabling the development of RIA, SaaS, mobile and cloud-enabled applications. SaaS is a business and technical
model for delivering software applications, similar to a phone or cable TV model, in which the software applications are installed and
hosted in dedicated data centers and users subscribe to these centers and use the applications over an internet connection. This model
requires the ability to deliver RIA. Magic xpa is a comprehensive RIA platform. It uses a single development paradigm that handles all
ends of the application development and deployment process including client and server partitioning and the inter-communicating layers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic xpa offers customers
the power to choose how they deploy their applications, whether full client or web; on-premise or on-demand; in the cloud or behind the
corporate firewall; software or mobile or SaaS; global or local. Our Magic xpa Application Platform complies with event driven and service
oriented architectural principles. By offering technology transparency, this product allows customers to focus on their business requirements
rather than technological means. The Magic xpa single development paradigm significantly reduces the time and costs associated with the
development and deployment of cloud-based applications, including RIAs, mobile and SaaS. In addition, application owners can leverage
their initial investment when moving from full client mode to cloud mode, and modify these choices as the situation requires. Enterprises
can use cloud-based Magic xpa applications in a SaaS model and still maintain their databases in the privacy of their own data centers.
It also supports most hardware and operating system environments such as Windows, Unix, Linux and AS/400, as well as multiple databases
and is interoperable with. NET and Java technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic xpa can be applied
to the full range of software development, from the implementation of micro-vertical solutions, through tactical application modernization
and process automation solutions, to enterprise spanning SOA migrations and composite applications initiatives. Unlike most competing
platforms, we offer a coherent and unified toolset based on the same proven metadata driven and rules based declarative technology, resulting
in increased cost savings through fast and easy implementation and reduced project risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic xpa enables organizations
to differentiate themselves from their competition through software-enabled digital transformation. With our platform, organizations can
rapidly and easily design, build and implement powerful, enterprise-grade custom applications through our intuitive, visual interface,
with little or no coding required. Our Solution ensures that applications developed on our platform can be immediately and natively deployed
across a full range of mobile and desktop devices with no additional customization, including desktop web browsers, tablets and mobile
phones. We also enable organizations to easily modify and enhance applications and automatically disseminate these updates across device
types to ensure that all users benefit from the most up-to-date functionality.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Key benefits of our platform
include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Powerful applications to solve critical and complex challenges</b>.&#160;At the core of our platform is an advanced engine that enables the modeling, modification and management of complex processes and business rules. Our heritage provides us with this differentiated understanding of complex processes, and we have incorporated that expertise into our platform to enable the development of powerful applications. Organizations have used our platform to launch new business lines, build large procurement systems, manage retail store layouts, conduct predictive maintenance on field equipment and manage trading platforms, among a range of other use cases.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rapid and simple innovation through our powerful platform</b>. Our platform employs a low-code, intuitive, visual interface and pre-built development modules that reduce the time required to build powerful and unique applications. Our platform automates the creation of forms, data flows, records, reports and other software elements that would otherwise need to be manually coded or configured. This functionality greatly reduces the iterative development process, allowing for real-time application optimization and ultimately shortening the time from idea to deployment. In turn, organizations can better leverage scarce and costly developer talent to accomplish more digital transformation objectives.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Build once, deploy everywhere</b>. Our technology allows developers to build an application once and use it everywhere with the consistency of experience and optimal performance levels that users expect. Applications developed on our platform can be immediately and natively deployed across a full range of mobile and desktop devices with no additional customization, including desktop web browsers, tablets and mobile phones. We also enable organizations to easily modify and enhance applications and automatically disseminate these updates across device types to ensure all users benefit from the most up-to-date functionality.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deployment flexibility to serve customer needs</b>. Our platform can be installed in any cloud or on-premises, with organizations able to access the same functionality and data sources in all cases. Our flexible deployment model also preserves a seamless path to future cloud deployments for organizations initially choosing on-premises for their most sensitive workloads.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s approach
to digital transformation goes beyond simply enabling organizations to build custom applications fast. We empower decision makers to reimagine
their products, services, processes and customer interactions with software by removing much of the complexity and many of the challenges
associated with traditional approaches to software development. Because we make application development easy, organizations can build
specific and competitively differentiated functionality into applications to deliver enhanced user experiences and streamlined business
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2018, Magic
Software released Magic xpa 3.3 with a more seamless and easier integration with Java, similar to the already existing integration with.
NET, making the Magic xpa platform even more robust. Along with that, Magic Software provided a new WS provider mechanism, built on Apache
Axis2, enhancing our current WCF based capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2018 and for the
third consecutive year, Magic Software&#8217;s Magic xpa application development platform gained top market share in license sales in
the Japanese market. According to the &#8220;Market Research for Next Generation Extra-Rapid Development Tools in 2018&#8221; published
by MIC Research Institute Ltd., the Magic xpa Application Platform grew 2% achieving a 41% share of the Japanese market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2018, Magic Software
released Magic xpa 4.0 with its new Angular-based Web application framework that provides developers and Angular developers with the power
to develop device-agnostic and feature-packed Web applications. Magic xpa 4.0 decouples the business logic from the presentation of the
apps providing developers with the flexibility to use the Angular open-source platform with industry-standard state-of-the-art technologies,
including HTML5, CSS, and JavaScript for designer-quality screens, while benefiting from the productivity, security, and scalability capabilities
provided by our low-code development platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Magic Software
further modernized its Integrated Development Environment (IDE) by moving toward a full-fledged Visual Studio-based studio, offering our
users an even more intuitive and user-friendly experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2018, Magic xpa was
listed in Gartner&#8217;s Market Guide for Application Platforms report. In addition, Magic xpa was listed in the Forrester Wave&#8482;
for Mobile Low-Code Development Platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software 2019 roadmap
includes the release of a 64-bit edition of Magic xpa, featuring a full 64-bit runtime engine for Windows and Linux.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2020, Magic Software
significantly enhanced its new Angular based web client capabilities, invested more resources in the overall product stability, provided
GIT version control capability as an integral part of expanding its CI/CD overall capabilities, as well as enhanced its compare and merge
functionality under its xpa 4.7 release.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, Magic Software
moved its Magic xpa platform to be a cloud native platform deployed by a dockers container, thereby opening the door to its customer to
take its applications to be full SaaS products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>AppBuilder Application Platform</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AppBuilder, a platform we
acquired in December 2011, is a proprietary development environment used for managing, maintaining and reusing complicated applications
needed by large businesses. It provides the infrastructure for enterprises worldwide, across several industries, with applications running
millions of transactions daily on legacy systems. Enterprises using AppBuilder can build, deploy and maintain large-scale custom-built
business applications for years without being dependent on any particular technology. The AppBuilder deployment environments include IBM
mainframe, Unix, Linux and Windows. AppBuilder is intended to increase productivity and agility in the creation and deployment of enterprise
class computing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AppBuilder follows the 4GL
development paradigm to help enterprises focus on the business needs and definition and overlook technical hurdles. AppBuilder developers
define the business roles and prior to deployment the code is generated from the development environment to the required run time environment.
Several large MSPs have utilized AppBuilder to build state of the art applications that are deployed through many large customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AppBuilder implements a
model driven architecture approach to application development. It provides the ability to design an application at the business modeling
level and generate forward to an application. AppBuilder has a platform-independent, business-rules language that enables generation to
multiple platforms. It is possible to generate the client part of an application as Java and the server part as COBOL. As businesses change,
the server part can be generated as Java without changing the application logic. Only a simple configuration option needs to be changed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AppBuilder contains everything
a development environment needs to create any type of simple or complex business application with platform-independent functionality,
including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System administration security controls for scope and permissions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Migration, testing, and deployment functions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Architecture-independent development;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An integrated toolset for designing, developing, and deploying applications;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Object-based components managed from host, server, or client repositories;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Support for Java/J2EE, COBOL, C#, and C programming languages;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An efficient, cross-platform code generation facility;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ready-to-use business logic and libraries;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A remote prepare facility for mainframe development;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple language user interface support; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBCS support.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Magic xpi Integration Platform</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe data is the most
valuable competitive asset today as companies increasingly pursue digital transformation initiatives to modernize their businesses. Enormous
amounts of data are being generated by people, applications, and devices worldwide. Enterprises are seeking to connect data across their
various applications, systems, and IT environments in order to become data-driven businesses. Understanding and connecting these data
assets as well as migrating workloads to the cloud, enables superior insights across the business organization, better service of customers,
automation of supply chains, and the democratization of secure, governed data access for all employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rise of cloud computing,
low-cost data storage and the proliferation of applications that generate and access data, combined with the increasing volume of data
from mobile, social and IoT, is resulting in an explosion of the volume, variety, and velocity of data. According to a March 2021 report
from IDC, &#8220;The amount of digital data created over the next five years will be greater than twice the amount of data created since
the advent of digital storage.&#8221; This new data creates opportunities to generate greater business insights and pursue new market
opportunities, but is overwhelming for organizations to manage, aggregate, and normalize. As enterprises undertake the massive transition
to cloud, we believe a majority of their workloads will remain on-premises for the foreseeable future due to the mission-critical processes
they support. The complexity of this hybrid world will be further exacerbated as enterprises also employ multi-cloud strategies. According
to IDC, &#8220;82% of organizations are currently using multiple clouds - or plan to within the next 12 months.&#8221; As a result, we
expect enterprises will require new technologies purpose-built to connect, analyze, manage, and normalize data anywhere it resides using
modern, cloud-native architectures that can seamlessly be deployed in any IT environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s Magic
xpi integration platform (an evolution of its original and formerly branded iBOLT platform, launched in 2003) is a graphical, wizard-based
code-free solution delivering fast and simple integration and orchestration of business processes and applications. Magic xpi allows businesses
to more easily view, access, and leverage their mission-critical information, delivering true enterprise application integration, or EAI,
business process management, or BPM, and SOA infrastructure. Increasing the usability and life span of existing legacy and other IT systems,
Magic xpi allows fast EAI, development and customization of diverse applications, systems and databases, assuring rapid return on invested
capital and time-to-market, increased profitability and customer satisfaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic xpi allows the integration
and interoperability of diverse solutions, including legacy applications, in a quick and efficient manner. In January 2010, we released
Magic xpi 3.2 and since then we have continued to develop the Magic xpi channel. We entered into agreements with additional system integrators,
consultancies and service providers, who acquired Magic xpi skills and offer Magic xpi licenses and related services to their customers.
We also offer special editions of Magic xpi with optimized and certified connectors for specific enterprise application vendor ecosystems,
such as SAP, Oracle JD Edwards, Microsoft SharePoint and Salesforce.com. These special editions contain specific features and pricing
tailored for these market sectors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Data
engineers, Extract-Transform-Load (ETL) developers, and citizen integrators have the ability to use our platform to ingest, transform
and integrate data spanning departmental to enterprise scale workloads. These workloads include diverse and distributed data sources in
multi-cloud, hybrid environments. The breadth and depth of our data integration capabilities accelerate the aggregation and processing
of data to ready it for analytics, data science and enterprise reporting initiatives. Leveraging a simple graphical design experience,
users can develop workloads across ETL, Extract-Load-Transform (ELT), real-time and streaming data integration patterns. Our platform
is designed to integrate structured and unstructured data across on-premises and cloud-native applications, databases, business intelligence
tools, data modeling tools, data lakes, data warehouses, mainframes, messaging systems, file systems and IoT devices. Our data-lake Magic
BusienssEye allows data stewards and business analysts to create an authoritative single-source view of all business-critical data from
internal and external sources across multiple data domains, including customers, locations, assets, and employees and many other domain
types.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s heritage
as a veteran player in the integration market provides it with a differentiated understanding and ability to automate complex processes,
and Magic Software has incorporated that expertise into our platform to enable the development of powerful business software. Magic xpi
can leverage a complete stack of automation technologies, applying the right automation approach for each specific use case.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Key benefits of Magic Software&#8217;s
platform include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Process Management</b>. At the core of our platform is an advanced engine that enables the modeling, modification and management of complex processes. This engine enables orchestration of any business workflow.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Decision Rules</b>. Appian includes a declarative environment for defining and executing business logic or rules. These rules can be highly complex and can be applied within the Appian platform to many use cases, ranging from automated decision making to user experience personalization.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seamless integration with existing systems and data</b>.&#160;In contrast to typical enterprise software, our platform does not require that data reside within it in order to enable robust data analysis and cross-department and cross-application insight. Our platform seamlessly integrates with many of the most popular enterprise software applications and data repositories and can be used within many legacy environments. For example, organizations frequently use our platform to extend the life and enhance the functionality of legacy systems of record, such as those used for enterprise resource planning, human capital management and customer relationship management, by building new applications that enhance the functionality of those systems and by leveraging the data within those systems to further optimize and automate operations.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Embrace the full benefits of the public cloud. </b>Our platform helps customers to accelerate the migration of their on-premises workloads to the cloud. Our platform modernizes our customers&#8217; applications and data management capabilities to accelerate migrations to the cloud, allowing them to embrace innovation, create digital-first business models, reduce operating costs, and generate new revenue streams.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deliver rich 360-degree business experiences.</b> By enabling our customers to aggregate, consolidate and normalize their data to build a single source of truth, we empower them to deliver highly engaging and personalized customer experiences. This allows our customers to embrace a digital-first business strategy, build better connections and relationships with their end users, and modernize their supply chains by intelligently matching supply with demand patterns.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the aggregate, these
core capabilities enable Magic to automate and govern end-to-end processes. Magic complements these automation technologies with related
features like process reporting, analytics and management, which make it simple for organizations to quickly improve and upgrade their
automations as business needs change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2018, Magic Software
released Magic xpi version 4.7 with a new OData Provider connector, Active Directory Federation Services (ADFS) support for the SharePoint
Online (MOSS) connector, ability to write new connectors based on Magic xpa Application Platform&#8217;s runtime technology and multiple
features to improve programming productivity, such as visual indicators of data flow status and an enhanced monitor to provide an even
more accurate bird&#8217;s eye view of all running projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October 2018, Magic Software
announced that Magic xpi Integration Platform 4 achieved SAP-certified integration with SAP S/4HANA, enabling our customers to optimize
business processes through automation across leading ERP, CRM, finance, and other enterprise systems using a single platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2019, Magic
Software released Magic xpi version 4.9 with a new REST client connector, ODATA connector enhancements, inherent UPSERT support in the
data mapper, and built-in cloud support.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2019, Magic Software
released Magic xpi version 4.11, enabling access to remote connectors residing at another site, without the need for a VPN (aka &#8216;Local
Agent&#8217; capability). In addition, in the beginning of 2020 we released the major released Magic xpi 4.12, which includes 64-bit support
for our Run-Time engine as-well as integration with one of the industry&#8217;s API management solutions suites. During 2019, we also
released additional features pursuant to customer requests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2020, Magic Software
enhanced the above Local Agent capability with more functionality, added additional connectors (e.g., OPC for manufacturing) and invested
more resources in the overall product stability. In addition, Magic Software has added various features to the platform to expand its
product offering, per customer requests and extended its offering adding EDI capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, Magic Software
enhanced Magic xpi Local Agent capabilities with more functionalities, added additional connectors (e.g., OPC for manufacturing) and invested
more resources in the overall product stability. In addition, Magic Software moved its Magic xpi platform to be a cloud native platform
deployed by dockers container.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022 Magic Software plans
to continue to expand its product offering with additional features, per customer requests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Magic SmartUX</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic SmartUX, a platform
Magic Software acquired in April 2019, is a low-code development platform for mobilizing and modernizing enterprise business application
designed for citizen to professional developers to rapidly design, build, analyze, and run cross-platform mobile business applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Magic SmartUX platform
addresses the three biggest challenges enterprises are facing in the road to Digital Transformation:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-platform: end client devices are abundant and diverse, we provide an omni-channel solution. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many Systems of Record: over the years enterprise adopted (home grown and third party) solutions that scattered the business flow over many different system, Magic SmartUX enable the enterprise to expose complex business flows to modern technology with now changes and overhead to the existing working applications.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent Gap: Mobile and integration are the hardest skillsets for IT orgs to find, with the Magic SmartUX platform addressing Citizens Developers, we allow any intern tech savvy individual to deliver complex and robust Mobile business application.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FactoryEye</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 2019 Magic Software
launched the releases of FactoryEye, a proprietary high performance, low-code, flexible, hybrid platform built specially for manufacturers
based on existing infrastructure enabling real-time virtualizations of all production data and advanced analytics (based on machine learning)
for improved productivity and competitive advantage. Magic Software has hundreds of manufacturing customers, and drew on over 35 years
of manufacturing experience to develop FactoryEye. The product&#8217;s intuitive and user-friendly dashboards empower manufacturers by
providing all the analysis they need in order to make faster and smarter decisions based on real time data and analytics. This translates
into improved productivity, faster delivery times, and better control over the manufacturing processes, leading to increased customer
satisfaction and higher profit margins. FactoryEye offers dozens of prebuilt connectors to a range of enterprise applications and MRP
systems, such as SAP, JD Edwards, and Infor, as well as MES, CRM, and PLM systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FactoryEye collects real-time
data from existing machinery and operational systems and transforms it into actionable intelligence for immediate results and continuous
improvement in the manufacturing process. The solution brings the benefits of Industry 4.0 connectivity to mid-sized manufacturers in
several industry verticals, including automotive parts, food &amp; beverage, medical devices, metal processing, packaging, plastics &amp;
rubber and specialty manufacturing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The addition of FactoryEye
to Magic Software&#8217;s software portfolio allows Magic Software to provide to its new and existing manufacturing clients, with a comprehensive
Industry 4.0 solution and aligns with Magic Software strategy of enhancing its portfolio with enterprise grade technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FactoryEye&#8217;s end-to-end
solution incorporates several key features:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powered by Magic Software plug and play IIoT Integration platform.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collects data from automated and semi-automated machines</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporates advanced analytics and AI into decision support</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer KPIs are used to measure and qualify results</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverages investments by integrating existing systems</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collects
data from automated and semi-automated machines</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to offering
a dynamic cloud-based software solution, FactoryEye manufacturing consultants work with customers to harmonize their systems and fit the
right tools for their needs. Consultants analyze business processes for what is working, formulate a plan to add what is missing from
existing systems and create sprints to deliver immediate results. A dynamic cycle of data collection and analysis allows for continuous
improvement and flexibility in the optimization process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since its launch, Magic
Software made a targeted effort to reach mid-sized manufacturers who are looking to improve the efficiency of their factories. Our goal
is to position FactoryEye as a solution that offers more than mere factory floor visibility through IIoT connectivity, while remaining
more cost effective and customizable than offerings from &#8220;Tier 1&#8221; companies. To that end, Magic Software has created a new
website for FactoryEye which will launch by the end of the first half of 2020, as well as blogs, whitepapers, e-books and email campaigns
to spread awareness of this new offering and benefits for mid-sized manufacturers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an Oracle Platinum Partner,
FactoryEye brings the benefits of Industry 4.0 to mid-sized manufacturing companies, with an easy, affordable, and flexible approach that
does not require changing existing systems and infrastructure. This Industry 4.0 solution captures vast amounts of production data, transforms
it into actionable intelligence, and empowers workers, managers and executives to make informed decisions in real-time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2021 Magic Software
announced its partnership with JDEMart, which is the largest online marketplace of JD Edwards solutions from vendors all over the world.
Adding Magic Software&#8217;s FactoryEye solution to JDEMart&#8217;s marketplace provides manufacturers using JD Edwards with real-time,
actionable intelligence to decision makers at all levels of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we continue
to market Magic Software&#8217;s application and integration products. These products continue to provide value and convenience for our
customers as low code options to integrate their disparate systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Magic Software Vertical software solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Clicks&#8482;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software Roshtov subsidiary
has approximately three decades of proven experience based on its proprietary comprehensive core software solution for medical record
information management systems, using in the design and management of patient-file for managed care and large-scale healthcare providers.
The platform, which can be tailor-made to the specific needs of the healthcare provider, is connected to the clinical, administrative
and financial data base system, residing at the provider&#8217;s central computer, and allows immediate analysis of complex data with
potentially real-time feedback to meet the specific needs of physicians, nurses, laboratory technicians, pharmacists, front- and back-office
professionals and consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our clients that
buy or subscribe to our Clicks software solution also enter into software support agreements with us for maintenance and support of their
medical record management systems. In addition to immediate software support in the event of problems, these agreements allow clients
to access new releases covered by support agreements. In addition, each client has 12-hour access, six days a week (6 hours on Friday)
to the applicable call-center support teams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
employ a team of 35 research and development specialists that together with our clients create a future where the health care system
works to improve the well-being of individuals and communities. Roshtov&#8217;s proven ability to innovate has led to what we believe
to be an industry leading architectures and a breadth and depth of solutions and services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are four healthcare service providers in Israel, of which, Maccabi Healthcare Services and Clalit, which are the two largest healthcare
providers in Israel accounting for 77% of the Israeli market, have been our customers since the early 1990&#8217;s.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leap&#8482;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
FTS subsidiary has over 20 years of BSS experience, based on dozens of projects delivered to customers worldwide. We implement revenue
management and monetization solutions in mobile, wireline, broadband, MVNO/E, payments, e-commerce, M2M / Internet of Things, mobile
money, cable, cloud and content markets under the brand name of Leap&#8482;. Our Leap&#8482; solutions lower the total cost of ownership
(TCO) for telecom, content and payment service providers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTS
works with telecommunications, content and payment service providers globally to help them manage complex transactions and relationships
with greater flexibility and independence. Analyzing transactions from a business standpoint, FTS offers end-to-end and add-on telecom
billing, charging, policy control and payments solutions to customers worldwide, and services both growing and major providers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTS
targets mid to lower level tier service providers, supporting their BSS needs with end-to-end, turnkey billing and other BSS projects.
In addition, FTS offers upper-tiers of service providers with BSS and monetization solutions for specific needs, including policy control
and charging solutions, M2M billing, billing for content services, MVNE/MVNO billing, mobile money software solutions, payment and mobile
financial services solutions and others.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Leap&#8482; offering is comprised of:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leap&#8482;
BCCF (Business Control and Charging Function) &#8211; a proprietary packaged software solution which serves as the underlying foundation
of our Leap&#8482; products and solutions. Leap BCCF enables service providers to handle the aspects of event processing, from defining
the system&#8217;s business logic, through importing events and formatting, to charging and executing business rules. With Leap BCCF,
new services are deployed on the fly, and strategic business rules are formulated more easily, ensuring real-time responses to both service
and customer-related events and providing a baseline for policy control.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leap&#8482;
Billing 6.3 &#8211; a convergent charging, billing and customer care solution that realizes substantial reductions in OPEX and CAPEX
while increasing customer satisfaction and retention. Leap Billing software&#8217;s flexibility and ease of use enables the service providers&#8217;
billing platform to work more at the speed of marketing by offering new marketing plans or services in a rapid time-to-market.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leap&#8482;
Policy Control <b>- </b>Leap Policy Control is an integrated charging and policy control solution (a full PCC solution based on PCRF
&amp; online/offline charging). Compliant with the 3GPP&#8217;s Diameter policy control standard, Leap Policy Control provides traffic
and subscriber management strategies. Leap Policy Control gives operators the power to monitor usage in real time and, using fully configurable
business rules, define how they manage network resources, applications, and subscribers &#8211; in real time &#8211; while generating
revenue from personalized mobile applications, content and services. Leap Policy Control can be implemented as a stand-alone solution
or as part of a larger BSS project implementation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTS
Express&#8482; <b>- </b>FTS express&#8482; is an all-in-one software appliance for online charging, billing, AAA, balance management,
customer care, policy control and interconnect, designed for entry-level operations of MVNOs, LTE, VoIP, ISP, broadband, IPTV and more.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a sample of the monetization solutions offered by FTS:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">End-to-end,
turnkey billing and customer care solutions;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convergent,
online charging and billing;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
control and charging;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MVNO/E
billing;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billing
for content;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interconnect
billing;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M2M
/ IoT billing;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadband
and multi-play billing;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
money solutions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-commerce
and M-commerce solutions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
and mobile payments solutions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
revenue sharing and partner management solutions; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billing
service bureau.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTS&#8217;s
solutions are delivered via cloud, on-premises or in a fully managed-services mode and are backed by our Israel and Bulgaria-based experienced
professional services support team.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HR
Pulse</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Now
in its 10<sup>th</sup> release, HR Pulse is a proprietary platform that creates and customizes software applications for HCM, with the
goal to combine technology with effective processes, to facilitate the collection, analysis and interpretation of quality data about
people, their jobs and their performance, to enhance HCM decision making, resulting in increased organizational efficiency and effectiveness.
HR Pulse addresses four distinct functional areas with the ability to also work as one consolidated system:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance
and goal management:</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
management;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent
management and succession planning; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
and merit review.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
offering includes customizable &#8220;out of the box&#8221; HCM SaaS Solutions, such as Pilat Frist and Pilat Professional, that provides
a menu of templates that can be used to affordably and expeditiously create customized HCM solutions for companies. The HR Pulse platform
promotes the building and implementation of solutions that address broader business challenges as well. Such offerings include 360-degree
feedback, employee surveys, leadership and management development, coaching and job evaluation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hermes
Cargo</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hermes
has been developing and evolving cargo management systems for the air cargo industry since 2002. Hermes Air Cargo Management System is
a proprietary, state-of-the-art, packaged software solution for managing air cargo ground handling. Our Hermes Solution covers all aspects
of cargo handling, from physical handling and cargo documentation through customs, seamless EDI communications, dangerous goods and special
handling, tracking and tracing, security and billing. Over the last 10 years Hermes systems have been implemented in over 70 terminals
on five continents, providing efficient and accurate handling of more than 5 million tons of freight annually. Customers benefit through
faster processing and more accurate billing, reporting and ultimately enhanced revenue. Customers include independent ground handlers,
airlines with a cargo arm, hubs belonging to an individual airline or those catering to a number of airlines transiting cargo to additional
destinations. The Hermes Solution is delivered on a licensed or fully hosted basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hermes
systems are built with the specific needs of air cargo handlers and airlines in mind and are amongst the most versatile and sophisticated
around. Hermes Solutions are focused on maximizing customer profits by streamlining ground handling processes and employing built-in
best practices to reduce handling errors. Hermes team of cargo experts carry out a full business analysis, listen to our customers&#8217;
requirements, suggest additional functionality and work with them to deliver an air cargo management solution that is streamlined around
their processes and customized to their needs. Hermes works with everyone from smaller cargo handlers to large airlines all over the
world and counts Menzies Aviation, WFS (FRA), Luxair, Etihad Airport Services and Frankfurt Cargo Services among their customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nativ
</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offered
by Magic Software&#8217;s Menarva Ltd subsidiary, Nativ is the leading system for efficient management of all types of rehabilitation
centers. Selected by many of the largest rehabilitation and treatment centers in Israel, Nativ serves as a comprehensive solution, the
largest and most specialized and equipped system in Israel, with all the capabilities required for operating all aspects of organizations
engaged in rehabilitation and treatment. professional software and IT services. From rehabilitation programs to recruitment, Nativ enables
control of all levels of rehabilitation bodies, including monitoring detailed rehabilitation plans, finance, collection, account management,
recruitment, working hours, asset management, employment and medical files.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Nativ also contains many integral interfaces, including the Israel&#8217;s Ministry of Health&#8217;s suppliers portal, Israel&#8217;s
Ministry of Welfare&#8217;s suppliers portal, rent transfers from the Israel&#8217;s Ministry of Housing, accounting systems, payroll
systems and more. The system produces a wide range of reports, including a receipt report from Israel&#8217;s Ministry of Health, Welfare,
Economy and Security, comprehensive and detailed information divided into units and services, a detailed living allowance report, patient
report, condition report, emergency report and more.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Menarva
has extensive experience gained in its work over the past 10 years with dozens of clients in Israel, an experience that has given rise
to in-depth insights into the field of rehabilitation. Nativ is supported by the cloud and allows connection at any time and from any
place for maximum efficiency, including a mobile application for continuous monitoring of field personnel in real time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nativ
offers maximum survivability, due to the need for high reliability and comprehensive information security, all infrastructure is owned
by Menarva and the system complies with all standards and guidelines of Israel&#8217;s Privacy Protection Authority, including ISO standards:
Standard 9001 for Quality Control, and Standard 27001 for information systems development.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Magic
Software Product Development</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software place considerable emphasis on research and development in order to improve and expand the functionality of our technologies
and to develop new applications. We believe that our future success depends upon our ability to maintain our technological leadership,
to enhance our existing products and to introduce new commercially viable products addressing the needs of our customers on a timely
basis. We also intend to support emerging technologies as they are introduced in the same way we have supported new technologies in the
past. We will continue to devote a significant portion of our resources to research and development. We believe that internal development
of our technology is the most effective means of achieving our strategic objective of providing an extensive, integrated and feature-rich
development technology. For significant version release see &#8220;Magic&#8217;s Software Solutions&#8221; discussed above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Magic
Software Product-Related Services</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Professional
Services</i><b>.</b> Magic Software offer fee-based consulting services in connection with installation assurance, application audits
and performance enhancement, application migration and application prototyping and design. Consulting services are aimed at generating
both additional revenues and ensuring successful implementation of Magic xpa, Appbuilder, Magic xpi, Magic BusinessEye, SmartUX and FactoryEye
projects through knowledge transfer. As part of management efforts to focus on license sales, our goal is to provide such activities
as a complementary service to our customers and partners. We believe that the availability of effective consulting services is an important
factor in achieving widespread market acceptance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services
are offered as separately purchased add-on packages or as part of an overall software development and deployment technology framework.
Over the last several years, we have built upon our established global presence to form business alliances with our MSPs that use our
technology to develop solutions for their customers, and distributors to deliver successful solutions in focused market sectors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maintenance.
</i>We offer our customers annual maintenance contracts providing for unspecified upgrades and new versions and enhancements for our
products on a when-and-if-available basis for an annual fee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer
Support.</i> We believe that a high level of customer support is important to the successful marketing and sale of our products. Our
in-house technical support group provides training and post-sale support. We believe that effective technical support during product
evaluation as well as after the sale has substantially contributed to product acceptance and customer satisfaction and will continue
to do so in the future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer online support systems for our MSPs and end users, providing them with the ability to instantaneously enter, confirm and track
support requests through the Internet. These systems support MSPs and end-users worldwide. As part of this online support, we offer Support
Knowledge Base tools providing the full range of technical notes and other documentation including technical papers, product information,
and answers to most common customer queries and known issues that have already been reported.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Training.
</i>We conduct formal and organized training on our development tools and packaged software solutions. We develop courses, pertaining
to our principal products and provide trainer and student guidebooks. Course materials are available both in traditional, classroom courses
and as web-based training modules, which can be downloaded and studied at the student&#8217;s own pace and location. The courses and
course materials are designed to accelerate the learning process, using an intensive technical curriculum in an atmosphere conducive
to productive training.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Magic
Software IT Services</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Background</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
core of our growth strategy is to serve as a one-stop-shop for our clients, helping them accelerate their digital transformation to enhance
competitiveness, grow profitability and deliver sustainable stakeholder value. We use our deep industry and functional expertise to help
clients capture more growth and solve a diverse set of business challenges, including identifying and developing new products and services;
improving sales and customer experience; optimizing cost structures; maximizing human performance; harnessing data to improve decision-making;
mitigating risk and enhancing security; shaping and delivering value from large-scale cloud migrations; and digitizing manufacturing
and operations with smart, connected products and platforms.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
is the single biggest driver of change in companies today. We help our clients use technology to build their digital core to drive enterprise-wide
transformation&#8212;such as moving them to the cloud, leveraging data and artificial intelligence, and embedding security and sustainability
across the enterprise; by transforming their operations; and by accelerating their revenue growth. We leverage our scale and global footprint,
innovation capabilities, and strong ecosystem partnerships, together with our platforms including to consistently deliver tangible value
for our clients.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the potential impacts of the Omicron variant, economic recovery is expected to continue to boost technology investments, with high expectations
for digital market prosperity. While according to Gartner, worldwide IT spending was expected to grow by 5%-6% in 2021, it actually grew
by over 9%, and is expected to continue to grow, by 5.1% in 2022 (see https://www.gartner.com/en/newsroom/press-releases/2022-01-18-gartner-forecasts-worldwide-it-spending-to-grow-five-
point-1-percent-in-2022).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
IT services offerings consist of a variety of professional services that can be grouped into integration and other IT services. Our integration
services include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Infrastructure
analysis, design and delivery</b> - management of complex, tailor-made projects and telecom infrastructure projects in wireless and wire-line
as well as IT consulting services, mainly for the defense and public sectors.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Technology
consulting and implementation services </b>- planning and execution of end-to-end, large-scale, complex solutions in networking, cyber
security, command &amp; control and high performance transaction systems.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application
development </b>- We specialize in end-to-end projects that feature an array of technologies, from development and implementation of
concepts for startups to overall responsibility for the development of systems for large enterprises. Our development services include
development of on-premise, mobile and cloud applications as well as Embedded and real time software development.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software is a talent- and innovation-led organization with approximately 3,677 people as of December 31, 2021, who serve our clients
at any given time and whose skills and specialization are a significant source of competitive differentiation. With approximately 3,150
experts, the majority of whom are in the U.S, Israel and Europe, and hundreds of projects gone live in a variety of advanced technologies,
we have developed significant expertise and accumulated vast experience in integration projects. Such projects are typically more complex
and require a high level of industry knowledge and highly skilled professionals. Our integration expertise, as well as our global reach
allows us to deliver comprehensive, value added services to our customers. Our IT services customers include major global telecoms, OEMs
and engineering, furnish and installation service companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strategic
Consulting and Outsourcing Services</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software provides a broad range of IT consulting services in the areas of infrastructure design and delivery, application development,
technology planning and implementation services, cloud computing, as well as supplemental outsourcing services. Our wholly-owned subsidiaries,
Fusion Solutions LLC, Xsell Resources Inc., Allstates Consulting Services LLC, Futurewave Systems, Inc., NetEffects, Inc, OnTarget Group,
Inc, the Comm-IT Group, Infinigy Solutions LLC., EnableIT LLC, Comblack Ltd. and Shavit Software (2009) Ltd. provide advanced IT consulting
and outsourcing services to a wide variety of companies including Fortune 1000 companies. Our technical personnel generally supplement
the in-house capabilities of our customers. Our approach is to make available a broad range of technical personnel to meet the requirements
of our customers rather than focusing on specific specialized areas. We have extensive knowledge of and have worked with virtually all
types of wireless and wireline telecom infrastructure technologies as well as in the areas of infrastructure design and delivery, application
development, project management, technology planning and implementation services. Our consulting partners come from a wide range of industries,
including finance, insurance, government, health care, logistics, manufacturing, media, retail and telecommunications. With an experienced
team of recruiters in the telecom and IT areas and with a substantial and a growing database of telecom talent, we can rapidly respond
to a wide range of requirements with well qualified candidates. Our customer list includes major global telecoms, OEMs and engineering,
furnish and installation service companies. We have built long-term relationships with our customers by providing expert telecom talent.
We provide individual consultants for contract and contract-to-hire assignments as well as candidates for full time placement. In addition,
we configure teams of technical consultants for assigned projects at our customers&#8217; sites.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Michpal</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal,
an Israeli registered company, is a developer of proprietary, on-premise payroll software solution for processing traditional payroll
stubs to Israeli enterprises and payroll service providers. Michpal also developed several complementary modules such as attendance reporting,
which are sold to its customers for additional fees. As of December 31, 2020, Michpal group serves more than 8,000 customers, most of
which are long-term customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of its payroll software solution, Michpal allows the preparation of employee paychecks, pay statements, supporting journals, summaries,
and management reports and supports monthly and year-end regulatory and legislative payroll tax statements and other forms such as payroll
social and income taxes, to its clients and their employees. In addition, Michpal enables its clients to connect to certain major enterprise
resource planning, or ERP, applications with a certified connector.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2018, Michpal released its new product and a new service line &#8211; &#8220;Michpal Pension&#8221; and &#8220;Michpal PensionPlus&#8221;,
respectively, which led to a 25% increase in revenues of Michpal year over year. These solutions enable all Israeli employers to digitally
report their employees&#8217; pension fund payments to their respective pension funds as required by Israeli law (this requirement took
effect on February 1, 2018 for employers who employ more than 21 employees and on February 1, 2019 for employers who employ more than
10 employees).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2018, Michpal expanded its business through the acquisition of an 80% share interest in Effective&#160;Solutions Ltd., an Israeli
company that provides consulting services in the fields of operational cost savings and procurement, as well as salary control and monitoring.
The two companies have launched, in November 2018, a new service called &#8216;Michpal YEDA&#8217;, adopted by more than 50% of Michpal&#8217;s
customers, which allows clients to consult with team of experienced professionals, including employment attorneys and HR experts, with
respect to payroll, labor, pensions, social security and employee income tax matters.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2019, Michpal launched a supplement service line, &#8220;Michpal 360&#8221;, specially tailored for payroll service providers,
allowing them to offer their clients to digitally report their employees&#8217; pension fund payments to their respective pension funds
as required by law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2019, Michpal completed its second acquisition, acquiring all of the share capital of Unique Software Industries, an Israeli
software development and services company, which during its 30 years of operations, has provided integrated solutions in the field of
payroll, including pay-stubs, pension services management, education funds management, and software solutions for managing employee attendance.
The acquisition constituted an additional strategic move towards the expansion of our operations in the field of payroll and human resources
management in which we currently engage primarily through the Michpal group. Following the acquisition of Unique, we started operating
in the complementary field of outsourced payroll services, in which we were not active and will allow us to penetrate the field of services
bureaus, by way of expanding our present customer base.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2020, Michpal completed the acquisition of 70% of the share capital of Liram Finance Software Ltd, a provider of proprietary integrated
specialized management systems in the field of financial accounting, taxation and compliance, for accounting professionals (accountants
and tax consultants), bookkeepers, controllers, and CFOs, giving its clients, for more than 35 years, complete confidence in their actions
and decisions. Liram&#8217;s solutions include specialized financial software solutions for preparation and reporting of financial statements,
tax declarations, single-entry and double-entry bookkeeping. fixed asset management and depreciation calculations (under the brand name
Ram-Nihul).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Liram launched its &#8220;RamPlus 360&#8221; platform, which is a modular platform offering a wide range of Liram&#8217;s software
solutions under one integrated working environment (on-premise or online). The new platform has already proven its efficacy during the
COVID-19 crisis by enabling financial professionals to continue their work offsite and provide crucial real-time and personalized service
to their clients even during the COVID-19 lockdown period, while saving time and preventing errors. We believe that the acquisition of
Liram is a strategic step towards the expansion of Michpal&#8217;s operations in the field of payroll, human resources and financial
management and compliance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>InSync</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InSync
is a US based national supplier of employees to Vendor Management Systems (VMS) Workforce Management Program accounts. InSync specializes
in providing professionals in the following areas: Accounting and Finance, Administrative, Customer Service, Clinical, Scientific and
Healthcare, Engineering, Manufacturing and Operations, Human Resources, IT Technology, LI/MFG, and Marketing and Sales. With an experienced
team of IT recruiters, InSync can rapidly respond to a wide range of requirements with well-qualified candidates. InSync currently supports
more than 30 VMS program customers with employees in over 40 states.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zap
Group</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group, is Israel&#8217;s largest group of consumer websites which manages more than 20 leading consumer websites from diverse content
worlds with a total of more than 17 million visits per month, including Zap Price Comparison website, Zap Yellow Pages (the largest business
index in Israel) and Zap Rest (Israel&#8217;s restaurants index). Zap Group, an Israeli private company, provides a variety of digital
advertising solutions for its customers (small and medium businesses in Israel) and an access to an E-commerce platform to allow them
engage with their consumers. Zap Group serves over 400,000 listed businesses on its platforms; approximately 16,000 of them are paying
customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
websites managed and offered by Zap Group offer consumers a user-friendly search experience with a variety of advanced tools, which enable
them to make educated purchase decisions in the best and most informed way.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Digital
Solutions </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access to
an E-commerce platform that allows them to engage with their consumers. Zap Group regularly seeks to develop attractive digital solutions,
which it believes to have market potential for small and medium businesses and their end user. All of Zap Group&#8217;s investments in
this area have been proven, where we believe we can leverage our experience to enhance product positioning and increase market penetration.
We provide our management and technical and financial expertise, marketing experience to help bring these products to market.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E-commerce
Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides an E-commerce platform for approx. 1,500 large, medium and small businesses, which operates stores in Israel. The platform,
both website and application, allow end users to compare prices of the various stores for over 1.2 million products in 650 categories.
The platform provides to more than 120 million visiting end users annually, 300,000 reviews of stores and products and 5,000 quality
guides (videos and articles), which allow them to engage through the platform directly with stores for the purchase of a certain product
they looked at through the platform. Total online purchases through the platform are estimated at approximately NIS 2 billion annually,
which is estimated as constituting 14% out of total online purchase volume in Israel (not including food and beverage).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Zap Group launched a new website for car sellers and buyers, which provides a marketplace where buyers can explore on one website
various options for buying a second-hand car (B2C). The platform allows the buyer to compare prices, specs, financing, peripheral services,
accessories and overall packages. The online, real-time supply availability enables transparency, and also provides the buyer an aggregated
view of specific sellers and agencies, and direct contact with a large pool of sellers</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Digital
platforms</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services through 18 websites for medium and small businesses in 1,600 business categories
in Israel, including doctors, lawyers, and other service and product providers. The platform, both website and application allow end
users to contact directly with the service provider. The platform provides to more than 50 million visiting end users annually, 200,000
reviews 2,000 quality guides (videos and articles), 300 price lists, and 700 forums with more than 1.5 million expert explanations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group also provides its customers other digital services such as Search Engine Marketing (Pay Per Click Google and Facebook campaigns)
and Search Engine Optimization for their websites. In addition, Zap Group provides website design services, creation of new websites
on various tools (ZAP-X), management of social media, online business cards (GMB), and big data services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restaurants
and events</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services for more than 17,000 restaurants listed and provides services for social events.
Approximately 2,500 of them are paying customers. The platform, both website and application allow end users to directly contact the
restaurant for table ordering, ordering of delivery or take away, to post visit reviews or explore the restaurant menu, photo gallery
and other content such as articles, etc. The platform provides to more than 30 million visiting end users annually, approximately two
million food deliveries, 200,000 reviews, 5,000 food and culinary articles (videos and articles), and more than 0.5 million push updates
annually.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides a digital advertising platform for domestic travel and hospitality businesses in Israel. The platform&#8212; both website
and application&#8212; allows end users to order directly from the provider (hotel, guesthouse or attraction service provider). The platform
provides access to approximately 1,200 vacation and leisure locations, and to millions of visiting end users annually.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 82; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Affiliated Company</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TSG</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
is a global high technology company engaged in high-end technical solutions for protecting the safety of national borders, improving
data gathering mechanisms, and enhancing communications channels for military, homeland security and civilian organizations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
operates primarily in the defense and homeland security arenas. The nature of military and homeland security actions in recent years,
including low intensity conflicts and ongoing terrorist activities, as well as budgetary pressures to focus on leaner but more technically
advanced forces, have caused a shift in the defense and homeland security priorities for many of TSG&#8217;s major customers. As a result,
TSG believes there is a continued demand in the areas of command, control, communications, computer and intelligence (C4I) systems, intelligence,
surveillance and reconnaissance (ISR) systems, intelligence gathering systems, border and perimeter security systems, cyber-defense systems.
There is also a continuing demand for cost effective logistic support and training and simulation services. TSG believes that its synergistic
approach of finding solutions that combine elements of its various activities positions it to meet evolving customer requirements in
many of these areas.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
tailors and adapts its technologies, integration skills, market knowledge and operationally-proven systems to each customer&#8217;s individual
requirements in both existing and new platforms. By upgrading existing platforms with advanced technologies, TSG provides customers with
cost-effective solutions, and its customers are able to improve their technological and operational capabilities within limited budgets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
markets its systems and products either as a prime contractor or as a subcontractor to various governments and defense and homeland security
contractors worldwide. In Israel, TSG sells its defense, intelligence and homeland security systems and products mainly to the IMOD,
which procures all equipment for the Israeli Defense Force (IDF).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s
offerings include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Command
&amp; Control Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
offers sophisticated and innovative command and control solutions that support military and civilian sectors on land, air and sea. TSG
provides a variety of Command &amp; Control solutions ranging from strategic battlefield management to tactical and special operations
forces. TSG systems cover all echelons of management, from national and regional levels down to the operational and tactical levels.
Its systems are field proven and used by military forces, security services and public safety organizations worldwide.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intelligence,
Surveillance and Knowledge Management Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
Intelligence solutions for security agencies and defense forces meet the demand for accurate and timely intelligence, based on multiple
sources and sensors. TSG unique technologies cover the entire life-cycle of intelligence from acquisition to fusion, analysis, distribution,
target management and more. TSG&#8217;s Knowledge Management solutions provide public sector bodies with the capacity to effectively
manage their organizational data, support decision making and follow-up.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Telecommunication&amp;
IT Management Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
has extensive experience in developing and integrating telecommunications and IT solutions and tools such as Operations Support Systems
(OSS), Contact Centers, Back Office Optimization and Value-Added Services (VAS) that are tailored to meet the requirements of multiple
applications. Leveraging deep know-how in telecommunications, TSG provides wide-ranging offering suitable for public and private sector
organizations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cyber
Security Solutions &amp; Services:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
provides cutting-edge security services and solutions to government and private sectors including secure critical infrastructure and
financial institutions in cyber space. TSG cyber solutions, Cyber Security Center (CSC), Security Training, Security Investigations and
Security Engineering support the establishment of a safe, secure and reliable work environment and cover, among other things, Security
Engineering, Digital Forensics, Computer emergency response teams (CERT), Mobile Security, and Training.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Homeland
Security Solutions (HLS)</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s
field proven homeland security solutions maximize safety and security while minimizing threats. TSG provide its clients with paramount
technologies ranging from emergency management and Chemical, biological, radiological and nuclear defense (CBRN) systems, to rescue&amp;
special operations and smart and safe city solutions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Supporting
Tools:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
offers a variety of supporting system and solutions, providing dynamic and customizable field proven applications for in the following
verticals:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facility
Management</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recording
and Debriefing systems</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trainers
and Simulators</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mapping
Engines</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographical
Distribution of Revenues</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our consolidated revenues classified by geographic regions of our customers, for the periods indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Israel</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,203,109</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,506,566</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">International:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">United States</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">501,785</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">591,794</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Europe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">189,152</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">255,680</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Africa</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,702</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,012</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Japan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,282</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,890</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Other (mainly Asia pacific)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,888</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,434</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,933,918</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,404,376</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competition</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markets for the IT products and services we offer are rapidly evolving, highly competitive and fragmented, and, in some cases, present
only low barriers to entry, with frequent new product introductions, and mergers and acquisitions. Our ability to compete successfully
in IT services markets depends on a number of factors, like breadth of service offerings, sales and marketing efforts, service, pricing,
and quality and reliability of services. The principal competitive factors affecting the market for the proprietary software solutions
include product performance and reliability, product functionality, availability of experienced personnel, price, ability to respond
in a timely manner to changing customer needs, ease of use, training and quality of support.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face competition, both in Israel and internationally, from a variety of companies, including companies with significantly greater resources
than us who are likely to enjoy substantial competitive advantages, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
operating histories;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">greater
financial, technical, marketing and other resources;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">greater
name recognition;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">well-established
relationships with our current and potential clients; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
broader range of products and services.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, our competitors may be able to respond more quickly to new or emerging technologies or changes in customer requirements. They
may also benefit from greater purchasing economies, offer more aggressive product and service pricing or devote greater resources to
the promotion of their products and services. In addition, in the future, we may face further competition from new market entrants and
possible alliances between existing competitors. We also face additional competition as we continue to penetrate international markets.
As a result, we cannot assure you that the products and solutions we offer will compete successfully with those of our competitors. Furthermore,
several software development centers worldwide offer software development services at much lower prices than we do. Due to the intense
competition in the markets in which we operate, software products prices may fluctuate significantly. As a result, we may have to reduce
the prices of our products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Matrix&#8217;s
Competitive Landscape</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
principal competitors in the domestic Israeli market are Israeli IT services companies and systems integrators, the largest of which
are Hilan Ltd., Malam-Team, One-1, Taldor Computer Systems, Aman, the Elad Group, Yael, SQLink, Emet, LogOn, and HMS. In addition, in
recent years, large accounting and advisory firms such as Deloitte and E&amp;Y have expanded their service portfolio to include managed
services and consulting in the fields of BI, Cybersecurity, ERP and CRM. We view these firms as direct competition, given that they already
have a deep understanding of a particular client&#8217;s business because of the accounting and auditing services they provide, and given
the trust that they have developed with the client, which is an essential part of providing any services to a client. This international
trend is as evident in Israel as it is in all major markets around the world. Matrix&#8217;s competitors in the United States market
include many companies that provide similar services to those of Matrix, as well as providers of offshore services which utilize low
rates. In some cases, Matrix competes with IBM, Accenture and the large accounting and advisory accounting firms. Matrix&#8217;s international
competitors in the Israeli marketplace include Microsoft, IBM, HP, Oracle and CA. These international competitors often use local subcontractors
to provide personnel for contracts performed in Israel. Most of these international entities are also business partners of Matrix. Competitors
with respect to infrastructure solutions include HP, Lenovo and Dell. With respect to cloud services, competitors include All Cloud,
DoIT, Google, Microsoft and Amazon Web Services. Matrix competitors with respect to training are the training centers of the Technion,
IITC, HackerU, Ness Technologies, SQLink and Sela.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sapiens&#8217;
Competitive Landscape</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
is focused on serving insurers. The market for core software solutions for the insurance industry is highly competitive and characterized
by rapidly changing technologies, evolving industry standards and customer requirements, and frequent innovation. In addition, we offer
a business decision management platform, mainly to financial services organizations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -0.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Competitive
Landscape for Insurance Software Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
competitors in the insurance software solutions market differ from us based on size, geography and lines of business. Some of our competitors
offer a full suite, while others offer only one module; some operate in specific (domestic) geographies, while others operate on a global
basis. And delivery models vary, with some competitors keeping delivery in-house, using IT outsourcing (ITO), or business process outsourcing
(BPO).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
insurance software solutions market is highly competitive and demanding. Maintaining a leading position is challenging, because it requires:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
of new core insurance solutions, which necessitates a heavy R&amp;D investment and in-depth knowledge of complex insurance environments</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
innovation to attract new customers, with rapid, technology-driven changes in the insurance business model and new propositions coming</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
global presence and the ability to support global insurance operations</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ability
to manage multiple partnerships, due to the changing landscape of insurers&#8217; ecosystems</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extensive
knowledge of regulatory requirements and how to fulfill them (they can be burdensome and require specific IT solutions)</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continued
support and development of the solutions entails a critical mass of customers that support an ongoing R&amp;D investment</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Know-how
of insurance system requirements and an ability to bridge between new systems and legacy technologies</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enabling
mission-critical operations that require experience, domain expertise and proven delivery capabilities to ensure success</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
complex requirements of this market create a high barrier to entry for new players. As for existing players, these requirements have
led to a marked increase in M&amp;A transactions in the insurance software solutions sector, since small, local vendors have not been
able to sustain growth without continuing to fund their R&amp;D departments and following the globalization trend of their customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe Sapiens is well-positioned to leverage our modern solutions, customer base and global presence to compete in this market and
meet its challenges. In addition, our accumulated experience and expert teams allow us to provide a comprehensive response to the IT
challenges of this market.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Different
types of competitors include:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
software providers with their own IP</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local/domestic
software vendors with their own IP, operating in a designated geographic market and/or within a designated segment of the insurance industry</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BPO
providers who offer end-to-end outsourcing of insurance carriers&#8217; business, including core software administration (although BPO
providers want to buy comprehensive software platforms to serve as part of the BPO proposition from vendors and may seek to purchase
our solutions for this purpose)</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal
IT departments, who often prefer to develop solutions in-house</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
insurtech companies with niche solutions</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
differentiate Sapiens from its potential competitors for insurance software solutions through the following key factors:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer cloud-based innovative and modern software solutions, with rich functionality and advanced, intuitive user interfaces, based on
deep domain expertise and insurance know how</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
uses model-driven architecture that allows rapid deployment of the system, while reducing total cost of ownership and benefiting from
cloud deployment</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
solutions are built using an architecture that allows customers to implement the full solution or components, and readily integrate the
solution or individual components into their existing IT landscape</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong
and global partnership program, with established IT players and new insurtech companies, to ensure linkage to innovative technologies
and new business models, as well as ongoing work to embed innovation into Sapiens platforms</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identify technology trends and invest in adjusting our solutions to keep pace with today&#8217;s frenetic evolutions</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial stability, and our large and growing global customer base, enables us to fund R&amp;D investment and maintain the competitive
advantage of our products We are able to fund R&amp;D investment and maintain the competitive advantage of our products, due to our large
and growing customer base and financial stability</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
delivery methodology is based on extensive insurance industry experience and cooperation with large insurance companies globally. Our
track record over the past few years in developing a strong offshore development center is also a significant parameter in differentiating
our abilities in the services space</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
leverage our proven track record of successful delivery to help our customers deploy our modern solutions, while integrating with their
legacy environment (when that legacy environment must remain supported)&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Competitive
Landscape for Business Decision Management Solutions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
Decision is a pioneer in this disruptive market landscape. Since the introduction of our innovative approach to enterprise architecture
to the market, we have identified only a small number of potential competitors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
differentiates itself from potential competitors through the following key factors:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We believe
    that Sapiens Decision is the only solution (that is currently generally available and already in production) that offers a true separation
    of the business logic in a decision management system for large enterprises.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens Decision is unique
    in its proven ability to support complex environments, with a full audit trail and governance that is crucial for large financial
    services organizations.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We understand complex environments
    where Decision is deployed, due to our experience delivering complex, mission-critical solutions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Magic
Software&#8217;s Competitive Landscape</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markets for Magic Software Magic xpa and Magic xpi platforms are characterized by rapidly changing technology, evolving industry standards,
frequent new product introductions, mergers and acquisitions, and rapidly changing customer requirements. These markets are therefore
highly competitive, and we expect competition to continue to intensify. The growth of the cloud adoption and mobile markets increases
the competition in these areas. We constantly follow and analyze the market trends and our competitors in order to effectively compete
in these markets and avoid losing market share to our direct competitors and other players.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
Magic xpa, we compete in the low-code application platform, SOA architecture and enterprise mobility markets.&#160; Our main competitors
fall into two categories: (1) providers of custom software and customer software solutions that address, or are developed to address,
some of the use cases that can be addressed by applications developed on our platform; and (2) providers of low-code development platforms,
such as Microsoft, Salesforce.com, ServiceNow, OutSystems, Appien and Mendix;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our market grows, we expect it will attract more highly specialized vendors as well as larger vendors that may continue to acquire or
bundle their products more effectively. The principal competitive factors in our market include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform
features, reliability, performance, and effectiveness;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ease
of use and speed;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform
extensibility and ability to integrate with other technology infrastructures;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deployment
flexibility;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robustness
of professional services and customer support;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
and total cost of ownership;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strength
of platform security and adherence to industry standards and certifications;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strength
of sales and marketing efforts; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brand
awareness and reputation</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
Magic xpi, we compete in the integration platform market, which is highly competitive and rapidly evolving. Among our current competitors
are IBM, Informatica, TIBCO, MuleSoft, Jitterbit, Talend, Dell&#8211;Boomi, Scribe and Software AG.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are several similar products in the market utilizing the model driven architecture, or MDA, approach utilized by AppBuilder. The market
for this type of platform is highly competitive. Companies such as CA and IBM have tools that compete directly with AppBuilder. Furthermore,
new development paradigms have become very popular in IT software development and developers today have many alternatives.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our market grows, we expect that it will attract more highly specialized vendors as well as larger vendors that may continue to acquire
or bundle their products more effectively. The principal competitive factors in our market include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">platform
features, reliability, performance and effectiveness;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ease
of use and speed;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">platform
extensibility and ability to integrate with other technology infrastructures;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deployment
flexibility;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">robustness
of professional services and customer support;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
and total cost of ownership;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strength
of platform security and adherence to industry standards and certifications; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strength
of sales and marketing efforts.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe we generally compete favorably with our competitors with respect to the features, security and performance of our platform, the
ease of integration of our applications and the relatively low total cost of ownership of our applications. However, many of our competitors
have substantially greater financial, technical and other resources, greater name recognition, larger sales and marketing budgets, broader
distribution, more diversified product lines and larger and more mature intellectual property portfolios.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
goal is to maintain our technological advantages, time to market and worldwide sales and distribution network. We believe that the principal
competitive factors affecting the market for our products include developer productivity, rapid results, product functionality, performance,
reliability, scalability, portability, interoperability, ease-of-use, demonstrable economic benefits for developers and users relative
to cost, quality of customer support and documentation, ease of installation, vendor reputation and experience, financial stability as
well as intuitive and out-of-the-box solutions to extend the capabilities of ERP, CRM and other application vendors for enterprise integration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Michpal&#8217;s
Competitive Landscape</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to Michpal, the market in which it operates is very fragmented and among its current competitors in the Israeli market in which
it operates are mainly Hilan, MalamTeam, Tamal, Synel, Oketz systems and others.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
goal is to maintain Michpal&#8217;s technological advantages, time to market, sales and distribution network. We believe that the principal
competitive factors affecting the market for Michpal&#8217;s products include developer productivity, rapid results, product functionality,
performance, reliability, scalability, portability, interoperability, ease-of-use, demonstrable economic benefits for developers and
users relative to cost, quality of customer support and documentation, ease of installation, vendor reputation and experience, financial
stability as well as intuitive and out-of-the-box solutions that extend its capabilities to effectively manage its operations and reduce
its business risks in the face of changing business environments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seasonality</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
though not significantly reflected in our financial results, traditionally, the first and third quarters of the fiscal year have tended
to be slower quarters for some of our subsidiaries and our affiliated companies and the industries in which they operate. The first quarter
usually reflects a decline following a highly active fourth quarter during which companies seek to complete transactions and projects
and utilize budgets before the end of the fiscal year. The relatively slower third quarter reflects reduced activities during the summer
months in many of the regions where our customers are located and also reflects the Jewish national holidays in Israel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our quarterly results are also influenced by the number of working days in each period in Israel. For example, during the Jewish
holidays period (typically at the end of the third quarter and beginning of the fourth quarter or at the end of the first quarter and
beginning of the second quarter), when the number of working days is lower, we tend to see a decrease in our revenues, which may impact
our quarterly results. Following is the quarterly breakdown, by percentage, of standard working hours in each quarter of 2021 and 2022
in the Israeli market, which accounts for approximately 63% of our annual revenues (these numbers do not take into account the reduction
in working hours due to the coronavirus pandemic, which limited the number of working hours during parts of 2021):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>1<sup>st&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2<sup>nd&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>3<sup>rd&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>4<sup>th&#160;</sup>quarter</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 52%"><span style="font-size: 10pt">2022</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">24</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">25.2</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">24.6</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">26.2</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">2021</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">25.3</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">25.0</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">23.6</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">26.1</span></td>
    <td><span style="font-size: 10pt">%</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, seasonality due to the Jewish holiday periods adversely impacted the first and late third quarters (in addition to any adverse
impact on working hours caused by the coronavirus pandemic, and the Israeli election day). In 2022, we expect seasonality due to the
Jewish holiday periods to adversely impact the second and fourth quarters.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our revenues allocation per quarter in 2020 and 2021 (by percentage):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>1<sup>st&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2<sup>nd&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>3<sup>rd&#160;</sup>quarter</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>4<sup>th&#160;</sup>quarter</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 52%"><span style="font-size: 10pt">2021</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">23.8</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">24.5</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">24.4</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">27.4</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">2020</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">24.1</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">22.6</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">25.2</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">28.1</span></td>
    <td><span style="font-size: 10pt">%</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raw
Materials</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
we are not dependent on raw materials or on a single source of supply. We manage our inventory according to project requirements. In
some projects, specific major subcontractors are designated by the customer. Raw materials used by us are generally available from a
range of suppliers internationally, and the prices of such materials are generally not subject to significant volatility.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
although we believe that there are currently adequate replacements for the third-party technology that we presently use and distribute,
the loss of our right to use any of this technology could result in delays in producing or delivering affected products until equivalent
technology is identified, licensed or otherwise procured, and integrated. Our business would be disrupted if any third-party technology
we license from others or functional equivalents of that technology were either no longer available to us or no longer offered to us
on commercially reasonable terms. In either case, we would be required either to attempt to redesign our products to function with technology
available from other parties or to develop these components ourselves, which would result in increased costs and could result in delays
in product sales and the release of new product offerings. Alternatively, we might be forced to limit the features available in affected
products. Any of these results could harm our business and impact our results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Software
Development</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
software industry is generally characterized by rapid technological developments, evolving industry standards and customer requirements,
and frequent innovations. In order to maintain technological leadership, we engage in ongoing software development activity through our
investees, aimed both at introducing new commercially viable products addressing the needs of our customers on a timely basis, as well
as enhancing and customizing existing products and services. This effort includes introducing new supported programming languages and
database management systems; improving functionality and flexibility; and enhancing ease of use. We work closely with current and potential
end-users, our strategic partners and leaders in certain industry segments to identify market needs and define appropriate product enhancements
and specifications.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
Property Rights</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens,
Magic and Michpal rely on a combination of contractual provisions and intellectual property law to protect their proprietary technology.
We believe that due to the dynamic nature of the markets in which we operate and software industries, factors such as the knowledge and
experience of our management and personnel, the frequency of product enhancements and the timeliness and quality of our support services,
build upon the protection offered by copyrights. We seek to protect the source code of our products as trade secret information and as
unpublished copyright work, although in some cases, we agree to place our source code into escrow. We also rely on security and copy
protection features in our proprietary software. We distribute our products under software license agreements that grant customers a
personal, non-transferable license to use its products and contain terms and conditions prohibiting the unauthorized reproduction, reverse
engineering or misuse of its products. In addition, we attempt to protect trade secrets and other proprietary information through agreements
with employees, consultants and distributors. Sapiens&#8217; trademark rights include rights associated with its use of its trademarks,
and rights obtained by registration of its trademarks. Sapiens&#8217; use and registration of its trademarks do not ensure that it has
superior rights to others that may have registered or used identical or related marks on related goods or services. We have registrations
for the mark &#8220;Sapiens&#8221; in USA, Benelux, Germany, France, Italy Switzerland and Israel. In the past we have registered trademarks
and tradenames for many of our products both in the US and in the European Union, and we intend to continue to do so going forward. The
initial terms of protection for our registered trademarks range from 10-20 years and are renewable thereafter.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the third quarter of 2014, Sapiens acquired Knowledge Partners International LLC, or KPI, and the assets of The Decision Model, or TDM,
which included certain intellectual property rights, including a patent held by TDM and a patent application for The Event Model, or
TEM. Both TDM and TEM relate to decision management methodology.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software has obtained trademark registrations in South Africa, Canada, China, Israel, the Netherlands (Benelux), Switzerland, Thailand,
Japan, the United Kingdom and the United States. The initial terms of the registration of its trademarks range from 10 to 20 years and
are renewable thereafter. Magic Software&#8217;s use and registration of its trademarks do not ensure that it would have superior rights
to others that may have registered or used identical or related marks on related goods or services. Magic Software has registered a copyright
for its software in the United States and Japan. In addition, it has registered copyrights for some of its manuals in the United States
and has acquired an International Standard Book Number (ISBN) for some of its manuals. Magic Software&#8217;s copyrights expire 70 years
from date of first publication.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with industry practice, we do not otherwise hold any patents and rely upon a combination of trade secret, copyright and trademark
laws and non-disclosure agreements, to protect our proprietary know-how. Our proprietary technology incorporates processes, methods,
algorithms and software that we believe are not easily copied. Despite these precautions, it may be possible for unauthorized third parties
to copy aspects of our products or to obtain and use information that we regard as proprietary. We believe that because of the rapid
pace of technological change in the industry generally, patent and copyright protection are less significant to our competitive position
than factors such as the knowledge, ability and experience of our personnel, new product development and ongoing product maintenance
and support.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to our defense sector activities, the IMOD usually retains specific rights to technologies and inventions resulting from our
performance under Israeli government contracts. This generally includes the right to disclose the information to third parties, including
other defense contractors that may be our competitors. Consistent with common practice in the defense industry, a majority of TSG&#8217;s
revenues in 2019, 2020 and 2021 were dependent on products incorporating technology that a government customer may disclose to third
parties. When the Israeli government funds research and development, it usually acquires rights to data and inventions. We often may
retain a non-exclusive license for such inventions. The Israeli government usually is entitled to receive royalties on export sales in
relation to sales resulting from government financed development. However, if only the product is purchased without development effort,
we normally retain the principal rights to the technology. Subject to applicable law, regulations and contract requirements, TSG attempts
to maintain its intellectual property rights and provide customers with the right to use the technology only for the specific project
under contract</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
Impact</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global financial services industry served in particular by Sapiens, Matrix and Magic Software is heavily subject to government and market
regulation, which is constantly changing. Financial services companies must comply with regulations such as the Sarbanes-Oxley Act, Solvency
II, Retail Distribution Review (known as RDR) in the United Kingdom, the European Union General Data Protection Regulation, or GDPR (enforceable
as of May 25, 2018), in the EU, the CCPA, a statute that went into effect on January 1, 2020 in California (and similar privacy legislation
in New York and elsewhere in the U.S.), the Dodd-Frank Act and other directives regarding transparency. In addition, many individual
countries have increased supervision over local financial services companies. For example, in Europe, regulators have been very active,
motivated by past financial crises and the need for pension restructuring. Distribution of insurance policies is being optimized with
the increasing use of Bank Assurance (selling of insurance through a bank&#8217;s established distribution channels), supermarkets and
kiosks (insurance stands). Increased activity such as that in Europe would generally tend to have a positive impact on the demand for
our software solutions and services; nevertheless, insurers are cautiously approaching spending increases, and while many companies have
not taken proactive steps to replace their software solutions in recent years, many of them are now looking for innovative, modern replacements
to meet the regulatory changes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
and Magic Software&#8217;s IT businesses are generally positively affected by regulatory reform and other regulatory changes with respect
to banking, insurance and telecommunications in Israel, as such reforms and changes create demand for specific IT solutions, often in
a set, short time frame. In particular, regulation on large financial institutions operating in the Israeli financial market is continuously
increasing, as a means of reducing the risk associated with the activities of such financial institutions and increasing transparency
and increases the demand for Matrix&#8217;s and Magic Software&#8217;s services offering for entities that become subject to such supervision.
Banks&#8217; entry into the sphere of offering advice with respect to pension, insurance and other financial products has also generated
demand for Matrix&#8217;s IT solutions, given the increased supervision of the Israeli Securities Authority that is triggered by such
activities, although the pace at which such demand has grown has been relatively slower. Enhanced disclosure requirements for banks and
financial institutions in the Israeli market, such as those published with respect to the required capital liquidity of banks in Israel,
have also been generating demand for new IT solutions that Matrix offers. Matrix&#8217;s business is also affected by changes in regulations
of the U.S Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Commodity Futures Trading Commission,
the National Futures Association, the Federal Energy Regulatory Commission, with respect to requirements relating to Know Your Customer,
Customer Identification Programs, Anti-Money Laundering and Fraud Prevention.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, there has been greater focus on core banking issues, and today a number of banks are in the process of undergoing a gradual
examination / replacement of the traditional core systems. The financial market is also facing significant changes and opportunities
for the IT market in light of the Strum Reform and its implications for the banking market, credit card companies and other relevant
players in the financial market. In the insurance industry, there is a delay in decision making based on the prolonged selling process
of some of the companies, and in light of the worsening of the capital adequacy ratios and actuarial reserves that are required by regulators
and which affect the profitability of the companies, their ability to distribute a dividend or allocate budgets for IT investments as
in the past.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 91; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to our defense sector activities, we operate under laws, regulations and administrative rules governing defense and other government
contracts, mainly in Israel. Some of these carry major penalty provisions for non-compliance, including disqualification from participating
in future contracts. In addition, our participation in governmental procurement processes in Israel, the United States and other countries
is subject to specific regulations governing the conduct of the process of procuring defense and homeland security contracts.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Contracting Regulations. </b>We operate under laws, regulations, administrative rules and other legal requirements governing defense
and other government contracts, mainly in Israel. Some of these legal requirements carry major penalty provisions for non-compliance,
including disqualification from participating in future contracts. In addition, our participation in governmental procurement processes
in Israel, the United States and other countries is subject to specific regulations governing the conduct of the process of procuring
defense and homeland security contracts, including increasing requirements in the area of cyber production and information assurance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israeli
Export Regulations</b>. Israel&#8217;s defense export policy regulates the sale of a number of our systems and products, which are developed
and marketed by our affiliated company TSG. Current Israeli policy encourages exports to approved customers of defense systems and products
such as ours, as long as the export is consistent with Israeli government policy. Subject to certain exemptions, a license is required
to initiate marketing activities. We also must receive a specific export license for defense related hardware, software and technology
exported from Israel. Israeli law also regulates export of &#8220;dual use&#8221; items (items that are typically sold in the commercial
market but that also may be used in the defense market).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Procurement
Regulations</b>. Solicitations for procurements by governmental purchasing agencies in Israel, the United States and other countries
are governed by laws, regulations and procedures relating to procurement integrity, including avoiding conflicts of interest, corruption,
human trafficking and conflict minerals in the procurement process. Such regulations also include provisions relating to information
assurance and for the avoidance of counterfeit parts in the supply chain.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Civil
Aviation Regulations</b>. Several of the products sold by TSG for commercial aviation applications are subject to flight safety and airworthiness
standards of the U.S. Federal Aviation Administration (FAA) and similar civil aviation authorities in Israel, Europe and other countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Buy-Back.
</b>As part of their standard contractual requirements for defense programs, several of our customers may include &#8220;buy-back&#8221;
or &#8220;offset&#8221; provisions. These provisions are typically obligations to make, or to facilitate third parties to make, various
specified transactions in the customer&#8217;s country, such as procurement of defense and commercial related products, investment in
the local economy and transfer of know-how.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s business has not been impacted to a material extent by government regulations.	</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental,
Social &amp; Governance Matters</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries place an emphasis on, and devote considerable time towards, business responsibility, sustainability, and delivering value
for their respective customer base, employees, investors, suppliers, and each of their respective communities. Our subsidiaries have
developed a strong set of corporate values that inspire ethical behavior throughout their decision-making process and that promote one
of their business objectives of bringing together a diverse group with the unique skill sets, knowledge, and talents to effectuate our
vision. For example, Sapiens specifically is proud to foster a strong female voice in its company, with 50% of its executive leadership
consisting of women in 2021. Matrix specifically is also proud to foster a strong female voice in its company, with 51% of its overall
human capital resources consisting of women in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 48px; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
Structure</b></span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
is the parent company of the Formula Group.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents certain information regarding the control and ownership of our directly held investments in subsidiaries and
affiliates, as of April 30, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Subsidiaries and affiliate</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
of<br/>
Incorporation</b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage&#160;of<br/> Ownership</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Matrix IT Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 11%; text-align: center">Israel</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">48.7</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Sapiens International Corporation N.V.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Cayman Islands</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Magic Software Enterprises Ltd.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Israel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Michpal Micro Computers (1983) Ltd.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Israel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">TSG IT Advanced Systems Ltd.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Israel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">InSync Staffing Solutions, Inc.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Delaware</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">90.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Ofek Aerial Photography Ltd</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Israel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">80</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Zap Group Ltd.</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">Israel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares of Sapiens and the ordinary shares of Magic Software are each traded on the Nasdaq Global Select Market and on the TASE,
and the ordinary shares of Matrix are traded on the TASE.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plants and
    Equipment</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s
headquarters, as well as the headquarters and principal administrative, finance, sales, marketing and research and development office
of Magic Software, are located in Or-Yehuda, Israel, a suburb of Tel Aviv. Magic Software leases its and our office space, constituting
approximately 32,404 square feet, under a lease agreement entered in November 2019. The lease expires in June 2033, with an option by
Magic Software to extend for an additional two 5-year term. In 2021, Magic Software paid $0.46 million under that lease. In addition,
Magic Software subsidiaries lease office spaces in the United States, Israel, Europe, India, Japan and South Africa. In 2021, Magic Software&#8217;s
rent costs for those additional facilities totaled $5.4 million, in the aggregate. We believe that Magic and our existing facilities
are adequate for our current needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
leases approximately 672,726 square feet of office space in various locations in Israel pursuant to leases of varying duration, including
for a facility in Herzliya that serves as Matrix&#8217;s corporate headquarters. In October 2018, Matrix renewed its corporate headquarters
lease agreement with Ofer Brothers Properties Ltd. according to which it leases its office spaces in Herzliya, Israel. The lease term
is expected to end in October 2023. The cost of rent is NIS 10 million annually (approximately $3.1 million). In addition, Matrix leases
an aggregate of approximately 67,000 square feet of office space in locations outside of Israel, in the United States, Bulgaria, Macedonia,
Hungary, India and the UK. The lease terms for the spaces that Matrix currently occupies are generally three to four years. In the year
ended December 31, 2021, Matrix&#8217;s rent costs totaled NIS 27.2 million (approximately $8.4 million), in the aggregate, for all of
its leased offices. We believe that Matrix existing facilities are adequate for its current needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
leases office space in Israel, the United States, India, Poland, the United Kingdom, Latvia, China, Canada, Germany, Spain, Lithuania
and Denmark. The lease terms for the spaces that Sapiens currently occupies are generally two to ten years. Based on Sapiens&#8217; current
occupancy, it leases (except for owned real property, as indicated below) the following amount of space in the following locations: in
Israel, approximately 104,043 square feet of office space (98,021 square feet that Sapiens s &#8211; 6,022 square feet is subleased);
in the United States, approximately 77,861 square feet; in India, approximately 214,198 square feet; in Poland, approximately 26,431
square feet; in the United Kingdom, approximately 7,374 square feet; in Latvia, approximately 14,271 square feet; in China, approximately
5,180 square feet; in Spain, approximately 6,700 square feet; in Germany, approximately 32,249 square feet; in Lithuania &#8211; approximately
17,655 square feet; and in Denmark &#8211; approximately 20,844 square feet (as of June 2022, it will be reduced to 18,393 square feet).
Sapiens Israeli offices house its corporate headquarters, as well as its core delivery research and development activities. As of December
31, 2021, the lease at Sapiens headquarters in Holon, Israel is for a term that ends in January 2024, and Sapiens has an option to extend
the term for an additional five years. We believe that Sapiens&#8217; existing facilities are adequate for our current needs. In 2021,
Sapiens&#8217; rent costs totaled $11.3 million, in the aggregate, for all of its leased offices.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal
leases approximately 24,805 square feet of office space in various locations in Israel pursuant to leases of varying duration, including
for a facility in Tel-Aviv that serves as Michpal&#8217;s corporate headquarters. During the year ended December 31, 2021, Michpal&#8217;s
rent costs totaled $0.7 million, in the aggregate, for its leased office space.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group leases approximately 46,470 square feet of office space in various locations in Israel pursuant to leases of varying duration,
including for a facility in Petah-Tikva that serves as Zap Group&#8217;s corporate headquarters. For the period between April 1, 2021
and December 31, 2021, Zap Group&#8217;s rent costs totaled $0.5 million, in the aggregate, for its leased office space.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our properties are adequate for our present use of them. If in the future we require additional space to accommodate our
growth, we believe that we will be able to obtain such additional space without difficulty and at commercially reasonable prices.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in &#8220;Subsidiary Commitments&#8221; in Item 5.B below, while our subsidiaries and our affiliated companies have incurred
liens on leased vehicles, leased equipment and other assets in favor of leasing companies, neither Formula nor any subsidiary has encumbered
the real property that it uses in its operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
furthermore believe that there are no environmental issues that encumber our use of our facilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
4A.&#160;UNRESOLVED STAFF COMMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a global software solutions and IT professional services holdings company that is principally engaged through our directly held investees
in providing proprietary and non-proprietary software solutions and IT professional services, software product marketing and support,
computer infrastructure and integration solutions and learning and integration. We deliver our solutions in numerous countries worldwide
to customers with complex IT services needs, including a number of &#8220;Fortune 1000&#8221; companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception, we have acquired effective controlling interests, and have invested, in companies which are engaged in the IT solutions
and services business. We, together with our investees, are known as the Formula Group.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than in our joint control in TSG in which each of we and Israeli Aerospace Industries Ltd. holds 50% of its voting power, we currently
have effective control under IFRS 10 in each of our other investees, Matrix, Sapiens, Magic Software, Michpal, Ofek Aerial Photography,
InSync and Zap Group, despite the lack of absolute majority of voting power in Matrix, Magic Software and Sapiens. As a result of our
effective control in these investees as of December 31, 2021 and in accordance with IFRS 10, we consolidated their financial results
with ours throughout the period covered by the financial statements included in Item 18 of this annual report. Prior to our transition
to reporting under IFRS, we consolidated investees in which we held an equity interest only if we held a controlling interest in those
companies. Under IFRS 10, we may consolidate entities in which we have effective control. For further information, please see Note 2(3)
to our consolidated financial statements included in Item 18 of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for providing our investees with our management, technical expertise and marketing experience to help them create a consecutive positive
economic impact and long-term value and direct their overall strategy through our active involvement, we do not conduct independent operations
at our parent company level. Our operating results are, and have been, directly influenced by the business operations of our subsidiaries
and affiliated company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements for the years ended December 31, 2020 and 2021 are prepared in accordance with IFRS. We have presented
herein consolidated statements of financial position that comply with IFRS applicable as of December 31, 2020 and 2021. Our consolidated
statements of profit or loss presented herein in IFRS cover the years ended December 31, 2019, 2020, and 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenues in two categories: the delivery of software services and the delivery of proprietary software solutions and related
services. All of our investees, recognize revenues from the delivery of software services, and most of them recognize revenues in both
revenue categories. For ease of reference, we have separated our subsidiaries into these categories in accordance with the category in
which each subsidiary has earned most of its revenues (although each type of revenue is nevertheless recorded according to actual revenue
type, rather than based on strict, subsidiary-demarcated categories).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
functional and reporting currency</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
December 31, 2019, the currency of the primary economic environment in which our operations on a standalone basis were conducted was
the dollar. Following an examination and reevaluation of the primary economic environment in which we currently operate and expects to
continue operating and, taking into consideration the recent trends and our forward-looking business strategy, in accordance with the
International Accounting Standard 21 (IAS 21), we concluded that the currency of the primary economic environment in which our operations
on a standalone basis are currently conducted commencing January 1, 2019 is the NIS. The functional currencies applied by our investees
which are consolidated in these financial statements are the currencies of the primary economic environment in which each one of them
operates. We have elected to use the dollar as our reporting currency for all years presented since we believe that financial statements
in U.S dollars provide more relevant information to our investors and users of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated at the
closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented. The resulting
translation differences are recognized in other comprehensive income (loss).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded in other
comprehensive income (loss).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain (loss)
from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon the partial
disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion of the amount recognized
in other comprehensive income is reattributed to non-controlling interests.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial
recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into the functional
currency at the exchange rate at that date. Exchange rate differences, other than those capitalized to qualifying assets or accounted
for as hedging transactions in equity, are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currency
and measured at cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated
in foreign currency and measured at fair value are translated into the functional currency using the exchange rate prevailing at the
date when the fair value was determined.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
those subsidiaries whose functional currency has been determined to be their local currency, assets and liabilities are translated at
year-end exchange rates and statement of income items are translated at average exchange rates prevailing during the year. Such translation
adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in equity.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Results</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section presents an analysis of our results of operations, on a comparative basis, for the years ended December 31, 2020 and 2021. We
have omitted herein a comparative analysis of our results of operations for the years ended December 31, 2019 and 2020. In order to view
that latter analysis, please see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Results&#8212;Year Ended
December 31, 2020 Compared to Year Ended December 31, 2019&#8221; in our Annual Report on Form 20-F for the year ended December 31, 2020,
which we filed with the SEC on May 17, 2021, which analysis is incorporated by reference herein.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
Ended December 31, 2021 Compared to Year Ended December 31, 2020</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set forth certain data from our statement of profit or loss for the years ended December 31, 2020 and 2021, as well
as such data as a percentage of our revenues for those years. The data has been derived from our audited consolidated financial statements
included elsewhere in this annual report. The operating results for the below years should not be considered indicative of results for
any future period. This information should be read in conjunction with the audited consolidated financial statements and notes thereto
included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statements
of Profits or Loss</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(U.S.
dollars, in thousands)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -0.125in; padding-left: 0.125in">Revenues</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,933,918</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,404,376</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Cost of revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,486,485</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,840,517</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">447,433</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">563,859</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Research and development expenses, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,604</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">65,858</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Selling, marketing, general and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224,188</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">289,985</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Operating income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">170,641</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">208,016</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Financial expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(29,444</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(29,994</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Financial income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,559</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,989</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Pre-tax income before share of profits of companies accounted for at equity, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">143,756</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">184,011</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Taxes on income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,269</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,614</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Share of profits of companies accounted for at equity, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,535</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">505</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net income</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">114,022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">141,902</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Attributable to:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Equity holders of the Company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,776</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">54,585</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">67,246</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">87,317</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">114,022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">141,902</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
of Profits or Loss as a</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
of Revenues</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development expenses, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, marketing, general and administrative expenses </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial expenses </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax income before share of profits of companies accounted for at equity, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes on income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Group&#8217;s share of earnings of companies accounted for at equity, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attributable to:</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity holders of the Company</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling interests</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 96; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration:underline">Revenues</span>.
</i></b>Revenues in 2021 increased by 24.3%, from $1,933.9 million in 2020 to 2,404.4 in 2021. Revenues from the two categories of our
operations were as follows: revenues from the delivery of software services increased by 24.3%, from $1,424.8 million in 2020 to 1,771.4
in 2021, and revenues from the sale of our proprietary software products and related services increased by 24.3%, from $509.1 million
in 2020 to 633.0 in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software
Services Revenues</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in software services revenues was recorded across the following of our investees reporting under this revenue stream&#8212;
Matrix, Magic Software, Michpal, Insync, Ofek and Zap Group &#8212; and was primarily due to growth in their revenues as described below:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Matrix</i></b>:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
revenues reported under this revenue stream increased from NIS 3,736.8 million (approximately $1,087.4 million) in 2020 to NIS 4,234.0
million (approximately $1,311.6) in 2021, reflecting an increase of 13% when measured in NIS, Matrix&#8217;s local currency (compared
to 20.6% when measured in U.S dollars). The increase in Matrix&#8217;s revenues, when measured in NIS, reflected an increase in almost
all of Matrix&#8217;s principal areas of operations (excluding a 1% decrease recorded in Matrix&#8217;s Information Technologies (IT)
Software solutions and services in the United States business segment, when measured in NIS, resulting mainly from (A) a 6.1% devaluation
of the NIS compared to the dollar and (B) prolonging of sales cycles resulted from the impact of COVID-19 over North America financial
services sector).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in Matrix revenues was mainly attributable to each of the following: (1) an increase of 2% in Matrix&#8217;s Information Technologies
(IT) Software solutions and services in Israel from NIS 2,191.7 million (approximately $637.8 million) in 2020 to NIS 2,234.9 million
(approximately $692.3) in 2021, (2) an increase of 42% in Matrix&#8217;s computer infrastructure and integration solutions from NIS 854.3
million (approximately $248.6 million) in 2020 to NIS 1.2103 billion (approximately $374.9 million) in 2021; and (3) an increase of 35%
in Matrix&#8217;s software product marketing and support from NIS 190.6 million (approximately $55.5 million) in 2020 to NIS 258.1 million
(approximately $79.9 million) in 2021 and (4) an increase of 23% in Matrix&#8217;s Training and integration from NIS 141.9 million (approximately
$41.3 million) in 2020 to NIS 174.9 million (approximately $54.2 million) in 2021. The increase was offset, in part, by a decrease of
1% in Matrix&#8217;s Information Technologies (IT) Software solutions and services in the United States from NIS 358.3 million (approximately
$104.3 million) in 2020 to NIS 355.9 million (approximately $110.3 million) in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in Matrix&#8217;s revenues was also due to: A) the inclusion of the first full year of revenues of the following entities&#8217;
during 2021: (i) Gestetnertec Ltd. (consolidated upon acquisition by Matrix as of July 2020); and (ii) RightStar Inc. (consolidated upon
acquisition by Matrix as of November 2020); and B) the inclusion for the first time of the following entities&#8217; revenues during
2021: (i) SQ Service Quality Ltd., A. A. Engineering Ltd., and I.T.D. Group Ltd. (consolidated upon acquisition by Matrix as of April
2021) and AVB Technologies Ltd. (consolidated upon acquisition by Matrix as of October 2021).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Magic
Software:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s revenues, reported under this revenue stream, increased by 34.2% from $299.8 million in 2020 to $402.2 million in 2021,
primarily attributable to (i) an increase of $18.3 million due to the inclusion of the revenues of Aptonet and Stockell, acquired on
May 7, 2020 and September 2, 2020, respectively, on a full year basis, and (ii) an increase of $19.2 million due to the acquisition of
Enable IT on April 1, 2021. The remaining increase primarily resulted from increased demand for our IT software services across most
of our business units.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 17.45pt"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>InSync:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InSync&#8217;s
revenues increased by 18% from $32.8 million in 2020 to $38.7 million in 2021. Insync&#8217;s revenues were positively impacted by the
recovery from the COVID-19 pandemic in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Michpal&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal&#8217;s
revenues, reported under this revenue stream, increased by 72.9% from $4.8 million in 2020 to $8.3 million in 2021. Michpal&#8217;s revenues
reported under this revenue stream were positively impacted by the recovery from the COVID-19 pandemic in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proprietary
Software Products and Related Services Revenues</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in revenues from proprietary software products and related services was attributable in part to the (i) the inclusion for the
first time of Zap Group&#8217;s results during 2021 (consolidated as of April 2021), accounting for $31.0 million, (ii) the increase
by 15%, from $34.1 million in 2020 to $39.1 million in 2021, in Matrix&#8217;s revenues reported under this revenue stream, (iii) the
increase by 9%, from $71.4 million in 2020 to $78.1 million in 2021, in Magic Software&#8217;s revenues, reported under this revenue
stream, resulting from increased demand for Magic Software&#8217;s proprietary software solutions, including $1.2 million resulting from
the first-time consolidation of Menarva Ltd., (iv) the increase by 15%, from $20.7 million in 2020 to $23.8 million in 2021, in Michpal&#8217;s
revenues reported under this segment, which resulted from increased demand for Michpal&#8217;s payroll software solutions and related
services, and (v) to the below-described increase in Sapiens&#8217; revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sapiens:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
revenues increased by $78.1 million, or 20.4%, to $461.0 million for the year ended December 31, 2021 from $382.9 million for the year
ended December 31, 2020. The net increase in revenues of approximately $78 million for the year ended December 31, 2021 was attributable
to Sapiens&#8217; core business growth, mainly in the P&amp;C business, as well as additional revenues from acquired entities, which
contributed $38.7 million towards that increase, primarily from the acquisition of sum.cumo, which was completed in February 2020, the
acquisition of Delphi, which was completed in July 2020, and the acquisition of Tia Technology, which was completed in November 2020,
the revenues from each of which were included for a full year in 2021 (as opposed to merely part of 2020). In 2020 and 2021, Sapiens&#8217;
largest customer accounted for 4% and 5%, respectively, of its consolidated revenues.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Michpal:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal&#8217;s
revenues reported under this revenue stream increased from $20.7 million in 2020 to $23.8 million in 2021, reflecting an increase of
15%. The increase in revenues of approximately $3.1 million for the year ended December 31, 2021 was primarily attributable to increased
demand for Michpal&#8217;s payroll and payroll-related services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Magic
Software:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s revenues, reported under this revenue stream, increased by 9% from $71.4 million in 2020 to 78.1 in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
breakdown of our overall revenues into (i) proprietary software products and related services revenues, and (ii) software services revenues
for the years ended December 31, 2020 and 2021, the percentage those respective categories of revenues constituted out of our total revenues
in those years, and the percentage change for each such category of revenues from 2020 to 2021, are provided in the below table:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">Year ended December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year-over</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">Year ended December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Revenues</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Revenues</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="18" style="text-align: center">($ in thousands)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Revenue category</td><td>&#160;</td>
    <td colspan="18" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; text-indent: -9pt; padding-left: 9pt">Proprietary software products and related services</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">509,109</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">26.58</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">24.3</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">632,986</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">26.33</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Software services</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,424,809</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">73.42</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">24.3</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,771,390</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">73.67</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,933,918</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,404,376</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues
by geographical region</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dollar amount of our revenues attributable to each of the geographical regions in which we conduct our operations for the years ended
December 31, 2020 and 2021, respectively, were as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="6" style="text-align: center">($ in thousands)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Israel</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,203,109</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,506,566</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">International:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">United States</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">501,785</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">591,794</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Europe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">189,152</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">255,680</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Africa</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,702</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,012</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Japan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,282</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,890</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Other (mainly Asia pacific)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,888</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,434</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,933,918</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,404,376</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration:underline">Cost
of Revenues</span></i></b><i>.</i> Cost of revenues consists primarily of wages, personnel expenses, other personnel-related expenses of
software consultants, subcontractors and engineers, royalties and licenses payable to third parties, amortization of capitalized software,
and hardware and other materials costs. Cost of revenues increased by 24% from $1,486.5 million in 2020 to 1,840,517 in 2021. As a percentage
of total revenues, costs of revenues in 2020 and 2021 remained relatively stable at 76.9% and 76.5%, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
proprietary software solutions and related services sales are generally characterized by a higher gross margin than sales of our software
services. The cost of revenues for proprietary software solutions and related services increased from $284.3 million in 2020 to $350.8
million in 2021. As a percentage of our proprietary software solutions and related services revenues, costs of revenues for proprietary
software solutions and related services remained relatively stable at 55.4% compared to 55.8% in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of revenues for software services increased from $1.2022 billion in 2020 to $1.4897 billion in 2021. As a percentage of software
services revenues, costs of revenues for software services in 2020 and 2021 remained relatively stable at 84.1% in 2021 compared to 84.4%
in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in our cost of revenues in 2021 was attributable in part to the inclusion of the results (and, consequently, the cost of revenues)
of the following entities in our consolidated results in 2021: (i) the first full year of Mobisoft Ltd., (consolidated upon acquisition
by Magic Software as of July 2020), (ii) the first full year of Gestetnertec Ltd. (consolidated upon acquisition by Matrix as of July
2020), (iii) the first full year of Delphi Technology Inc. (consolidated upon acquisition by Sapiens as of August 2020), (iv) the first
full year of Stockell Information Systems, Inc. (consolidated upon acquisition by Magic Software as of September 2020), (v) the first
full year of Thor Denmark Holding ApS (consolidated upon acquisition by Sapiens as of December 2020), (vi) the first full year of RightStar
Inc. (consolidated upon acquisition by Matrix as of November 2020), (vii) the first-time inclusion of Y.G. Soft IT Ltd (consolidated
upon acquisition by Magic Software as of January 2021), (viii) the first-time inclusion of EnableIT, LLC., and Menarva Ltd., (consolidated
upon acquisition by Magic Software as of April 2021), (ix) the first-time inclusion of SQ Service Quality Ltd., A. A. Engineering Ltd.,
and I.T.D. Group Ltd. (consolidated upon acquisition by Matrix as of April 2021), (x) the first-time inclusion of AVB Technologies Ltd.,
(consolidated upon acquisition by Matrix as of October 2021) and (xi) the first-time inclusion of Zap Group (consolidated upon acquisition
by Formula as of April 2021).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in our cost of revenues in 2021 was also attributable to the following increases involving Matrix, Sapiens and Magic Software:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Matrix:</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
cost of revenues increased by 13.3%, when measured in NIS, Matrix&#8217;s local currency, from NIS 3.2911 billion (approximately $957.5
million) in 2020 to NIS 3.7297 billion (approximately $1.1553 billion) in 2021. The increase in absolute cost of revenues was primarily
attributable to costs related to Matrix&#8217;s organic growth, as well as additional costs related to entities acquired in 2020, which
were included for a full year for the first time in 2021, and entities acquired in 2021, which were included for the first time in 2021.
The level of Matrix&#8217;s cost of revenues as a percentage of its revenues remained relatively stable in recent years at 85.4% in 2020
and 85.5% in 2021 (when measured in NIS).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
cost of revenues for each of the years ended December 31, 2020 and 2021 does not include amounts of stock-based compensation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>Sapiens:</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
cost of revenues increased by $46.3 million, or 20.7%, to $270.1 million for the year ended December 31, 2021, as compared to $223.8
million for the year ended December 31, 2020. The increase in absolute cost of revenues of $46.3 million was primarily attributable to
costs related to Sapiens&#8217; organic growth, as well as additional costs related to entities acquired in 2020, which were included
for a full year for the first time in 2021. The cost of revenues expenses was mainly comprised of compensation expense to employees and
subcontractors in an amount of $212.9 million, or 77.9% of the total cost of revenues for the year. Cost of revenues amounted to 58.6%
as a percentage of Sapiens&#8217; revenues during the year ended December 31, 2021, compared to 58.5% for the year ended December 31,
2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
cost of revenues for each of the years ended December 31, 2020 and 2021 does not include amounts of stock-based compensation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8216;<b>Magic
Software:</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s cost of revenues increased by 32.3% from $265.3 million in 2020 to $351.1 million in 2021. The increase in absolute
cost of revenues was primarily attributable to costs related to Magic Software&#8217;s organic growth, as well as additional costs related
to entities acquired in 2020, which were included for a full year for the first time in 2021 and entities acquired in 2021, which were
included for the first time in 2021. The increase in the cost of revenues as a percentage of Magic Software revenues from 71.5% in 2020
to 73.1% in 2021 was primarily attributable to the change in Magic Software&#8217;s revenue mix related to its software solutions, which
carry a higher gross margin, versus its professional services, which carry a lower gross margin, and in favor of its professional services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues for each of the years ended December 31, 2020 and 2021 does not include amounts of stock-based compensation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Operating
Expenses</span></b>:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration:underline">Research
and Development Expenses, net</span></i></b><i>. </i>Research and development, or R&amp;D, expenses consist primarily of wages and related
expenses and, to a lesser degree, consulting fees that we pay to employees and independent contractors, respectively, engaged in research
and development.&#160;Research and development expenses, net, consist of research and development expenses, gross, less capitalized software
costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses, gross, increased from $61.9 million in 2020 to $77.6 million in 2021, mainly due to: (i) Sapiens&#8217; R&amp;D
expenses for entities acquired during 2020 (which were included for a full year for the first time in 2021), which accounted for $8.5
million more of R&amp;D expenses in 2021 in comparison to 2020. Moreover, the increase can further be attributed to Sapiens investment
in R&amp;D during 2021, particularly in its P&amp;C and Digital offerings. (ii) Michpal&#8217;s investment in R&amp;D during 2021 in
an amount of $3.5 million compared to $2.7 million in 2020. In 2021, we capitalized software costs of $11.7 million, compared to $9.3
million, in 2020. Capitalization of software costs in 2020 and 2021 was attributable to our subsidiaries engaged in providing proprietary
software solutions (i.e., Magic Software and certain of its subsidiaries, Sapiens and certain of its subsidiaries, and Michpal and certain
of its subsidiaries). Research and development expenses, net, increased from $52.6 million in 2020 to $65.9 million in 2021, mainly due
to the factors described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 100; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a percentage of revenues,
research and development expenses, net, remained the same in 2021 as in 2020 at 2.7%. Research and development expenses for the years
ended December 31, 2021 and 2020 do not include amounts of stock-based compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Selling, Marketing
General and Administrative Expenses</span></i></b>. Selling, marketing, general and administrative, or SMG&amp;A, expenses consist primarily
of cost of salaries, severance and related expenses of sales, marketing, management and administrative employees, travel expenses, selling
expenses, rent, utilities, communications expenses, expenses related to external consultants, depreciation, amortization and other expenses.
Selling, marketing, general and administrative expenses increased from $224.2 million in 2020 to $290.0 million in 2021. As a percentage
of revenues, SMG&amp;A increased from 11.6% in 2020 to 12.1% in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The increase in the cost
of SMG&amp;A was mainly attributable to the increase in (i) Sapiens&#8217; cost of SMG&amp;A from $70.0 million in 2020 to $77.2 million
in 2021 (in each case, when measured in accordance with IFRS). The increase can further be attributed to an increase in Sapiens acquisition-related,
stock-based compensation and legal expenses in the amount of $3.1 million. Furthermore, the impact of COVID-19 resulted in a one-time
loss contingency associated with Sapiens newly leased facility in India in the amount of $2.2 million, as well as (ii) an increase in
Matrix&#8217;s cost of SMG&amp;A by $13.5 million, in 2021 compared to 2020, of which $5.6 million resulted from the devaluation of the
dollar compared to the NIS and an increase in amortization expenses of intangible assets recorded by Matrix from $5.3 million in 2020
to $6.3 million in 2021 (iii) an increase of $20.0 million resulting from the first time inclusion of Zap Group (consolidated upon acquisition
by Formula as of April 2021), (iv) an increase in Magic Software&#8217;s SMG&amp;A from $56.6 million in 2020 to $68.1 million in 2021
which can mainly be attributed to (A) cost-saving measures taken in 2020 with respect to the COVID-19 business disruption that did not
repeat in 2021, (B) inclusion for a full year for the first time in 2021 of entities acquired in 2020 and inclusion for the first time
in 2021 of entities acquired in 2021, (C) increase in valuation of contingent consideration costs recorded by Magic Software from $1.1
million in 2020 to $2.5 million in 2021 and (D) increase in directors and officers insurance costs from $0.4 million in 2020 to $0.9 million
in 2021, with the remaining increase in the overall SMG&amp;A is in line with the increase in our revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated stock-based
compensation expenses recorded under selling, marketing general and administrative expenses for the years ended December 31, 2020 and
2021 amounted to $7.9 million and $14.8 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Matrix:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix&#8217;s SMG&amp;A
expenses increased to $93.3 million for the year ended December 31, 2021 compared to $79.8 million for the year ended December 31, 2020,
representing an increase of $13.5 million. This increase was mainly attributable to: (a) amortization costs of intangible assets, which
amounted to 6.3 in 2021 compared to $5.3 million in 2020, as a result of the inclusion for a full year for the first time in 2021 of entities
acquired in 2020 and inclusion for the first time in 2021 of entities acquired in 2021 and (b) increase of $5.6 million resulted from
the devaluation of the dollar compared to the NIS, with the remaining increase recorded consistently with the increase in Matrix&#8217;s
revenues. As a percentage of Matrix revenues, Matrix&#8217;s SMG&amp;A expenses, decreased from 7.1% in 2020 to 6.9% in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Matrix stock-based compensation
expenses recorded under selling, marketing general and administrative expenses for the years ended December 31, 2020 and 2021 amounted
to $2.2 million and $1.0 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sapiens:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens&#8217; SMG&amp;A
expenses, which are primarily comprised of compensation expenses for employees and subcontractors, were $76.3 million for the year ended
December 31, 2021 compared to $69.6 million in the year ended December 31, 2020, representing an increase of $6.7 million. The increase
was mainly attributable to the SG&amp;A expenses of entities acquired during 2020 (which were included for a full year for the first time
in 2021), which accounted for $3.9 million more of SG&amp;A expenses in 2021 in comparison to 2020. The remainder of the SG&amp;A increase
was mainly attributable to Sapiens&#8217; selling expenses. As a percentage of total revenues, Sapiens&#8217; SG&amp;A decreased from
18.2% in the year ended December 31, 2020, to 16.6% for the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens stock-based compensation
expenses recorded under selling, marketing general and administrative expenses for the years ended December 31, 2020 and 2021 amounted
to $4.3 million and $5.4 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 101; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Magic Software:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s SMG&amp;A
expenses decreased to $68.1 million for the year ended December 31, 2021 compared to $56.6 million for the year ended December 31, 2020,
representing an increase of $11.5 million. This increase was partially attributable to (A) cost-saving measures taken in 2020 with respect
to the COVID-19 business disruption that did not repeat in 2021, (B) inclusion for a full year for the first time in 2021 of entities
acquired in 2020 and inclusion for the first time in 2021 of entities acquired in 2021 (C) increase in valuation of contingent consideration
costs recorded by Magic Software from $1.1 million in 2020 to $2.5 million in 2021 and (D) increase in directors and officers insurance
costs from $0.4 million in 2020 to $0.9 million in 2021, with the remaining increase in the overall SMG&amp;A is in line with the increase
in our revenues</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software&#8217;s stock-based
compensation expenses recorded under selling, marketing general and administrative expenses for the years ended December 31, 2020 and
2021 amounted to $0 million and $1.0 million, respectively.&#8217;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Operating Income</span></i></b>.
Our operating income increased from $170.6 million in 2020 to 208.0 in 2021. As a percentage of revenues, our operating income remained
stable and changed from 8.8% in 2020 to 8.7% in 2021. The increase in our operating income during the year ended December 31, 2021 relative
to the year ended December 31, 2020 as an absolute amount was attributable to the various gross profit and operating expenses trends described
above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Financial Expenses,
net</span></i></b>. Financial expenses increased from $29.4 million in 2020 to $30.0 million in 2021. Financial expenses, net decreased from
$26.9 million in 2020 to 24.0 in 2021. Financial expenses are influenced by various factors, including: our cash balances; loan balances;
outstanding debentures; changes in liabilities related to business combinations; changes in the exchange rate of the NIS against the dollar;
changes in the exchange rate of the dollar against the Euro; and changes in the Israeli consumer price index, or CPI.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decrease in net financial
expenses in 2021 was primarily attributable to an increase in financial income resulting from Sapiens currency hedging transactions, which
generated financial income of $3.3 million in 2021 compared to $0.1 million in 2020.&#8217;; &#8217;&#8217;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Taxes on Income</span></i></b>.
Taxes on income increased from $31.3 million in 2020 to $42.6 million in 2021, in line with the increase in our income before taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Equity in gains
of affiliated companies net</span></i></b><i>. </i>Our equity in gains of affiliated companies, net, decreased from $1.5 million in 2020
to $0.5 million in 2021. Our equity in gains of affiliates in 2021 was mainly attributable to TSG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Net income attributable
to non-controlling interests</span></i></b>. Net income attributable to non-controlling interests includes the non-controlling interests
held by other shareholders in our consolidated companies, which were not wholly owned by Formula during each of the periods indicated.
Net income attributable to non-controlling interests increased from $67.2 million in 2020 to $54.5 million in 2021, mainly due to: (i)
the increase in Sapiens&#8217; net income attributable to its shareholders, from $33.0 million of net income attributable to its shareholders
during the year ended December 31, 2020 to $45.6 million net income attributable to its shareholders during the year ended December 31,
2021; (ii) the increase in Matrix net income attributable to its shareholders from $48.2 million recorded during the year ended December
31, 2020 to $60.6 million recorded during the year ended December 31, 2021; (iii) the increase in Magic Software net income attributable
to its shareholders from $24.3 million recorded during the year ended December 31, 2020 to $29.8 million recorded during the year ended
December 31, 2021 and (iv) the [increase] in net income attributable to non-controlling interests recorded in Matrix, from $8.5 million
during the year ended December 31, 2020 to 11.3 during the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impact of Inflation and Currency Fluctuations
on Results of Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial statements
are stated in U.S. dollars. However, most of our revenues and expenses from our software services revenue line are denominated in NIS
and a substantial portion of our revenues and costs from our proprietary software products and related services revenue line are incurred
in other currencies, particularly NIS, Euros, Japanese yen, Indian rupee and the British pound. We also maintain substantial non-U.S.
dollar balances of assets, including cash, accounts receivable, and liabilities, including accounts payable, debentures and debt to financial
institutions Therefore, fluctuations in the value of the currencies in which we do business relative to the U.S. dollar may adversely
affect our business, results of operations and financial condition. For financial reporting purposes, we translate all non-U.S. dollar
denominated transactions into dollars using the average exchange rate over the period during which the transactions occur, in accordance
with IFRS. Therefore, we are exposed to the risk that the devaluation of the NIS relative to the U.S. dollar may reduce the revenue growth
rate and profitability for our software services in dollar terms. The average of the daily representative exchange rates of the NIS to
the dollar in 2020 and 2021, as reported by the Bank of Israel, was NIS 3.4367 per US$1 and NIS 3.2293, respectively. Consequently, this
trend slightly increased the dollar value of our NIS- based revenues and profitability for our Israeli software services in 2021 relative
to 2020. On the other hand, a significant portion of our revenues from proprietary software products and related services is currently
mainly denominated in U.S dollars, Euros, Japanese yen, Indian rupee and the British pound, whereas a substantial portion of our expenses
relating to those products, principally salaries and related personnel expenses, are denominated in NIS. As a result, the devaluation
of the Euro, Japanese yen, Indian rupee and the British pound relative to the U.S. dollar (in which our financial results are reported)
reduces the revenue growth rate and profitability for our proprietary software products and related services in dollar terms, thereby
adversely affecting our operating results. From the perspective of expenses (and contrary to the trend involving software services), the
devaluation of the NIS relative to the dollar, decreases the relative value, in U.S. dollars, of the NIS-denominated operating costs related
to our proprietary software product revenues. That, therefore, increases our profitability and partially compensates for the negative
effect that this movement has on our revenues and our profitability from our software services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since most of our expenses
are incurred in NIS, the dollar cost of our operations also rises as a result of any increase in the rate of inflation in Israel, to the
extent that such inflation is not offset, or is only offset on a lagging basis, by the devaluation (if any) of the NIS against the dollar
during a relevant period of time. The average Israeli rate of inflation on an annual basis amounted to 0.6%, (0.7%), and 2.8% for the
years ended December 31, 2019, 2020 and 2021, respectively. In 2019, 2020 and 2021, the NIS appreciated relative to the U.S dollar, whereas
in 2018 the NIS devaluated against the dollar (in each case, based on average of the daily representative exchange rates). Therefore,
in 2019, 2020 and 2021, the appreciation of the NIS relative to the dollar increased the cost of our operations. In 2018, the depreciation
of the NIS relative to the dollar reduced the dollar cost of our operations, despite the increase that would have otherwise been caused
by the rise in inflation in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An increase in the rate
of inflation in Israel may also have a material adverse effect on our financial results by increasing our operational expenses, as certain
of our operating lease and rent agreements are denominated in NIS and are generally linked to the Israeli CPI, so to the extent that the
Israeli CPI rises, so will our operational expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Though, to date, we have
not engaged in significant currency hedging transactions, we do periodically engage in certain economic hedging in order to help protect
against fluctuation in foreign currency exchange rates. Instruments that we use to manage currency exchange risks may include foreign
currency forward contracts. The purpose of our foreign currency hedging activities is to reduce our exposure, from the perspective of
our profitability, to the risks that arise from the adverse impact that exchange rates bear on our revenues and expenses that are denominated
in non-U.S. currencies. Instruments are used selectively to manage risks, but there can be no assurance that we will be fully protected
against material foreign currency fluctuations. We do not use these instruments for speculative or trading purposes. In the future, we
may enter into more or larger currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange
rate of the NIS, Euro, Japanese yen or British pound against the dollar, and from increases in the Israeli inflation rate. However, we
cannot assure you that these measures will adequately protect us from the adverse effects of those fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following is a summary of the most relevant monetary
indicators for the reported periods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December&#160;31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Inflation rate <br/> in Israel</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Devaluation<br/>
(appreciation)&#160;of NIS <br/> against&#160;the US$*</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Devaluation<br/>
(appreciation) of Euro <br/> against the US$*</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">%</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">%</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">%</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 24%; text-align: center">2019</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 22%; text-align: right">0.6</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 22%; text-align: right">(7.8</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 22%; text-align: right">2.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: center">2020</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.7</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7.0</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9.3</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">2021</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3.2</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.7</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
the change in the daily exchange rate from the start of such year until the end of such year rather than the change in the average daily
exchange rate over the course of that year relative to the previous year.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Effective Corporate Tax Rates in Israel</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tax regulations have a material
impact on our business, particularly in Israel where we have our headquarters. The following is a summary of some of the current tax law
applicable to companies in Israel, with special reference to its effect on us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Tax </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, Israeli companies
are subject to corporate tax on their taxable income. As of 2018 and thereafter, the corporate tax rate is 23%. However, the effective
tax rate payable by a company that derives income from an AE, BE, PFE or a PTE, in each case, as defined and further discussed below,
may be considerably lower. See &#8220;Law for the Encouragement of Capital Investments&#8221; in this Item 5.A below. In addition, Israeli
companies are currently subject to regular corporate tax rate on their capital gains.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Besides being subject to
the general corporate tax rules in Israel, certain of our Israeli subsidiaries have also, from time to time, applied for and received
certain grants and tax benefits from, and participate in, programs sponsored by the Government of Israel, as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Non-Israeli Subsidiaries Held
by an Israeli Parent Company</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-Israeli subsidiaries
of an Israeli parent company are generally subject to tax in their countries of residence under tax laws applicable to them in such countries.
Such subsidiaries could also be subject to Israeli corporate tax on their income if they were to be managed and controlled from Israel.
In such case, double taxation could ensue unless an applicable tax treaty provides applicable rules for relief from double taxation or
such relief is available under internal law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An Israeli parent company
may also be required to include in its income on a current basis, as a deemed dividend, certain income derived by its subsidiaries under
the Israeli Controlled Foreign Corporation rules, or CFC, regardless of whether such income is distributed or not. Under these rules,
a non-Israeli subsidiary is considered to be a CFC, if, among other things, (i) a majority of the subsidiary&#8217;s means of control
are held by Israeli residents, (ii) most of its revenues or income is passive (such as interest, dividends, royalties, rental income or
income from capital gains) and (iii) such income is taxed at a rate that does not exceed 15%. An Israeli parent company that is subject
to Israeli taxes on such deemed dividend income, may generally receive a credit for foreign taxes paid by its subsidiaries in their country
of residence and for deemed foreign taxes to be withheld upon the actual distribution of such income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Law for the Encouragement of Industry (Taxes),
5729-1969</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Law for the Encouragement
of Industry (Taxes), 5729-1969 (the &#8220;<b>Industry Encouragement Law</b>&#8221;) provides several tax benefits for an &#8220;Industrial
Company.&#8221; Pursuant to the Industry Encouragement Law, a company qualifies as an Industrial Company if it is an Israeli resident
company which was incorporated in Israel and at least 90% of its income in any tax year (other than income from certain government loans)
is generated from an &#8220;Industrial Enterprise&#8221; that it owns and is located in Israel or in the &#8220;Area,&#8221; in accordance
with the definition under Section 3A of the Israeli Income Tax Ordinance (New Version) 1961, or the Ordinance. An &#8220;Industrial Enterprise&#8221;
is defined as an enterprise whose major activity, in a given tax year, is industrial production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An Industrial Company is
entitled to certain tax benefits, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization of the cost of the purchases of patents, or the right to use a patent or know-how used for the development or promotion of the Industrial Enterprise, over an eight-year period commencing on the year in which such rights were first exercised;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to elect, under certain conditions, to file a consolidated tax return together with Israeli Industrial Companies controlled by it; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses related to a public offering are deductible in equal amounts over three years beginning from the year of the offering.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eligibility for benefits
under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that certain
of our Israeli subsidiaries and affiliate currently qualify as Industrial Companies within the definition under the Industry Encouragement
Law. We cannot assure you that they will continue to qualify as Industrial Companies or that the benefits described above will be available
in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Law for the Encouragement of Capital Investments,
5719-1959</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Law for the Encouragement
of Capital Investments, 5719-1959, or the Investment Law, provides certain incentives for capital investments in a production facility
(or other eligible assets). Generally, an investment program that is implemented in accordance with the provisions of the Investment Law,
referred to as an Approved Enterprise, or AE, a Benefitted Enterprise, or BE, or a Preferred Enterprise, or PFE, or a Preferred Technological
Enterprise, or PTE, or a Special Preferred Technological Enterprise, or SPTE is entitled to benefits as discussed below. These benefits
may include cash grants from the Israeli government and tax benefits, based upon, among other things, the geographic location in Israel
of the facility in which the investment is made. In order to qualify for these incentives, an AE, BE, PFE, PTE or SPTE is required to
comply with the requirements of the Investment Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investment Law has been
amended several times over the recent years, with the three most significant changes effective as of April 1, 2005 (referred to as the
2005 Amendment), as of January 1, 2011 (referred to as the 2011 Amendment) and as of January 1, 2017 (referred to as the 2017 Amendment).
Pursuant to the 2005 Amendment, tax benefits granted in accordance with the provisions of the Investment Law prior to its revision by
the 2005 Amendment remain in force but any benefits granted subsequently are subject to the provisions of the amended Investment Law.
Similarly, the 2011 Amendment introduced new benefits instead of the benefits granted in accordance with the provisions of the Investment
Law prior to the 2011 Amendment. However, companies entitled to benefits under the Investment Law as in effect up to January 1, 2011 were
entitled to choose to continue to enjoy such benefits, provided that certain conditions are met, or elect instead, irrevocably, to forego
such benefits and elect the benefits of the 2011 Amendment. The 2017 Amendment introduces new benefits for Technological Enterprises,
alongside the existing tax benefits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax benefits under the 2011 Amendment that
became effective on January 1, 2011.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2011 Amendment canceled
the availability of the benefits granted in accordance with the provisions of the Investment Law prior to 2011 and, instead, introduced
new benefits for income generated by a &#8220;Preferred Company&#8221; through its PFE (as such terms are defined in the Investment Law)
as of January 1, 2011. A Preferred Company is defined as either (i) a company incorporated in Israel which is not wholly owned by a governmental
entity or (ii) a limited partnership that (a) was registered under the Israeli Partnerships Ordinance and (b) all of its limited partners
are companies incorporated in Israel, but not all of them are governmental entities; which has, among other things, PFE status and is
controlled and managed from Israel. Pursuant to the 2011 Amendment, a Preferred Company is entitled to a reduced corporate tax rate of
15% with respect to its preferred income, or PFI, attributed to its PFE in 2011 and 2012, unless the PFE is located in a certain development
zone, in which case the rate will be 10%. Such corporate tax rate was reduced to 12.5% and 7%, respectively, in 2013 and was increased
to 16% and 9%, respectively, in 2014 until 2016. Pursuant to the 2017 Amendment, in 2017 and thereafter, the corporate tax rate for a
PFE that is located in a specified development zone was decreased to 7.5%, while the reduced corporate tax rate for other development
zones remains 16%. Income derived by a Preferred Company from a Special PFE (as such term is defined in the Investment Law) would be entitled,
during a benefits period of 10 years, to further reduced tax rates of 8%, or 5% if the Special PFE is located in a certain development
zone. As of January 1, 2017, the definition for Special PFE includes less stringent conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The classification of income
generated from the provision of usage rights in know-how or software that were developed in a PFE, as well as royalty income received
with respect to such usage, is subject, as PFE income, to the issuance of a pre-ruling from the Israel Tax Authority, or ITA, that stipulates
that such income is associated with the productive activity of the PFE in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid out of PFI
attributed to a PFE or to a Special PFE are generally subject to withholding tax at source at the rate of 20% or such lower rate as may
be provided in an applicable tax treaty (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced
tax rate). However, if such dividends are paid to an Israeli company, no tax is required to be withheld (although, if such dividends are
subsequently distributed to individuals or a non-Israeli company, withholding tax at a rate of 20% or such lower rate as may be provided
in an applicable tax treaty will apply). From 2017 to 2019, dividends paid out of PFI attributed to a PFE, directly to a foreign parent
company, were subject to withholding tax at source at the rate of 5% (temporary provisions).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens has received a new
tax ruling from the ITA valid until December 31, 2022, according to which dividends paid to Israeli shareholders who are individuals and
to non-Israeli shareholders (individuals and corporations) will be subject to withholding tax at source at the rate of 25% and in the
case of Israeli resident corporations&#8212; 0%, regardless of the source of the dividends. We cannot guarantee that the tax ruling will
be extended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2011 Amendment also
provided transitional provisions to address companies already enjoying current benefits under the Investment Law. These transitional provisions
provide, among other things, that unless an irrevocable request is made to apply the provisions of the Investment Law as amended in 2011
with respect to income to be derived as of January 1, 2011: (i) the terms and benefits included in any certificate of approval that was
granted to an AE, which chose to receive grants, before the 2011 Amendment became effective, will remain subject to the provisions of
the Investment Law as in effect on the date of such approval, and subject to certain conditions; and (ii) the terms and benefits included
in any certificate of approval that was granted to an AE, that had participated in an alternative benefits program, before the 2011 Amendment
became effective, will remain subject to the provisions of the Investment Law as in effect on the date of such approval, provided that
certain conditions are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2011, Magic and one of
its Israeli subsidiaries filed a notice to the Israeli tax authorities to apply for the new benefits under the 2011 Amendment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, certain of Sapiens&#8217;
Israeli subsidiaries that had tax-exempt profits, filed a notice to the Israeli tax authorities to apply for the new benefits under the
2011 Amendment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 15, 2021, the
Economic Efficiency Law (Legislative Amendments for Achieving Budget Targets for the 2021 and 2022 Budget Years), 2021, which we refer
to as the Economic Efficiency Law, was enacted. This law established a temporary order, or the Temporary Order, allowing Israeli companies
to release tax-exempt earnings, which we refer to as trapped earnings or accumulated earnings, that had accumulated until December 31,
2020, through a mechanism established for a reduced corporate income tax rate applicable to those earnings. In addition to reducing the
corporate income tax (or CIT) rate, the Economic Efficiency Law amended Article 74 of the Investment Law, whereby effective from August
15, 2021, for any dividend distribution (including a dividend specified in Article 51B of the Investment Law) by a company which has trapped
earnings, there is a requirement to allocate a portion of that distribution to the trapped earnings. Under the Temporary Order, the reduction
of CIT applies to earnings that are released (with no requirement for an actual distribution) within a period of one year from the date
of enactment of the Temporary Order. The reduction in the CIT is dependent on the proportion of the trapped earnings that are released
relative to the total trapped earnings, and on the foreign investment percentage in the years the earnings were generated. Consequently,
the larger the proportion of the trapped earnings that are released, the lower the tax in respect of the distribution. The minimum tax
rate is 6%. Further, a company that elects to pay a reduced CIT is required to invest in its industrial enterprise a designated amount
in accordance with the Economic Efficiency Law within a period of five years commencing from the tax year in which the election is made.
The designated investment should be utilized for the acquisition of production assets, and/or investments in research and development
and/or compensation to additional new employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, Sapiens elected
to benefit from the Temporary Order and pay the reduced CIT as per the provisions of the Economic Efficiency Law in respect of its total
accumulated tax-exempt earnings amounting to NIS 109 million (approximately $35.3 million), and accordingly our deferred tax liability
includes an amount of $3.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New Tax benefits under the 2017 Amendment
that became effective on January 1, 2017</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2017 Amendment provides
new tax benefits for two types of Technology Enterprises, as described below, and is in addition to the other existing tax beneficial
programs under the Investment Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2017 Amendment provides
that a technology company satisfying certain conditions will qualify as a PTE, and will thereby enjoy a reduced corporate tax rate of
12% on income that qualifies as Preferred Technology Income, or PTI, as defined in the Investment Law. The tax rate is further reduced
to 7.5% for a PTE located in development zone A. In addition, a Preferred Technology Company will enjoy a reduced corporate tax rate of
12% on capital gain derived from the sale of certain Benefited Intangible Assets (as defined in the Investment Law).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2017 Amendment further
provides that a technology company satisfying certain conditions will qualify as an SPTE (an enterprise for which, among others, total
consolidated revenues of its parent company and all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate
tax rate of 6% on PTI regardless of the company&#8217;s geographic location within Israel. In addition, an SPTE will enjoy a reduced corporate
tax rate of 6% on capital gain derived from the sale of certain &#8220;Benefited Intangible Assets&#8221; to a related foreign company
if the Benefited Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company
on or after January 1, 2017, and the sale received prior approval from IIA. An SPTE that acquires Benefitted Intangible Assets from a
foreign company for more than NIS 500 million will be eligible for these benefits for at least ten years, subject to certain approvals
as specified in the Investment Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends distributed by
a PTE or a Special PTE, paid out of PTI, are generally subject to withholding tax at source at the rate of 20% or such lower rate as may
be provided in an applicable tax treaty (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced
tax rate). However, if such dividends are paid to an Israeli company, no tax is required to be withheld (although, if such dividends are
subsequently distributed from such Israeli company to individuals or a non-Israeli company, withholding tax at a rate of 20% or such lower
rate as may be provided in an applicable tax treaty will apply). If such dividends are distributed to a foreign company that holds solely
or together with other foreign companies 90% or more in the Israeli company and other conditions are met, the withholding tax rate will
be 4% (or a lower rate under a tax treaty, if applicable, subject to the receipt in advance of a valid certificate from the ITA allowing
for a reduced tax rate).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We examined the impact of
the 2017 Amendment and the degree to which certain of our Israeli subsidiaries will qualify as a PTE or SPTE, and the amount of PTI that
we may have, or other benefits that we may receive, from the 2017 Amendment. Beginning in 2017, part of our Group&#8217;s taxable income
in Israel is entitled to a preferred 12% tax rate under the 2017 Amendment. In addition, from 2019 onwards, certain of our Israeli subsidiaries
are considered an SPTE and are entitled to an SPTE tax rate of 6%, as described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax Benefits for Research and Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Israeli tax law allows,
under certain conditions, a tax deduction for research and development expenditures, including capital expenditures, for the year in which
they are incurred. Such expenditures must relate to scientific research and development projects, and must be approved by the relevant
Israeli government ministry, determined by the field of research. Furthermore, the research and development must be for the promotion
of the company&#8217;s business and carried out by or on behalf of the company seeking such tax deduction. However, the amount of such
deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific research
and development projects. Expenditures not so approved by the relevant Israeli government ministry, but otherwise qualifying for deduction,
are deductible over a three-year period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since inception, we have
financed our growth and business primarily through cash provided by operations and through public debt and equity offerings, as well as
through private and public debt and equity offerings of our subsidiaries. In addition, we finance our business operations through short-term
and long-term loans and borrowings available under our credit facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current Outlook</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had cash and cash equivalents
and short-term investments (including marketable securities) of $533.2 million and $512.5 million as of December 31, 2020 and 2021, respectively.
At December 31, 2020 and 2021, we had indebtedness to banks and others, including debentures, of $545.3 million and $586.4 million, respectively,
of which $161.9 million and $224.2 million were current liabilities and $383.4 million and $362.3 million were long-term liabilities as
of those respective dates. Included in the balance of our indebtedness to banks and others as of December 31, 2021, Formula standalone
had indebtedness of $33.7 million and $121.0 million, in the aggregate, outstanding under Formula&#8217;s secured debentures (Series A
and Series C, respectively) which Formula sold in public offerings in Israel in September 2015 (extended in January 2018) and March 2019
(extended in April 2021), in each case, as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had cash and cash equivalents
that were held outside of Israel and that would have been subject to income taxes if distributed as a dividend as of December 31, 2020
and 2021 in amounts of $87.3 million and $61.8 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sources of Financing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>September 2015 Public Offering</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2015, Formula
consummated a public offering of debentures in Israel. The two series of debentures issued by Formula in the public offering consisted
of one series of debentures&#8212; the Series A Secured Debentures&#8212; that is secured by liens on the shares of Formula&#8217;s subsidiaries
(Matrix, Sapiens and Magic Software), and a second series&#8212; the Series B Convertible Debentures&#8212; that was convertible into
ordinary shares of Formula. Both series of debentures were listed for trading only on the TASE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the public offering,
Formula issued and sold a total amount of NIS 227,260,000 ($58,2 million) par value of the debentures, which were subdivided into the
following respective amounts of Series A Secured Debentures and Series B Convertible Debentures that were subject to the following terms:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIS 102,260,000 ($26.3 million) par value of Series A Secured Debentures were sold, which bear interest on the unpaid principal at a fixed annual rate equal to 2.8% (which may vary based on the credit rating of the debentures), which is paid on a semi-annual basis through July 2024. The principal is payable in eight equal annual installments beginning in July 2017 and ending in July 2024. The interest rate varies based on the credit rating of the Series A Secured Debentures. The net proceeds received by Formula from the issuance of the Series A Secured Debentures in September 2015 amounted to $25.9 million (net of issuance expenses).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIS 125,000,000 ($31.9 million) par value of Series B Convertible Debentures were sold at a price per debenture unit (each unit comprised of NIS 1,000 par value of debentures) of NIS 1,020. The Series B Convertible Debentures bore interest at a fixed annual rate equal to 2.74% (which was subject to adjustment based on the credit rating of the debentures). Interest was payable in one payment upon maturity of the Series B Convertible Debentures on March 26, 2019 (at which time the accrued interest constituted 10% of the principal amount of the debentures, in the aggregate). The Series B Convertible Debentures were convertible into Formula&#8217;s ordinary shares at a rate of NIS 157 ($40.03) par value of Series B Convertible Debentures per one share. The conversion rate was subject to adjustment for the issuance of bonus shares, rights and dividends. The principal amount of and interest on the Series B Convertible Debentures was subject to adjustment based on changes in the exchange rate between the NIS and the U.S. dollar relative to the exchange rate on September 8, 2015. The net proceeds received by Formula from the issuance of Series B Convertible Debentures amounted to $32.1 million (net of issuance expenses).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The gross proceeds received
by Formula from the issuance of all debentures in September 2015 were approximately NIS 229.8 million ($58.6 million), in the aggregate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of conversions
that were effected during 2018 and 2019, prior to the maturity of the Series B Convertible Debentures in March 2019, holders of Series
B Convertible Debentures converted an aggregate principal (par value) amount of NIS 80.5 million (of which NIS 231,700,000 were converted
in 2018) into 545,485 ordinary shares, (of which 1,556 ordinary shares were issued in 2018), constituting 3.57% of Formula&#8217;s issued
and outstanding share capital (following those conversions). The remaining outstanding Series B Convertible Debentures matured on March
26, 2019, and the remaining outstanding principal of NIS 44.5 million ($11.4 million) and interest on those debentures of $1.1 million
were paid on that date. No Series B Convertible Debentures are outstanding as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>January 2018 Private Placement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 31, 2018, Formula
consummated a private placement to qualified investors in Israel, of an additional, aggregate NIS 150 million par value of Series A Secured
Debentures at a price of NIS 1,034.7 for each NIS 1,000 principal amount. The aggregate gross proceeds totaled NIS 155.2 million (approximately
$45.6 million), excluding issuance costs of $0.2 million. As a result of the private placement, the total outstanding principal amount
of the Series A Secured Debentures increased to approximately NIS 239.5 million (approximately $69.1 million) as of that time. The terms
of the Series A Secured Debentures sold in the private placement are identical in all respects to those of the Series A Secured Debentures
sold in Formula&#8217;s September 2015 public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>March 2019 Public Offering</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 31, 2019, Formula
consummated a public offering in Israel of a new series of secured debentures&#8212;Series C Secured Debentures&#8212; in an aggregate
NIS 300.0 million par value amount, at a price of NIS 1,000 for each unit of NIS 1,000 principal amount. The aggregate gross proceeds
from the public offering totaled NIS 300.0 million (approximately $82.6 million) excluding issuance costs of $0.9 million. The Series
C Secured Debentures are secured by liens on the shares of Formula&#8217;s subsidiaries and are listed for trading only on the TASE. Each
Series C Debenture unit bears interest at a fixed annual rate equal to 2.29%, which interest will be paid out on a semi-annual basis.
The principal amount of the Series C Debentures will be payable by Formula in seven annual installments from December 1, 2020 through
December 1, 2026, the first five of which will each constitute 11% of the principal, and the final two of which will each constitute 22.5%
of the principal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the public
offering and following the retirement of the remaining Series B Convertible Debentures, the total principal amount of all debentures&#8212;including
Series A Secured Debentures and Series C Secured Debentures&#8212;issued by Formula that remain outstanding as of March 31, 2019 constituted
NIS 505.3 million (approximately $139.1 million). The terms of the Series C Secured Debentures sold in the March 2019 public offering
are substantially similar to those of the Series A Secured Debentures sold in Formula&#8217;s September 2015 public offering and January
2018 private placement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>April 2021 Private Placement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 12, 2021, Formula
consummated a private placement to qualified investors in Israel of an additional, aggregate NIS 160 million (approximately $48.6 million)
principal amount of its non-convertible Series C Secured Debentures at a price of NIS 1,037 for each NIS 1,000 principal amount. The total
aggregate gross proceeds received by Formula from the investors was NIS 165.92 million (approximately $50.4 million), out of which NIS
1.7 million was attributed to interest payable (approximately $0.5 million). Debt premium of NIS 4.4 million (approximately $1.0 million)
net of issuance costs of NIS 0.9 million (approximately $0.3 million) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of Formula Systems Series A Secured Debentures due in 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The additional debentures
were sold by means of an increase in the outstanding principal amount of Series C Secured Debentures. As a result of this private placement,
the total outstanding principal amount of the Series C Debentures increased to approximately NIS 427 million. The Series C Secured Debentures
sold in the private placement are subject to the terms of the deed of trust, entered into in March 2019, by and between Formula, as the
issuer of the debentures, and Reznick Paz Nevo Trusts Ltd., as trustee on behalf of the debenture holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the Series
C Debentures sold in the April 2021 private placement were identical in all respects to those of the Series C Debentures sold in Formula&#8217;s
March 2019 public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General Terms of Outstanding Debentures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A Secured Debentures
and Series C Secured Debentures contain, in addition to standard terms and obligations, the following obligations on our part:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a negative pledge, subject to certain exceptions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a covenant not to distribute dividends unless: (i) shareholders&#8217; equity (not including minority interests) is at least $290 million (for the Series C Secured Debentures) or $250 million (for the Series A Secured Debentures); (ii) Formula&#8217;s consolidated net financial indebtedness (financial indebtedness net of cash, marketable securities, deposits and other liquid financial instruments) does not exceed 50% (for the Series C Secured Debentures) or 65% (for the Series A Secured Debentures) of net CAP (which is defined as financial indebtedness, net, plus shareholders equity); (iii) the amount of the distributions (including, in the case of the Series C Secured Debentures, any previous distribution starting from January 1, 2016) does not exceed that aggregated amount of the profit accrued for 2015 and 75% of profits accrued from January 1, 2016 until the distribution; (iv) no event of default shall have occurred; and (v) no material breach of obligations under the debentures shall have occurred; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial covenants, including: (i) the equity attributable to the shareholders of Formula, as reported in Formula&#8217;s annual or quarterly financial statements, will not be less than $160 million (for the Series A Secured Debentures) or $215 million (for the Series C Secured Debentures); (ii) Formula&#8217;s consolidated net financial indebtedness (financial indebtedness net of cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 65% of net CAP (which is defined as financial indebtedness, net, plus shareholders equity); (iii) for the Series C Secured Debentures, Formula&#8217;s consolidated net financial indebtedness shall not exceed five times EBITDA (which is defined as the consolidated net profit plus taxes, net financing expenses, depreciation and amortization and without expenses for employee stock option, expenses for transactions and on-time income/expenses); and (iv) at all times, Formula&#8217;s cash balance will not be less than the annual interest payment (compounded) for the unpaid principal amount of the Series C Secured Debentures or the Series A Convertible Debentures (as applicable).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to standard
events of default under the Series A Secured Debentures and Series C Secured Debentures, together with the following additional events
of default due to any of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cross default, excluding following an immediate repayment initiated in relation to the other series of debentures or other indebtedness (other than non-recourse debt) over NIS 75 million ($24.1 million as of December 31, 2021);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspension of trading of the debentures on the TASE over a period of 60 days;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to have the debentures rated over a period of 60 days;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent rating of other rating agencies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if there is a change in control without consent of the rating agency;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if Formula fails to provide additional security when the loan-to-value of the securities securing the Series A Secured Debentures or Series C Secured Debentures (as applicable) falls below the required ratio;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the existence of a real concern that Formula will not meet its material undertakings towards the debenture holders;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inclusion in Formula&#8217;s financial statements of a note regarding the existence of significant doubt as to Formula&#8217;s ability to continue as a going concern;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">breach of Formula&#8217;s undertakings regarding the issuance of additional debentures;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s failure to continue to control any of its subsidiaries; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to comply with the negative pledge covenant.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Subsidiary and Affiliate Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, our subsidiaries
and affiliated companies also maintain credit facilities with banks and other financial institutions and issue debt instruments such as
debentures in accordance with their cash requirements. These credit facilities and debentures include, inter alia, certain standard events
of defaults related to our subsidiaries&#8217; operations, which restrict their ability to: (i) undergo a change of control, (ii) distribute
dividends, (iii) incur debt or apply a floating charge on their assets, or (iv) undergo an asset sale or other change that would result
in a fundamental change in their operations. The subsidiaries&#8217; and affiliated companies&#8217; indebtedness also requires that they
comply with certain financial covenants, including maintenance of certain financial ratios related to their shareholders&#8217; equity,
total rate of debt and liabilities, minimum outstanding balance of total cash and short-term investments and operating results that are
customary for companies of their comparable size and the risk. Some of our subsidiaries&#8217; assets are pledged to the lender banks
and debenture holders. If we or any of our subsidiaries do not meet the covenants specified in our credit agreements or indentures (or
equivalent agreement with the debenture holders), and a waiver with respect to the fulfillment of such covenants has not been received
from the lender bank or representative of the debenture holders, the lender bank or debenture holders (via the action of their representative)
may foreclose on the pledged assets to satisfy a debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, Matrix, Sapiens,
Magic Software and Formula have such material credit facilities and/or debentures outstanding. The long-term debt obligations of Matrix
over NIS nominated loans bear fixed interest at an average annual rate of 1.4.0%-22.78% and floating interest over U.S dollar nominated
loans at a rate of LIBOR + 2.2%. The long-term debt obligations of Magic Software over NIS nominated loans bear fixed interest at an annual
rate of 2.0%-2.6% and floating interest over NIS dollar nominated loans at a rate of PRIME + 0.2% and LIBOR + 2.1 over U.S dollar nominated
loans. The long-term debt obligations of Sapiens bear fixed interest at an annual rate of 3.37%. These credit facilities and/or debentures
expire over a period of time that ranges from one to seven years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2021,
Matrix had aggregate short-term obligations to banks and others of NIS 484 million (approximately $155.8 million) and aggregate long-term
obligations to banks of NIS 424 million (approximately $136.4 million) under its credit facilities. As of December 31, 2021, Magic Software
had aggregate short-term obligations to banks and others of $17.1 million and aggregate long-term obligations to banks and others of $20.1
million under its credit facilities. As of December 31, 2021, Zap Group had aggregate short-term obligations to banks and others of $2.7
million and aggregate long-term obligations to banks and others of $0.8 million under its credit facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;In November 2016,
Magic Software obtained a NIS 120 million (approximately $31.4 million) loan linked to the NIS from an Israeli institution. Magic Software
intended to use the proceeds from this loan for its general corporate purposes, which may include the funding of its working capital needs
and the funding of potential acquisitions. The principal amount of the loan is payable in seven equal annual payments with the final payment
due on November 2, 2023 and bears a fixed interest rate of 2.60% per annum, payable in two semi-annually payments. The loan, which may
be prepaid under certain circumstances, is subject to various financial covenants, which mainly consist of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic Software equity will not be lower than $100 million (one hundred million U.S. dollars) at all times.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic Software cash and cash equivalent and marketable securities available for sales will not be less than $10 million (ten million U.S. dollars).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ratio of Magic Software total financial debts to total assets will not exceed 50%.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ratio of Magic Software total financial debts less cash, short-term deposits and short-term marketable securities to the annual EBITDA will not exceed 3.25 to 1.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic Software will not create any pledge on all of its property and assets in favor of any third party without the financial institution&#8217;s consent</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2017, Sapiens
issued NIS 280 million (approximately $78.3 million, net of $0.96 million of debt discount and issuance costs) principal amount of Series
B unsecured, non-convertible debentures, in a public offering and private placement in Israel. Proceeds of such offering were utilized
to repay the entire outstanding loan amount (including accrued interest) under a $40 million credit agreement to which Sapiens had been
party with HSBC Bank USA, National Association as financing for Sapiens&#8217; acquisition of StoneRiver. The outstanding principal amount
of the Sapiens Series B debentures is linked to the US dollar and bears interest at an annual rate of 3.37%, to be paid on a semi-annual
basis (on January 1 and July 1 of 2018 through 2025, with one final interest payment on January 1, 2026). The principal of the Sapiens
Series B debentures is payable in eight equal annual payments beginning on January 1, 2019, with the final payment due on January 1, 2026.
The first four principal installments for the September 2017 Series B Debentures, in amounts of $9.9 million each, were paid on January
1, 2019, 2020, 2021 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2020, Sapiens issued
additional Sapiens&#8217; Series B Debentures in an aggregate principle amount of NIS 210 million (approximately $60.4 million) through
a public offering in Israel. The gross proceeds received for the issuance of Sapiens&#8217; Series B Debentures in June 2020 were NIS
210.8 million (approximately $60.6 million), out of which approximately NIS 3.0 million was attributed to interest payable (approximately
$0.9 million). Debt discount of NIS 2.2 million (approximately $0.6 million) and issuance costs of NIS 2.3 million (approximately $0.7
million) were allocated to Sapiens&#8217; Series B Debentures and are amortized as financial expenses over the remaining term of the Sapiens
Series B Debentures due in 2026. The first two principal payments of $9.9 million each for the June 2020 Series B Debentures were made
on January 1, 2021 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 20, 2020, Sapiens
closed an underwritten follow-on public offering of 3,389,830 of its common shares at a public offering price of $29.50 per share, before
underwriting discounts and commissions. Sapiens also granted the underwriters a 30-day option to purchase up to an additional 508,474
common shares at the public offering price, less underwriting discounts and commissions, which option was exercised in full. In total,
Sapiens raised net proceeds of approximately $108.7 million from the offering, after deducting underwriting discounts and commissions
and estimated offering expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the deed of trust entered
into by Sapiens with the trustee for the holders of its Series B debentures, Sapiens undertook to maintain a number of conditions and
limitations on the manner in which it can operate its business, including limitations on its ability to undergo a change of control, distribute
dividends, incur a floating charge on its assets, or undergo an asset sale or other change that results in a fundamental change in its
operations. The deed of trust also requires Sapiens to comply with certain financial covenants, including maintenance of a minimum shareholders&#8217;
equity level and a maximum ratio of financial indebtedness to shareholders&#8217; equity, at levels that are customary for companies of
comparable size. The deed of trust furthermore provides for an upwards adjustment in the interest rate payable under the debentures in
the event that the debentures&#8217; rating is downgraded below a certain level. A breach of the financial covenants for more than two
successive quarters or a substantial downgrade in the rating of the debentures (below BBB-) could result in the acceleration of Sapiens&#8217;
obligation to repay the debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our current
cash reserves, together with cash that may be distributed to us from the ongoing operations of our subsidiaries and any credit that we
may choose to draw upon that is available under our (and our subsidiaries&#8217; and affiliated company&#8217;s) existing credit facilities
should be sufficient for our present working capital requirements for at least the next 12 months at our current level of operations.
We may consider in the future additional equity issuances, debt issuances or borrowings from banks if necessary to meet cash needs for
our growth, including if needed to consummate one or more acquisitions for consideration consisting of all or a substantial portion of
our available cash. Should we require additional financing in the future, we cannot assure you that such financing will be available on
favorable terms or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 31, 2019, Formula
reported publicly to the TASE and Israeli Securities Authority that Midroog (established in affiliation with the worldwide rating company,
Moody&#8217;s Corporation which maintains a 51% share capital interest), had upgraded its credit rating from A1+.il (issued on January
2019) to Aa3.il with stable outlook for Formula&#8217;s current series of secured debentures (Series A Secured Debentures and Series C
Secured Debentures) that are traded on the TASE and for Formula as an issuer. On April 2021, following Formula consummation of a private
placement to qualified investors in Israel of an additional, aggregate NIS 160 million (approximately $48.6 million) principal amount
of its non-convertible Series C Secured Debentures, Formula reported publicly to the TASE and Israeli Securities Authority that Midroog
maintained its credit rating of Aa3.il with stable outlook for Formula&#8217;s current series of secured debentures (Series A Secured
Debentures and Series C Secured Debentures), including the addition to its non-convertible Series C Secured Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 10, 2019, Formula
reported publicly to the TASE and Israeli Securities Authority that Standard &amp; Poor&#8217;s Maalot, or S&amp;P, (a subsidiary of S&amp;P
Global) had issued a credit rating of ilAA- for the new Series C Secured Debentures, for an aggregate principal amount of up to NIS 300.0
million (par value) that was subsequently issued and sold on March 31, 2019. That credit rating echoes the credit rating (ilAA-) for Formula&#8217;s
other current series of secured debentures (Series A Secured Debentures) that are traded on the TASE. S&amp;P&#8217;s credit rating for
Formula as an issuer remained ilA+/stable as of that report. On April 8, 2021, in connection with its private placement of additional
Series C Secured Debentures, Formula publicized rating reports published by S&amp;P with respect to Formula and its two-outstanding series
of debentures.&#160;In those reports, S&amp;P, maintained the rating of ilAA- for both series of Formula&#8217;s debentures as well as
the rating of ilA+/stable for Formula. The credit ratings are based on a number of factors and considerations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 2021, following
Formula consummation of a private placement to qualified investors in Israel of an additional, aggregate NIS 160 million (approximately
$48.6 million) principal amount of its non-convertible Series C Secured Debentures, Formula reported publicly to the TASE and Israeli
Securities Authority that S&amp;P maintained its credit rating of ilAA- for both series of Formula&#8217;s debentures as well as the rating
of ilA+/stable for Formula, including the addition to its non-convertible Series C Secured Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with Sapiens&#8217;
offering of the Series B Debentures, Sapiens received from S&amp;P a corporate credit rating and a rating for the Series B Debentures,
which S&amp;P Maalot affirmed, as of July 2018 and 2019, May 2020 and July 2021, as ilA+, with stable outlook.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of the financial
statements included in this annual report, each of Formula, Sapiens, Magic Software and Matrix were in compliance with each of their respective
financial covenants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash Provided by Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow provided by our
operating activities decreased from $286.9 million in 2020 to $209.0 million in 2021, mainly resulting from a decrease in Matrix&#8217;s
cash flow provided by operating activities from NIS 535.2 million (approximately $155.6 million) in 2020 to NIS 219.2 million (approximately
$67.9 million) in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by operating
activities in 2021 consisted primarily of the cash generated by our subsidiaries&#8217; ongoing operating activities and of net income
stemming therefrom, as adjusted for non-cash activity, including changes in operating assets and liabilities. The material upwards adjustments
in cash flow reflecting non-cash activity included adjustments due to: (i) depreciation and amortization of capitalized research and development
assets, other intangible assets (mainly customer relations), property, plants and equipment and operating right-of-use assets in an aggregate
amount of $122.2 million; (ii) an increase in liabilities in respect of business combinations in an amount of $5.3 million; (iii) stock-based
compensation expenses in an amount of $14.8 million; (iv) an increase in value of short-term and long-term loans from bank and others
and deposits, net in an aggregate amount of $2.0 million; (v) an increase in trade payables in an amount of $40.1 million; (vi) a decrease
in other current and long-term accounts receivable in an amount of $20.1 million; (vii) a decrease in inventories in an amount of $4.6
million and (viii) an increase in other accounts payable and employees and payroll accrual in an amount of $7.3 million, offset in part
by an increase in trade receivables in an amount of $150.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow provided by operating
activities in 2021 was primarily comprised of NIS 219.2 million (approximately $67.9 million) provided by Matrix, $80.5 million provided
by Sapiens, $38.4 million provided by Magic Software, $6.3 million provided by Michpal, $1.1 million provided by Ofek and approximately
$6.9 million provided by Zap Group, offset by $1.0 million used by Insync and $6.2 million used by Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by operating
activities in 2020 consisted primarily of the cash generated by our subsidiaries&#8217; ongoing operating activities and of net income
stemming therefrom, as adjusted for non-cash activity, including changes in operating assets and liabilities. The material upwards adjustments
in cash flow reflecting non-cash activity included adjustments due to: (i) depreciation and amortization of capitalized research and development
assets, other intangible assets (mainly customer relations), property, plants and equipment and operating right-of-use assets in an aggregate
amount of $95.5 million; (ii) an increase in employee benefit liabilities in an amount of $1.2 million; (iii) stock-based compensation
expenses in an amount of $7.8 million; (iv) an increase in value of short-term and long-term loans from bank and others and deposits,
net in an aggregate amount of $5.5 million; (v) a decrease in trade receivables in an amount of $23.3 million; and (vi) an increase in
other accounts payable and employees and payroll accrual in an amount of $34.9 million;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow provided by operating
activities in 2020 was primarily comprised of NIS 535.2 million (approximately $155.6 million) provided by Matrix, $65.3 million provided
by Sapiens, $57.1 million provided by Magic Software, $10.4 provided by Michpal, $5.0 provided by Ofek and approximately $0.2 million
provided by Insync, offset by $6.6 million used by Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash Used by or Provided by Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow used by financing
activities was $110.7 million in 2021, compared to cash flow provided by financing activities in an amount of $9.9 million in 2020, mainly
reflecting the cumulative effect of the following financing-related transactions that occurred over the course of those years:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Year Ended December 31, 2021</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 40.0 million (approximately $11.9 million), of which $6.1 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2021, Magic Software
declared a cash dividend to its shareholders in an aggregate amount of $10.3 million, of which $5.6 million was paid to non-controlling
interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2021, Sapiens declared
a cash dividend to its shareholders in an aggregate amount of $20.3 million, of which $11.4 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 36.3 million (approximately $11.1 million), of which $5.7 million was
paid to non-controlling interests in June 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 37.6 million (approximately $11.7 million), of which $6.0 million was
paid to non-controlling interests in September 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, Magic Software
declared a cash dividend to its shareholders in an aggregate amount of $11.5 million, of which $6.3 million was paid to non-controlling
interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2021, Matrix
declared a cash dividend to its shareholders in an aggregate amount of NIS 32.5 million (approximately $10.2 million), of which $5.2 million
was paid to non-controlling interests in November.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, net cash used
by financing activities in 2021 was attributable to: (i) a dividend to Formula&#8217;s shareholders in an amount of $22.1 million; (ii)
repayment of long-term loans from banks and others in an amount of $84.2 million; (iii) repayment of debentures in an amount of $47.0
million; (iv) repayment of lease liabilities in an amount of $44.1 million; and (v) dividends paid to non-controlling interests in subsidiaries
in an amount of $63.0 million; offset in part by (a) an increase in short-term bank credit, net in an amount of $36.3 million; (b) receipt
of long-term loans from banks and others in an amount of $62.7 million; and (c) proceeds from issuance of debentures, net in an amount
of $50.3 million (mainly gross proceeds received by Formula for the issuance of the additional Series C Secured Debentures).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Year Ended December 31, 2020</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 35.4 million (approximately $9.8 million), of which $5.0 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 29.2 million (approximately $8.5 million), of which $4.3 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Magic Software
declared a cash dividend to its shareholders of $0.08 per share (or approximately $3.9 million, in the aggregate), which was paid during
June 2020, of which $2.1 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Sapiens declared
a cash dividend to its shareholders of $0.14 per share (or approximately $7.1 million, in the aggregate), which was paid during June 2020,
of which $3.7 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 29.2 million (approximately $8.5 million), of which $4.3 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, Magic Software
declared a cash dividend to its shareholders of $0.175 per share (or approximately $8.6 million, in the aggregate), which was paid during
September 2020, of which $4.7 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2020, Matrix
declared a cash dividend to its shareholders in an aggregate amount of NIS 31.0 million (approximately $9.6 million), of which $4.8 million
was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, net cash provided
by financing activities in 2020 was attributable to: (i) the issuance of Sapiens&#8217; additional Series B Debentures in an amount of
$60.3 million, excluding issuance costs of $0.3 million, in a public offering in June 2020; (ii) $108.7 million of net proceeds raised
by Sapiens from a follow-on offering in the U.S. in October 2020, (iii) receipt of long-term loans in an amount of $91.0 million and (iv)
exercise of employees&#8217; stock options in subsidiaries in an amount of $5.3 million, offset, in part, by: (a) repayment of long-term
loans from banks and others in an amount of $79.3 million; (b) a dividend to Formula&#8217;s shareholders in an amount of $14.9 million;
(c) dividends paid to non-controlling interests in subsidiaries in an aggregate amount of $40.4 million; (d) repayment of obligations
under debentures in an aggregate amount of $29.8 million; (e) repayment of lease liabilities in an amount of $33.6 million; (f) decrease
of short-term bank credit, net in an amount of $29.6 million; and (g) purchase of non-controlling interests in an amount of $6.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash Used in Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in our investing
activities was $110.7 million in 2021, compared to $177.0 million in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities in 2021 was attributable to: (i) expenditures (net of cash acquired) with respect to business acquisitions in an aggregate
amount of $77.2 million; (ii) purchase of property and equipment in an amount of $17.4 million; (iii) capitalization of software development
and other costs in an amount of $12.8 million; and (iv) payments in conjunction with deferred payments and contingent liabilities related
to business combinations in an amount of $9.2 million. This cash use was offset in part by the following cash amounts provided by investing
activities in 2021: (a) proceeds from sale of property and equipment in an amount of $2.3 million; and (b) increase in short-term and
long-term deposits, net in an amount of $4.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities in 2020 was attributable to: (i) expenditures (net of cash acquired) with respect to business acquisitions in an aggregate
amount of $141.4 million; (ii) purchase of property and equipment in an amount of $16.7 million; (iii) capitalization of software development
and other costs in an amount of $9.3 million; (iv) payments to former shareholders of consolidated companies in an amount of $6.7 million;
(v) decrease in short-term and long-term deposits, net in the amount of $22.8 million; and (vi) payments in conjunction with deferred
payments and contingent liabilities related to business combinations in an amount of $9.1 million. This cash use was offset in part by
the following cash amounts provided by investing activities in 2020: (i) proceeds from maturity and sale of marketable securities, net
in an amount of $5.4 million; (ii) divided proceeds from TSG in an amount of $3.0 million; and (iii) proceeds from sale of property and
equipment in an amount of $0.7 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Company Commitments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2015, Formula
consummated a public offering in Israel of its Series A Secured Debentures. The debentures were listed for trading only on the TASE. In
the public offering, Formula issued and sold a total amount of NIS 102,260,000 ($26.3 million) par value of Series A Secured Debentures
at a purchase price equal to 100% of their par value. Formula&#8217;s Series A Secured Debentures bear a fixed interest rate of 2.8% per
annum (which may vary based on the credit rating of the debentures), payable on July 2nd and January 2<sup>nd</sup> of each of the years
2016 through 2024. Issuance costs including early commitment commission of approximately NIS 1.3 million (approximately $0.3 million),
were allocated to the Formula Systems Series A Secured Debentures and are amortized as financial expenses over the term of Series A Secured
Debentures due in 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2018, Formula
issued and sold an additional NIS 150 million par value of Series A Secured Debentures for aggregate gross proceeds totaling NIS 155.2
million (approximately $45.6 million), excluding issuance costs of $0.2 million. In March 2019, Formula issued and sold an aggregate NIS
300 million par value amount of Series C Secured Debentures for aggregate gross proceeds of NIS 300.0 million (approximately $82.6 million)
excluding issuance costs of $0.9 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2019, Formula issued
Series C Secured Debentures in an aggregate principal amount of NIS 300,000,000 (approximately $82.6 million), at a purchase price equal
to 100% of their par value, payable in five annual installments of NIS 33 million on December 1 of each of the years 2020 through 2024,
and two annual installments of NIS 67.5 million on December 1 of each of the years 2025 and 2026. The outstanding principle amount of
the Series C Secured Debentures bears a fixed annual interest rate of 2.29% (which may vary based on the credit rating of the debentures),
payable on December 1<sup>st</sup> and June 1<sup>st</sup> of each of the years 2019 through 2026. Issuance costs, including early commitment
commission of approximately NIS 3.355 million (approximately $0.9 million), were allocated to the Series C Secured Debentures and are
amortized as financial expenses over the term of the Series C Secured Debentures due in 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2021, Formula issued
additional Series C Secured Debentures in an aggregate principal amount of NIS 160,000,000 (approximately $48.6 million) through a private
placement to qualified investors in Israel. The gross proceeds received by Formula for the issuance of the additional Series C Secured
Debentures in April 2021 were NIS 165.9 million (approximately $50.5 million). Debt premium of NIS 4.6 million (approximately $1.4 million)
net of issuance costs of NIS 0.8 million (approximately $0.2 million) were allocated to the Series C Secured Debentures and are amortized
as financial income over the remaining term of Formula&#8217;s Series A Secured Debentures due in 2026. For a description of the amounts
outstanding under these debenture series and the related covenants and restrictions to which we are subject, please see &#8220;Israeli
Debenture Offerings&#8221; above in this Item 5.B (&#8220;Liquidity and Capital Resources&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have material
commitments for capital expenditures by Formula as of December 31, 2021 or as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into an
undertaking to indemnify our office holders in specified limited categories of events and in specified amounts, subject to certain limitations.
For more information, see &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212; Related Party Transactions&#8212; Indemnification
of Office Holders.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Subsidiary Commitments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries do not
have any material commitments for capital expenditures as of December 31, 2021 or as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As alluded to above (see
&#8220;Sources of Financing&#8212;Subsidiary and Affiliate Financing Activities&#8221; in this Item 5.B (&#8220;Liquidity and Capital
Resources&#8221;)), the loan agreements, debentures and indentures to which we are party contain a number of conditions and limitations
on the way in which we (Matrix, Sapiens, Magic Software and Formula) can operate our businesses, including limitations on our ability
to raise debt and sell or acquire assets not in normal business activity. For example, Matrix&#8217;s loan agreement includes a negative
pledge with respect to Matrix&#8217;s assets, as well as limitations on Matrix&#8217;s ability to provide guarantees to third parties
and sell or transfer its assets. Matrix&#8217;s loan agreements also contain various covenants which require it to maintain certain financial
ratios related to shareholders&#8217; equity and operating results that are customary for companies of comparable size.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries and affiliate
as of December 31, 2021 have provided bank guarantees aggregating to approximately $49.3 million as security for the performance of various
contracts with customers. If our subsidiaries and affiliates were to breach certain terms of such contracts, the customers could demand
that the banks providing the guarantees pay amounts claimed to be due.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries and affiliate
as of December 31, 2021 have also provided additional bank guarantees aggregating to $8.6 million as security for rent to be paid for
their offices. If our subsidiary and affiliate were to breach certain terms of their leases, the lessors could demand that the banks providing
the guarantees pay amounts claimed to be due.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Series A
Secured Debentures and Series C Secured Debentures described above, liens have been incurred over a certain portion of our investment
in outstanding shares of Matrix, Sapiens and Magic Software, in respect of the amounts shown in the table below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/> 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Formula&#8217;s<br/>
 series A<br/>
 secured<br/>
 Debentures</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Formula&#8217;s<br/>
 series C<br/>
 secured<br/>
 debentures</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Matrix ordinary shares, par value NIS 1.0 per share</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,128,865</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: right">6,031,761</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Magic Software ordinary shares, par value NIS 0.1 per share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,825,681</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">2,411,474</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Sapiens common shares, par value &#8364;0.01 per share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,260,266</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">2,957,590</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and IAI have granted
TSG, our jointly controlled affiliate, in equal share, a guarantee of NIS 40 million (approximately $12.4 million) as security against
TSG&#8217;s bank credit line and bank guarantees issued by TSG for the performance of various contracts with its customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development, Patents and Licenses, etc.</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net amounts that we
spent on research and development activities in 2020 and 2021 were $52.6 million and $65.9 million, respectively. For more information
about our research and development activities, see &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212; Software Development.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information concerning
our intellectual property rights, see &#8220;Item 4. Information on the Company&#8212; Business Overview&#8212; Intellectual Property
Rights.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
Information</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For trend information, please
see the discussion in Item 4. &#8220;Information on the Company&#8212; Business Overview&#8221; and Item 5. &#8220;Operating and Financial
Review and Prospects&#8212; Results of Operations.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>Critical Accounting Estimates</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our discussion and analysis
of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in
accordance with IFRS. The preparation of our financial statements required us, in certain circumstances, to make estimations, assumptions
and judgments that affect the reporting amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets
and liabilities within the reporting period. We have based our estimates on historical experience and on various other assumptions that
are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the values of assets
and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions
or conditions. More detailed descriptions of these policies are provided in Note 2 to our consolidated financial statements contained
elsewhere in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The significant accounting
policies which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include the
following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Consolidated financial
statements:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements comprise the financial statements of companies that we controlled (subsidiaries). Control is achieved
when we are exposed, or have rights, to variable returns from our involvement with the investee and have the ability to affect those returns
through our power over the investee. Potential voting rights are considered when assessing whether an entity has control. The consolidation
of the financial statements commences on the date on which control is obtained and ends when such control ceases. In a situation when
we hold less than a majority of voting rights in a given entity, but it is sufficient to unilaterally direct the relevant activities of
such entity, then the control is exercised. When assessing whether our voting rights are sufficient to give us power, we consider all
facts and circumstances, including: the size of our holding of voting rights relative to the size and dispersion of other vote holders;
our potential voting rights and other shareholders or parties; rights arising from other contractual arrangements; significant personal
ties and any additional facts and circumstances that may indicate that we have, or do not have the ability to direct the relevant activities
when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial statements
and the financial statements of our investees, after being adjusted to comply with IFRS, are prepared for the same reporting period and
using consistent accounting treatment of similar transactions and economic activities. Any discrepancies in the applied accounting policies
are eliminated by making appropriate adjustments. Significant intragroup balances and transactions and gains or losses resulting from
intragroup transactions are eliminated in full in the consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than our joint control
of TSG, in which each of we and Israeli Aerospace Industries Ltd. hold 50% of its voting power, we currently have effective control under
IFRS 10 of each of our other investees, Matrix, Sapiens, Magic Software, Zap Group, Michpal, Ofek Aerial Photography and InSync, despite
our lacking absolute majority of voting power in Matrix, Magic Software and Sapiens. As a result of our effective control in these investees
as of December 31, 2021 and in accordance with IFRS 10, we consolidated their financial results with ours throughout the period covered
by the financial statements included in Item 18 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Business combinations
and goodwill:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Business combinations are
accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of the consideration transferred
on the acquisition date with the addition of non-controlling interests in the acquiree. In each business combination, we consider whether
to measures the non-controlling interests in the acquiree based on their fair value on the acquisition date or at their proportionate
share in the fair value of the acquiree&#8217;s net identifiable assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Direct acquisition costs
are carried to the statement of profit or loss as incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a business combination
achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining control are measured at the
acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the prior investment on the date of achieving
control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Contingent consideration
is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance with IFRS 9, &#8220;Financial
Instruments&#8221;. Subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If the contingent
consideration is classified as an equity instrument, it is measured at fair value on the acquisition date without subsequent remeasurement.
Goodwill is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling
interests over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date without subsequent measurement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goodwill is initially measured
at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests over the net identifiable
assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes the resulting gain on the acquisition
date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Investment in joint
arrangements:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Joint arrangements are arrangements
in which we have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
ventures:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In joint ventures
the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is accounted
for at equity</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
operations:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In joint operations
the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement.
We recognize in relation to our interest our share of the assets, liabilities, revenues and expenses of the joint operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The acquisition
of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition method, including
the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes arising from this measurement,
the accounting treatment of the related transaction costs and the recognition of goodwill or bargain purchase gains. This applies to the
acquisition of the initial interest and additional interests in a joint operation that represents a business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Investments accounted
for using the equity method:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our investments in associates
and joint ventures are accounted for using the equity method. Associates are companies in which we have significant influence over the
financial and operating policies without having control. An investment in an associate is accounted for using the equity method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the equity method,
the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition changes in our share
of net assets, including other comprehensive income of the associate or the joint venture. Gains and losses resulting from transactions
between us and the associate or the joint venture are eliminated to the extent of the interest in the associate or in the joint venture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 118; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goodwill relating to the
acquisition of an associate or a joint venture is presented as part of the investment in the associate or the joint venture, measured
at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment in the associate or in the joint
venture as a whole.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial statements
and of the associate or joint venture are prepared as of the same dates and periods. The accounting policies applied in the financial
statements of the associate or the joint venture are uniform and consistent with the policies applied in our financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the acquisition of
an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted for pursuant to the provisions
of IAS 9, we adopt the principles of IFRS 3 regarding business combinations achieved in stages. Consequently, equity interests in the
acquiree that had been held by us prior to achieving significant influence or joint control are measured at fair value on the acquisition
date and are included in the acquisition consideration while recognizing a gain or loss resulting from the fair value measurement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The equity method is applied
until the loss of significant influence in the associate or loss of joint control in the joint venture or classification as investment
held for sale. On the date of loss of significant influence or joint control, we measure any remaining investment in the associate or
the joint venture at fair value and recognize in profit or loss the difference between the fair value of any remaining investment plus
any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment on that date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize losses of an
associate in amounts which exceed its equity to the extent of our investment in the associate plus any losses that we may incur as a result
of a guarantee or other financial support provided in respect of the associate. For this purpose, the investment includes long-term receivables
(such as loans granted) for which settlement is neither planned nor likely to occur in the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The equity method is applied
until the loss of significant influence in the associate or loss of joint control in the joint venture or classification as investment
held for sale. We continue to apply the equity method even in cases where the investment in the associate becomes an investment in a joint
venture and vice versa. We apply the provisions of IFRS 5 to the investment or a portion of the investment in the associate or the joint
venture that is classified as held-for-sale. Any retained interest in this investment which is not classified as held-for-sale continues
to be accounted for using the equity method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the date of loss of significant
influence or joint control, we measure any remaining investment in the associate or the joint venture at fair value and recognizes in
profit or loss the difference between the fair value of any remaining investment plus any proceeds from the sale of the investment in
the associate or the joint venture and the carrying amount of the investment on that date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Revenue Recognition</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from contracts with
customers is recognized when the control over the goods or services is transferred to the customer. The transaction price is the amount
of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties
(such as taxes).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining the amount
of revenue from contracts with customers, we evaluate whether we are the principal or the agent in the arrangement. We are considered
as the principal when we control the promised goods or services before transferring them to the customer. In these circumstances, we recognize
revenue for the gross amount of the consideration. When we area considered as the agent, we recognize revenue for the net amount of the
consideration, after deducting the amount due to the principal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">i.</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
of software licensing, maintenance services and post implementation consulting services</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A software licensing transaction which does not
require significant implementation services is considered a distinct performance obligation as the customer can benefit from the software
on its own or together with other readily available resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 119; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize revenue from
software licensing transactions at a point in time when we provide the customer a right to use our intellectual property as it exists
at the point in time at which the license is granted to the customer. We recognize revenue from software licensing transactions over time
when we provide the customer a right to access our intellectual property throughout the license period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may generate revenue
from sale of software licensing which includes significant implementation and customization services. In such contracts we are normally
committed to provide the customer with a functional IT system and the customer can only benefit from such functional system, being the
final product that would normally be comprised of proprietary licenses and significant related services. Revenues from these contracts
are based on either fixed price or time and material.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Software licensing transactions
which involve significant implementation, customization, or integration of the our software license to customer-specific requirements,
are considered as one performance obligation satisfied over-time. The underlying deliverable is owned and controlled by the customer and
does not create an asset with an alternative use to the Group. In addition, we have enforceable right to payment for performance completed
throughout the duration of the contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, we recognize
revenue from such contracts over time, using the percentage of completion accounting method. We recognize revenue and gross profit as
the work is performed based on a ratio between actual costs incurred compared to the total estimated costs for the contract. Provisions
for estimated losses on uncompleted contracts are made during the period in which such losses are first determined, in the amount of the
estimated loss for the entire contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When post implementation
and consulting services do not involve significant customization, we account for such services as performance obligations satisfied over
time and revenues are recognized as the services are provided.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from maintenance
is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the our performance.
When payments from customers are made before or after the service is performed, we recognize the resulting contract asset or liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
of hardware and infrastructure</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from sale of hardware
and infrastructure is recognized in profit or loss at the point in time when the control of the goods is transferred to the customer,
generally upon delivery of the goods to the customer.&#8217;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
of training and implementation services</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues from training and
implementation services are recognized when the service is provided. revenue from training services in respect of public courses whose
operating range is up to 3 months will be recognized at the end of the course period. Revenues from training services in respect of long-term
courses will be recognized over the term of the course. Revenues from implementation projects ordered by organizations will be recognized
according to actual inputs (actually worked hours).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
of contracts according to actual inputs</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from framework agreements
for the performance of work according to actual inputs is recognized according to the hours invested.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
of fixed price contracts</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from fixed price
contracts is recognized according to the completion rate method when all the following conditions are met: the revenue is known or can
be estimated reliably, the collection of income is expected, the costs involved in performing the work are known or can be estimated,
there is no material uncertainty about the our ability to complete the work and, the customer and the completion rate can be reliably
estimated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We apply a cost-based input
method for measuring the progress of performance obligations that are satisfied over time. In applying this cost-based input method, we
estimate the costs to complete contract performance in order to determine the amount of the revenue to be recognized.&#160;These estimated
costs include the direct costs and the indirect costs that are directly attributable to a contract based on a reasonable allocation method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In certain circumstances, we are unable to
measure the outcome of a contract, but we expect to recover the costs incurred in fulfilling the contract as of the reporting date. In
such circumstances, we recognize revenue to the extent of the costs incurred as of the reporting date until such time the outcome of the
contract can be reasonably measured. If a loss is anticipated from a contract, the loss is recognized in full regardless of the percentage
of completion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When appropriate, we
also applies a practical expedient permitted under IFRS 15 whereby if we have a right to consideration from a customer in an amount that
corresponds directly with the value to the customer of our performance completed to date (for example, a service contract in which an
entity bills a fixed amount for each hour of service provided), we may recognize revenue in the amount it is entitled to invoice. Deferred
revenues, which represent a contract liability, include unearned amounts received under maintenance and support (mainly) and amounts received
from customers for which revenues have not yet been recognized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocating
the transaction price</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For contracts that consist
of more than one performance obligation, at contract inception we allocate the contract transaction price to each performance obligation
identified in the contract on a relative stand-alone selling price basis. The stand-alone selling price is the price at which we would
sell the promised goods or services separately to a customer. We determine the standalone selling price for the purposes of allocating
the transaction price to each performance obligation by considering several external and internal factors including, but not limited to,
transactions where the specific performance obligation is sold separately, historical actual pricing practices and geographies in which
we offer our products and services. If a specific performance obligation, such as the software license, is sold for a broad range of amounts
(that is, the selling price is highly variable) or if we have not yet established a price for that good or service, and the good or service
has not previously been sold on a standalone basis (that is, the selling price is uncertain), we apply the residual approach whereby all
other performance obligations within a contract are first allocated a portion of the transaction price based upon their respective stand-alone
selling prices, with any residual amount of transaction price allocated to the remaining specific performance obligation.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
consideration</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We determine the transaction
price separately for each contract with a customer. When exercising this judgment, we evaluate the effect of each variable amount in the
contract, taking into consideration discounts, penalties, variations, claims, and non-cash consideration. In determining the effect of
the variable consideration, we normally uses the &#8220;most likely amount&#8221; method described in the Standard. Pursuant to this method,
the amount of the consideration is determined as the single most likely amount in the range of possible consideration amounts in the contract.
According to the Standard, variable consideration is included in the transaction price only to the extent that it is highly probable that
a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration
is subsequently resolved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">viii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
of obtaining a contract</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to obtain certain
contracts with customers, we incur incremental costs in obtaining the contract (such as sales commissions which are contingent on making
binding sales). Costs incurred in obtaining the contract with the customer which would not have been incurred if the contract had not
been obtained and which we expect to recover are recognized as an asset and amortized on a systematic basis that is consistent with the
provision of the services under the specific contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An impairment loss in respect
of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount of the asset exceeds the remaining
amount of consideration that we expect to receive for the goods or services to which the asset relates less the costs that relate directly
to providing those goods or services and that have not been recognized as expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to apply
the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining contract are recognized as an expense when
incurred if the amortization period of the asset is one year or less.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ix.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
that include warranty services</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In certain cases, we also
provide a warranty for goods and services sold (i.e., extended warranties when we contractually undertake to repair any errors in the
delivered software within a strictly specified time limit and/or when the scope of which is broader than just an assurance to the customer
that the product/service complies with agreed-upon specifications). We have ascertained that such warranties granted by us meet the definition
of service. The conclusion regarding the extended nature of a warranty is made whenever we contractually undertake to repair any errors
in the delivered software within a strictly specified time limit and/or when such warranty is more extensive than the minimum required
by law. Under IFRS 15, the fact of granting an extended warranty indicates that we provide an additional service. As such, we recognize
an extended warranty as a separate performance obligation and allocate a portion of the transaction price to such service. In all cases
where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty itself,
revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the provider. If this
is the case, we continue to allocate a portion of the transaction price to such maintenance service. Likewise, in cases where a warranty
service is provided after the project completion and is not accompanied by any maintenance service, then a portion of the transaction
price and analogically recognition of a portion of contract revenues will have to be deferred until the warranty service is actually fulfilled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregation
of revenue</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Service revenue include
contracts primarily for the provision of supplies and services other than design, development, customization, implementation, software
maintenance and support and software updates associated with delivery of products or proprietary software. It may be a standalone service
contract or a service performance obligation which is distinct from a contract or performance obligation for design, development, customization,
support and upgrade or delivery of product. Our service contracts include contracts in which the customer simultaneously receives and
consumes the benefits provided as the performance obligations are satisfied. Our service contracts primarily include operation-type contracts,
outsourcing, consulting, remote development services, digital advertising management, training and similar activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Research and development
expenditures</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research expenditures incurred
in the process of software development are recognized in profit or loss when incurred. An intangible asset arising from a software development
project or from the development phase of an internal project is recognized if we can demonstrate the technical feasibility of completing
the intangible asset so that it will be available for use or sale; our intention to complete the intangible asset and use or sell it;
the ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; the availability of
adequate technical, financial and other resources to complete the intangible asset; and the ability to measure reliably the respective
expenditure asset during its development. We establish technological feasibility upon completion of a detailed program design or a working
model.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized software
costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product basis. Amortization
of capitalized software costs begin when development is complete, and the product is available for use or for sale. We consider a product
to be available for use when we complete its internal validation of the product that is necessary to establish that the product meets
its design specifications including functions, features, and technical performance requirements. Internal validation includes the completion
of coding, documentation and testing that ensure bugs are reduced to a minimum. The internal validation of the product takes place a few
weeks before the product is made available to the market. In certain instances, we enter into a short pre-release stage, during which
the product is made available to a selected number of customers as a beta program for their own review and familiarization. Subsequently,
the release is made generally available to customers. Once a product is considered available for use, the capitalization of costs ceases
and amortization of such costs to &#8220;cost of sales&#8221; begins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized software costs are amortized
on a product-by-product basis by the straight-line method over the estimated useful life of the software product (between 5-7 years).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We assess the recoverability
of our capitalized software costs on a regular basis by assessing the net realizable value of these intangible assets based on the estimated
future gross revenues from each product reduced by the estimated future costs of completing and disposing of it, including the estimated
costs of performing maintenance and customer support over its remaining economical useful life using internally generated projections
of future revenues generated by the products, cost of completion of products and cost of delivery to customers over its remaining economical
useful life.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the years ended December
31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Other intangible
assets</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Separately acquired intangible
assets are measured on initial recognition at cost including directly attributable costs. Intangible assets acquired in a business combination
are measured at fair value at the acquisition date. Expenditures relating to internally generated intangible assets, excluding capitalized
development costs, are recognized in profit or loss when incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Intangible assets with a
finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication that the asset may
be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least at each year end.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Intangible assets excluding
capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution rights, brand names,
non-compete agreements and acquired technology and Patent, and are amortized over their useful lives using a method of amortization that
reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful life of intangible
assets is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Customer relationship , backlog and distribution rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-15</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Acquired technology</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-8</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Patents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Brand names</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9-15</span></td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gains or losses arising
from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds and the carrying amount
of the asset and are recognized in the statement of profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The useful life of these
assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable. If the events and circumstances
do not continue to support the assessment, the change in the useful life assessment from indefinite to finite is accounted for prospectively
as a change in accounting estimate, and on that date the asset is tested for impairment. Commencing from that date, the asset is amortized
systematically over its useful life.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Taxes on income:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current or deferred taxes
are recognized in profit or loss, except to the extent that they relate to items which are recognized in other comprehensive income or
equity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
taxes:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The current tax
liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting date as well as
adjustments required in connection with the tax liability in respect of previous years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Deferred taxes
are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts attributed for
tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized or the liability is settled,
based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are reviewed at each reporting
date and reduced to the extent that it is not probable that they will be utilized. Deductible carry forward losses and temporary differences
for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset is recognized
to the extent that their utilization is probable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Taxes that would
apply in the event of the disposal of investments in investees have not been taken into account in computing deferred taxes, as long as
the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would apply in the event
of distribution of earnings by investees as dividends have not been taken into account in computing deferred taxes, since the distribution
of dividends does not involve an additional tax liability or since it is our policy not to initiate distribution of dividends from a subsidiary
that would trigger an additional tax liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Taxes on income
that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted for pursuant to IAS
12.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Deferred taxes
are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes
relate to the same taxpayer and the same taxation authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Impairment of non-financial
assets:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We evaluate the need to
record an impairment of non-financial assets (property, plant and equipment, capitalized software costs and other intangible assets, goodwill,
investments in joint venture) whenever events or changes in circumstances indicate that the carrying amount is not recoverable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the carrying amount of
non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the
higher of fair value less costs of sale and value in use. In measuring value in use, the expected future cash flows are discounted using
a pre-tax discount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent
cash flows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An impairment loss of an
asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset&#8217;s recoverable
amount since the last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower
of the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for
the asset in prior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit
or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following criteria are
applied in assessing impairment of these specific assets:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
in respect of subsidiaries:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For the purpose
of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each of our cash-generating
units that are expected to benefit from the synergies of the combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We review goodwill
for impairment once a year, on December 31, or more frequently if events or changes in circumstances indicate that there is an impairment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Goodwill is tested
for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to which the goodwill
has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit (or group of cash-generating
units) to which goodwill has been allocated is less than the carrying amount of the cash-generating unit (or group of cash-generating
units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for goodwill cannot be reversed in subsequent
periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in associate or joint venture using the equity method:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">After application
of the equity method, we determine whether it is necessary to recognize any additional impairment loss with respect to the investment
in associates or joint ventures. We determine at each reporting date whether there is an objective evidence that the carrying amount of
the investment in the associate or the joint venture is impaired. The test of impairment is carried out with reference to the entire investment,
including the goodwill attributed to the associate or the joint venture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with an indefinite useful life / capitalized development costs that have not yet been systematically amortized:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;The impairment test
is performed annually, on December 31, or more frequently if events or changes in circumstances indicate that there is an impairment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the years ended December
31, 2019, 2020, and 2021, no impairment indicators were identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Financial instruments:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Financial assets
are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition of the financial
assets, except for financial assets measured at fair value through profit or loss in respect of which transaction costs are recorded in
profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We classify and
measure the debt instruments in our financial statements on the basis of the following criteria:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
business model for the management of financial assets; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
contractual cash flow characteristics of the financial asset.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure debt instruments at amortized cost when:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Our business model
is to hold the financial assets in order to collect their contractual cash flows, and the contractual terms of the financial assets give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial
recognition, the instruments in this category are measured according to their terms at amortized cost using the effective interest rate
method, less any provision for impairment. On the date of initial recognition, we may irrevocably designate a debt instrument as measured
at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency, such
as when a related financial liability is also measured at fair value through profit or loss</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure debt instruments at fair value through other comprehensive income when:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Our business model
is to hold the financial assets in order to both collect their contractual cash flows and to sell the financial assets, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding. Subsequent to the initial recognition, the instruments in this category are measured at fair value. Gains or losses
from fair value adjustments, excluding interest and exchange rate differences, are recognized in other comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure debt instruments at fair value through profit or loss when:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">A financial asset
which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through other comprehensive income.
After initial recognition, the financial asset is measured at fair value and gains or losses from fair value adjustments are recognized
in profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
instruments and other financial assets held for trading:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Investments in
equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other financial assets
held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured at fair value through
profit or loss unless they are designated as effective hedging instruments. In respect of certain equity instruments that are not held
for trading, on the date of initial recognition, we made an irrevocable election to present subsequent changes in fair value in other
comprehensive income which changes would have otherwise been recorded in profit or loss. These changes will not be reclassified to profit
or loss in the future, even when the investment is disposed of. Dividends from investments in equity instruments are recognized in profit
or loss when the right to receive the dividends is established.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>
</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in; font-size: 10pt">&#160;</td>
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="text-align: justify; text-indent: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment of financial assets:</span></td></tr>
  </table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">We evaluate at
the end of each reporting period the loss allowance for financial debt instruments which are not measured at fair value through profit
or loss. We distinguish between two types of loss allowances:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in; text-align: justify; font-size: 10pt; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt instruments whose credit risk has not increased significantly since initial recognition, or whose credit risk is low - the loss allowance recognized in respect of this debt instrument is measured at an amount equal to the expected credit losses within 12 months from the reporting date; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt instruments whose credit risk has increased significantly since initial recognition, and whose credit risk is not low - the loss allowance recognized is measured at an amount equal to the expected credit losses over the instrument&#8217;s remaining term.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We have short-term
financial assets such as trade receivables in respect of which we apply a simplified approach in IFRS 9 and measure the loss allowance
in an amount equal to the lifetime expected credit losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">An impairment
loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance that is offset
from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair value through other
comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded in other comprehensive income
and not as a reduction of the carrying amount of the financial asset in the statement of financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We apply the low
credit risk simplification in IFRS 9, according to which we assume the debt instrument&#8217;s credit risk has not increased significantly
since initial recognition if on the reporting date it is determined that the instrument has a low credit risk, for example when the instrument
has an external rating of &#8220;investment grade&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition of financial assets:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We derecognize
a financial asset when and only when:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The contractual rights to the cash flows from the financial asset expire; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We transferred substantially all the risks and rewards deriving from the contractual rights to receive cash flows from the financial asset or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
    <td style="text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We retained our contractual rights to receive cash flows from the financial asset but has assumed a contractual obligation to pay the cash flows in full without material delay to a third party.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial liabilities measured at amortized cost</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Financial liabilities
are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability.
After initial recognition, we measure all financial liabilities at amortized cost using the effective interest rate method, except for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 72px; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial liabilities at fair value through profit or loss, such as derivatives;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach
applies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 72px; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial guarantee contracts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
consideration recognized by an acquirer in a business combination as to which IFRS 3 applies.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial liabilities measured at fair value through profit or loss:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At initial recognition,
we measure financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or
loss. After initial recognition, changes in fair value are recognized in profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition of financial liabilities:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">A financial liability
is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires. A financial liability is
extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods or services or is legally released
from the liability. When there is a modification in the terms of an existing financial liability, we evaluate whether the modification
is substantial.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If the terms of
an existing financial liability are substantially modified, such modification is accounted for as an extinguishment of the original liability
and the recognition of a new liability. The difference between the carrying amounts of the above liabilities is recognized in profit or
loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If the modification
is not substantial, we recalculate the carrying amount of the liability by discounting the revised cash flows at the original effective
interest rate and any resulting difference is recognized in profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compound financial instruments:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible debentures which contain both an equity component and a liability component are separated into two components. This separation is performed by first determining the liability component based on the fair value of an equivalent non-convertible liability. The value of the conversion component is determined to be the residual amount. Directly attributable transaction costs are apportioned between the equity component and the liability component based on the allocation of proceeds to the equity and liability components.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible debentures that are denominated in foreign currency contain two components: the conversion component and the debt component. The liability conversion component is initially recognized as a financial derivative at fair value. The balance is attributed to the debt component. Directly attributable transaction costs are allocated between the liability conversion component and the liability debt component based on the allocation of the proceeds to each component.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1in; text-align: justify">&#160;</td>
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsetting financial instruments:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Financial assets
and financial liabilities are offset and the net amount is presented in the statement of financial position if there is a legally enforceable
right to set off the recognized amounts and there is an intention either to settle on a net basis or to realize the asset and settle the
liability simultaneously.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The right of set-off
must be legally enforceable not only during the ordinary course of business of the parties to the contract but also in the event of bankruptcy
or insolvency of one of the parties. In order for the right of set-off to be currently available, it must not be contingent on a future
event, there may not be periods during which the right is not available, or there may not be any events that will cause the right to expire.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1in; text-align: justify">&#160;</td>
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put option granted to non-controlling interests:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">When we grant
to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain period, even if such
purchase obligation is conditional on the counterparty&#8217;s exercise of its contractual right to cause such redemption, if the put
option agreement does not transfer to us any benefits incidental to ownership of the equity instrument (i.e. the we do not have a present
ownership in the shares concerned) then at the end of each reporting period the non-controlling interests (to which a portion of net profit
attributable to non-controlling interests is allocated) are classified as a financial liability, as if such put-able equity instrument
was redeemed on that date. The difference between the non-controlling interests carrying amount at the end of the reporting period and
the present value of the liability is recognized directly in our equity, under &#8220;Additional paid-in capital&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We readjust the
financial liability at the end of each reporting period based on the estimated present value of the consideration to be transferred upon
the exercise of the put option.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If the option
is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability. If the put option
expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss of control therein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If we have present
ownership of the non-controlling interests, these non-controlling interests are accounted for as if they are held by us, and changes in
the amount of the liability are carried to profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Debentures:</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for outstanding
principal amount of debentures as long-term liability, in accordance with IFRS 9, with current maturities classified as a short-term liability.
We identify and separate equity components contains in convertible debentures by first determining the liability component, in accordance
with IAS 32, based on the fair value of an equivalent non-convertible liability. The conversion component valued is being determined to
be the residual amount. Debt issuance costs are capitalized and reported as deferred financing costs, which are amortized over the life
of the debentures using the effective interest rate method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Leases</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for a contract
as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; text-indent: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We as lessee:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For leases in
which we are the lessee, we recognize on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases
whose term is up to twelve months and leases for which the underlying asset is of low value. For these excluded leases, we have elected
to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability,
we have elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components
(such as management and maintenance services, etc.) included in a single contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Leases which entitle
employees to a company car as part of their employment terms are accounted for as employee benefits in accordance with the provisions
of IAS 19 and not as subleases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">On the commencement
date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the lease, if that rate can be
readily determined, or otherwise using our incremental borrowing rate. After the commencement date, we measure the lease liability using
the effective interest rate method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">On the commencement
date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already made on or before the
commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost model and depreciated over the
shorter of its useful life and the lease term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Following are
the amortization periods of the right-of-use assets by class of underlying asset:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Mainly</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Land and Buildings</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">2-23</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">3</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Motor vehicles</td><td>&#160;</td>
    <td style="text-align: center">2-3</td><td>&#160;</td>
    <td style="text-align: center">3</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">We test for impairment
of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of IAS 36.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that depend on an index:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">On the commencement
date, we use the index rate prevailing on the commencement date to calculate the future lease payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For leases in
which we are the lessee, the aggregate changes in future lease payments resulting from a change in the index are discounted (without a
change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease liability and the right-of-use
asset, only when there is a change in the cash flows resulting from the change in the index (that is, when the adjustment to the lease
payments takes effect).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that depend on an index:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Variable lease
payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense as incurred
when we are the lessee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
extension and termination options:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">A non-cancelable
lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that the extension option
will be exercised and the periods covered by a lease termination option when it is reasonably certain that the termination option will
not be exercised.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event of
any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination option, we
remeasure the lease liability based on the revised lease term using a revised discount rate as of the date of the change in expectations.
The total change is recognized in the carrying amount of the right-of-use asset until it is reduced to zero, and any further reductions
are recognized in profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
modifications:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If a lease modification
does not reduce the scope of the lease and does not result in a separate lease, we remeasure the lease liability based on the modified
lease terms using a revised discount rate as of the modification date and records the change in the lease liability as an adjustment to
the right-of-use asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If a lease modification
reduces the scope of the lease, we recognize a gain or loss arising from the partial or full reduction of the carrying amount of the right-of-use
asset and the lease liability. We subsequently remeasure the carrying amount of the lease liability according to the revised lease terms,
at the revised discount rate as of the modification date and records the change in the lease liability as an adjustment to the right-of-use
asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Share-based payment
transactions</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Our employees
and certain service providers are entitled to remuneration in the form of equity-settled share-based payment transactions. The cost of
equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value
is determined using an acceptable option pricing model. As for other service providers, the cost of the transactions is measured at the
fair value of the goods or services received as consideration for equity instruments granted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The cost of equity-settled
transactions is recognized in profit or loss together with a corresponding increase in equity during the period which the performance
and/or service conditions are to be satisfied ending on the date on which the relevant employees become entitled to the award (&#8220;the
vesting period&#8221;). The cumulative expense recognized for equity-settled transactions at the end of each reporting period until the
vesting date reflects the extent to which the vesting period has expired and our best estimate of the number of equity instruments that
will ultimately vest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">No expense is recognized for awards
that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective
of whether the market condition is satisfied, provided that all other vesting conditions (service and/or performance) are satisfied.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">If we modify the conditions on which
equity-instruments were granted, an additional expense is recognized for any modification that increases the total fair value of the share-based
payment arrangement or is otherwise beneficial to the employee/other service provider at the modification date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If a grant of
an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not yet recognized for
the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified as a replacement grant on the
grant date, the canceled and new grants are accounted for as a modification of the original grant, as described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i><span style="text-decoration:underline">Changes in accounting
policies - initial adoption of new financial reporting and accounting standards </span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Amendments to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, the IASB
issued amendments to IFRS 9, &#8220;Financial Instruments&#8221;, IFRS 7, &#8220;Financial Instruments: Disclosures&#8221;, IAS 39, &#8220;Financial
Instruments: Recognition and Measurement&#8221;, IFRS 4, &#8220;Insurance Contracts&#8221;, and IFRS 16, &#8220;Leases&#8221; (&#8220;the
Amendments&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Amendments provide practical
expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates (IBORs) by alternative Risk Free Interest
Rates (RFRs). The Amendments are effective for annual periods beginning on or after January 1, 2021. The Amendments are to be applied
retrospectively. However, restatement of comparative periods is not required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The adoption of
the Amendments did not have an effect on the our financial statements as of January 1, 2021, since we do not have any IBOR-based hedge
transactions which could be affected by the IBOR reform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Additional
amendment in April 2021 to IFRS 16, &#8220;Leases&#8221;:</span></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In view of the global COVID-19
crisis, in May 2020, the IASB issued &#8220;Covid-19-Related Rent Concessions - Amendment to IFRS 16, Leases&#8221; (the &#8220;2020 Amendment&#8221;).
The objective of the 2020 Amendment is to allow a lessee to apply a practical expedient according to which Covid-19 related rent concessions
will not be accounted for as lease modifications but as variable lease payments. The 2020 Amendment applies solely to lessees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Originally, the 2020 Amendment
was applicable only to a reduction in lease payments due on or before June 30, 2021. However, since the Covid-19 pandemic has continued
beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to a reduction in lease payments due on or
before June 30, 2022 (the &#8220;2021 Amendment&#8221;). The other criteria for application of the 2020 Amendment remain unchanged.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2021 Amendment applies
to annual reporting periods beginning on or after April 1, 2021. Early application is permitted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2021 Amendment is to
be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as an adjustment to the opening
balance of retained earnings at the beginning of the annual reporting period in which the lessee first applies the 2021 Amendment.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The application of the Amendments
will not have a material impact on the Group&#8217;s financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
and Senior Management</b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information about our directors and senior management as of April 30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#160;</td>
    <td style="text-align: center; border-bottom: black 1.5pt solid; vertical-align: bottom; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#160;</td>
    <td style="text-align: center; border-bottom: black 1.5pt solid; vertical-align: bottom; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiration of Current Term of Directorship/Office</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guy Bernstein </span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No formal arrangement regarding expiration of term of office</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asaf Berenstein</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No formal arrangement regarding expiration of term of office</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maya Solomon-Ella</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operational Officer</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No formal arrangement regarding expiration of term of office</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marek Panek</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Directors</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022 annual shareholders meeting</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rafal Kozlowski</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022 annual shareholders meeting</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohad Melnik<sup>(1) (3)</sup></span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022 annual shareholders meeting</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomer Jacob<sup>(1) (2) (3)</sup></span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2025</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relly Danon<sup>(1) (2) (3)</sup></span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2025</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iris Yahal <sup>(1) (2) (3)</sup></span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former External Director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 2022</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eli Zamir <sup>(1) (2) (3)</sup></span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former External Director</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serves on the audit committee of our board of directors.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serves as an external director under the Companies Law. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;External Directors under the Companies Law; Audit Committee; Internal Auditor; Approval of Certain Transactions under the Companies Law,&#8221; below.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serves on the compensation committee of our board of directors.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Tomer Jacob and Ms.
Relly Danon serve as external directors pursuant to the provisions of the Companies Law for an initial three-year term ending on May 12,
2025, succeeding Ms. Iris Yahal and Mr. Eli Zamir, whose term as external directors ended in April 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Guy Bernstein</b> has
served as our Chief Executive Officer since January 2008. Mr. Bernstein served as a member of our board of directors from November 2006
to December 2008. Mr. Bernstein served as a director of Emblaze Ltd., or Emblaze, our former controlling shareholder and a publicly traded
company listed on the London Stock Exchange, from April 2004 until February 2011. From December 2006 to November 2010, Mr. Bernstein also
served as chief executive officer of Emblaze, and, prior thereto, from April 2004 to December 2006, as the chief financial officer of
Emblaze. Mr. Bernstein serves as the chairman of the board of directors of each of Matrix and Sapiens and as chief executive officer and
director of Magic Software, where he served as the chief financial and operations officer from 1999 until 2004, when he joined Emblaze.
He joined Magic Software from Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global, where he served as senior manager
from 1994 to 1997. Mr. Bernstein also serves as a director of Michpal Micro Computers (1983) Ltd., a director at TSG IT Advanced Systems
Ltd., and is a director at InSync staffing, all of them are subsidiaries of Formula Systems Mr. Bernstein holds a B.A. degree in accounting
and economics from College of Management and is a certified public accountant in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Asaf Berenstin</b> has
served as our Chief Financial Officer since November 2011. Mr. Berenstin also serves as the Chief Financial Officer of our subsidiary,
Magic Software, since April 2010. Prior to such time, beginning in August 2008, Mr. Berenstin served as Magic Software&#8217;s corporate
controller. Mr. Berenstin also serves as a director of Michpal Micro Computers (1983) Ltd., a director at TSG IT Advanced Systems Ltd.,
and is a director at InSync staffing, all of them are subsidiaries of Formula Systems. Prior to joining our company, Mr. Berenstin served
as a controller at Gilat Satellite Networks Ltd. (Nasdaq: GILT), commencing in July 2007. From October 2003 to July 2007, Mr. Berenstin
practiced as a certified public accountant at Kesselman &amp; Kesselman, a member of PriceWaterhouseCoopers. Mr. Berenstin holds a B.A.
degree in accounting and economics and an M.B.A. degree, both from Tel-Aviv University, and is a certified public accountant (CPA) in
Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Maya Solomon-Ella</b>
has served as our Chief Operational Officer since September 2016. In her last position Maya served as the Transaction Support leader in
Ernst &amp; Young Israel (Tel-Aviv branch). Maya served in Ernst &amp; Young 13 years, three of which were with the Assurance Services
team (Hi Tech) and 10 of which have been spent in the Transaction Advisory Services (TAS) group. Since joining the TAS group at Ernst
&amp; Young, Ms. Solomon-Ella has been involved in M&amp;A transactions across the globe.&#160;Ms. Solomon-Ella holds a B.A. degree in
Economics-Accounting from Bar Ilan University and is a Certified Public Accountant (CPA) in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Marek Panek </b>has served
as one of our directors since November 2010. Since January 2007 he has been the Executive Board Member of Asseco Poland S.A. and he is
responsible for supervising the Capital Group Development Division and the EU Projects Office. Mr. Panek also holds and has held several
other positions at Asseco and its affiliates, including Executive Board Member in Asseco International, a.s. (since October 2017), Supervisory
Board Member of Asseco Central Europe, a.s. (since September 2011), Member of Board of Directors of Asseco Denmark (since March 2011)
and Peak Consulting Group ApS (since January 2016), Supervisory Board Member of Asseco Lietuva UAB (since June 2011), Chairman of GSTN
Consulting Sp. z o.o. (since November 2017), Supervisory Board Member of Asseco Innovation Fund Sp. z o.o. (since December 2018), Chairman
of the Supervisory Board of Nextbank Software (since March 2019) and Supervisory Board Member of adesso banking solutions GMBH (since
September 2020). Mr. Panek first joined Asseco in 1995, having served in the following positions for the following periods of time: Marketing
Specialist (from September 1995 to September 1996); Marketing Director (from October 1996 to March 2003); Sales and Marketing Director
(from April 2003 to March 2004); and Member of the Board, Sales and Marketing Director (from March 2004 to January 2007). Prior to joining
Asseco, Mr. Panek was employed at the ZE Gantel Sp. z o.o. from 1993 to 1995. Mr. Panek graduated from the Faculty of Mechanical Engineering
and Aeronautics of the Rzesz&#243;w University of Technology in 1994, having been awarded a master&#8217;s degree in engineering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Rafal Kozlowski</b>
has served as one of our directors since August 2012. From December 2020 Mr. Kozlowski has started as a President of the Management Board
of Asseco Enterprise Solutions. Since June 2012 to March 2021, Mr. Kozlowski has served as Vice President of the Management Board and
Chief Financial Officer of Asseco. Mr. Kozlowski but still is a member of the Asseco Group Board of Directors responsible for finance.
From May 2008 to May 2012, Mr. Kozlowski served as Vice President of Asseco South Eastern Europe S.A. responsible for the company&#8217;s
financial management. Mr. Kozlowski was directly involved in the acquisitions of companies incorporated within the holding of Asseco South
Eastern Europe, as well as in the holding&#8217;s IPO process at the Warsaw Stock Exchange From 1996 to 1998, he served as Financial Director
at Delta Software, and subsequently, from 1998 to 2003 as Senior Manager at Veraudyt. In the years 2004-2006, he was Head of Treasury
Department at Softbank S.A. where he was delegated to act as Vice President of Finance at the company&#8217;s subsidiary Sawan S.A. From
2007 through June 2009, he served as Director of Controlling and Investment Division at Asseco Poland S.A. Mr. Kozlowski graduated of
the University of Warsaw, obtaining Master&#8217;s degree at the Faculty of Organization and Management in 1998. He completed the Project
Management Program organized by PMI in 2004, the International Accounting Standards Program organized by Ernst &amp; Young Academy of
Business in the years 2005-2006 and the Emerging CFO: Strategic Financial Leadership Program by Stanford GSB in 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Ohad Melnik</b> was elected
to our board of directors in January 2019. Mr. Melnik has served as the director of the payment methods department and the finance compliance
department of IFOREX International Group since 2004. From 2002 through 2004, Mr. Melnik served as the security officer and logistic planner
of Danagis Ltd. In addition, from 2008 through 2015, Mr. Melnik served as a director of Peninsula Group Ltd. From 2012 through 2015, Mr.
Melnik served as a director of Jerusalem Technology Investments Ltd. Mr. Melnik holds a B.A. degree in business administration and an
M.B.A. degree (cum laude) from the College of Management. Mr. Melnik also graduated from the Executive MS Finance Program of the Baruch
College, City University of New York (with Honors).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Relly Danon</b>&#160;was
elected to our board of directors as an external director in May 2022. Ms. Danon currently serves as legal counsel at Netline Communications
Technologies (NCT) Ltd., a position held since 2000. In addition, Ms. Danon serves as an external director at Y.D. More Investments Ltd.,
a position held since 2017. From 2008 through 2017, Ms. Danon served as an external director as Mega Or Holdings Ltd. Ms. Relly also served
as an external director at Jerusalem Technology Investments Ltd. from 2012 through 2014. From 2007 through 2009, Ms. Relly served as a
director at Apex Portfolio Management Ltd. Mr. Relly holds a B.A. degree in law from Tel Aviv University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Tomer Jacob</b><i>&#160;</i>was
elected to our board of directors as an external director in May 2022. Mr. Jacob currently serves as a Managing Partner at Hanaco VC.
From 2000 to 2021 Mr. Jacob served as a Managing Director at UBS. Mr. Jacob also currently serves as a director of Max, Israel&#8217;s
second largest credit card company. Mr. Jacob holds a B.A. degree in Economics &amp; Management and a B.Sc degree in Computer Science
from the academic college of Tel Aviv&#8211;Jaffa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Arrangements for the Election of Directors;
Family Relationships</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Asseco is our largest shareholder,
holding 25.6% of our outstanding share capital and under its October 2017 shareholders agreement with our chief executive officer, Mr.
Guy Bernstein, Asseco has been granted an irrecoverable proxy to vote an additional 1,797,973 of our ordinary shares, thereby effectively
giving Asseco beneficial ownership (voting power) over an aggregate of approximately 37.3% of our outstanding share capital (each of which
excludes shares that we have repurchased that lack voting rights and shares subject to restrictions that are voted in proportion to the
votes of our other shares. Asseco has significant influence over the election of the members of our board of directors (other than our
external directors). Other than as described immediately above, there are no arrangements or understandings with major shareholders, customers,
suppliers or others pursuant to which any of our directors or members of senior management were selected as such.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Guy Bernstein and Mr.
Asaf Berenstin are first cousins. Other than such relationship, there are no family relationships among our executive officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Aggregate Compensation Paid to Directors and
Executive Officers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Formula paid to its directors
and executive officers, consisting of the individuals listed above in the table under &#8220;&#8212;Directors and Senior Management&#8221;,
direct remuneration and provided related benefits of approximately $10.7 million, in the aggregate, with respect to 2021. This aggregate
compensation amount includes amounts set aside or accrued to provide pension, retirement or similar post-employment benefits, which themselves
totaled $0.1 in 2021. This aggregate compensation amount furthermore includes expenses recorded with respect to equity-based compensation
in a total amount of $7.4 million for 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above aggregate compensation
amount does not, however, include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses, including business travel, professional and business association dues and expenses, for which Formula reimburses its officers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other fringe benefits that companies in Israel commonly reimburse or pay to their officers,</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">as amounts incurred for
such expenses and benefits in 2021 were paid in reimbursement of activities carried out by our directors and executive officers for strict
business purposes in carrying out their duties on behalf of Formula and were therefore not compensatory in nature.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above aggregate compensation
amount includes payment of directors&#8217; fees. Formula compensates its external directors and other directors in accordance with the
regulations promulgated under the Companies Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Summary Compensation
Table</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For so long as we qualify
as a foreign private issuer, we are not required to comply with the executive compensation disclosure requirements applicable to U.S.
domestic companies, including the requirement to disclose information concerning the amount and type of compensation paid to our chief
executive officer, chief financial officer and the three other most highly compensated executive officers on an individual basis. Nevertheless,
regulations promulgated under the Companies Law require us to disclose the annual compensation of our five most highly compensated office
holders (as defined in the Companies Law) on an individual basis. Under the Companies Law regulations, this disclosure is required to
be included in the annual proxy statement for our annual meeting of shareholders, which we furnish to the SEC under cover of a Report
of Foreign Private Issuer on Form 6-K. Because of that disclosure requirement under Israeli law, we are also including that information
in this annual report, pursuant to the disclosure requirements of Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below reflects
the compensation paid to our five most highly compensated office holders (each of whom is a member of our management) during or with respect
to the year ended December 31, 2021. All amounts reported in the table reflect the cost to the Company, as recognized in our financial
statements for the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Compensation of Management</i><sup>(1)</sup></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name and Position<sup>(1) (2) </sup></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Salary<br/> ($, in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefits<br/> And <br/> Perquisites<br/> ($, in thousands)<sup>(4) </sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Variable<br/> Compensation<br/> ($, in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Based <br/> Compensation<br/> ($, in thousands) <sup>(5)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guy Bernstein &#8211; CEO <b><sup>(6)</sup></b></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">605</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,748</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">7,503</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asaf Berenstin &#8211; CFO <b><sup>(3)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">125</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Maya Solomon-Ella &#8211; COO</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">182</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;  width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All amounts reported in the table are in terms of cost to Formula, as recorded in Formula&#8217;s financial statements. We have three office holders who are members of management who are compensated by Formula (CEO, CFO and COO). For disclosure concerning compensation paid by us to our remaining four most highly compensated office holders (all of whom are directors), please see the table under &#8220;Compensation of Directors&#8221; below.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style=" font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The executive officers listed in the table serve as employees or consultants of Formula. Cash compensation amounts denominated in currencies other than the U.S. dollar were converted into U.S. dollars at the average conversion rate for 2021. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style=" font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Chief Financial Officer, Asaf Berenstin, also serves as the chief financial officer of our subsidiary Magic Software.&#160;Pursuant to an agreement between Magic Software and Formula, Mr. Berenstin allocates 40%-50% of his time to Formula. Because he is not regularly compensated by Formula, except for variable compensation and equity-based compensation, Mr. Berenstin salary is not listed in this table. In 2021 Mr. Berenstin was not entitled to equity-based compensation. As of January 2021, Mr. Berenstin, is entitled to an annual bonus in an amount equal to 0.3% of our net profit (including capital gains). </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style=" font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts reported in this column include benefits and perquisites, including those mandated by applicable law. Such benefits and perquisites may include, to the extent applicable to the executive officer, payments, contributions and/or allocations for savings funds, pension, severance, vacation, car or car allowance, medical insurances and benefits, risk insurances (e.g., life, disability, accident), convalescence pay, payments for social security, tax gross-up payments and other benefits and perquisites consistent with our guidelines.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style=" font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts reported in this column represent the expense recorded in our financial statements for the year ended December&#160;31, 2021 with respect to equity-based compensation. Assumptions and key variables used in the calculation of such amounts are described in Note 17(b) to our consolidated financial statements, contained elsewhere in this annual report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style=" font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under his service agreement with us, our chief executive officer, is entitled to an annual bonus in an amount equal to 3.3% of our net profit (including capital gains) after tax. An advance of 70% of the estimated bonus with respect to each year is paid over the course of the year, divided into quarterly installments, which is estimated based on our quarterly financial statements and is subject to final adjustment at the end of the year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Compensation of Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information with respect to compensation of our directors (none of whom served as an employee of our company) during fiscal year
2021. The fees to the directors were paid by Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name and Principal Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Fees Earned or <br/> Paid in Cash ($)<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Marek Panek &#8211; Chairman</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">40,565</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Rafal Kozlowski &#8211; Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40,565</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ohad Melnick &#8211;&#160;Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,407</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Eli Zamir &#8211; Former External Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,407</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Iris Yahal- Former External Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70.286</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All amounts reported in the table are in terms of cost to Formula, as recorded in Formula&#8217;s financial statements.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Option Grants to, and Service Agreement with,
Chief Executive Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2012, concurrently
with the amendment and extension of our Chief Executive Officer&#8217;s service agreement, we approved a grant of options to him, exercisable
for 1,122,782 ordinary shares of Formula as long as the Chief Executive Officer is (i) a director of Formula and/or (ii) a director of
each of the directly held subsidiaries of Formula; provided that if he fails to meet the foregoing requirement (A) due to the request
of the board of directors of either Formula or any of its directly held subsidiaries (other than a request which is based on actions or
omissions by the Chief Executive Officer that would constitute &#8220;cause&#8221; under his service agreement with Formula), (B) because
the Chief Executive Officer is prohibited under the governing law or charter documents of the relevant company or the stock exchange rules
and regulations applicable to such company from being a director of such company (other than due to his actions or omissions) or (C) notwithstanding
the Chief Executive Officer&#8217;s willingness to be so appointed (but provided that neither (A) nor (B) applies); then, in each of (A),
(B) and (C), the Chief Executive Officer will be deemed to have complied with clauses (i) or (ii) above. The options vest, i.e., our redemption
right with respect to the options and the underlying ordinary shares issuable upon exercise lapses, in equal quarterly installments over
an eight-year period that commenced in March 2012 and concludes in December 2019. Notwithstanding the foregoing, if a change of control
of the Company occurs, then all unvested options and/or restricted shares will immediately become vested. The exercise price of the options
is NIS 0.01 per share. In accordance with the terms of the option grant, the shares issuable upon exercise of the option will be deposited
with a trustee and our Chief Executive Officer will not be permitted to vote or dispose of them until the shares are released from the
trust, as described in the grant letter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2013, all 1,122,782
options were exercised into ordinary shares. Such ordinary shares have been deposited with a trustee and, pursuant to the terms of our
2011 Plan and the option agreement with respect to such options, our chief executive officer is not permitted to vote or dispose of them
until the shares are released from the trust. All shares participate in dividends and have the right to vote, however for so long as the
shares are held by the trustee (even if they have vested) the voting rights may only be exercised by the trustee. In accordance with the
guidelines of our 2011 Share Incentive Plan for so long as the shares underlying any grant under the plan are being held by the trustee
they will be voted by the trustee in the same proportion as the results of the other shares voting in the shareholder meeting. Only those
shares for which the vesting period has expired may be collected from the trustee. On August 3, 2017 and August 22, 2017 Asseco sold 2,356,605
and 589,151, respectively, Formula ordinary shares, representing 20% of our outstanding share capital, to 11 Israeli financial institutions
and to our Chief Executive Officer, respectively, in privately negotiated sales transactions. The sale resulted in a decrease of Asseco&#8217;s
equity interest in Formula from 46.3% to 26.3% and its loss of control of Formula. In accordance with Mr. Guy Bernstein&#8217;s share-based
award plan, that loss of control in the Company resulted in the immediate acceleration of all his unvested shares, which amounted to 350,869
as of such date. In November 2021, Mr. Bernstein sold 20,000 shares vested from his March 2012 grant. As of April 30, 2022, all 1,102,782
remaining shares were fully vested, although they remained in the trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under his service agreement
with us, Mr. Guy Bernstein, as our Chief Executive Officer, is entitled to a monthly salary, as well as an annual bonus in an amount equal
to 3.3% of our net profit (including capital gains). An advance of 70% of the estimated bonus with respect to each year is paid over the
course of the year, divided into quarterly installments, which is estimated based on our quarterly financial statements and is subject
to final adjustment at the end of the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 3, and 4, 2020,
our compensation committee and board of directors, respectively, acting in accordance with the Companies Law, re-approved an eight-year
equity-based award of compensation&#8212;in the form of 611,771 restricted share units, or RSUs&#8212; to our chief executive officer,
Mr. Guy Bernstein. The terms of the grant were described in Proposal 5 of the proxy statement for our November 2, 2020 annual general
meeting of shareholders (referred to as the Proxy Statement and Annual Meeting, respectively), which was attached as Exhibit 99.1 to our
Report of Foreign Private Issuer on Form 6-K furnished to the SEC on September 17, 2020 and available at the following link:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">https://www.sec.gov/Archives/edgar/data/1045986/000121390020027121/ea127015ex99-1_formulasys.htm</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The re-approved grant modifies
the composition of the RSUs being granted to the our chief executive officer from what was proposed in Proposal 5 at the Annual Meeting,
adjusting the ratio between time-based-vesting and performance-based-vesting RSUs from 80%-20% to 66.67%-33.33%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously reported by
Formula in its Form 6-K furnished to the SEC on November 2, 2020, the originally-proposed grant was not approved pursuant to Proposal
5 at the Annual Meeting. In re-considering and re-approving the grant, our compensation committee and board of directors acknowledged
that the requisite majority of our shareholders for the approval of Proposal 5 had not been achieved at the Annual Meeting. The committee
and board nevertheless evaluated our Group&#8217;s performance and achievements under the management of our chief executive officer, and
in view of his expected further contribution to the Group&#8217;s success, determined that the proposed grant is strongly linked to the
Group&#8217;s performance and the resulting increase in shareholders&#8217; value. Consequently, consistent with their authorities under
the Companies Law, the compensation committee and board of directors approved the modified (as described above) award of the RSUs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see Item 8.A, &#8220;Legal
Proceedings&#8221; below for a description of the legal proceedings that have been brought in respect of the CEO&#8217;s RSU grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The award, to be granted
to Emil Sharvit (2001) Consulting and Project Management Ltd., through which our chief executive officer, provides services to us grants
611,771 restricted stock units (&#8220;RSUs&#8221;) in respect of ordinary shares of Formula Systems. 66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December 31, 2027 subject to the continued
engagement of our chief executive officer with us as of that date (the &#8220;Vesting Period&#8221;); and up to 33.33% of the RSUs (i.e.,
203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest at December 31, 2027 on a pro-rata basis
with respect to each fiscal year (starting as of January 1, 2020) during the Vesting Period in which the Target EBITDA (as defined below)
is achieved, subject to the continued engagement of our chief executive officer with us. At the end of the vesting period, the number
of performance based RSUs that vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied
by (ii) 25,490.50 RSUs (rounded to the nearest whole number, up to a cap of 203,924 RSUs in total).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &#8220;Target EBITDA&#8221;
in a given fiscal year during the Vesting Period shall mean our EBITDA in that certain fiscal year (as reflected in the our annual audited
consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the our annual audited consolidated
financial statements for the applicable fiscal year (as to which the review of performance is made to determine whether one eighth of
the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the end of the Vesting Period). The Target EBITDA shall be not
less than 105% of 75% of our consolidated EBITDA in the previous fiscal year, excluding the cost attributed to the applicable portion
of the RSUs in our annual audited consolidated financial statements for such previous fiscal year (the &#8220;Previous Year&#8221;). Such
examination of EBITDA shall be made on the basis of the our annual audited consolidated financial statements as reflected in our annual
report on Form 20-F, and in the event that we sells any of our operations, the Target EBITDA shall be adjusted as applicable for future
reference by removing the results of the operations that were sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that with respect
to any specific fiscal year (the &#8220;Specific Year&#8221;), the Target EBITDA is not achieved, the Target EBITDA with respect to such
Specific Year will still be deemed to have been met for the purpose of vesting of RSUs in the event that either: (i) the EBITDA in the
fiscal year immediately following the Specific Year was at least 110.25% of 75% of our EBITDA in the year preceding the Specific Year,
or (ii) in case that the condition in the foregoing clause (i) was not met, then the EBITDA in the second fiscal year following the Specific
Year was at least 115.7625% of 75% of our EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i)
or (ii) was met for a certain Specific Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved,
and those RSUs shall become vested as of the end of the Vesting Period. In the event that neither of the conditions described in clauses
(i) or (ii) was met, the portion of RSUs for the applicable Specific Year shall automatically expire and terminate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
in case the Target EBITDA is met (in accordance with the above terms) in a certain fiscal year, yet the Target EBITDA is less than 105%
of 75% of the average EBITDA for the three fiscal years that consist of the subject fiscal year and the two preceding years (excluding
the cost attributed to the applicable portion of the RSUs in our annual audited consolidated financial statements for such applicable
fiscal years), then regardless of meeting the Target EBITDA, the number of performance-based RSUs that vests shall be reduced by 20%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total fair value of the
grant was calculated based on Formula Systems share price on the grant date and equaled to NIS 170.7 million (NIS 279 per share). The
total compensation expense we recorded in our statement of profit or loss, in accordance with accounting principles, for the year ended
December 31, 2021, was NIS 23.8 million ($7.4 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">In addition to the RSU grant
terms described above, our board of directors has approved, following the approval by Formula&#8217;s compensation committee, an adjustment
to the above-described RSU grant based on dividends that we distribute to our shareholders. During the Vesting Period of the RSUs, in
the event that any dividend, in cash or in kind, is distributed to our shareholders, then in addition to the distribution to all shareholders,
there will be an equivalent payment to our chief executive officer with respect to all RSUs that were not converted into shares (whether
or not vested) in an amount equal to the pro-rata portion of the overall dividend amount that the RSUs constitute out of our issued and
outstanding share capital as of the date of the distribution. For those purposes, the RSUs will be counted as if they are already vested
and converted into shares. These special RSU dividend amounts shall be paid and/or set aside by us for the benefit of our chief executive
officer, all as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">For the purpose of payment
of the Dividend Amounts to our chief executive officer, the Vesting Period shall be regarded as if it has commenced on January 1, 2020
(other than with respect to distributions and any related dividend amount which were made prior to the grant of the RSUs and which are
explicitly excluded) and will be divided into 32 fiscal quarters (each, referred to as a Fiscal Quarter). The dividend amount within each
dividend distributed to our shareholders will be released to, or set aside for, our chief executive officer together with the distribution
of the dividend. The portion of the Dividend Amount to be released to our chief executive officer will in each case be based on the number
of Fiscal Quarters that have lapsed at the time of distribution of the dividend. The remainder of the Dividend Amount will be set aside
and paid to our chief executive officer on a pro-rata basis upon the expiration of each Fiscal Quarter until the Dividend Amount is released
in full at the end of the Vesting Period for the RSUs. The total expense we recorded in our statement of profit or loss, in accordance
with accounting principles, with respect to such dividend amounts for the year ended December 31, 2021 amounted to $0.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">In the event of termination
of our chief executive officer services agreement, by us for Cause (as defined in the services agreement), the RSUs will immediately terminate
and become null and void, and all interests and rights of our chief executive officer in and to the same will expire. In case of termination
of our chief executive officer services agreement by us not for Cause, or due to the resignation of our chief executive officer for Good
Reason, all unvested RSUs that could have vested from the grant date until December 31, 2027, assuming all performance and time conditions
and future targets would have been fulfilled (including all targets that would have resulted in vesting with respect to any Previous Year
which could have still been met in future years), will accelerate and become immediately vested and exercisable, regardless of the actual
occurrence or failure to occur of any of the future performance targets relating to those RSUs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">In the event of resignation
by our chief executive officer not for Good Reason, our chief executive officer RSUs will vest, in an accelerated manner, in such portion
equal to the pro-rata portion of the Vesting Period that has already lapsed (based on the full number of Fiscal Quarters that have lapsed
from January 1, 2020 until the actual resignation date, including notice period). However, any Performance Based RSUs for which the applicable
target was not achieved up until the resignation date (including the notice period) will expire and terminate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt"><i>Restricted Share Grants
to Chief Financial Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">On November 11 and 13, 2014,
our compensation committee and board of directors, respectively, acting in accordance with the Companies Law, awarded our Chief Financial
Officer, Asaf Berenstin, 10,000 restricted shares under the 2011 Plan, or the Restricted Shares. The Restricted Shares vest on a quarterly
basis over a four-year period, which commenced on November 13, 2014 and concludes on November 13, 2018, provided that during such time
the Chief Financial Officer will continue to serve as (i) an officer of the Company and/or (ii) an officer in one of the directly held
affiliates. If the Chief Financial Officer fails to meet the service condition due to the request of the board of directors of either
Formula or any of its directly held affiliates (other than a termination of his provision of services which is based on actions or omissions
by him that will constitute &#8220;cause&#8221; under his grant agreement with Formula), then, he will be deemed to have complied with
clauses (i) or (ii) above. If a change of control of the Company occurs, then all unvested Restricted Shares will immediately become vested.
Total fair value of the grant was calculated based on the Formula share price on the grant date and amounted to $239,000 ($23.9 per share).
As a result of Asseco&#8217;s sale of Formula ordinary shares representing 20% of our outstanding share capital in August 2018, as described
above, Asseco lost control of Formula. In accordance with Mr. Berenstin&#8217;s share-based award plan, such loss of control resulted
in the immediate acceleration of all his unvested Restricted Shares, which amounted to 3,125 as of that date. As of April 30, 2022, all
shares awarded to Mr. Berenstin are fully vested, although they remain in the trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 17, 2017, our
compensation committee and board of directors, respectively, acting in accordance with the Companies Law, awarded our Chief Financial
Officer, Asaf Berenstin, 10,000 additional restricted shares under the 2011 Plan. These additional restricted shares vest on a quarterly
basis over a three-year period, which commenced on August 17, 2017 and concludes on August 16, 2020, provided that during such time the
Chief Financial Officer continues to serve as (i) an officer of the Company and/or (ii) an officer in one of our directly held affiliates.
If he fails to meet the service condition due to the request of the board of directors of either Formula or any of its directly held affiliates
(other than a termination of his provision of services which is based on actions or omissions by him that will constitute &#8220;cause&#8221;
under his grant agreement with Formula), then the Chief Financial Officer will be deemed to have complied with clauses (i) or (ii) above.
Notwithstanding the foregoing, if a change of control of Formula occurs, then all unvested additional restricted shares will immediately
become vested. Total fair value of the grant was calculated based on the Formula share price on the grant date and amounted to $371,000
($37.11 per share). In June 2020, Mr. Berenstin sold in the open market 9,167 of the shares granted to him under this grant. As of April
30, 2022, 833 shares still remain in the trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 13, and 14, 2021,
our compensation committee and board of directors, respectively, acting in accordance with the Companies Law, awarded our Chief Financial
Officer, Asaf Berenstin, 21,000 additional restricted shares under the 2021 Plan. These additional restricted shares vest on a quarterly
basis over approximately five-year period, with 3,750 restricted shares, approximately 18% of the grant, vesting on the grant date with
the remaining amount vested in 23 quarterly equal amounts of 750 restricted shares per quarter commencing on June 30, 2022 and concluding
on December 31, 2027, provided that during such time the Chief Financial Officer continues to serve as (i) an officer of the Company and/or
(ii) an officer in one of our directly held affiliates. If he fails to meet the service condition due to the request of the board of directors
of either Formula or any of its directly held affiliates (other than a termination of his provision of services which is based on actions
or omissions by him that will constitute &#8220;cause&#8221; under his grant agreement with Formula); then, the Chief Financial Officer
will be deemed to have complied with clauses (i) or (ii) above. Notwithstanding the foregoing, if a change of control of Formula occurs,
then all unvested additional restricted shares will immediately become vested. Total fair value of the grant was calculated based on the
Formula share price on the grant date and amounted to NIS 6.7 million (approximately $2.0 million), based on a share price of NIS 318.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;<i>Restricted Share Grants to Chief Operational
Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 11 and 13, 2014,
our compensation committee and board of directors, respectively, acting in accordance with the Companies Law, awarded our Chief Operational
Officer, Maya Solomon, 10,000 restricted shares under the 2011 Plan. These restricted shares vest on an annual basis over a four-year
period, which commenced on November 19, 2018 and concludes on November 18, 2022, provided that during such time the Chief Operational
Officer continues to serve as (i) an officer of the Company and/or (ii) an officer in one of our directly held affiliates (we refer to
this as the Service Condition). In the event that the Service Condition is no longer satisfied, the granted restricted shares that have
not yet vested will terminate automatically and the unvested portion of the granted restricted shares will be returned to the Company
within 90 days after the first day after the Service Condition is no longer satisfied, while all granted restricted shares that have vested
will be transferrable to our Chief Operational Officer over a 90-day period after the last day on which the Service Condition is satisfied,
unless the failure of the Service Condition to be satisfied was due to circumstances that would revoke the right to severance payments
under Section 17 of the Israeli Severance Payments Law, 1963, in which case all granted restricted shares, whether or not they have vested,
will automatically terminate. The total fair value of the grant was calculated based on the Formula share price on the grant date and
amounted to $382,150 ($38.21 per share). As of April 30, 2022, all 10,000 restricted shares were deposited with the trustee of which 7,500
have vested with the remaining amount to be vested on November 18, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of our
2011 Share Incentive Plan and our 2021 Share Incentive Plan pursuant to which options or share awards may be granted from time to time
to our directors, executive officers, employees and consultants, see &#8220;Item 6.E. Share Ownership<b>&#8212; </b>Arrangements Involving
the Issuance or Grant of Equity Awards&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board Practices</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our amended
and restated articles of association, or our articles, directors are generally elected at the annual general meeting of shareholders by
a vote of the holders of a majority of the voting power represented at the meeting. Our existing board of directors may also appoint a
new director to the board, assuming that the then-authorized size of the board, as last approved by our shareholders, exceeds the number
of directors then serving on the board, whether due to a resignation or otherwise, in which case the newly appointed director holds office
until the next annual general meeting of shareholders immediately following such appointment. Our board is currently comprised of five
persons, of which each of Ohad Melnik, Tomer Jacob and Relly Danon has been determined by the board to be independent within the meaning
of the Listing Rules of the Nasdaq Stock Market (or the Nasdaq listing rules), on which our ADSs are listed for trading. Mr. Jacob and
Ms. Danon serve as our external directors (succeeding Ms. Iris Yahal and Mr. Eli Zamir, as of May 2022, whose third three year term as
external directors ended in April 2022) as mandated under Israeli law, and are therefore subject to additional criteria to help ensure
their independence. See &#8220;External Directors Under the Companies Law&#8221; below. Each of our directors, except for the external
directors, holds office until the next annual general meeting of shareholders and may then be re-elected. Our officers are appointed by
our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
a person who lacks the necessary qualifications and the ability to devote an appropriate amount of time to the performance of his or her
duties as a director shall not be appointed director of a publicly traded company. While determining a person&#8217;s compliance with
such provisions, the company&#8217;s special requirements and its scope of business shall be taken into consideration. Where the agenda
of a shareholders meeting of a publicly traded company includes the appointment of directors, each director nominee should submit a declaration
to the company confirming that he or she has the necessary qualifications and that he or she is able to devote an appropriate amount of
time to performance of his or her duties as a director. In the declaration, the director nominee should specify his or her qualifications
and confirm that the restrictions set out in the Companies Law do not apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
if a director ceases to comply with any of the requirements provided in the Companies Law, such director must immediately notify the company,
and his or her term of service shall terminate on the date of the notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>External Directors Under the Companies Law</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
companies incorporated under the laws of Israel whose shares have been offered to the public in or outside of Israel, are required to
appoint at least two external directors. This law provides that a person may not be appointed as an external director if the person is
a relative of the controlling shareholder of the company or if that person or his or her relative, partner, employer, another person to
whom he or she was directly or indirectly subject, or any entity under the person&#8217;s control, has, as of the date of the person&#8217;s
appointment to serve as external director, or had, during the two years preceding that date: (a) any affiliation or other disqualifying
relationship with the company, with any person or entity controlling the company or a relative of such person, or with any entity controlled
by or under common control with the company; or (b) in the case of a company with no shareholder holding 25% or more of its voting rights,
had at the date of appointment as an external director, any affiliation or other disqualifying relationship with a person then serving
as chairman of the board or chief executive officer, a holder of 5% or more of the issued share capital or voting power in the company
or the most senior financial officer. The term &#8220;affiliation&#8221; and the similar types of prohibited relationships include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an employment relationship;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a business or professional relationship, even if not maintained on a regular basis (but excluding a <i>de minimis</i> level relationship);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">control; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">service as an office holder.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &#8220;office holder&#8221;
is defined under the Companies Law as a general manager (i.e., chief executive officer), chief business manager, deputy general manager,
vice general manager, any other person assuming the responsibilities of any of these positions regardless of that person&#8217;s title,
a director and any other manager directly subordinate to the general manager.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person may serve as an
external director if the person&#8217;s position or other business activities create, or may create, a conflict of interest with the person&#8217;s
responsibilities as an external director or may otherwise interfere with the person&#8217;s ability to serve as an external director or
if the person is an employee of the Israel Securities Authority or of an Israeli stock exchange. A person may furthermore not continue
to serve as an external director if he or she received, during his or her tenure as an external director, direct or indirect compensation
from the company including amounts paid pursuant to indemnification or exculpation contracts or commitments and insurance coverage for
his or her service as an external director, other than as permitted by the Companies Law and the regulations promulgated thereunder. If,
at the time of election of an external director, all other directors who are not the company&#8217;s controlling persons or their relatives
are of the same gender, the external director to be elected must be of the other gender. A director of one company may not be appointed
as an external director of another company if a director of the other company is acting as an external director of the first company at
such time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">External directors are elected
by a majority vote at a shareholders&#8217; meeting, provided that either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such majority includes at least a majority of the shares held by all shareholders who are not controlling shareholders and do not have a conflict of interest (referred to under the Companies Law as a &#8220;personal interest&#8221;) in the election of the external director (other than a personal interest not deriving from a relationship with a controlling shareholder) that are voted at the meeting, excluding abstentions, to which we refer as a disinterested majority, or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the total number of shares voted by non-controlling shareholders and by shareholders who do not have a personal interest in the election of the external director against the election of the external director does not exceed two percent (2%) of the aggregate voting rights in the company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to regulations
promulgated under the Companies Law, a person may be appointed as an external director only if he or she has professional qualifications
or if he or she has accounting and financial expertise (each, as defined below). In addition, at least one of the external directors must
be determined by our board of directors to have accounting and financial expertise. A director with &#8220;accounting and financial expertise&#8221;
is a director that due to his or her education, experience and skills has a high expertise and understanding in financial and accounting
matters and financial statements, in such a manner which allows him to deeply understand the financial statements of the company and initiate
a discussion about the presentation of financial data. A director is deemed to have &#8220;professional qualifications&#8221; if he or
she either (i) has an academic degree in economics, business management, accounting, law or public service, (ii) has an academic or other
degree or has completed other higher education, all in the field of business of the company or relevant for his/her position, or (iii)
has at least five years experience serving in one of the following capacities, or at least five years of cumulative experience serving
in two or more of the following capacities: (a) a senior business management position in a company with a significant volume of business;
(b) a senior position in the company&#8217;s primary field of business; or (c) a senior position in public administration or service.
Our board of directors has determined that each of Mr. Jacob and Ms. Danon possesses requisite financial and accounting expertise, as
required of our external directors under the Companies Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An external director may
be removed from office only: (i) by a court, upon determination that the external director to be so removed ceased to meet the statutory
qualifications for his or her appointment or if he or she violated his or her duty of loyalty to the company or (ii) by the same percentage
of shareholders, acting through a shareholders meeting, as is required for his or her election, if the board of directors has determined
that the external director to be so removed has ceased to meet the statutory qualifications for his or her appointment or violated his
or her duty of loyalty to the company and has proposed the removal to the shareholders. An external director who ceases to meet the conditions
for his or her service as such must notify the company immediately and such service shall cease immediately upon such notification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The initial term of an external
director is three years and may be extended by the general meeting of shareholders, for up to two additional three year terms, provided
that (i) his or her service for each such additional term is recommended by one or more shareholders holding at least 1% of the company&#8217;s
voting rights and is approved at a shareholders meeting by a disinterested majority, where the total number of shares held by non-controlling,
disinterested shareholders voting for such reelection exceeds 2% of the aggregate voting rights in the company, provided that the external
director and certain of his or her related parties meet additional independence requirements; or (ii) his or her service for each such
additional term is recommended by the board of directors and is approved at a meeting of shareholders by the same majority required for
the initial election of an external director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2022, Mr. Jacob and
Ms. Danon were initially appointed for a three-year term as our external directors, each to hold office until May 2025. In accordance
with the regulations under the Companies Law (Relief for Public Companies Whose Shares are Listed on a Stock Exchange Outside of Israel,
2000), dual listed companies, like us, whose securities are listed on the Nasdaq Global Select Market or one of a number of other non-Israeli
stock exchanges, may re-appoint an external director for additional three-year terms, in excess of the nine years as described above,
if the audit committee and the board of directors confirm that, due to the expertise and special contribution of the external director
to the work of the board and its committees, his or her re-appointment is in the best interests of the company. The same special majority
is required for election of the external director for each additional three-year term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each committee of a company&#8217;s
board of directors is required to include at least one external director and the audit committee must include all of the external directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An external director is
entitled to compensation as provided in regulations promulgated under the Companies Law and is otherwise prohibited from receiving any
compensation, directly or indirectly, in connection with services provided as an external director or otherwise to the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the termination
of an external director&#8217;s service on a board of directors, such former external director and his or her spouse and children may
not be provided a direct or indirect benefit by the company, its controlling shareholder or any entity under its controlling shareholder&#8217;s
control, including engagement to serve as an executive officer or director of the company or a company controlled by its controlling shareholder
or employment by, or providing services to, any such company for consideration, either directly or indirectly, including through a corporation
controlled by the former external director. This restriction extends for a period of two years with regard to the former external director
and his or her spouse or child and for one year with respect to other relatives of the former external director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under regulations recently
promulgated under the Companies Law, Israeli public companies whose shares are traded on certain U.S. stock exchanges, such as the Nasdaq
Global Select Market, and that lack a controlling shareholder (as defined below) are exempt from the requirement to appoint external directors.
Any such company is also exempt from the Companies Law requirements related to the composition of the audit and compensation committees
of the board. Eligibility for these exemptions is conditioned on compliance with U.S. stock exchange listing rules related to majority
board independence and the composition of the audit and compensation committees of the board, as applicable to all listed domestic U.S.
companies. Because we have a controlling shareholder as determined under the Companies Law (Asseco), we are not eligible for these exemptions
under the new regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Qualifications of Directors Generally Under
the Companies Law</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
the board of directors of a publicly traded company is required to make a determination as to the minimum number of directors (not merely
external directors) who must have accounting and financial expertise (according to the same criteria described above with respect to external
directors under &#8220;&#8212;External Directors Under the Companies Law&#8221;). In accordance with the Companies Law, the determination
of the board should be based on, among other things, the type of the company, its size, the volume and complexity of its activities and
the number of directors. Based on the foregoing considerations, our board determined that the number of directors with financial and accounting
expertise in our company shall not be less than one. As described above under &#8220;&#8212;External Directors Under the Companies Law,&#8221;
currently Mr. Tomer Jacob and Ms. Relly Danon have been determined by the board to possess such accounting and financial expertise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Unaffiliated Directors Under the Companies
Law</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
the audit committee of a publicly traded company must consist of a majority of unaffiliated directors. An &#8220;unaffiliated director&#8221;
is defined as an external director or a director who meets the following criteria:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">he or she meets the qualifications for being appointed as an external director, except for (i) the requirement that the director be an Israeli resident (which does not apply to companies whose securities have been offered outside of Israel or are listed outside of Israel) and (ii) the requirement for accounting and financial expertise or professional qualifications; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
or she has not served as a director of the company for a period exceeding nine consecutive years. For this purpose, a break of less than
two years in the service shall not be deemed to interrupt the continuation of the service.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit committee complies
with the foregoing required majority of unaffiliated directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Audit Committee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the foregoing
requirement concerning the audit committee&#8217;s unaffiliated director members, the Companies Law also requires more generally that
public companies such as ours must appoint an audit committee, comprised of at least three directors, including all of the external directors,
one of whom must serve as chairman of the committee. The chairman of the board of directors, or any director employed by or otherwise
providing services on a regular basis to the company or to a controlling shareholder or any entity controlled by a controlling shareholder,
may not be a member of the audit committee. Under the Companies Law, our audit committee is responsible for (i) determining whether there
are deficiencies in the business management practices of the company, including in consultation with the company&#8217;s internal auditor
or the independent auditor, and making recommendations to the board of directors to improve such practices, (ii) determining whether to
approve certain related party transactions, including transactions in which an office holder has a personal interest and whether such
transaction is extraordinary or material, (iii) establishing the approval process (including, potentially, the approval of the audit committee)
for certain transactions with a controlling shareholder or in which a controlling shareholder has a personal interest, (iv) where the
board of directors approves the working plan of the internal auditor, examining such working plan before its submission to the board and
propose amendments thereto, (v) examining the company&#8217;s internal controls and internal auditor&#8217;s performance, including whether
the internal auditor has sufficient resources and tools to dispose of his responsibilities (taking into consideration the company&#8217;s
special needs and size), (vi) examining the scope of the company&#8217;s auditor&#8217;s work and compensation and submitting a recommendation
with respect thereto to the board of directors or the general meeting of shareholders, depending on which of them is considering the appointment
of our auditor and (vii) establishing procedures with respect to the handling of company employees&#8217; complaints as to the management
of the company&#8217;s business and the protection to be provided to such employees. In compliance with regulations under the Companies
Law, our audit committee also approves our financial statements, thereby fulfilling the requirement that a board committee provide such
approval. An audit committee may not approve an action requiring its approval, unless at the time of approval a majority of the committee&#8217;s
members are present, of whom a majority consist of unaffiliated directors and at least one of them is an external director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nasdaq listing rules
and U.S. securities laws likewise require that we maintain an audit committee, all of whose members are independent of management. In
accordance with the Sarbanes-Oxley Act of 2002 and the Nasdaq requirements, our audit committee&#8217;s direct responsibilities include
the appointment, compensation, retention and oversight of our independent auditors (which itself also requires shareholder ratification
under Israeli law). The committee&#8217;s U.S. and Nasdaq mandated responsibilities also include assisting the board in monitoring our
financial statements and the effectiveness of our internal controls. We have adopted a formal audit committee charter that we have implemented,
embodying these responsibilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit committee consists
of our two external directors, Mr. Tomer Jacob and Ms. Relly Danon, as well as Mr. Ohad Melnik. Each of Mr. Jacob, Ms. Danon and Mr. Melnik
qualifies as an independent director under both the Nasdaq listing rules and Rule 10A-3 of the Exchange Act. The board has furthermore
determined that Mr. Jacob is an &#8220;audit committee financial expert&#8221; as defined by applicable SEC regulations. See &#8220;Item
16A. Audit Committee Financial Expert.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Compensation Committee and Compensation Policy</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
the board of directors of a public company must appoint a compensation committee. The compensation committee must be comprised of at least
three directors, including all of the external directors, who must constitute a majority of the members of the compensation committee.
Each compensation committee member who is not an external director must be a director whose compensation does not exceed an amount that
may be paid to an external director. The compensation committee is subject to the same Companies Law restrictions as the audit committee
as to who may not be a member of the compensation committee. As noted above (under &#8220;External Directors Under the Companies Law&#8221;),
Israeli companies whose securities are traded on stock exchanges such as the Nasdaq Global Select Market, and who do not have a controlling
shareholder, do not have to meet the compensation committee composition requirements under the Companies Law. Reliance on this leniency
is conditioned upon the compensation committee meeting the composition requirements of the jurisdiction where the company&#8217;s securities
are traded. This leniency does not apply to our company, as we have a controlling shareholder (Asseco).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The duties of the compensation
committee include the recommendation to the company&#8217;s board of directors of a policy regarding the terms of engagement of office
holders, to which we refer as a compensation policy. That policy must be adopted by the company&#8217;s board of directors, after considering
the recommendations of the compensation committee, and will need to be brought for approval by the company&#8217;s shareholders, which
approval requires what we refer to as a Special Majority Approval for Compensation. A Special Majority Approval for Compensation requires
shareholder approval by a majority vote of the shares present and voting at a meeting of shareholders called for such purpose, provided
that either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
majority includes at least a majority of the shares held by all shareholders who are not controlling shareholders and do not have a conflict
of interest (referred to under the Companies Law as a &#8220;personal interest&#8221;) in such compensation arrangement; or;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
total number of shares of non-controlling shareholders who do not have a personal interest in the compensation arrangement and who vote
against the arrangement does not exceed 2% of the company&#8217;s aggregate voting rights.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We initially adopted a compensation
policy during 2013. Our compensation policy was not re-approved at our Annual General Meeting of Shareholders that was held on December
21, 2016. In April 2018, in accordance with Section 276A(c) of the Companies Law, our compensation committee and the board determined
that the approval of the compensation policy is in the best interest of the company and exercised their right to adopt the compensation
policy notwithstanding it not having been approved by the shareholders at the Annual Meeting. The compensation policy serves as the basis
for decisions concerning the financial terms of employment or engagement of office holders, including exculpation, insurance, indemnification
or any monetary payment or obligation of payment in respect of employment or engagement. The compensation policy must relate to certain
factors, including advancement of the company&#8217;s objectives, the company&#8217;s business plan and its long-term strategy, and creation
of appropriate incentives for office holders. It must also consider, among other things, the company&#8217;s risk management, size and
the nature of its operations. The compensation policy must furthermore consider the following additional factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
knowledge, skills, expertise and accomplishments of the relevant office holder;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
office holder&#8217;s roles and responsibilities and prior compensation agreements with him or her;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
relationship between the terms offered and the average compensation of the other employees of the company, including those employed through
manpower companies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of disparities in salary upon work relationships in the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
possibility of reducing variable compensation at the discretion of the board of directors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
possibility of setting a limit on the exercise value of non-cash variable equity-based compensation; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
to severance compensation, the period of service of the office holder, the terms of his or her compensation during such service period,
the company&#8217;s performance during that period of service, the person&#8217;s contribution towards the company&#8217;s achievement
of its goals and the maximization of its profits, and the circumstances under which the person is leaving the company.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The compensation policy
must also include the following principles:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
link between variable compensation and long-term performance and measurable criteria;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
relationship between variable and fixed compensation, and the ceiling for the value of variable compensation;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
conditions under which an office holder would be required to repay compensation paid to him or her if it was later shown that the data
upon which such compensation was based was inaccurate and was required to be restated in the company&#8217;s financial statements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
minimum holding or vesting period for variable, equity-based compensation; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maximum
limits for severance compensation.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The compensation committee
is responsible for (a) recommending the compensation policy to a company&#8217;s board of directors for its approval (and subsequent approval
by its shareholders) and (b) duties related to the compensation policy and to the compensation of a company&#8217;s office holders as
well as functions previously fulfilled by a company&#8217;s audit committee with respect to matters related to approval of the terms of
engagement of office holders, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
whether a compensation policy should continue in effect, if the then-current policy has a term of greater than three (3) years (approval
of either a new compensation policy or the continuation of an existing compensation policy must in any case occur every three years,
or for a new public company, five years initially);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
to the board of directors periodic updates to the compensation policy;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assessing
implementation of the compensation policy; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
whether the compensation terms of the chief executive officer of the company need not be brought to approval of the shareholders.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted a compensation committee charter setting forth the responsibilities of the compensation committee, which include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
responsibilities set forth in the compensation policy;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and approving the granting of options and other incentive awards to the extent such authority is delegated by our board of directors;
and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
evaluating and making recommendations regarding the compensation and benefits for our non-employee directors.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our compensation committee
consists of our two external directors Mr. Tomer Jacob and Ms. Relly Danon, as well as Mr. Ohad Melnik. Each of the members of our compensation
committee qualifies as an independent director under the Nasdaq listing rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Internal Auditor</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
the board of directors is required to appoint an internal auditor, nominated by the audit committee. The role of the internal auditor
is to examine, among other matters, whether the company&#8217;s actions comply with the law and orderly business procedure. Under the
Companies Law, the internal auditor may be an employee of the company but not an office holder, or an interested party (i.e., a holder
of 5% or more of the voting rights in the company or of the issued share capital, the chief executive officer of the company or any of
its directors, or a person who has the authority to appoint the company&#8217;s chief executive officer or any of its directors), or a
relative of an office holder or of an interested party. In addition, the company&#8217;s independent auditor or its representative may
not serve as the company&#8217;s internal auditor. Our internal auditor is Mr. Eyal Weitzman.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Nasdaq Exemptions for a Foreign Private Issuer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a foreign private
issuer within the meaning of Nasdaq listing rule 5005(a)(18), since we are incorporated in Israel and we meet the other criteria set forth
for a &#8220;foreign private issuer&#8221; under Rule 3b-4(c) under the Exchange Act. Therefore, pursuant to Nasdaq listing rule 5615(a)(3),
we may follow home country practice in lieu of certain provisions of the Nasdaq listing rule 5600 series and certain other Nasdaq listing
rules. Please see &#8220;Item 16G. Corporate Governance&#8221; below for a description of the manner in which we rely upon home country
practice in lieu of complying with certain Nasdaq listing rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Exculpation, Insurance and Indemnification
of Directors and Officers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our office holders consist
of the individuals listed in the table under &#8220;Directors and Senior Management,&#8221; which is displayed under &#8220;Item 6. Directors,
Senior Management and Employees.&#8221; Under the Companies Law, an Israeli company may not exempt an office holder from liability with
respect to a breach of his or her duty of loyalty, but may exempt in advance an office holder from his or her liability to the company,
in whole or in part, with respect to a breach of his duty of care, provided, however, that such a breach is not related to a distribution
of a dividend or any other distribution by the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Office Holders&#8217;
Insurance.</i> Our articles provide that, subject to the provisions of the Companies Law, we may enter into a contract for the insurance
of the liability of any of our office holders imposed on the office holder in respect of an act performed in his or her capacity as an
office holder, with respect to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
breach of his duty of care to us or to another person;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
breach of his duty of loyalty to us, provided that the office holder acted in good faith and had reasonable cause to assume that his
act would not prejudice our interests; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
financial liability imposed upon him in favor of another person.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have obtained an insurance
policy covering the Formula Group&#8217;s directors&#8217; and officers&#8217; liability. Certain of our subsidiaries (Magic Software
and its subsidiaries, Sapiens and its subsidiaries, Insync, Zap Group, and Michpal and its subsidiaries) participate in the premium payments
of the insurance, on a proportional basis. The total premium we paid during 2021 was approximately $2,450,000 for the entire Group. On
a stand-alone basis, the portion allocated to Formula and its privately-held subsidiaries amounted in 2021 to $245,000. For 2022, the
total premium we paid as a Group amounted to $2,300,000. On a stand-alone basis, the portion allocated to Formula and its privately-held
subsidiaries with respect to 2022 amounted to $299,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Indemnification of Office
Holders.</i> Our articles provide that we may indemnify an office holder in respect of an obligation or expense imposed on or expended
by an office holder in respect of an act performed in his capacity as an office holder as specified below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
financial obligation imposed on him in favor of another person by any judgment, including a settlement or an arbitrator&#8217;s award
approved by a court;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
litigation expenses, including attorney&#8217;s fees, expended by the office holder as a result of an investigation or proceeding instituted
against him by a competent authority, provided that such investigation or proceeding concluded without the filing of an indictment against
him, and either (i) concluded without the imposition of any financial liability in lieu of criminal proceedings; or (ii) concluded with
the imposition of a financial liability in lieu of criminal proceedings but relates to a criminal offense that does not require proof
of criminal intent;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
litigation expenses, including attorneys&#8217; fees, expended by the office holder or charged to him by a court, in proceedings instituted
against him by another person, or in a criminal charge from which he was acquitted or in any criminal proceedings of a crime which does
not require proof of criminal intent;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses,
including reasonable litigation expenses and legal fees, incurred by an office holder as a result of a proceeding instituted against
such office holder in relation to (1) infringements that may impose financial sanction pursuant to the provisions of Chapter H&#8217;3
under the Israeli Securities Law, which we refer to as the Securities Law, or (2) administrative infringements pursuant to the provisions
of Chapter H&#8217;4 under the Securities Law or (3) infringements pursuant to the provisions of Chapter I&#8217;1 under the Securities
Law; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments
made by the office holder to an injured party for damages suffered under Section 52(54)(a)(1)(a) of the Securities Law.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may undertake to indemnify
an office holder as aforesaid, (a) prospectively, provided that in respect of (i) above, the undertaking is limited to categories of events
that in the opinion of our board of directors are foreseeable in light of our actual operations at the time that the undertaking to indemnify
is given, and to the amounts or criteria that our board of directors deems reasonable under the circumstances, and further provided that
such events and amount or criteria are set forth in the undertaking to indemnify, but in any event no more than 25% of Formula&#8217;s
shareholders equity according to its most recent financial statements as of the date of the actual payment of indemnification; and (b)
retroactively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Limitations on Exemption,
Insurance and Indemnification.</i> The Companies Law provides that a company may not indemnify an office holder, enter into an insurance
contract which would provide coverage for any monetary liability, or exempt an office holder from liability, with respect to any of the
following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
breach by the office holder of his duty of loyalty unless the office holder acted in good faith and had a reasonable basis to believe
that the act would not prejudice the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
breach by the office holder of his duty of care if the breach was done intentionally or recklessly, except for a breach that was made
in negligence;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
act or omission done with the intent to derive an illegal personal benefit;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
fine levied against the office holder; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
counterclaim made by the company or in its name in connection with a claim against the company filed by the office holder.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, under the Companies
Law, indemnification of, and procurement of insurance coverage for, our office holders must be approved by our audit committee and our
board of directors and, in specified circumstances, by our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into undertakings
to indemnify our office holders in specified limited categories of events and in specified amounts, subject to the limitations set by
the Companies Law and our articles, as described above. For more information, see &#8220;Item 7.B. Related Party Transactions &#8211;
Indemnification of Office Holders.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Directors&#8217; Severance Benefits Upon Termination
of Employment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into
any service contracts with any members of our board of directors that provide for specific benefits upon termination of employment, as
none of our directors is employed by us or otherwise subject to a consulting or similar contract with us that provides benefits upon termination
of employment or service. The only severance pay benefits that we provide are provided to employees as required under Israeli law and
are described below in the section titled &#8220;Employees&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
the average number of employees employed by us, as allocated among our eight subsidiaries in which we have effective control through December
31, 2021, during each of the last three fiscal years:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Matrix</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10,337</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10,658</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10,820</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Magic Software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,642</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,039</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,677</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Sapiens</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,959</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,438</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,044</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>TSG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">479</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">468</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">419</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Michpal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">187</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">190</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">216</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Ofek</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">92</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">94</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Zap Group</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Insync</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">774</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">572</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">762</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,378</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,457</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,333</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
the average number of employees employed by us, as allocated by geographical area of employment, during each of the last three fiscal
years:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Israel</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">12,042</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">12,473</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">13,074</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">United States and Canada</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,949</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,006</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,569</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Europe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,012</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,405</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,756</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Asia (mainly India)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,361</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,561</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.922</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">South Africa</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">14</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,378</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,457</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,333</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to our employees
in Israel, we are subject to various Israeli labor laws and labor practices, and to administrative orders extending certain provisions
of collective bargaining agreements between the Histadrut (Israel&#8217;s General Federation of Labor) and the Coordinating Bureau of
Economic Organizations (the Israeli federation of employers&#8217; organizations) to all private sector employees. For example, mandatory
cost of living adjustments, which compensate Israeli employees for a portion of the increase in the Israeli consumer price index, are
determined, from time to time, on a nationwide basis. Israeli law also requires the payment of severance benefits upon the termination,
retirement (in some instances) or death of an employee. We meet this requirement by (i) contributing on an ongoing basis towards &#8220;managers&#8217;
insurance&#8221; funds that combine pension, insurance and, if applicable, severance pay benefits and (ii) payment of differences, if
applicable. In addition, Israeli employers and employees are required to pay specified percentages of wages to the National Insurance
Institute. Other provisions of Israeli law or regulation govern matters such as the length of the workday, minimum wages, other terms
of employment and restrictions on discrimination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also subject to the
labor laws and regulations of other jurisdictions in the world where we have employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Ownership</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April&#160;30, 2022,
none of our directors or officers owned any shares of our company (whether actual ordinary shares or shares issuable upon exercise of
options), except for Mr. Guy Bernstein, our Chief Executive Officer, Mr. Asaf Berenstin, our Chief Financial Officer and Ms. Maya Solomon,
our Chief Operational Manager, as described under &#8220;Item 6. Directors, Senior Management &amp; Employees&#8212; B. Compensation&#8212;
Option Grants to, and Service Agreement with, Chief Executive Officer&#8221; and &#8220;Item 6. Directors, Senior Management &amp; Employees&#8212;
Restricted Share Grants to Chief Financial Officer&#8221; above. None of the ordinary shares beneficially owned by Messrs. Bernstein and
Berenstin has voting rights different from those possessed by other holders of Formula&#8217;s ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the current time, based
on information that he has provided to us, Mr. Guy Bernstein beneficially owns 1,797,973 of Formula&#8217;s ordinary shares, in the aggregate.
Please see &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;A. Major Shareholders&#8221; below for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the current time, based
on information that he has provided to us, Mr. Asaf Berenstin owns 31,833 of Formula&#8217;s ordinary shares, 10,000 restricted shares,
833 restricted shares and 21,000 restricted shares which were granted to him on November 13, 2014, August 17, 2017 and March 14, 2022,
respectively (as described above under &#8220;Item 6. Directors, Senior Management and Employees&#8212; B. Compensation&#8212; Restricted
Share Grants to Chief Financial Officer&#8221; and in Note 17(b) to our consolidated financial statements contained elsewhere in this
annual report). As of April 30, 2022, 14,583 restricted shares were fully vested, with the remaining 17,300 restricted shares to be vested
over 23 equal quarterly periods commencing on June 30, 2022 and concluding on December 31, 2027. All restricted shares, whether vested
or not, are held in the trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the current time, based
on information that she has provided to us, Ms. Maya Solomon owns 10,000 of Formula&#8217;s ordinary shares, which were granted to her
on November 19, 2018 (as described above under &#8220;Item 6. Directors, Senior Management and Employees&#8212; B. Compensation&#8212;
Restricted Share Grants to Chief Operational Officer&#8221; and in Note 17(b) to our consolidated financial statements contained elsewhere
in this annual report). Of those shares, as of April 30, 2022, 7,500 are vested.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Arrangements Involving the Issuance or Grant
of Equity Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Formula&#8217;s 2011
Share Incentive Plan</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2011, our board
of directors adopted Formula&#8217;s 2011 Share Incentive Plan, which we refer to as the 2011 Plan. Pursuant to the 2011 Plan, we may
grant from time to time to our and our subsidiaries&#8217; employees, office holders (which are not Formula&#8217;s controlling shareholders)
and consultants&#8217; options to purchase, share based awards or restricted shares with respect to, up to an aggregate of 545,000 ordinary
shares of Formula. The 2011 Plan is administered by our board of directors. The 2011 Plan provides that options, restricted shares or
other stock-based awards may be granted, from time to time, to such grantees to be determined by our board of directors, at such exercise
prices and with such vesting or other terms as shall be determined by the board at its sole and absolute discretion. Options may no longer
be granted under the 2011 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2012, our board
of directors increased the amount of ordinary shares reserved for issuance under the 2011 Share Incentive Plan by 1,200,000 shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the options available
for grant under the 2011 Plan, we approved the grant, in March 2011, of options to purchase 543,840 ordinary shares to our Chief Executive
Officer, each to be exercisable for no consideration and, in March 2012, we approved the grant of options to purchase 1,122,782 ordinary
shares to our Chief Executive Officer, each to be exercisable for NIS 0.01 per share. Please see &#8220;Item 6. Directors, Senior Management
and Employees&#8212; B. Compensation&#8212; Option Grants to, and Service Agreement with, Chief Executive Officer&#8221; for a description
of those grants. We have also approved the grant of 10,000 restricted shares to our Chief Financial Officer on each of November 13, 2014
and August 17, 2017 and the grant of 10,000 restricted shares to our Chief Operational Officer on November 19, 2017, in each case under
the 2011 Plan. Please see &#8220;Item 6. Directors, Senior Management and Employees&#8212; B. Compensation&#8212; Restricted Share Grants
to Chief Financial Officer&#8221; for a description of those grants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Formula&#8217;s 2021
Share Incentive Plan</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, our board
of directors adopted Formula&#8217;s 2021 Share Incentive Plan, which we refer to as the 2021 Plan. Pursuant to the 2021 Plan, we may
grant from time to time to our and our subsidiaries&#8217; employees, office holders (which are not Formula&#8217;s controlling shareholders)
and consultants&#8217; options to purchase, share based awards or restricted shares with respect to, up to an aggregate of 350,000 ordinary
shares of Formula. The 2021 Plan is administered by our board of directors. The 2021 Plan provides that options, restricted shares, or
other stock-based awards may be granted, from time to time, to such grantees to be determined by our board of directors, at such exercise
prices and with such vesting or other terms as shall be determined by the board at its sole and absolute discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the options available
for grant under the 2021 Plan, we approved the grant, in March 2022, of 21,000 restricted shares to our Chief Executive Officer and an
aggregate of 2,400 restricted shares to employees of the Company. Please see &#8220;Item 6. Directors, Senior Management and Employees&#8212;
B. Compensation&#8212; Option Grants to, and Service Agreement with, Chief Executive Officer&#8221; for a description of those grants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Equity Incentive Plans
of Our Subsidiaries</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries generally
have equity incentive plans pursuant to which qualified directors, employees and consultants may be granted options or other share-based
awards consisting of securities of the subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major Shareholders</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
information regarding the beneficial ownership (as defined in Form 20-F promulgated by the SEC) of Formula&#8217;s ordinary shares (including
shares represented by ADSs) as of April 30, 2022 by each person known to us to be the beneficial owner of 5% or more of Formula&#8217;s
ordinary shares, and by our directors and executive officers as a group, based on information provided to us by our shareholders or disclosed
in public filings with the SEC. None of the holders of the ordinary shares listed in the below table has voting rights different from
other holders of Formula&#8217;s ordinary shares. Except where indicated otherwise, we believe, based on information furnished by these
owners, that each of the beneficial owners of Formula&#8217;s ordinary shares listed below has sole investment and voting power with respect
to such shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Ordinary Shares<br/> Beneficially Owned (1)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of<br/> Ownership&#160;(2)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Asseco Poland S.A.(3)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5,713,574</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">37.3</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Guy Bernstein(4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,797,973</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Harel Insurance Investments &amp; Financial Services Ltd. (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,339,004</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Menora Mivtachim Holdings Ltd.(6)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,108,674</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Clal Insurance Enterprises Holdings Ltd. and affiliates (7)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,071,826</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Meitav Dash Investments Ltd. (8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,006,355</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Phoenix Holdings Ltd.(9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">945,059</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Yelin Lapidot Holdings Management Ltd. (10)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">795,017</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">All directors and executive officers as a group (8 persons)(11)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,820,056</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.9</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership is determined in accordance with the rules of the SEC, and generally includes voting or investment power with respect to securities. Ordinary shares underlying options currently exercisable or exercisable within 60 days of the date of this table are deemed outstanding for computing the ownership percentage of the person holding such options but are not deemed outstanding for computing the ownership percentage of any other person. Except as indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all shares shown as beneficially owned by them.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The percentages shown are based on 15,317,667 ordinary shares (including shares represented by ADSs, and shares subject to restrictions and repurchase by us) issued and outstanding as of April 30, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 4 to Schedule 13D filed by Asseco Poland S.A., or Asseco, with the SEC on September 18, 2020 and on a written notification received from Asseco in March 2022. Includes 1,797,973 ordinary shares owned by Mr. Guy Bernstein, with respect to which Asseco currently possesses the voting rights pursuant to a voting agreement between Asseco and Mr. Bernstein. Due to the public ownership of its shares, Asseco is not controlled by any other corporation or any one individual or group of shareholders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 3 to Schedule 13D filed by Mr. Bernstein with the SEC on September 18, 2020 and on a written notification received from Mr. Bernstein in March 2022. Consists of (a) (i) 260,040 ordinary shares, and (ii) an additional 1,102,782 ordinary shares, all of which are held in trust for Mr. Bernstein, and (b) an additional 435,151 ordinary shares, of which (iii) 305,488 are held by Mr. Bernstein and (iv) 129,663 are held in trust for Mr. Bernstein. Asseco currently possesses the voting rights to all such shares pursuant to a voting agreement between Asseco and Mr. Bernstein.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on Amendment No. 4 to Schedule 13G/A filed
    by Harel Insurance Investments &amp; Financial Services Ltd., or Harel Insurance, on January 31, 2022. Harel Insurance is a publicly held
    Israeli corporation. Out of the 1,339,004&#160;ordinary shares beneficially owned by Harel Insurance as of December 31, 2021: (i) 1,210,485
    are held for members of the public through, among others, provident funds and/or mutual funds and/or pension funds and/or insurance policies
    and/or exchange traded funds, which are managed by subsidiaries of Harel Insurance, each of which subsidiaries operates under independent
    management and makes independent voting and investment decisions;, and (ii) 128,519&#160;ordinary shares are&#160;beneficially held for
    Harel Insurance&#8217;s own&#160;account.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on written notification received from Menora Mivtachim Holdings Ltd., or Menora Holdings, on April 4, 2022. As of March 31, 2022 such ordinary shares are beneficially owned by Menora Holdings and by entities that are direct or indirect, wholly-owned or majority-owned, subsidiaries of Menora Holdings. The economic interest or beneficial ownership in a portion of the foregoing ordinary shares (including the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such shares) is held for the benefit of insurance policy holders, the owners of portfolio accounts, or the members of the mutual funds, provident funds, or pension funds, as the case may be.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 5 to Schedule 13G/A filed by Clal Insurance Enterprises Holdings Ltd., or Clal, with the SEC on February 10, 2022. Clal is a publicly held Israeli corporation. All 1,071,826 ordinary shares beneficially owned by Clal as of December 31, 2021 are held for members of the public through, among others, provident funds and/or mutual funds and/or pension funds and/or insurance policies and/or exchange traded funds, which are managed by subsidiaries of Clal, each of which subsidiaries operates under independent management and makes independent voting and investment decisions</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No.6 to Schedule 13G/A filed by Meitav Dash Investments Ltd., or Meitav Dash, with the SEC on February 2, 2022. The ordinary shares held by Meitav Dash as of December 31, 2021, are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of the Meitav Dash. The Meitav Dash subsidiaries operate under independent management and make independent investment decisions and has no voting power in the securities held in clients&#8217; accounts.&#160;&#160;The Subsidiaries manage their own funds and/or the funds of others, including for holders of exchange-traded notes or members of pension or provident funds, unit holders of mutual funds, and portfolio management clients.&#160;&#160;Each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions. Out of the 1,006,355 ordinary shares beneficially owned by Meitav Dash: (i) 624,527 are held by Meitav Dash Provident Funds and Pension Ltd. (ii) 195,025 ordinary shares are beneficially held for Meitav Dash Portfolio Management Ltd., and (iii) 186,803 ordinary shares are beneficially held for Meitav Tachlit Mutual Funds Ltd.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on written notification received from Phoenix Holdings Ltd. on April 4, 2022. The ordinary shares held by Phoenix Holdings are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix Holdings, or the Phoenix Subsidiaries.&#160;The Phoenix Subsidiaries manage their own funds and/or the funds of others, including for holders of exchange-traded notes or various insurance policies, members of pension or provident funds, unit holders of mutual funds, and portfolio management clients.&#160;Each of the Phoenix Subsidiaries operates under independent management and makes its own independent voting and investment decisions. As of Mach 31, 2022, the securities reported herein were held as follows: (i) Excellence trust funds: 216,980;; and (ii) Partnership for Israeli shares and partnership for investing in shares indexes: 728,079. (All ownership rights in these partnerships belong to companies that are part of Phoenix Group. The amount of ownership rights held by such companies in the partnership changes frequently according to a mechanism provided in the partnership agreement)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.7pt"></p><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td>
    <td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 3 to Schedule 13G/A filed by Yelin Lapidot on February 7, 2022. Out of the 795,017 ordinary shares beneficially owned by Yelin as of December 31, 2021: (i) 530,081 are beneficially owned by provident funds managed by Yelin Lapidot Provident Funds Management Ltd., or Yelin Provident, and (ii) 264,936 are beneficially owned by mutual funds managed by Yelin Lapidot Mutual Funds Management Ltd., or Yelin Mutual. Each of Yelin Provident and Yelin Mutual is a wholly-owned subsidiary of Yelin. Messrs. Dov Yelin and Yair Lapidot each own 24.38% of the share capital and 25.004% of the voting rights of Yelin Lapidot, and are responsible for the day-to-day management of Yelin Lapidot Holdings. The ordinary shares beneficially owned are held for the benefit of the members of the provident funds and the mutual funds. Each of Yelin, Yelin Provident, Yelin Mutual and Messrs. Yelin and Lapidot disclaims beneficial ownership of the subject ordinary shares.</span></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes the shares beneficially owned by Guy Bernstein described in note (4) above, as well as 14,583 vested restricted shares granted to Asaf Berenstin, the Company&#8217;s Chief Financial Officer, on November 13, 2014, on August 17, 2017 and on March 14, 2022, under the Company&#8217;s 2011 and 2021 Employee and Officer Share Incentive Plans. Besides Mr. Bernstein, Mr. Berenstin, and Ms. Maya Solomon-Ella, the Company&#8217;s Chief Operations Officer (who was granted 10,000 restricted shares in November 2018, of which 7,500 are vested), none of our other directors or executive officers beneficially owns any ordinary shares (whether actual ordinary shares or shares issuable upon exercise of options).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Recent Significant Changes in Holdings of
Major Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 22, 2020, Asseco
acquired an additional 37,755 of our ordinary shares, representing 0.25% of our outstanding share capital as of March 31, 2020, in the
open market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 11, 2020, Mr. Bernstein
sold 154,000 of our ordinary shares, representing 1% of our outstanding share capital, to an Israeli financial institution, in privately
negotiated sale transaction. The selling price in that transaction was NIS 260.00 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 29, 2021, Mr.
Bernstein sold 20,000 of our ordinary shares, representing 0.13% of our outstanding share capital, in the open market. The sales price
in that transaction was NIS 368.56 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of its transactions,
Asseco&#8217;s ownership of our outstanding share capital as of April 30, 2022 is 37.3%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April 30, 2022, we
had two shareholders of record, one of which was a United States record holder. The number of record holders is not representative of
the number of beneficial holders of our ordinary shares, as the shares of all shareholders (including shares represented by ADSs) are
recorded in the name of our Israeli share registrar, Israel Discount Bank Limited&#8217;s registrar company. All of our ordinary shares
(including shares represented by ADSs) have equal voting rights. However, under applicable Israeli law, the shares that we have repurchased
and currently hold have no voting rights and, therefore, are excluded from the number of our outstanding shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April 30, 2022, 152,351
ADSs were issued and outstanding pursuant to a depositary agreement with The Bank of New York Mellon, representing approximately 1% of
our outstanding ordinary shares. As of that date, there were approximately 10 registered holders of our ADSs, of whom approximately eight
record holders were United States residents. Such number of record holders is not representative of the actual number of beneficial holders
of our ADSs in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are unaware of any arrangements
which may at a subsequent date result in a change in control of Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Indemnification of Office Holders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have undertaken to indemnify
each of our office holders. Our office holders&#8217; indemnification letters provide, among other things, that we will indemnify each
of our office holders to the maximum extent permitted by our articles. Advance payments for coverage of legal expenses in criminal proceedings
will be required to be repaid by an office holder to the company if such office holder is found guilty of a crime which requires proof
of criminal intent, or if it is determined that the office holder is not lawfully entitled to such indemnification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the indemnification
letters granted to our office holders are identical, including indemnification letters granted to office holders who are or may be considered
&#8220;controlling persons&#8221; under the Companies Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indemnification is limited
to the expenses and matters detailed in the indemnification letters insofar as they result from an office holder&#8217;s actions in connection
with, among other things, the following matters: the offering of securities by us to the public or to private investors; the offer by
us to purchase securities from the public, private investors or other holders, whether pursuant to a prospectus, agreement, notice, report,
tender or any other proceeding; our labor relations and/or employment matters and our trade relations; the development or testing of products
developed by us, or the distribution, sale, license or use of such products; and occurrences in connection with investments made by us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our undertaking for indemnification
is limited to up to 25% of our shareholders&#8217; equity as it appears in our latest financial statements known at the date of indemnification,
calculated with respect to each director and officer of Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our undertaking for indemnification
does not apply to a liability incurred as a result of any of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a breach by an office holder of his or her fiduciary duty, except, to the extent permitted by law, for a breach while acting in good faith and having reasonable cause to assume that the action was in our best interest;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a grossly negligent or intentional violation of the office holder&#8217;s duty of care;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an intentional action in which the office holder intended to reap a personal gain illegally;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a fine, civil fine or financial sanction levied against and/or imposed upon the office holder;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a proceeding instituted against the office holder pursuant to the provisions of Chapter H&#8217;3, H&#8217;4 or I&#8217;1 under the Securities Law, except as otherwise permitted in the undertaking; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a counterclaim brought by us or in our name in connection with a claim against us filed by the office holder, other than by way of defense or by way of third party notice in connection with a claim brought against the office holder by us, or in specific cases in which our board of directors has approved the initiation or bringing of such suit by the office holder, which approval shall not be unreasonably withheld.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not required to indemnify
an office holder if the office holder, or anyone on his or her behalf, already received payment in respect of a liability subject to indemnification,
under an effective insurance coverage or an effective indemnification arrangement with a third party. However, if that payment made to
the office holder does not cover the entire liability subject to the indemnification, we will indemnify the office holder in respect of
the difference between the amount paid to the office holder and the liability subject to the indemnification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Office Holders&#8217; Insurance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2020, our shareholders
approved our obtaining one or more renewals of our directors and officers (D&amp;O) liability insurance, reflecting certain increases
in coverage, for a period of up to three years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The renewed insurance coverage,
as so approved, is subject to the following terms: (i) the coverage will be no less than $10 million, both per claim and in the aggregate,
up to a maximum amount of $80 million, both per claim and in the aggregate, plus up to $20,000,000 of Side A DIC coverage, for a total
annual premium of $1.5 million; (ii) the annual premium to be paid by our company and its subsidiaries will not exceed an amount of $2.0
million per year, which annual premium may be adjusted by not more than 20% in any year, as compared to the previous year (subject to
the $2.0 million limit); and (iii) any renewal, extension or substitution will be for the benefit of our company&#8217;s and its subsidiaries&#8217;
officers and directors and will otherwise be on terms substantially similar to or better (from the perspective of the directors and officers)
than those of the then-effective insurance policy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the foregoing
approval, we have obtained an insurance policy covering the Formula Group&#8217;s D&amp;O liability. Our subsidiaries participate in the
premium payments of the insurance policy, on a proportional basis. The current coverage of that policy is up to a maximum of $40.0 million
both per incident and in the aggregate, plus $10.0 million of Side A DIC coverage, for a total annual premium of $1,150,000 for the period
starting on February 14, 2020 and ending on February 13, 2021. On February 14, 2021, we have renewed our insurance policy covering the
Formula Group&#8217;s D&amp;O liability for another year for a total annual premium of $2.4 million to be allocated between our subsidiaries
excluding Matrix. On February 14, 2022 we have renewed our insurance policy covering the Formula Group&#8217;s D&amp;O liability for another
year for a total annual premium of $2.30 million to be allocated between our subsidiaries excluding Matrix.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Service Agreement with our Chief Executive
Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are party to a written
service agreement with our Chief Executive Officer, Mr. Guy Bernstein, which was entered into in December 2008 and was amended in March
2011 and in March 2012. This agreement provides for early termination by either side upon 180 days advance written notice, during which
time the Chief Executive Officer will continue to receive service fees. This agreement furthermore contains customary provisions regarding
nondisclosure, confidentiality of information and assignment of inventions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>RSU Grant to Chief Executive Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 3, and 4, 2020,
our compensation committee and board of directors, respectively, acting in accordance with the Companies Law, re-approved an eight-year
equity-based award of compensation&#8212;in the form of 611,771 restricted share units, or RSUs&#8212; to our chief executive officer,
Mr. Guy Bernstein. The terms of the grant were described in Proposal 5 of the proxy statement for Formula&#8217;s November 2, 2020 annual
general meeting of shareholders (referred to as the Proxy Statement and Annual Meeting, respectively), which was attached as Exhibit 99.1
to Formula&#8217;s Report of Foreign Private Issuer on Form 6-K furnished to the SEC on September 17, 2020 and available at the following
link:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">https://www.sec.gov/Archives/edgar/data/1045986/000121390020027121/ea127015ex99-1_formulasys.htm</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The re-approved grant modifies
the composition of the RSUs being granted to our chief executive officer from what was proposed in Proposal 5 at the Annual Meeting, adjusting
the ratio between time-based-vesting and performance-based-vesting RSUs from 80%-20% to 66.67%-33.33%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">As we have previously reported
in our Form 6-K furnished to the SEC on November 2, 2020, the originally-proposed grant was not approved pursuant to Proposal 5 at the
Annual Meeting. In re-considering and re-approving the grant, our compensation committee and board of directors acknowledged that the
requisite majority of our shareholders for the approval of Proposal 5 had not been achieved at the Annual Meeting. The committee and board
nevertheless evaluated our Group&#8217;s performance and achievements under the management of Mr. Bernstein, and in view of his expected
further contribution to the Group&#8217;s success, determined that the proposed grant is strongly linked to the Group&#8217;s performance
and the resulting increase in shareholders&#8217; value. Consequently, consistent with their authorities under the Companies Law, the
compensation committee and board of directors approved the modified (as described above) award of the RSUs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Please see Item 8.A, &#8220;Legal
Proceedings&#8221; below for a description of the legal proceedings that have been brought in respect of the CEO&#8217;s RSU grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><i>Services Obtained from
Asseco</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">During 2020, Asseco provided
back-office services, professional services and fixed assets to Sapiens&#8217; wholly-owned subsidiary, Sapiens Poland, in an amount totaling
approximately $0.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><i>Services Provided to
Asseco</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">During 2021, Sapiens Poland
performed services as a sub-contractor on behalf of Asseco for clients of Asseco in a total amount of approximately $3.2 million. For
historic reasons, Asseco issues invoices to those clients and then Sapiens in turn invoices Asseco on a back-to-back basis (with no margin
to Asseco).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><i>Fees Paid for Board Services
in Affiliates</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Sapiens paid us approximately
30,000 US dollar in respect of their share of the director&#8217;s fees of Guy Bernstein, their Chairman, for the year ended December
31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"></p><div>

</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Matrix paid us approximately
37,000 US dollar in respect of their share of the director&#8217;s fees of Guy Bernstein, their Chairman, for the year ended December
31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Mr. Bernstein serves as
the Chief Executive Officer of Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><i>Other Transactions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">As of December 31, 2021,
we had trade payables balances due to, and trade receivables balances due from, our related parties in amounts of approximately $3.2 million
and $0.9 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, in our
ordinary course of business, we engage in non-material transactions with our subsidiaries and affiliates where the amount involved in,
and the nature of, the transactions are not material to any party to the transaction. We believe that these transactions are made on an
arms&#8217; length basis upon terms and conditions no less favorable to us, our subsidiaries and affiliates, as we could obtain from unaffiliated
third parties. If we engage with our subsidiaries and affiliates in transactions which are not in the ordinary course of business, we
receive the approvals required under the Companies Law. These approvals include audit committee approval, board approval and, in certain
circumstances, shareholder approval. See &#8220;Item 6.C. Board Practices.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests of Experts and Counsel</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated Statements and Other Financial Information</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements and other financial information are incorporated herein by reference to &#8220;Item 18. Financial Statements&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Export Sales</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, 37% of our revenues
originated from customers located outside of Israel. For information on our revenues breakdown by geographic market for the past three
years, see &#8220;Item 4.&#8212;Information on the Company&#8212; Business Overview&#8212; Geographical Distribution of Revenues.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Legal Proceedings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we are
subject to legal, administrative and regulatory proceedings, claims, demands and investigations in the ordinary course of business, including
claims with respect to intellectual property, contracts, employment and other matters. In Accordance with IFRS, we accrue a liability
when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment
is required in the determination of both the probability and as to whether a loss is reasonably estimable. These accruals are reviewed
at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information
and events pertaining to a particular matter. We intend to vigorously defend ourselves against the above claims, and we generally intend
to vigorously defend any other legal claims to which we are subject. While for most litigation, the outcome is difficult to determine,
to the extent that there is a reasonable possibility that the losses to which we may be subject could exceed the amounts (if any) that
it has already accrued, we attempt to estimate such additional loss, if reasonably possible, and disclose it (or, if it is an immaterial
amount, indicate accordingly). The aggregate provision that we have recorded for all other legal proceedings (other than the particular
material proceedings described below) is not material. Furthermore, in respect of our ordinary course legal, administrative and regulatory
proceedings (i.e., other than the particular material proceeding described below), we estimate, in accordance with the procedures described
above, that as of the current time there is no reasonable possibility that we will incur material losses exceeding the non-material amounts
already recognized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 153; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Proceedings Related to Formula&#8217;s
CEO&#8217;s RSU Grant</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 23, 2020, Olir
Trade and Industries Ltd. (&#8220;Olir&#8221;) filed a derivative action and a motion to certify a derivative action, with the District
Court (Economic Division) of Tel Aviv-Jaffa, Israel (Derivative Action No. 58348-11-20) (the &#8220;Claim&#8221; and the &#8220;Motion
to Certify&#8221;, respectively) (as reported in our Report of Foreign Private Issuer on Form 6-K furnished to the SEC on December 9,
2020). In the framework of the Motion to Certify, Olir requested permission to file the Claim, on our behalf, against each of our five
directors, as well as our chief executive officer, Mr. Guy Bernstein, and chief financial officer, Mr. Asaf Berenstin, as defendants.
We and the named defendants are all listed as respondents to the Motion to Certify.&#160;The Claim challenges the legality, under the
Companies Law, of compensation awarded to the our chief executive officer and chief financial officer, including past engagements with
our chief executive officer and our compensation committee and board of directors recent re-approval (as reported in our Report of Foreign
Private Issuer on Form 6-K furnished to the Securities and Exchange Commission on November 4, 2020), of the eight-year equity-based award
of compensation&#8212;in the form of 611,771 restricted share units&#8212; to our chief executive officer. The Claim includes allegations
of breaches of fiduciary duties (duty of care and duty of loyalty) and the oppression of minority shareholders and unjust enrichment.
The Claim seeks an accounting from the defendants as to the alleged harm caused to Formula Systems, as well as compensation to Formula
Systems for such harm. The Claim also seeks a declaratory order preventing the board of directors from using voting powers allegedly granted
to it under agreements related to our ADSs. We reject all claims made by Olir and believe that all actions taken by our board of directors
and our committees were taken in accordance with the Companies Law, for Formula&#8217;s benefit, and based upon advice of legal counsel.
All respondents intend to vigorously defend against the Motion to Certify, and on May 13, 2021, all respondents filed their responses
to the Motion to Certify.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 19, 2021, we filed
a motion asking the court to order Olir to deposit a guarantee for our costs in the proceedings. On June 23, 2021, Olir filed its response
to the motion. A pre-trial hearing is scheduled for June 2, 2022. We and Olir started mediation proceedings, with the first mediation
meeting having taken place on February 16, 2022. At this early stage of the proceedings, we cannot predict the outcome of the proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Proceedings related to Magic Software:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Disputes with Software Company </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2016, an Israeli
software company, which was previously involved in an arbitration proceeding with Magic Software and one of its subsidiaries in 2015 and
won damages from Magic Software for $2.4 million, filed a lawsuit seeking damages of NIS 34.1 million from Magic Software and one of its
subsidiaries. This lawsuit was filed as part of an arbitration proceeding. In the lawsuit, the software company claimed that warning letters
that Magic Software sent to its clients in Israel and abroad, warning those clients against the possibility that the conversion procedure
offered by the software company may amount to an infringement of our copyrights (which we refer to as the Warning Letters), as well as
other alleged actions, have caused the software company damages resulting from loss of potential business. The lawsuit is based on rulings
given in the 2015 arbitration proceeding in which it was allegedly ruled that the Warning Letters constituted a breach of a non-disclosure
agreement (NDA) signed between the parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Magic Software rejected
the claims by the Israeli software company and moved to dismiss the lawsuit entirely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The arbitrator hearing this
proceeding rendered his decision in July 2021 and determined that Magic Software should pay final damages in an amount of $1.6 million
(approximately NIS 5,316,000). Our financial results of operations of 2021 included a net impact of $1.6 million resulting from the arbitration
expenses. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the above-described
proceedings, we are not involved in any proceedings in which any of our directors, members of our senior management or any of our affiliates
is either a party adverse to us or to our subsidiaries, or has a material interest adverse to us or to our subsidiaries. Other than the
above-described proceedings, we are also not involved in any proceedings which may have, or have had in the recent past, significant effects
on our financial position or profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Proceedings related to Zap Group:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 24, 2019, a
motion for the approval of a class action (#60508-02-20), in an amount of NIS 793,800,000, was filed against Zap Group with the Israeli
district court (central district), claiming that Zap Group had allegedly generated income illegally from paying customers through the
&#8216;ZAP&#8217;s price comparison&#8217; website. At the pre-trial hearing, it was decided that the plaintiffs would file an explanation
to the court as to why they believed they were fit to serve as class action plaintiffs and why they had performed prohibited clicks on
their competitor&#8217;s websites through Zap Group&#8217;s website. In addition, the plaintiffs were requested to update whether they
were willing to reduce the amount of the claim. On July 15, 2021, the plaintiffs filed a motion to reduce the amount of the claim to NIS
63 million. On December 15, 2021, a pre-trial hearing took place, in which the court clarified that it does not intend to interfere with
Zap Group&#8217;s business considerations regarding the click filtering mechanisms that it operates. The court recommended that the plaintiffs
reach an agreed solution with Zap Group on the issue of the necessary disclosure that Zap Group should include in its contracts with customers
(as available on its website). The parties were requested to file a joint notice in accordance with the court&#8217;s recommendation by
January 15, 2022. The plaintiffs submitted a request for an extension to file the notice. On April 5, 2022, the plaintiffs filed a notice
with the court stating that they had not reached agreements with Zap Group and therefore seek to set the case for evidentiary hearing.
A date for a hearing has not yet been set. As this claim was filed against Zap Group prior to its acquisition by Formula, any potential
liability of Zap Group resulting from the proceedings is covered by the indemnification obligations of the former shareholders of Zap
Group to Formula.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dividend Policy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Israeli law, dividends
may be paid by an Israeli company only out of profits and other surplus as calculated under Israeli law, as of the end date of the most
recent financial statements or as accrued over a period of two years, whichever amount is greater, and provided that there is no reasonable
concern that payment of a dividend will prevent the company from satisfying its existing and foreseeable obligations as they become due.
See &#8220;Item 10. Additional Information&#8212;Memorandum and Articles of Association&#8212;Dividend and Liquidation Rights&#8221; below
for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Formula</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Formula Systems&#8217;
dividend policy adopted by our board of directors, sums that are not planned to be used for investments in the near future may be distributed
to its shareholders as a cash dividend, to the extent that our performance allows such distribution. In the three most recent fiscal years
(and in 2022 up to the date of this annual report), Formula has made the following distributions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March, 2022, Formula
declared a cash dividend to its shareholders of NIS 2.56 per share (approximately $0.78 per share), which was paid in April 2022. The
aggregate amount distributed by Formula was approximately $12.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, Formula
declared a cash dividend to its shareholders of NIS 2.53 per share (approximately $0.79 per share), which was paid in September 2021.
The aggregate amount distributed by Formula was approximately $12.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2021, Formula
declared a cash dividend to its shareholders of $ NIS 2.16 per share (approximately $0.65 per share), which was paid in March 2021. The
aggregate amount distributed by Formula was approximately $10.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, Formula
declared a cash dividend to its shareholders of $ NIS 1.77 per share (approximately $0.52 per share), which was paid in September 2020.
The aggregate amount distributed by Formula was approximately $7.9 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2019, Formula
declared a cash dividend to its shareholders of NIS 1.60 per share (approximately $0.46 per share), which was paid in January 2020. The
aggregate amount distributed by Formula was approximately $7.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2019, Formula
declared a cash dividend to its shareholders of $0.52 per share, which was paid in September 2019. The aggregate amount distributed by
Formula was approximately $7.96 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Magic Software</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 2017, Magic Software&#8217;s
board of directors amended its dividend distribution policy, whereas, each year Magic Software will distribute a dividend of up to 75%
of its annual net income attributable to its shareholders (previously 50%), subject to applicable law. Magic Software&#8217;s board of
directors may at its discretion and at any time, change, whether as a result of a one-time decision or a change in policy, the rate of
dividend distributions or decide not to distribute a dividend. The dividend is to be distributed on a semi-annual basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2022, Magic Software
declared a cash dividend to its shareholders of $0.216 per share (or approximately $10.6 million, in the aggregate), which was paid during
April 2022, of which $5.8 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, Magic Software
declared a cash dividend to its shareholders of $0.234 per share (or approximately $11.5 million, in the aggregate), which was paid during
September 2021, of which $6.3 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2021, Magic Software
declared a cash dividend to its shareholders of $0.21 per share (or approximately $10.3 million, in the aggregate), which was paid during
April 2021, of which $5.6 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, Magic Software
declared a cash dividend to its shareholders of $0.175 per share (or approximately $8.6 million, in the aggregate), which was paid during
September 2020, of which $4.7 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Magic Software
declared a cash dividend to its shareholders of $0.08 per share (or approximately $3.9 million, in the aggregate), which was paid during
June 2020, of which $2.1 million was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<i>Matrix</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2010, Matrix&#8217;s
board of directors decided to change Matrix&#8217;s dividend distribution policy, whereby in every year, Matrix will distribute a dividend
at a rate of 75% (instead of 50% before) of its annual net income. The dividend is to be distributed on a quarterly basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2021, Matrix
declared a cash dividend to its shareholders in an aggregate amount of NIS 32.5 million (approximately $10.2 million), of which $5.2 million
was paid to non-controlling interests in November.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 37.6 million (approximately $11.7 million), of which $6.0 million was
paid to non-controlling interests in September 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 36.3 million (approximately $11.1 million), of which $5.7 million was
paid to non-controlling interests in June 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2021, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 40.0 million (approximately $11.9 million), of which $6.1 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2020, Matrix
declared a cash dividend to its shareholders in an aggregate amount of NIS 31.0 million (approximately $9.6 million), of which $4.8 million
was paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 29.2 million (approximately $8.5 million), of which $4.3 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 29.2 million (approximately $8.5 million), of which $4.3 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2020, Matrix declared
a cash dividend to its shareholders in an aggregate amount of NIS 35.4 million (approximately $9.8 million), of which $5.0 million was
paid to non-controlling interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sapiens</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2019, Sapiens&#8217;
board of directors adopted a dividend policy. Under that policy, on an annual basis, after publishing its annual audited consolidated
financial statements in its annual report on Form 20-F, Sapiens&#8217; board of directors will announce the distribution of a cash dividend
in an amount of up to 40% of its annual net income attributable to its shareholders (on a non-GAAP basis). Sapiens&#8217; board of directors
may change, whether as a result of a one-time decision or a change in policy, the rate of dividend distributions and/or decide not to
distribute a dividend. The distribution of dividends will be made in compliance with Cayman Islands law. Since the adoption of this dividend
policy, Sapiens has declared cash dividends on an annual basis, most recently in amounts of $0.14 per share, $0.37 per share and $0.47
per share, or $7 million, $20.2 million and $25.9 million, in the aggregate, which were paid in June 2020 and May 2021, and which is scheduled
to be paid in May 2022, respectively. In May 2022, Sapiens&#8217; board of directors amended its dividend distribution policy, whereby
Sapiens&#8217; dividend is to be distributed on a semi-annual basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Changes</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the date of our consolidated
financial statements included in this annual report, there has not been a significant change in our company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer and Listing Details</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ordinary shares have
been trading on the TASE under the symbol &#8220;FORTY&#8221; since our initial public offering in 1991.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ADSs are listed on the
Nasdaq Global Select Market since October 1997 under the symbol &#8220;FORTY.&#8221; Each ADS represents one ordinary share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of the
ADSs, see &#8220;Item 12. Description of Securities Other Than Equity Securities&#8212; D. American Depositary Shares.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan of Distribution</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our initial public
offering in 1991, our ordinary shares have been traded in Israel on the TASE under the symbol &#8220;FORT.&#8221; No U.S. trading market
exists for the ordinary shares. Since October 1997, our ADSs have been traded on the Nasdaq Global Select Market, under the symbol &#8220;FORTY.&#8221;
Each ADS represents one ordinary share and is evidenced by an American depositary receipt, or ADR. The ADRs were issued pursuant to a
Depositary Agreement entered into with the Bank of New York Mellon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling Shareholders</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses of the Issue</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Capital</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum and Articles of Association</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registered with the
Israeli Companies Registrar under the number 52-003669-0. Our objects are specified in our memorandum of association. These objects include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating within the field of informational and computer systems;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing management, consulting and sale services for computers, computer equipment, software for computers and for information systems;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating a business of systems analysis, systems programming and computer programming; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing facilities for instruction and training for computers and digital systems.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Description of Our Share Capital</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our company&#8217;s authorized
share capital consists solely of ordinary shares. No preferred shares are currently authorized. Our articles do not restrict in any way
the ownership of our ordinary shares by non-residents of Israel, except that these restrictions may exist with respect to citizens of
countries which are in a state of war with Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dividend and Liquidation Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors is
authorized to declare dividends, subject to the provisions of the Companies Law. Dividends on our ordinary shares may be paid only out
of profits and other surplus, as defined in the Companies Law, as of the end date of the most recent financial statements or as accrued
over a period of two years, whichever amount is greater. Alternatively, if we do not have sufficient profits or other surplus, we may
seek permission to effect a distribution by order of an Israeli court. In any event, our board of directors is authorized to declare dividends,
provided there is no reasonable concern that a dividend will prevent us from satisfying our existing and foreseeable obligations as they
become due. Dividends may be paid in cash or in kind. We may invest or use for our own benefit all unclaimed dividends. If a dividend
remains unclaimed for seven years from the date on which we declared it, it lapses and reverts back to us. Our board of directors can
nevertheless cause us to pay the dividend to a holder who would have been entitled had the dividend not reverted back to us. In case of
the liquidation of our company, after satisfying liabilities to creditors, our assets will be distributed to the holders of ordinary shares
in proportion to their holdings. This right may be affected by the grant of a preferential dividend or distribution rights to the holders
of a class of shares with preferential rights that may be authorized in the future. Under the Companies Law, the declaration of a dividend
does not require the approval of the shareholders of the company, unless the company&#8217;s articles of association require otherwise.
Our articles provide that our board of directors may declare and pay dividends without any action required by our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Redemption Provisions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with our articles,
we may issue redeemable shares and accordingly redeem those shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Voting, Shareholder Meetings and Resolutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our ordinary
shares are entitled to one vote for each ordinary share held on all matters submitted to the vote of shareholders. These voting rights
may be affected by the grant of any special voting rights to the holders of a class of shares with preferential rights that may be authorized
in the future. Under the Companies Law, shares held by our company are not entitled to any rights so long as they are held by the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law
and our articles, we must hold an annual general meeting of our shareholders once a year with a maximum period of fifteen months between
the meetings, while under Nasdaq listing rule 5620(a), we must hold the meeting within one year after our fiscal year-end (which is December
31st). All meetings of shareholders other than annual general meetings are considered special general meetings. Our board of directors
may call a special general meeting whenever it decides it is appropriate. In addition, shareholders representing 5% of the outstanding
share capital may require the board of directors to call a special general meeting. Under our articles, the quorum required for a general
meeting of shareholders consists of two or more holders present in person or by proxy who hold or represent at least 25% of the voting
power. We have opted out of the Nasdaq listing rule 5620(c) requirement that a quorum must constitute at least 33.33% of our outstanding
share capital (see &#8220;Item 16G. Corporate Governance&#8221; below). A meeting adjourned for a lack of a quorum generally is adjourned
to the same day in the following week at the same time and place or any time and place as the chairman of the meeting may decide with
the consent of the holders of a majority of the voting power represented at the meeting in person or by proxy and voting on the question
of adjournment. At the reconvened meeting, if a quorum is not present within one-half hour from the time designated for holding the meeting,
the required quorum will consist of two shareholders present in person or by proxy, regardless of the percentage of our outstanding ordinary
shares or voting power held by them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
unless otherwise provided in the articles or applicable law (including the Companies Law), all resolutions of the shareholders require
a simple majority. Those matters that constitute exceptions to the simple majority approval rule under the Companies Law are described
below in this Item 10.B under &#8220;&#8212;Approval of Certain Transactions Under the Companies Law.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Approval of Certain Transactions Under the
Companies Law</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law codifies
the fiduciary duties that office holders, including directors and executive officers, owe to a company. An office holder&#8217;s fiduciary
duties consist of a duty of care and a duty of loyalty. The duty of loyalty includes (i) avoiding any conflict of interest between the
office holder&#8217;s position in the company and his or her personal affairs, (ii) avoiding any competition with the company, (iii) avoiding
exploiting any business opportunity of the company in order to receive personal advantage for himself or others, and (iv) revealing to
the company any information or documents relating to the company&#8217;s affairs which the office holder has received due to his or her
position as an office holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law requires
that an office holder of a company promptly disclose any conflict of interest (referred to as a personal interest under the Companies
Law) that he or she may have and all related material information known to him or her, in connection with any existing or proposed transaction
by the company. An interested office holder&#8217;s disclosure must be made promptly and, in any event, no later than the first meeting
of the board of directors at which the transaction is considered. A personal interest, as defined under the Companies Law, includes any
personal interest held by the office holder&#8217;s spouse, siblings, parents, grandparents or descendants; spouse&#8217;s descendants,
siblings or parents; and the spouses of any of the foregoing. A personal interest also includes any interest held by any corporation in
which the office holder owns 5% or more of the share capital, is a director or chief executive officer (referred to under the Companies
Law as the general manager) or in which he or she has the right to appoint at least one director or the general manager. A personal interest
furthermore includes the personal interest of a person for whom the office holder holds a voting proxy or the interest of the office holder
with respect to his or her vote on behalf of the shareholder for whom he or she holds a proxy even if such shareholder itself has no personal
interest in the approval of the matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
an extraordinary transaction is defined as a transaction not in the ordinary course of business, not on market terms, or that is likely
to have a material impact on the company&#8217;s profitability, assets or liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If it is determined that
an office holder has a personal interest in a transaction, approval by the board of directors is required for the transaction, unless
the company&#8217;s articles of association provide for a different method of approval. Further, so long as an office holder has disclosed
his or her personal interest in a transaction, the board of directors may approve an action by the office holder that would otherwise
be deemed a breach of his or her duty of loyalty. However, a company may not approve a transaction or action that is not in the company&#8217;s
interest or that is not performed by the office holder in good faith. An extraordinary transaction in which an office holder has a personal
interest requires approval first by the company&#8217;s audit committee and subsequently by the board of directors. The compensation of,
or an undertaking to indemnify or insure, an office holder who is not a director requires approval first by the company&#8217;s compensation
committee, then by the company&#8217;s board of directors. If such compensation arrangement or an undertaking to indemnify or insure is
inconsistent with the company&#8217;s stated compensation policy, or if the office holder is the chief executive officer (apart from a
number of specific exceptions), then such arrangement is further subject to a Special Majority Approval for Compensation (which is described
under &#8220;Item 6. Directors, Senior Management and Employees&#8212; C. Board Practices&#8212; Compensation Committee and Compensation
Policy&#8221;). Arrangements regarding the compensation, indemnification or insurance of a director require the approval of the compensation
committee, board of directors and shareholders by ordinary majority, in that order, and under certain circumstances, a Special Majority
Approval for Compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An office holder who has
a personal interest in a matter that is considered at a meeting of the board of directors or the audit committee may not be present at
the meeting or vote on the matter, subject to certain exceptions, including an allowance for him or her to be present in order to present
the transaction, if the chairman of the audit committee or board of directors (as applicable) determines that such presentation by him
or her is necessary. If the majority of the board members or members of the audit committee, as applicable, have a personal interest in
a transaction, they may all be present for the presentation of, and voting upon, the transaction, but it must also then be approved by
the shareholders of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law applies
the same disclosure requirements to a controlling shareholder of a public company, which includes a shareholder that holds 25% or more
of the voting rights in the company if no other shareholder owns more than 50% of the voting rights in the company. Extraordinary transactions
with a controlling shareholder or in which a controlling shareholder has a personal interest, or a transaction with a controlling shareholder
or his or her relative, directly or indirectly, including for receipt of services from an entity controlled by him or her (or his or her
relative), and the terms of engagement and compensation of a controlling shareholder who is an office holder or an employee of the company,
require the approval of the audit committee, the board of directors and the shareholders of the company. The shareholder approval must
include the holders of a majority of the shares held by all shareholders who have no personal interest in the transaction and are voting
on the subject matter (with abstentions being disregarded) or, alternatively, the total shares of shareholders who have no personal interest
in the transaction and who vote against the transaction must not represent more than two percent (2%) of the voting rights in the company.
To the extent that any such transaction with a controlling shareholder is for a period extending beyond three years, approval is required
once every three years, unless the audit committee determines that the duration of the transaction is reasonable given the circumstances
related thereto. In certain cases provided in regulations promulgated under the Companies Law, shareholder approval is not required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The approvals of the board
of directors and shareholders are required for a private placement of securities (or a series of related private placements during a 12-month
period or that are part of one continuous transaction or transactions conditioned upon each other) in which:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the securities issued represent at least 20% of the company&#8217;s actual voting power prior to the issuance of such securities, and such issuance increases the relative holdings of a 5% shareholder or causes any person to become a 5% shareholder, and the consideration in the transaction (or a portion thereof) is not in cash or in securities listed on a recognized stock exchange, or is not at a fair market value; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a person would become, as a result of such transaction, a controlling shareholder of the company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, under the Companies
Law (as described under &#8220;Item 6. Directors, Senior Management and Employees&#8212; Board Practices&#8212; External Directors Under
the Companies Law&#8221;), the appointment of external directors requires, in addition to a majority of the ordinary shares voting and
approving the appointment, that either (a) the approving majority must include a majority of the shares of shareholders that are not controlling
shareholders of the company and who do not have a personal interest in the election of the external director (other than a personal interest
not deriving from a relationship with a controlling shareholder) and who are present and voting (with abstentions being disregarded),
or (b) the shares of such non-controlling, non-interested shareholders that vote against the appointment may not constitute more than
two percent (2%) of our total voting rights. In addition, as described below (see &#8220;&#8212;Modification of Class Rights&#8221; in
this Item 10.B), under our articles, the alteration of the rights, privileges, preferences or obligations of any class of our share capital
requires a simple majority of the class so affected), in addition to the ordinary majority of all classes of shares voting together as
a single class at a shareholder meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A further exception to the
simple majority shareholder vote requirement is a resolution for the voluntary winding up, or other reorganization of, the company pursuant
to Section 350 of the Companies Law, which requires the approval of holders of 75% of the voting rights represented at the meeting, in
person, by proxy or by voting deed and voting on the resolution, provided that such shareholders constitute more than 50% of the shareholders
voting on such matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholder Duties</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law,
a shareholder has a duty to act in good faith towards the company in which he holds shares and towards other shareholders and to refrain
from abusing his power in the company including voting in the general meeting of shareholders on:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any amendment to the articles of association;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an increase of the company&#8217;s authorized share capital;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a merger; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval of actions of office holders in breach of their duty of loyalty and of interested party transactions.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A shareholder has the general
duty to refrain from depriving rights of other shareholders. Any controlling shareholder, any shareholder who knows that it possesses
the power to determine the outcome of a shareholder vote and any shareholder that, under the provisions of the articles of association,
has the power to appoint an office holder in the company, is under a duty to act in fairness towards the company. The rules pertaining
to a breach of contract apply to a breach of the duty to act in fairness, mutatis mutandis, bringing into account the shareholder&#8217;s
position in the company. The Companies Law does not describe the substance of this duty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transfer of Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fully paid ordinary shares
are issued in registered form and may be freely transferred under our articles unless the transfer is restricted or prohibited by another
instrument.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Modification of Class Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our articles, the
rights attached to any class unless otherwise provided by the terms of the class including voting, rights to dividends and the like, may
be varied by adoption of the necessary amendment to the articles, provided that the affected shareholders approve the change by a class
meeting in which a simple majority of the voting power of the class represented at the meeting and voting on the matter approves the change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Election of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ordinary shares do not
have cumulative voting rights in the election of directors. As a result, the holders of ordinary shares that represent more than 50% of
the voting power represented at a shareholders meeting and voting on the matter (disregarding abstentions), have the power to elect all
of our directors, other than the external directors who are appointed by a special majority of shareholders. For a summary of the provisions
of our articles that govern our directors, see &#8220;Item 6. Directors, Senior Management and Employees.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Anti-Takeover Provisions; Mergers and Acquisitions
Under Israeli Law</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mergers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law permits
merger transactions if approved by each party&#8217;s board of directors and shareholders. In order for shareholder approval to be obtained
for a merger, a majority of the shares present and voting, excluding shares held by the other party to the merger, or by any person holding
at least 25% of the means of control of the other party to the merger, or anyone acting on behalf of either of them, including any of
their affiliates, must be voted in favor of the merger. If, however, the merger involves a merger with a company&#8217;s own controlling
shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same special
majority approval that governs all extraordinary transactions with controlling shareholders (as described above in this Item 10 under
&#8220;&#8212;Approval of Certain Transactions Under the Companies Law&#8221;). In the event that the merger transaction has not been
approved by either of the above-described special majorities (as applicable), the holders of at least 25% of the voting rights of the
company may apply to a court for approval of the merger. The court may approve the merger if it is found that the merger is fair and reasonable,
taking into account the value of the parties to the merger and the consideration offered to the shareholders. Upon the request of a creditor
of either party to the proposed merger, the court may delay or prevent the merger. A merger may not be consummated unless at least 50
days have passed from the time that a proposal for approval of the merger has been filed with the Israeli Registrar of Companies and 30
days have passed from the date of the approval of the shareholders of the merging companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law further
provides that the foregoing approval requirements will not apply to shareholders of a wholly-owned subsidiary in a rollup merger transaction,
or to the shareholders of the acquirer in a merger or acquisition transaction if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the transaction does not involve an amendment to the acquirer&#8217;s memorandum or articles of association;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the transaction does not contemplate the issuance of more than 20% of the voting rights of the acquirer which would result in any shareholder becoming a controlling shareholder; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is no &#8220;cross ownership&#8221; of shares of the merging companies, as described above.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Tender Offers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law provides
that an acquisition of shares of a public company must be made by means of a tender offer if as a result of the acquisition, the purchaser
would become a holder of 25% or more of the voting rights in the company. This rule does not apply if there is already another holder
of 25% or more of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares in a public company
must be made by means of a tender offer if as a result of the acquisition the purchaser would become a holder of more than 45% of the
voting rights of the company, if there is no other holder of more than 45% of the voting rights of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing provisions do not apply to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a private placement in which the company&#8217;s shareholders approved such holder owning 25% or more of the voting rights in the company (if there is no other shareholder that holds 25% or more of the voting rights in the company); or more than 45% of the voting rights in the company (if there is no other shareholder that holds more than 45% of the voting rights in the company); or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a purchase from an existing holder of 25% or more of the voting rights in the company that results in another person becoming a holder of 25% or more of the voting rights in the company or a purchase from an existing holder of more than 45% of the voting rights in the company that results in another person becoming a holder of more than 45% of the voting rights in the company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regulations adopted under
the Companies Law provide that these tender offer requirements do not apply to companies whose shares are listed for trading only outside
of Israel or have been publicly offered only outside of Israel if, according to the law in the country in which the shares are traded,
including the rules and regulations of the stock exchange on which the shares are traded, there is either a limitation on acquisition
of any level of control of the company, or the acquisition of any level of control requires the purchaser to do so by means of a tender
offer to the public.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law also provides
that if following any acquisition of shares, the acquirer holds 90% or more of the company&#8217;s shares or of a class of shares, the
acquisition must be made by means of a tender offer for all of the target company&#8217;s shares or all of the shares of the class, as
applicable, not held by the acquirer. An acquirer who wishes to eliminate all minority shareholders must do so by way of a tender offer
and hold, following consummation of the tender offer, more than 95% of all of the company&#8217;s outstanding shares (and provided that
a majority of the offerees that do not have a personal interest in such tender offer shall have approved it, which condition shall not
apply if, following consummation of the tender offer, the acquirer holds at least 98% of all of the company&#8217;s outstanding shares).
If, however, following consummation of the tender offer the acquirer would hold 95% or less of the company&#8217;s outstanding shares,
the acquirer may not acquire shares tendered if by doing so the acquirer would own more than 90% of the shares of the target company.
Appraisal rights are available with respect to a successfully completed full tender offer for a period of six months after such completion,
although the acquirer may provide in the tender offer documents that a shareholder that accepts the offer may not seek appraisal rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Contracts</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see &#8220;Item 5.
Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Company Commitments&#8221; for a description
of our loan agreement with an Israeli institutional investor and the terms of the trust agreements to which we are party in connection
with our Series A Secured Debentures and Series C Secured Debentures and Sapiens Series B Debentures. Please see &#8220;Item 6. Directors,
Senior Management and Employees&#8212;B. Compensation&#8212;Option Grants to, and Service Agreement with, Chief Executive Officer&#8221;
for a description of our service agreement with our Chief Executive Officer, Mr. Guy Bernstein. Beyond those agreements, Formula is not
party to, and has not been party to in the last two years, any material contract entered into outside of its ordinary course of business.
In addition, while our subsidiaries are party and have been party in the last two years to numerous contracts with customers, resellers
and distributors, such contracts are entered into in the ordinary course of business. Furthermore, we do not deem any other individual
contract entered into by any of our subsidiaries outside of the ordinary course of business (such as investment or acquisition agreements)
during the last two years to be material to us, except as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Controls</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under current Israeli regulations, we may pay
dividends or other distributions in respect of our ordinary shares either in Israeli or non-Israeli currencies. If we make these payments
in Israeli currency, they will be freely converted, transferred and paid in non-Israeli currencies at the rate of exchange prevailing
at the time of conversion. We expect, therefore, that dividends, if any, that we pay to holders of ADSs, will be paid in dollars, net
of conversion expenses, expenses of the depositary for our ADSs, the Bank of New York Mellon, and Israeli income taxes (if applicable).
Because exchange rates between the NIS and the dollar fluctuate continuously, a U.S. shareholder will be subject to the risk of currency
fluctuations between the date when we declare NIS-denominated dividends and the date when we pay them in NIS. See &#8220;Item 3. Key Information&#8212;Risk
Factors.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-residents of Israel may freely hold and trade
our ADSs or ordinary shares pursuant to the general permit issued under the Israeli Currency Control Law, 1978. Neither our articles nor
the laws of the State of Israel restrict in any way the ownership of our ordinary shares by non-residents, except that these restrictions
may exist with respect to citizens of countries that are in a state of war with Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following is a short
summary of the material provisions of the tax environment to which shareholders may be subject. This summary is based on the current provisions
of tax law. To the extent that the discussion is based on new tax legislation that has not been subject to judicial or administrative
interpretation, we cannot assure you that the views expressed in the discussion will be accepted by the appropriate tax authorities or
the courts.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The summary does not
address all of the tax consequences that may be relevant to all holders of our ordinary shares and ADSs in light of each holder&#8217;s
particular circumstances and specific tax treatment. For example, the summary below does not address the tax treatment of residents of
Israel and traders in securities who are subject to specific tax regimes. As individual circumstances may differ, holders of our ordinary
shares and ADSs should consult their own tax adviser as to the United States, Israeli or other tax consequences of the purchase, ownership
and disposition of ordinary shares and ADSs. The following is not intended, and should not be construed, as legal or professional tax
advice and is not exhaustive of all possible tax considerations. Each individual should consult his or her own tax or legal adviser.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Israeli Taxation Considerations for Our
Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax Consequences Regarding Disposition of
Our ADSs or Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Israeli law generally imposes
a capital gain tax on the sale of any capital assets by residents of Israel, as defined for Israeli tax purposes, and on the sale of assets
located in Israel, including shares of Israeli companies, by both residents and non-residents of Israel, unless a specific exemption is
available or unless a tax treaty between Israel and the shareholder&#8217;s country of residence provides otherwise. The Tax Ordinance
distinguishes between &#8220;Real Capital Gain&#8221; and &#8220;Inflationary Surplus&#8221;. The Inflationary Surplus is a portion of
the total capital gain which is equivalent to the increase of the relevant asset&#8217;s purchase price which is attributable to the increase
in the Israeli consumer price index or, in certain circumstances, a foreign currency exchange rate, between the date of purchase and the
date of sale. The Real Capital Gain is the excess of the total capital gain over the Inflationary Surplus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Capital gain</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Israeli Resident Individuals</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of January 1, 2012, the
tax rate applicable to Real Capital Gain derived by Israeli individuals from the sale of shares, whether or not listed on a stock exchange,
is 25%, unless such shareholder claims a deduction for interest and linkage differences expenses in connection with the purchase and holding
of such shares, in which case the gain will generally be taxed at a rate of 30%. However, if such shareholder is considered a Substantial
Shareholder (i.e., a person who holds, directly or indirectly, alone or together with another person who collaborates with such person
on a permanent basis, 10% or more of any of the company&#8217;s &#8220;means of control&#8221; (including, among other things, the right
to receive profits of the company, voting rights, the right to receive the company&#8217;s liquidation proceeds and the right to appoint
a director)) at the time of sale or at any time during the preceding 12-month period, such gain will be taxed at the rate of 30%. Individual
shareholders dealing in securities in Israel are taxed at their marginal tax rates applicable to business income (up to 47% in 2018 and
thereafter).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 163; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under current Israeli tax
legislation, the tax rate applicable to Real Capital Gain derived by Israeli resident corporations from the sale of shares of an Israeli
company is the general corporate tax rate. As described above, the corporate tax rate as of 2018 and thereafter is 23%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Israeli Resident Corporations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under current Israeli tax
legislation, the tax rate applicable to Real Capital Gain derived by Israeli resident corporations from the sale of shares of an Israeli
company is the general corporate tax rate. As described above, the corporate tax rate since 2018 has been 23%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Non-Israeli Resident Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Israeli capital gain tax
is imposed on the disposal of capital assets by a non-Israeli resident if such assets are either (i) located in Israel; (ii) shares or
rights to shares in an Israeli resident company; or (iii) represent, directly or indirectly, rights to assets located in Israel, unless
a tax treaty between Israel and the seller&#8217;s country of residence provides otherwise. As mentioned above, Real Capital Gain is generally
subject to tax at the corporate tax rate (23% in 2018 and thereafter) if generated by a company, or at the rate of 25% or 30%, if generated
by an individual. Individual and corporate shareholders dealing in securities in Israel are taxed at the tax rates applicable to business
income (a corporate tax rate for a corporation and a marginal tax rate of up to 47% for an individual in 2018 and thereafter) unless contrary
provisions in a relevant tax treaty apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
shareholders who are non-Israeli residents (individuals and corporations) are generally exempt from Israeli capital gain tax on any gains
derived from the sale, exchange or disposition of shares publicly traded on the Tel Aviv Stock Exchange or on a recognized stock exchange
outside of Israel, provided, among other things, that (i) such gains are not generated through a permanent establishment that the non-Israeli
resident maintains in Israel, (ii) the shares were purchased after being listed on a recognized stock exchange, and (iii) with respect
to shares listed on a recognized stock exchange outside of Israel, such shareholders are not subject to the Israeli Income Tax Law (Inflationary
Adjustments) 5745-1985. However, non-Israeli corporations will not be entitled to the foregoing exemptions if Israeli residents (a) have
a controlling interest of more than 25% in such non-Israeli corporation, or (b) are the beneficiaries of or are entitled to 25% or more
of the revenues or profits of such non-Israeli corporation, whether directly or indirectly. Such exemption is not applicable to a person
whose gains from selling or otherwise disposing of the shares are deemed to be business income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a sale of shares
may be exempt from Israeli capital gain tax under the provisions of an applicable tax treaty. For example, under the U.S.-Israel Tax Treaty,
or the U.S-Israel Treaty, the sale, exchange or disposition of shares of an Israeli company by a shareholder who is a U.S. resident (for
purposes of the U.S.-Israel Treaty) holding the shares as a capital asset is exempt from Israeli capital gain tax unless either (i) the
shareholder holds, directly or indirectly, shares representing 10% or more of the voting rights during any part of the 12-month period
preceding such sale, exchange or disposition; (ii) the shareholder, if an individual, has been present in Israel for a period or periods
of 183 days or more in the aggregate during the applicable taxable year; (iii) the capital gain arising from such sale are attributable
to a permanent establishment of the shareholder which is maintained in Israel; (iv) the capital gain arising from such sale, exchange
or disposition is attributed to real estate located in Israel; (v) the capital gain arising from such sale, exchange or disposition is
attributed to royalties; or (vi) the shareholder is a U.S. resident (for purposes of the U.S.-Israel Treaty) and is not holding the shares
as a capital asset. In each case, the sale, exchange or disposition of such shares would be subject to Israeli tax, to the extent applicable;
however, under the U.S.-Israel Treaty, a U.S. resident would be permitted to claim a credit for the Israeli tax against the U.S. federal
income tax imposed with respect to the sale, exchange or disposition, subject to the limitations in U.S. laws applicable to foreign tax
credits. The U.S-Israel Treaty does not provide such credit against any U.S. state or local taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In some instances where
our shareholders may be liable for Israeli tax on the sale of their ordinary shares and ADSs, the payment of the consideration may be
subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate that they are exempt from tax on their
capital gains in order to avoid withholding at source at the time of sale. Specifically, in transactions involving a sale of all of the
shares of an Israeli resident company, in the form of a merger or otherwise, the ITA may require from shareholders who are not liable
for Israeli tax to sign declarations in forms specified by this authority or obtain a specific exemption from the ITA to confirm their
status as non-Israeli resident, and, in the absence of such declarations or exemptions, may require the purchaser of the shares to withhold
taxes at source.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 164; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxes Applicable to Dividends</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Israeli Resident Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Israeli Resident Individuals</i>.
Israeli residents who are individuals are generally subject to Israeli income tax for dividends paid on our ordinary shares (other than
bonus shares or share dividends) at 25%, or 30% if the recipient of such dividend is a Substantial Shareholder at the time of distribution
or at any time during the preceding 12-month period. However, dividends distributed from taxable income allocated and accrued during the
benefits period of an AE are subject to withholding tax at the rate of 15% (if the dividend is distributed during the tax benefits period
under the Investment Law or within 12 years after such period, except with respect to an FIC, in which case the 12 year limit does not
apply) or 20% with respect to PFE. An average rate will be set in case the dividend is distributed from mixed types of income (regular
and Approved/ Beneficiary/Preferred income). Sapiens received a Tax Ruling under which dividends paid by Sapiens to Israeli shareholders
who are individuals will be subject to withholding tax at source at the rate of 25% and in case of Israeli resident corporations&#8212;
0%, regardless the source of the dividends. We cannot guarantee that the Tax Ruling will be extended beyond December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Israeli Resident Corporations</i>.
Israeli resident corporations are generally exempt from Israeli corporate tax for dividends paid on shares of Israeli resident corporations
(like our ordinary shares and ADSs). However, dividends distributed from taxable income accrued during the benefits period of an AE are
subject to withholding tax at the rate of 15%, if the dividend is distributed during the tax benefits period under the Investment Law
or within 12 years after such period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Non-Israeli Resident
Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-Israeli residents (whether
individuals or corporations) are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares or ADSs,
at the rate of 25% or 30% (if the dividend recipient is a Substantial Shareholder at the time of distribution or at any time during the
preceding 12-month period) or 15% if the dividend is distributed from income attributed to our AE or BE, or 20% with respect to PFE. Such
dividends are generally subject to Israeli withholding tax at a rate of 25% so long as the shares are registered with a Nominee Company
(whether the recipient is a Substantial Shareholder or not), and 15% if the dividend is distributed from income attributed to an AE or
BE or 20% if the dividend is distributed from income attributed to a PFE, unless a reduced rate is provided under an applicable tax treaty
(subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced tax rate). For example, under the U.S-Israel
Treaty, the maximum rate of tax withheld in Israel on dividends paid to a holder of our ordinary shares or ADSs who is a U.S. resident
(for purposes of the U.S.-Israel Treaty) is 25%. However, generally, the maximum rate of withholding tax on dividends, not generated by
our AE or BE, that are paid to a U.S. corporation holding at least 10% or more of our outstanding voting capital from the start of the
tax year preceding the distribution of the dividend through (and including) the distribution of the dividend, is 12.5%, provided that
no more than 25% of our gross income for such preceding year consists of certain types of dividends and interest. Notwithstanding the
foregoing, dividends distributed from income attributed to an AE or BE are subject to a withholding tax rate of 15% for such a U.S. corporation
shareholder, provided that the condition related to our gross income for the previous year (as set forth in the previous sentence) is
met. The aforementioned rates will not apply if the dividend income was generated through a permanent establishment of the U.S. resident
which is maintained in Israel. If the dividend is attributable partly to income derived from an AE a BE, or a PFE, and partly to other
sources of income, the withholding rate will be a blended rate reflecting the relative portions of the two types of income. U.S residents
who are subject to Israeli withholding tax on a dividend may be entitled to a credit or deduction for U.S. federal income tax purposes
in the amount of the taxes withheld, subject to detailed rules contained in United States tax legislation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sapiens received a Tax Ruling
according to which dividends paid by Sapiens to non-Israeli (individuals and corporations) will be subject to withholding tax at source
at a rate of 25%. We cannot guarantee that the Tax Ruling will be extended beyond December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-Israeli resident who
receives dividends from which tax was withheld is generally exempt from the obligation to file tax returns in Israel with respect to such
income, provided that (i) such income was not generated from business conducted in Israel by the taxpayer, (ii) the taxpayer has no other
taxable sources of income in Israel with respect to which a tax return is required to be filed and (iii) the taxpayer is not obliged to
pay excess tax (as further explained below).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Excess Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individuals who are subject
to tax in Israel (whether any such individual is an Israeli resident or non-Israeli resident) are also subject to an additional tax at
a rate of 3% on annual income exceeding NIS 647,640 for 2021 (approximately $0.2 million), which amount is linked to the annual change
in the Israeli consumer price index, including, but not limited to, dividends, interest and capital gain.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Estate and gift tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Israeli law presently does
not impose estate or gift taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>United States Federal Income Tax Considerations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
described herein, this discussion summarizes certain U.S. federal income tax consequences of the purchase, ownership and disposition of
our ordinary shares or ADSs to a U.S. holder. A U.S. holder is a holder of our ordinary shares or ADSs who is:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An individual who is a citizen or resident of the U.S. for U.S. federal income tax purposes</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A corporation (or another entity taxable as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any political subdivision thereof, or the District of Columbia</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An estate, the income of which may be included in gross income for U.S. federal income tax purposes regardless of its source</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A trust (i) if, in general, a U.S. court is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or (ii) an electing trust that was in existence on August 19, 1996 and was treated as a domestic trust on that date</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specifically
indicated, this discussion does not consider the U.S. tax consequences to a person that is not a U.S. holder (which we refer to as a non-U.S.
holder) and considers only U.S. holders that will own our ordinary shares or ADSs as capital assets (generally, for investment).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion is based
on current provisions of the Internal Revenue Code of 1986, as amended, or the Code, current and proposed Treasury Regulations promulgated
under the Code and administrative and judicial interpretations of the Code, all as currently in effect and all of which are subject to
change, possibly with a retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be relevant
to any particular U.S. holder based on the U.S. holder&#8217;s particular circumstances. In particular, this discussion does not address
the U.S. federal income tax consequences to U.S. holders who are broker-dealers, insurance companies, real estate investment trusts, regulated
investment companies, grantor trusts, individual retirement and tax-deferred accounts, certain former citizens or long-term residents
of the U.S., tax-exempt organizations, financial institutions, &#8220;financial service entities&#8221; or who own, directly, indirectly
or constructively, 10% or more of the vote or value of the our outstanding shares, U.S. holders holding our ordinary shares or ADSs as
part of a hedging, straddle or conversion transaction, U.S. holders whose functional currency is not the U.S. dollar, U.S. holders that
acquired our ordinary shares or ADSs upon the exercise of employee stock options or otherwise as compensation, and U.S holders who are
persons subject to the alternative minimum tax, who may be subject to special rules not discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the tax treatment
of persons who are, or hold our ordinary shares or ADSs through a partnership or other pass-through entity is not considered, nor is the
possible application of U.S. federal estate or gift taxes or any aspect of state, local or non-U.S. tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, unless otherwise
indicated, this discussion assumes that our company is not, and will not become, a &#8220;passive foreign investment company,&#8221; or
a PFIC, for U.S. federal income tax purposes. See &#8220;&#8212;Passive Foreign Investment Companies&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Prospective investors
should be aware that this discussion does not address the tax consequences to investors who are not U.S. holders. Prospective investors
should consult their own tax advisors as to the particular tax considerations applicable to them relating to the purchase, ownership and
disposition of ordinary shares or ADSs, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws</b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 166; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->161<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Taxation of Distributions
on our Ordinary Shares or ADSs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
below under &#8220;Tax Consequences if We Are a Passive Foreign Investment Company,&#8221; a distribution paid by us with respect to our
ordinary shares or ADSs to a U.S. holder will be treated as dividend income to the extent that the distribution does not exceed our current
and accumulated earnings and profits, as determined for U.S. federal income tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends that are received
by U.S. holders that are individuals, estates or trusts generally will be taxed at the rate applicable to long-term capital gains, provided
those dividends meet the requirements of &#8220;qualified dividend income.&#8221; The maximum long-term capital gains rate is 20% for
individuals with annual taxable income that exceeds certain thresholds. In addition, under the Patient Protection and Affordable Care
Act, higher income taxpayers must pay an additional 3.8 percent tax on net investment income to the extent certain threshold amounts of
income are exceeded. See &#8220;Tax on Net Investment Income&#8221; in this Item below. For this purpose, qualified dividend income generally
includes dividends paid by a foreign corporation if certain holding period and other requirements are met and either (a) the stock of
the foreign corporation with respect to which the dividends are paid is &#8220;readily tradable&#8221; on an established securities market
in the U.S. (e.g., the Nasdaq Global Select Market) or (b) the foreign corporation is eligible for benefits of a comprehensive income
tax treaty with the U.S. which includes an information exchange program and is determined to be satisfactory by the U.S. Secretary of
the Treasury. Dividends that fail to meet such requirements and dividends received by corporate U.S. holders are taxed at ordinary income
rates. No dividend received by a U.S. holder will be a qualified dividend (i) if the U.S. holder held the ordinary share or ADS with respect
to which the dividend was paid for less than 61 days during the 121-day period beginning on the date that is 60 days before the ex-dividend
date with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the U.S.
holder has an option to sell, is under a contractual obligation to sell, has made (and not closed) a short sale of, is the grantor of
a deep-in-the-money or otherwise nonqualified option to buy, or has otherwise diminished its risk of loss by holding other positions with
respect to, such ordinary share or ADS (or substantially identical securities); or (ii) to the extent that the U.S. holder is under an
obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar
or related to the ordinary share and ADS with respect to which the dividend is paid. If we were to be a &#8220;passive foreign investment
company&#8221; (as such term is defined in the Code), or PFIC, for any taxable year, dividends paid on our ordinary shares or ADSs in
such year or in the following taxable year would not be qualified dividends. See the discussion below regarding our PFIC status under
&#8220;Tax Consequences if We Are a Passive Foreign Investment Company.&#8221; In addition, a non-corporate U.S. holder will be able to
take qualified dividend income into account in determining its deductible investment interest (which is generally limited to its net investment
income) only if it elects to do so; in such case the dividend income will be taxed at ordinary income rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any distribution
which exceeds the amount treated as a dividend will be treated first as a non-taxable return of capital, reducing the U.S. holder&#8217;s
tax basis in our ordinary shares or ADSs to the extent thereof, and then as capital gain from the deemed disposition of the ordinary shares
or ADSs. Corporate holders will not be allowed a deduction for dividends received in respect of the ordinary shares and ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions of current
or accumulated earnings and profits paid in foreign currency to a U.S. holder will be includible in the income of a U.S. holder in a U.S.
dollar amount calculated by reference to the exchange rate on the day the distribution is received. A U.S. holder that receives a foreign
currency distribution and converts the foreign currency into U.S. dollars subsequent to receipt may have foreign exchange gain or loss
based on any appreciation or depreciation in the value of the foreign currency against the U.S. dollar, which will generally be U.S. source
ordinary income or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of the Disposition of the Ordinary
Shares or ADSs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
below under &#8220;Tax Consequences if We Are a Passive Foreign Investment Company,&#8221; upon the sale, exchange or other disposition
of our ordinary shares or ADSs, a U.S. holder will recognize capital gain or loss in an amount equal to the difference between the amount
realized on the disposition and the U.S. holder&#8217;s tax basis in our ordinary shares or ADSs. The gain or loss recognized on the disposition
of the ordinary shares or ADSs will be long-term capital gain or loss if the U.S. holder held the ordinary shares or ADSs for more than
one year at the time of the disposition and would be eligible for a reduced rate of taxation for certain non-corporate U.S. holders. The
maximum long-term capital gains rate is 20% for individuals with annual taxable income that exceeds certain thresholds. In addition, under
the Patient Protection and Affordable Care Act, higher income taxpayers must pay an additional 3.8 percent tax on net investment income
to the extent certain threshold amounts of income are exceeded. See &#8220;Tax on Net Investment Income&#8221; in this Item below. Capital
gain from the sale, exchange or other disposition of ordinary shares or ADSs held for one year or less is short-term capital gain and
taxed as ordinary income. Gain or loss recognized by a U.S. holder on a sale, exchange or other disposition of our ordinary shares or
ADSs generally will be treated as U.S. source income or loss. The deductibility of capital losses is subject to certain limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 167; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. holder that uses
the cash method of accounting calculates the dollar value of the proceeds received on the sale as of the date that the sale settles. However,
a U.S. holder that uses the accrual method of accounting is required to calculate the value of the proceeds of the sale as of the trade
date and may therefore realize foreign currency gain or loss. A U.S. holder that uses the accrual method may avoid realizing foreign currency
gain or loss by electing to use the settlement date to determine the proceeds of sale for purposes of calculating the foreign currency
gain or loss. In addition, a U.S. holder that receives foreign currency upon disposition of its ordinary shares or ADSs and converts the
foreign currency into dollars after the settlement date or trade date (whichever date the U.S. holder is required to use to calculate
the value of the proceeds of sale) may have foreign exchange gain or loss based on any appreciation or depreciation in the value of the
foreign currency against the dollar, which will generally be U.S. source ordinary income or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax Consequences if We Are a Passive Foreign
Investment Company</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We would be a passive foreign
investment company, or PFIC, for a taxable year if either (1) 75% or more of our gross income in the taxable year is passive income; or
(2) the average percentage (by value determined on a quarterly basis) in a taxable year of our assets that produce, or are held for the
production of, passive income is at least 50%. Passive income for this purpose generally includes, among other things, certain dividends,
interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property that gives
rise to passive income. If we own (directly or indirectly) at least 25% by value of the stock of another corporation, we would be treated
for purposes of the foregoing tests as owning our proportionate share of the other corporation&#8217;s assets and as directly earning
our proportionate share of the other corporation&#8217;s income. As discussed below, we believe that we were not a PFIC for 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we were a PFIC, each
U.S. holder would (unless it made one of the elections discussed below on a timely basis) be taxable on gain recognized from the disposition
of our ordinary shares or ADSs (including gain deemed recognized if our ordinary shares or ADSs are used as security for a loan) and upon
receipt of certain excess distributions (generally, distributions that exceed 125% of the average amount of distributions in respect to
such shares received during the preceding three taxable years or, if shorter, during the U.S. holder&#8217;s holding period prior to the
distribution year) with respect to our ordinary shares or ADSs as if such income had been recognized ratably over the U.S. holder&#8217;s
holding period for the shares. The U.S. holder&#8217;s income for the current taxable year would include (as ordinary income) amounts
allocated to the current taxable year and to any taxable year prior to the first day of the first taxable year for which we were a PFIC.
Tax would also be computed at the highest ordinary income tax rate in effect for each other taxable year to which income is allocated,
and an interest charge on the tax as so computed would also apply. The tax liability with respect to the amount allocated to the taxable
year prior to the taxable year of the distribution or disposition cannot be offset by any net operating losses. Additionally, if we were
a PFIC, U.S. holders who acquire our ordinary shares or ADSs from decedents (other than nonresident aliens) would be denied the normally-available
step-up in basis for such shares to fair market value at the date of death and, instead, would have a tax basis in such shares equal to
the lesser of the decedent&#8217;s basis or the fair market value of such shares on the decedent&#8217;s date of death.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an alternative to the
tax treatment described above, a U.S. holder could elect to treat us as a &#8220;qualified electing fund&#8221; (a QEF), in which case
the U.S. holder would be taxed, for each taxable year that we are a PFIC, on its pro rata share of our ordinary earnings and net capital
gain (subject to a separate election to defer payment of taxes, which deferral is subject to an interest charge). Special rules apply
if a U.S. holder makes a QEF election after the first taxable year in its holding period in which we are a PFIC. We have agreed to supply
U.S. holders with the information needed to report income and gain under a QEF election if we were a PFIC. Amounts includable in income
as a result of a QEF election will be determined without regard to our prior year losses or the amount of cash distributions, if any,
received from us. A U.S. holder&#8217;s basis in its ordinary shares or ADSs will increase by any amount included in income and decrease
by any amounts not included in income when distributed because such amounts were previously taxed under the QEF rules. So long as a U.S.
holder&#8217;s QEF election is in effect with respect to the entire holding period for its ordinary shares or ADSs, any gain or loss realized
by such holder on the disposition of its ordinary shares or ADSs held as a capital asset generally will be capital gain or loss. Such
capital gain or loss ordinarily would be long-term if such U.S. holder had held such ordinary shares or ADSs for more than one year at
the time of the disposition and would be eligible for a reduced rate of taxation for certain non-corporate U.S. holders. The maximum long-term
capital gains rate is 20% for individuals with annual taxable income that exceeds certain thresholds. The QEF election is made on a shareholder-by-shareholder
basis, applies to all ordinary shares or ADSs held or subsequently acquired by an electing U.S. holder and can be revoked only with the
consent of the IRS. The QEF election must be made on or before the U.S. holder&#8217;s tax return due date, as extended, for the first
taxable year to which the election will apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->163<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an alternative to making
a QEF election, a U.S. holder of PFIC stock that is &#8220;marketable stock&#8221; (e.g., &#8220;regularly traded&#8221; on the Nasdaq
Global Select Market) may, in certain circumstances, avoid certain of the tax consequences generally applicable to holders of stock in
a PFIC by electing to mark the stock to market as of the beginning of such U.S. holder&#8217;s holding period for our ordinary shares
or ADSs. Special rules apply if a U.S. holder makes a mark-to-market election after the first year in its holding period in which we are
a PFIC. As a result of such an election, in any taxable year that we are a PFIC, a U.S. holder would generally be required to report gain
or loss to the extent of the difference between the fair market value of the ordinary shares or ADSs at the end of the taxable year and
such U.S. holder&#8217;s tax basis in such shares at that time. Any gain under this computation, and any gain on an actual disposition
of our ordinary shares or ADSs in a taxable year in which we are PFIC, would be treated as ordinary income. Any loss under this computation,
and any loss on an actual disposition of our ordinary shares or ADSs in a taxable year in which we are PFIC, would be treated as ordinary
loss to the extent of the cumulative net-mark-to-market gain previously included. Any remaining loss from marking our ordinary shares
or ADSs to market will not be allowed, and any remaining loss from an actual disposition of our ordinary shares or ADSs generally would
be capital loss. A U.S. holder&#8217;s tax basis in its ordinary shares or ADSs is adjusted annually for any gain or loss recognized under
the mark-to-market election. There can be no assurances that there will be sufficient trading volume with respect to our ordinary shares
or ADSs for the ordinary shares or ADSs to be considered &#8220;regularly traded&#8221; or that our ordinary shares or ADSs will continue
to trade on the Nasdaq Global Select Market. Accordingly, there are no assurances that our ordinary shares or ADSs will be marketable
stock for these purposes. As with a QEF election, a mark-to-market election is made on a shareholder-by-shareholder basis, applies to
all ordinary shares or ADSs held or subsequently acquired by an electing U.S. holder and can only be revoked with consent of the IRS (except
to the extent our ordinary shares or ADSs no longer constitute &#8220;marketable stock&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on an analysis of
our assets and income, we believe that we were not a PFIC for 2021. We currently expect that we will not be a PFIC in 2022. The tests
for determining PFIC status are applied annually and it is difficult to make accurate predictions of future income and assets, which are
relevant to this determination. Accordingly, there can be no assurance that we will not become a PFIC in any future taxable years. U.S.
holders who hold our ordinary shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if we cease
to be a PFIC, subject to certain exceptions for U.S. holders who made QEF, mark-to-market or certain other special elections. U.S. holders
are urged to consult their tax advisors about the PFIC rules, including the consequences to them of making a mark-to-market or QEF election
with respect to our ordinary shares or ADSs in the event that we qualify as a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>U.S. holders are urged
to consult their tax advisors regarding the application of the PFIC rules, including eligibility for and the manner and advisability of
making, the QEF election or the mark-to-market election.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax on Net Investment Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. holder that is an
individual or estate, or a trust that does not fall into a special class of trusts that is exempt from the tax, will be subject to a 3.8%
tax on the lesser of (1) the U.S. holder&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2) the excess
of the U.S. holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals
will be between $125,000 and $250,000, depending on the individual&#8217;s circumstances). A U.S. holder&#8217;s net investment income
generally will include its dividends on our ordinary shares or ADSs and net gains from dispositions of our ordinary shares or ADSs, unless
those dividends or gains are derived in the ordinary course of the conduct of trade or business (other than trade or business that consists
of certain passive or trading activities). Net investment income, however, may be reduced by deductions properly allocable to that income.
A U.S. holder that is an individual, estate or trust is urged to consult its tax adviser regarding the applicability of the Medicare tax
to its income and gains in respect of its investment in the ordinary shares or ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Non-U.S. Holders of Ordinary Shares or ADSs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided below,
a non-U.S. holder of our ordinary shares or ADSs will not be subject to U.S. federal income or withholding tax on the receipt of dividends
on, or the proceeds from the disposition of, our ordinary shares or ADSs, unless, in the case of U.S. federal income taxes, that item
is effectively connected with the conduct by the non-U.S. holder of a trade or business in the United States and, in the case of a resident
of a country which has an income tax treaty with the United States, such item is attributable to a permanent establishment in the United
States or, in the case of an individual, a fixed place of business in the United States. In addition, gain recognized on the disposition
of our ordinary shares or ADSs by an individual non-U.S. holder will be subject to tax in the United States if the non-U.S. holder is
present in the United States for 183 days or more in the taxable year of the sale and certain other conditions are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 169; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->164<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Information Reporting and Backup Withholding</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. holder generally
is subject to information reporting and may be subject to backup withholding at a rate of up to 28% with respect to dividend payments
on, or receipt of the proceeds from the disposition of, our ordinary shares or ADSs. Backup withholding will not apply with respect to
payments made to exempt recipients, including corporations and tax-exempt organizations, or if a U.S. holder provides a correct taxpayer
identification number, certifies that such holder is not subject to backup withholding or otherwise establishes an exemption. Non-U.S.
holders are not subject to information reporting or backup withholding with respect to dividend payments on, or receipt of the proceeds
from the disposition of, our ordinary shares or ADSs in the U.S., or by a U.S. payor or U.S. middleman, provided that such non-U.S. holder
provides a taxpayer identification number, certifies to its foreign status, or otherwise establishes an exemption. Backup withholding
is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a holder, or alternatively, the
holder may be eligible for a refund of any excess amounts withheld under the backup withholding rules, in either case, provided that the
required information is furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Information Reporting by Certain U.S. Holders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. citizens and individuals
taxable as resident aliens of the United States that own &#8220;specified foreign financial assets&#8221; with an aggregate value in a
taxable year in excess of certain threshold (as determined under Treasury regulations) and that are required to file a U.S. federal income
tax return generally will be required to file an information report with respect to those assets with their tax returns. IRS Form 8938
has been issued for that purpose. &#8220;Specified foreign financial assets&#8221; include any financial accounts maintained by foreign
financial institutions, foreign stocks held directly, and interests in foreign estates, foreign pension plans or foreign deferred compensation
plans. Under those rules, our ordinary shares or ADSs, whether owned directly or through a financial institution, estate or pension or
deferred compensation plan, would be &#8220;specified foreign financial assets&#8221;. Under Treasury regulations, the reporting obligation
applies to certain U.S. entities that hold, directly or indirectly, specified foreign financial assets. Penalties can apply if there is
a failure to satisfy this reporting obligation. A U.S. Holder is urged to consult his tax adviser regarding his reporting obligation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>The above description
is not intended to constitute a complete analysis of all tax consequences relating to acquisition, ownership and disposition of our Ordinary
Shares or ADSs. You should consult your tax advisor concerning the tax consequences of your particular situation.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends and Paying Agents</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement by Experts</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents on Display</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently subject
to the information and periodic reporting requirements of the Exchange Act that are applicable to foreign private issuers. Although as
a foreign private issuer we are not required to file periodic information as frequently or as promptly as United States companies, we
generally do publicly announce our quarterly and year-end results promptly and file periodic information with the United States Securities
and Exchange Commission under cover of Form 6-K. As a foreign private issuer, we are also exempt from the rules under the Exchange Act
prescribing the furnishing and content of proxy statements and our officers, directors and principal shareholders are exempt from the
reporting and other provisions in Section 16 of the Exchange Act. Our SEC filings are filed electronically on the EDGAR reporting system
and may be obtained through that medium. The SEC also maintains a web site that contains reports, proxy and information statements and
other information regarding registrants that file electronically with the SEC. The address of that web site is http://www.sec.gov. The
Exchange Act file number for our Securities and Exchange Commission filings is 000-29442.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 170; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Copies of our SEC filings
and submissions are also submitted to the Israel Securities Authority, or ISA, and the TASE. Such copies can be retrieved electronically
through the MAGNA distribution site of the ISA (www.magna.isa.gov.il) and the TASE website (maya.tase.co.il).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of each report that
we submit in accordance with applicable United States law is available for public review at our principal executive offices, at 1 Yahadut
Canada Street, Or Yehuda 6037501, Israel. Information about us is also available on our website at http://www.formulasystems.com. Such
information is not part of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary Information</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Interest Rate and Currency Exchange
Rate Fluctuations; Impact of Inflation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In light of the nature of
our activities, we invest our cash and cash equivalents primarily in short-term and long-term deposits. As of December 31, 2021, substantially
all of the cash that we held was invested in dollar, Euro, Indian Rupee, and British Pound accounts bearing interest based on LIBOR, and
NIS accounts bearing interest based on the Israeli prime rate. Given the current low interest rates in the financial markets, assuming
a 10% interest rate decrease, the net decrease in our earnings from our financial assets would be negligible, holding other variables
constant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As described above in this
annual report (under &#8220;Item 3.D Risk Factors&#8212;Risks Related to Operations in Israel&#8212;Fluctuations in foreign currency values
may affect our business and results of operations&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Operating
Results&#8212; Impact of Inflation and Currency Fluctuations on Results of Operations&#8221;), because most of our software services revenues
are received in NIS, a devaluation of the NIS against the dollar adversely impacts our dollar-recorded software services revenues and
operating profit, by reducing the dollar-recorded revenues for those software services. Accordingly, a devaluation of the dollar against
the NIS positively impacts our dollar-recorded software services revenues and operating profit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the same time, a significant
portion of our revenues from proprietary software products is currently denominated in dollars and other currencies, particularly Euro
and British pound, Indian rupee and to a lesser extent Japanese yen, while a substantial portion of our expenses relating to the proprietary
software products, principally salaries and related personnel expenses, is denominated in NIS. As a result, the devaluation of the dollar
relative to the NIS increases our operating costs (as denominated in dollars), and, therefore, adversely affects the operational profitability
of our proprietary software product reporting segment. An increase in the rate of Israeli inflation compounds this negative impact by
further increasing our NIS (and ultimately dollar-recorded) operating expenses, and, consequently, reducing our operational profitability
in that business line. Also, the devaluation of these other currencies&#8212;particularly Euro, British pound and to a lesser extent Japanese
yen&#8212;relative to the U.S. dollar reduces our dollar recorded revenues from sales of our proprietary software products and thereby
harms our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net effect of these
risks stemming from currency exchange rate fluctuations on our operating results can be quantified as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A hypothetical 10% devaluation
or appreciation of foreign currencies (primarily the NIS, GBP, Euro, Japanese yen, PLN and INR) against the US dollar, with all other
variables held constant on the expected sales, would have resulted in a decrease or increase in 2021 sales revenues of approximately $167.0
million or $197.0 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a hypothetical
10% devaluation of the dollar against the NIS in the year ended December 31, 2021 would have impacted mainly the outstanding Series A
Secured Debentures, outstanding Series C Secured Debentures issued by Formula and the outstanding loan extended to Magic Software by a
leading Israeli institutional investor in November 2016 (each of which is described above under &#8220;Item 5.B. Liquidity and Capital
Resources&#8221;), which remaining principal amounts as of December 31, 2021 were valued at NIS 104.7 million, NIS 376.4 million and NIS
34.4 million, respectively, by increasing financial expenses by approximately $18.4 million in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depending upon the circumstances,
we will consider entering into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange
rate of the dollar, Euro, Japanese yen and/or British Pound against the NIS, or the Euro, Japanese yen and/or British pound against the
dollar. There can be no assurance that these activities, or others that we may use from time to time, will eliminate the negative financial
impact of currency fluctuations and inflation. We do not&#8212;nor do we intend to in the future&#8212;engage in currency speculation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 171; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->166<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fluctuations in Market Price of Securities
We Hold</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hold the securities of
three subsidiaries&#8212; Magic Software, Sapiens and Matrix,&#8212; which are companies whose securities are listed for trading on the
Nasdaq Global Market, Nasdaq Global Select Market and/or the TASE. We consider these holdings as long-term holdings. We are exposed to
the risk of fluctuation of the price of these companies&#8217; securities. All of these publicly traded companies have experienced significant
historical volatility in their stock prices. Fluctuations in the market price of our holdings in these companies may result in the fluctuation
of the value of our assets. We typically do not attempt to reduce or eliminate our market exposure on these securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, we do not hold
nor have we issued, to any material extent, any derivatives or other financial instruments for trading purposes except for our Series
A Secured Debentures, Series B Convertible Debentures (matured in March 2019) and Series C Secured Debentures issued pursuant to our public
offerings in Israel on the TASE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt Securities</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants and Rights</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Securities</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.5in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary Shares</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Fees and charges payable by our
ADS holders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bank of New York Mellon,
which we refer to as the Depositary, serves as the depositary for our ADS program. Pursuant to the deposit agreement by and among our
company, the Depositary and owners and holders of our ADSs, which we refer to as the Deposit Agreement, ADS holders may be required to
pay various fees to the Depositary. In particular, the Depositary may charge the following fees to any party depositing or withdrawing
ADSs, or to any party surrendering American Depositary Receipts (which we refer to as ADRs) that represent the ADSs, or to whom ADRs are
issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock involving
the ADRs or any deposited ADSs underlying the ADRs or a distribution of ADRs pursuant to a distribution of underlying shares), as applicable:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxes and governmental charges;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such registration fees as may from time to time be in effect for the registration of transfers of shares generally on our share register and applicable to transfers of shares to the name of the Depositary or its nominee or agent in connection with making deposits or withdrawals under the Deposit Agreement;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such cable, telex and facsimile transmission expenses as are expressly provided for in the Deposit Agreement;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such expenses as are incurred by the Depositary in the conversion of foreign currency;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a fee of $5.00 or less per 100 ADSs (or portion thereof) for the execution and delivery of ADRs (including in connection with distributions of shares or rights by us) and in connection with the surrender of receipts and withdrawal of the underlying shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a fee of $0.02 or less per ADS (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including in connection with distributions of shares or rights;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a fee for the distribution of securities in connection with certain distributions, such fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities but which securities are instead distributed by the Depositary to ADR holders; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other charges payable by the Depositary or any of its agents in connection with the servicing of ADSs or other deposited securities underlying the ADRs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Amounts received from the Depositary</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not receive any fees
directly or indirectly from the Depositary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS
OF SECURITY HOLDERS AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management, including
our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as
such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2021. Based on such evaluation, the Chief
Executive Officer and the Chief Financial Officer have concluded that, as of December 31, 2021, the Company&#8217;s disclosure controls
and procedures are effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management&#8217;s Annual Report on Internal
Control over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f)
of the Exchange Act. Our management, including our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of
the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control&#8212;Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as of the end of the period covered
by this report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on that evaluation,
our management has concluded that our internal control over financial reporting was effective as of December 31, 2021. Notwithstanding
the foregoing, there can be no assurance that our internal control over financial reporting will detect or uncover all failures of persons
within the Company to comply with our internal procedures, as all internal control systems, no matter how well designed, have inherent
limitations. Therefore, even those systems determined to be effective may not prevent or detect misstatements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management&#8217;s assessment
of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of the business
of Menarva Ltd., 9540 Y.G. Soft I.T Ltd. and Enable IT LLC., that were acquired during 2021 and included in our 2021 consolidated financial
statements and constituted 0.7% of total assets and 1.3% of the net assets as of December 31, 2021, and 1.1% and 1.4% of revenues and
net income, respectively, for the year then ended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Attestation Report of the Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>The attestation report
of Kost Forer Gabbay &amp; Kasierer, a member of EY Global, an independent registered public accounting firm in Israel, on our management&#8217;s
assessment of our internal control over financial reporting as of December 31, 2021 is provided on page F-2, as included under Item 18
of this annual report.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Changes in Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the evaluation
conducted by our Chief Executive Officer and our Chief Financial Officer pursuant to Rules 13a-15(d) and 15d-15(d) under the Exchange
Act, our management has concluded that there was no change in our internal control over financial reporting that occurred during the year
ended December 31, 2021 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16. RESERVED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
determined that Mr. Tomer Jacob, who serves on the audit committee of our board of directors, qualifies as our &#8220;audit committee
financial expert,&#8221; as defined under the rules and regulations of the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted a code of
business conduct and ethics, or code of ethics, applicable to Formula&#8217;s Chief Executive Officer and Chief Financial Officer (who
also serves as its principal accounting officer) and any person performing similar functions, as well as to its directors and other employees.
A copy of the code of ethics is available to all of Formula&#8217;s employees, investors and others without charge, upon request to the
following address: Formula Systems (1985) Ltd., 1 Yahadut Canada St., Or Yehuda 6037501, Israel, Attn: Chief Executive Officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The chairman of our audit
committee may approve a request by our Chief Executive Officer, Chief Financial Officer (who also serves as our principal accounting officer)
or any person performing similar functions for a waiver from the requirements of our code of ethics pertaining to (i) honest and ethical
conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationship; (ii)
full, fair, accurate, timely and understandable disclosure in reports and documents that we must file with, or submit to, the SEC and
in other public communications made by us; (iii) compliance with applicable governmental laws, rules and regulations; (iv) the prompt
internal reporting of violation of the code of ethics to the chairman of our audit committee; and (v) accountability for adherence to
the code of ethics; provided in each case that the person requesting such waiver provides to our audit committee a full disclosure of
the particular circumstances relating to such request. The chairman of our audit committee will first determine whether a waiver of the
relevant requirements of the code of ethics is required and, if such waiver is required, whether a waiver will be granted. The person
requesting such waiver may be required to agree to certain conditions before a waiver or a continuing waiver is granted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any amendments to the code
of ethics and all waivers from compliance with the code of ethics granted to our Chief Executive Officer, Chief Financial Officer (who
also serves as our principal accounting officer) or any person performing similar functions with respect to its requirements described
in the above paragraph will be publicly disclosed by us via a report on Form 6-K in accordance with the regulations of the SEC. No such
amendment was adopted, nor waiver provided, by us during the fiscal year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->169<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Principal Accountant
Fees and Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Formula and its subsidiaries
and affiliate company paid the following fees for professional services rendered by Kost Forer Gabbay &amp; Kasierer, Certified Public
Accountant, a member firm of Ernst &amp; Young Global, independent registered public accounting firm (which we refer to as Kost Forer),
to the Company for the years ended December 31, 2020 and December 31, 2021, respectively:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended<br/>
December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(US dollars in thousands)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Services Rendered</td><td>&#160;</td>
    <td colspan="6" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit <sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,042</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,887</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax and other <sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">547</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">552</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,589</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,439</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audit fees for the years ended December 31, 2020 and 2021 were for professional services rendered for: the audits of our annual consolidated financial statements; agreed-upon procedures related to the review of our consolidated quarterly information; statutory audits of Formula and its subsidiaries and affiliated companies; issuance of comfort letters and consents; and assistance with review of documents filed with the SEC. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees for the years ended December 31, 2020 and 2021 were for services related to tax compliance, including the preparation of tax returns and claims for refund, and tax advice. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Formula paid the following
fees for professional services rendered by Kost Forer to the Company (on a stand-alone basis, excluding services provided to the subsidiaries
and affiliates of the Company) for the years ended December 31, 2020 and December 31, 2021, respectively:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended<br/>
December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(US dollars in thousands)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Services Rendered</td><td>&#160;</td>
    <td colspan="6" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit <sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">96</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">96</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax and other <sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">45</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">41</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">141</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">137</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audit fees for the years ended December 31, 2020 and 2021 were for professional services rendered for: the audits of our annual consolidated financial statements; agreed-upon procedures related to the review of our consolidated quarterly information; statutory audits of Formula and its subsidiaries and affiliated companies; issuance of comfort letters and consents; and assistance with review of documents filed with the SEC. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">

    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees for the years ended December 31, 2020 and 2021 were for services related to tax compliance, including the preparation of tax returns and claims for refund, and tax advice. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Policy on Pre-Approval of Audit and Non-Audit
Services of Independent Auditors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit committee is responsible
for the oversight of our (and our subsidiaries&#8217;) independent auditor&#8217;s work. Our audit committee has adopted a policy and
procedures for the pre-approval of audit and non-audit services rendered by our independent registered public accountants, Kost Forer
Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global. Pre-approval of an audit or non-audit service may be given as a general pre-approval,
as part of the audit committee&#8217;s approval of the scope of the engagement of our independent auditor, or on an individual basis.
Any proposed services that exceed general pre-approved levels also require specific pre-approval by our audit committee. The policy prohibits
retention of the independent public accountants to perform the prohibited non-audit functions defined in Section 201 of the Sarbanes-Oxley
Act of 2002 or the rules of the SEC, and also requires the audit committee to consider whether proposed services are compatible with the
independence of the public accountants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS
FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER AND AFFILIATED PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING
ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nasdaq Global Select
Market requires companies with securities listed thereon to comply with its corporate governance standards. As a foreign private issuer,
we are not required to comply with all of the rules that apply to listed domestic U.S. companies. Pursuant to Nasdaq listing rule 5615(a)(3),
we have notified Nasdaq that with respect to the corporate governance practices described below, we instead follow Israeli law and practice
and accordingly do not follow the Nasdaq listing rules. Except for the differences described below, we do not believe there are any significant
differences between our corporate governance practices and those that apply to a U.S. domestic issuer under the Nasdaq corporate governance
rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Independent
Director Oversight of Nominations</span>: Under Israeli law, there is no requirement to have an independent nominating committee or the
independent directors of a company select (or recommend for selection) director nominees, as is required under Nasdaq listing rule 5605(e)
for a U.S. domestic issuer. Our board of directors handles this process, as is permitted by our articles and the Companies Law. We also
need not adopt a formal board resolution or charter addressing the director nominations process and such related matters as may be required
under the U.S. federal securities laws, as Nasdaq requires for a U.S. issuer.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Shareholder
Approval</span>: Pursuant to Israeli law, we seek shareholder approval for all corporate actions requiring such approval under the requirements
of the Companies Law, which are different from, or in addition to, the requirements for seeking shareholder approval under Nasdaq listing
rule 5635. See &#8220;Item 10. Additional Information&#8212; Memorandum and Articles of Association&#8212; Approval of Certain Transactions
Under the Companies Law&#8221; in this annual report for a description of the transactions requiring shareholder approval under the Companies
Law.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Quorums
for Shareholders Meetings</span>. The quorum for a shareholders meeting, as stipulated in our articles, complies with the provisions of
Israeli law, and requires the presence, in person or by proxy of holders of 25% of our outstanding ordinary shares, in lieu of the requirement
specified in Nasdaq listing rule 5620(c) under which the quorum for any shareholders meeting shall not be less than 33&#8531;% of the
outstanding voting shares of a listed company.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Required
Timing for Annual Shareholders Meeting</span>s. Under the Companies Law, we are required to hold an annual shareholders meeting each calendar
year and within 15 months of the last annual shareholders meeting, which differs from the corresponding requirement under Nasdaq listing
rule 5620(a), which mandates that a listed company hold its annual shareholders meeting within one year of the company&#8217;s fiscal
year-end.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16H. MINE SAFETY DISCLOSURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->171<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to provide financial statements
and related information pursuant to Item 18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial statements and the
report of our independent registered public accounting firm in connection therewith are filed as part of this annual report, as noted
on the pages below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify"><a href="#b_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports of Independent Registered Public Accounting Firm (PCAOB ID 1281)</span></a></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2 &#8211;
    F-6</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#b_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Financial Position</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7 &#8211; F-8</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#b_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Profit or Loss</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#b_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Income</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-10</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#b_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Changes in Equity</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-11 &#8211; F-14</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#b_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-15 &#8211; F-17</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#b_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-18 &#8211; F-111</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 177; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->172<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>EXHIBIT INDEX</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
 No.</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#160;</td>
    <td style="vertical-align: top; width: 90%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum of Association <sup>(1)</sup></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1045986/000114420412002720/v245666_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Articles of Association, as adopted by Formula Systems (1985) Ltd. on January 8, 2012 <sup>(2)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary Agreement by and among Formula Systems (1985) Ltd., Bank of New York Mellon and the holders of the American Depositary Shares of Formula Systems (1985) Ltd. <sup>(1)</sup></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex2-2_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Ordinary Shares of Formula Systems (1985) Ltd.*</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1045986/000114420412002720/v245666_ex99-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter of Indemnification for officers and directors, adopted by Formula Systems (1985) Ltd. on January 8, 2012 <sup>(4)</sup></span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1045986/000117891309000941/exhibit_4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Formula Systems (1985) Ltd. Employees and Office Holders Share Option Plan (2008)<sup>(5)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.3</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1045986/000114420414026077/v375292_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula Systems (1985) Ltd. 2011 Share Incentive Plan, as amended<sup>(6)</sup></span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.4</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1045986/000114420416134889/v453276_ex99-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula Systems (1985) Ltd. Compensation Policy<sup>(7)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex8-1_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries*</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex12-1_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) under the Exchange Act*</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex12-2_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) under the Exchange Act*</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex13-1_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to Rule 13a-14(b)/Rule 15d-14(b) under the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2021ex13-2_formulasys.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Financial Officer pursuant to Rule 13a-14(b)/Rule 15d-14(b) under the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.1</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2021ex15-1_formulasys.htm">Consent of Kost, Forer, Gabbay &amp; Kasierer, A Member of Ernst &amp; Young Global*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.2</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2021ex15-2_formulasys.htm">Consent of KDA Audit Corporation*</a></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to the Registration Statement on Form F-1 (File No. 333-8858).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Exhibit 99.1 to the report on Form 6-K filed by the registrant with the Securities and Exchange Commission on January
18, 2012.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Exhibit 2.2 to the annual report on Form 20-F for the year ended December 31, 2019, filed by the registrant with the
Securities and Exchange Commission on June 29, 2020.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Exhibit 99.2 to the report on Form 6-K filed by the registrant with the Securities and Exchange Commission on January
18, 2012.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Exhibit 4.3 to the annual report on Form 20-F for the 2008 fiscal year filed by the registrant with the Securities and
Exchange Commission on April 27, 2009.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Exhibit 4.3 to the annual report on Form 20-F for the 2013 fiscal year filed by the registrant with the Securities and
Exchange Commission on April 30, 2014.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to Appendix A to Exhibit 99.2 to the report on Form 6-K furnished by the registrant to the Securities and Exchange Commission
on November 16, 2016.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->173<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report
on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FORMULA SYSTEMS (1985) LTD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </span></td>
    <td style="width: 36%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Guy Bernstein</span></td>
    <td style="width: 20%">&#160;</td>
    <td style="width: 40%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 16, 2022</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guy Bernstein</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->174<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORMULA
SYSTEMS (1985) LTD.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AS
OF DECEMBER&#160;31, 2021</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
DOLLARS IN THOUSANDS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_001">Reports of Independent Registered Public Accounting Firm (PCAOB ID <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1281</ix:nonNumeric>)</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-2 - F-6</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_002">Consolidated Statements of Financial Position</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-7 - F-8</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_003">Consolidated Statements of Profit or Loss</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-9 </b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_004">Consolidated Statements of Comprehensive Income</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-10</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_005">Consolidated Statements of Changes in Equity</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-11 - F-14</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_006">Consolidated Statements of Cash Flows</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-15 - F-17</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_007">Notes to Consolidated Financial Statements</a></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F-18 - F-111</b></span></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 180; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="image_002.jpg" style="height: 115px; width: 100px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kost
                                         Forer Gabbay &amp; Kasierer</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144
        Menachem Begin St.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv
        6492102, Israel</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
                                         +972-3-6232525</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
        +972-3-5622555</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ey.com</span></p></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the Board of Directors and Shareholders of</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORMULA
SYSTEMS (1985) LTD.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Formula Systems (1985) Ltd. (the &#8220;Company&#8221;)
as of December&#160;31, 2021 and 2020, the related consolidated statements of profit or loss, comprehensive income, changes in
equity and cash flows for each of the three years in the period ended December&#160;31, 2021, and the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, based on our audits and the report of other
auditors, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December&#160;31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period
ended December&#160;31, 2021, in conformity with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by
the International Accounting Standards Board.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We did not audit the financial statements of Magic Software Japan K.K.,
a wholly-owned subsidiary of Magic Software Enterprises Ltd., which reflect total assets constituting 0.2% as of December&#160;31, 2021
and 2020, and total revenues constituting 0.5%, 0.7%, 0.7% for the years ended December 31, 2021, 2020 and 2019, of the related consolidated
totals. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates
to the amounts included for Magic Software Japan K.K., is based solely on the report of the other auditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), (PCAOB),
the Company&#8217;s internal control over financial reporting as of December&#160;31, 2021, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and
our report dated May&#160;16, 2022 expressed an unqualified opinion thereon.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of Company&#8217;s management. Our responsibility is to express an opinion on these
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="image_002.jpg" style="height: 115px; width: 100px"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matter</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was
communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of
critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we
are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the
accounts or disclosures to which it relates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 27%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Effective
    control</i></b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Description
    of the Matter</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         described in Notes 2(3) to the consolidated financial statements, the Company consolidates
                                         various investees despite the lack of absolute majority of voting power at the general
                                         meetings of the investees. In a situation where the Company holds less than a majority
                                         of voting power in a given entity, but that power is sufficient to enable the Company
                                         to unilaterally direct the relevant activities of such entity, then the control is exercised,
                                         and the Company consolidates the entities based on effective control. As disclosed by
                                         management, the assessment of whether the Company has effective control over an investee
                                         involves management&#8217;s judgment and analysis and considers factors such as the
                                         responsibility of the various organs, the composition of the board of directors, the
                                         shareholders structure and their level of activity, the attendance of the shareholders
                                         at the general meetings and the voting patterns.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditing
        the Company&#8217;s assessment of effective control was complex and highly judgmental due to the significant judgment
        of management in determining whether the Company is enable to unilaterally direct the relevant activities of the entity
        and therefor controls the entity. This in turn led to a high degree of auditor judgment, subjectivity and effort in performing
        procedures relating to management&#8217;s application of consolidation accounting, and significant auditor judgment in
        evaluating the audit evidence obtained relating to the responsibility of the various organs, the composition of the board
        of directors, the shareholders structure and their level of activity, the attendance of the shareholders at the general
        meetings and the voting patterns.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>How
    We Addressed the Matter in Our Audit</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         obtained an understanding, evaluated the design and tested the effectiveness of controls
                                         over effective control, including controls addressing the completeness of the Company&#8217;s
                                         investees evaluated for consolidation, as well as controls over the judgments and factors
                                         used to reach consolidation conclusions regarding these investees.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
        audit procedures to evaluate the significant judgments made by management to assess effective control included, among
        others, testing the completeness of the investees subject to the analysis, evaluating the responsibility of the various
        organs, the composition of the board of directors, the shareholders structure and their level of activity, the attendance
        of the shareholders at the general meetings and the voting patterns, evaluating management&#8217;s assessment of the Company&#8217;s
        ability to unilaterally direct the relevant activities of each entity, and the existence of effective control over each
        investee.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
        also evaluated the appropriateness of the related disclosures included in Note 2(3) to the consolidated financial statements
        in relation to Effective control.</span></p></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="image_002.jpg" style="height: 115px; width: 100px"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
KOST FORER GABBAY &amp; KASIERER</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KOST
FORER GABBAY &amp; KASIERER</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Member of Ernst &amp; Young Global</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2010.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv,
Israel</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&#160;16,
2022</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 183; Value: 1 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="image_002.jpg" style="height: 115px; width: 100px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kost
                                         Forer Gabbay &amp; Kasierer</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144
        Menachem Begin St.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv
        6492102, Israel</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
                                         +972-3-6232525</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
        +972-3-5622555</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ey.com</span></p></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the Shareholders and the Board of Directors of</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORMULA
SYSTEMS (1985) LTD.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on Internal Control over Financial Reporting</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited Formula Systems (1985) Ltd.&#8217;s (&#8220;the Company&#8221;) internal control over financial reporting as of December&#160;31,
2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (2013 framework) (&#8220;the COSO criteria&#8221;). In our opinion, the Company, based on our audit
and the report of other auditors, maintained, in all material respects, effective internal control over financial reporting as
of December&#160;31, 2021, based on the COSO criteria.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not examine the effectiveness of internal control over financial reporting of Magic Software Japan K.K, a wholly owned subsidiary
of Magic Software Enterprises Ltd., whose financial statements reflect total assets and revenues constituting 0.2% and 0.5%, respectively,
of the related consolidated financial statement amounts as of and for the year ended December&#160;31, 2021. The effectiveness
of Magic Software Japan K.K.&#8217;s internal control over financial reporting was audited by other auditors whose report has
been furnished to us, and our opinion, insofar as it relates to the effectiveness of Magic Software Japan K.K.&#8217;s internal
control over financial reporting, is based solely on the report of the other auditors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As indicated in the accompanying Management's Annual Report on Internal
Control over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting
did not include the internal controls of the business Menarva Ltd., 9540 Y.G. Soft I.T Ltd. and Enable IT LLC., that were acquired during
2021 and included in the 2021 consolidated financial statements of the Company and constituted 0.7% of total assets and 1.3% of the net
assets as of December 31, 2021, and 1.1% and 1.4% of revenues and net income, respectively, for the year then ended. Our audit of internal
control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of
Menarva Ltd., 9540 Y.G. Soft I.T Ltd. and Enable IT LLC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December&#160;31,
2021 and 2020, the related consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for each
of the three years in the period ended December&#160;31, 2021 and the related notes and our report dated May&#160;16, 2022 expressed an
unqualified opinion thereon based on our audit and the report of the other auditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management is responsible for maintaining effective internal control over financial reporting, and for its assessment
of the effectiveness of internal control over financial reporting included in the accompanying Management&#8217;s Annual Report
on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control
over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 184; Value: 1 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="image_002.jpg" style="height: 115px; width: 100px"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit and the report of other auditors
provides a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Definition
and Limitations of Internal Control Over Financial Reporting</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s
assets that could have a material effect on the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<ix:nonNumeric contextRef="c0" name="dei:AuditorName">KOST FORER GABBAY &amp; KASIERER</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KOST
FORER GABBAY &amp; KASIERER</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Member of Ernst &amp; Young Global</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv,
Israel</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&#160;16,
2022</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 185; Options: NewSection; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_002"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</b></span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><b>U.S.
dollars in thousands</b></p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
    ASSETS:</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 65%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Cash" scale="3" unitRef="usd">485,391</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Cash" scale="3" unitRef="usd">501,650</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    deposits</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents" scale="3" unitRef="usd">25,924</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents" scale="3" unitRef="usd">30,289</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketable
    securities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInvestments" scale="3" unitRef="usd">1,142</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInvestments" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade receivables (net of allowances for doubtful accounts of $<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" scale="3" unitRef="usd">9,717</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" scale="3" unitRef="usd">12,855</ix:nonFraction> as of December&#160;31, 2020 and 2021, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="usd">696,321</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="usd">519,885</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses and other accounts receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentNonfinancialAssets" scale="3" unitRef="usd">72,118</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentNonfinancialAssets" scale="3" unitRef="usd">83,820</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Inventories" scale="3" unitRef="usd">21,221</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Inventories" scale="3" unitRef="usd">23,988</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="usd">1,302,117</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="usd">1,160,870</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LONG-TERM
    ASSETS:</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21f</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="usd">46,364</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="usd">39,750</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses, other accounts receivable and other investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentNonfinancialAssets" scale="3" unitRef="usd">23,676</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentNonfinancialAssets" scale="3" unitRef="usd">22,872</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    long-term assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalOtherLongtermAssets" scale="3" unitRef="usd">70,040</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalOtherLongtermAssets" scale="3" unitRef="usd">62,622</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENTS
    IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">28,900</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">28,311</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIGHT-OF-USE
    ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="usd">115,833</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="usd">114,414</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPERTY,
    PLANTS AND EQUIPMENT, NET</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">56,886</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">59,176</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTANGIBLE
    ASSETS, NET</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="usd">241,936</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="usd">222,263</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOODWILL</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">932,854</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">872,424</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="usd">2,748,566</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="usd">2,520,080</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 186; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><b>U.S.
dollars in thousands (except share and per share data)</b></p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
    AND EQUITY</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
    LIABILITIES:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 65%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    from banks and others</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,13</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">175,696</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">120,444</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">48,455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">41,454</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    maturities of lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="usd">41,655</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="usd">32,065</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    payables</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="usd">205,835</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="usd">153,322</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredIncomeClassifiedCurrent" scale="3" unitRef="usd">140,660</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredIncomeClassifiedCurrent" scale="3" unitRef="usd">128,898</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
    and payroll accrual</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccrualsClassifiedAsCurrent" scale="3" unitRef="usd">207,553</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccrualsClassifiedAsCurrent" scale="3" unitRef="usd">190,247</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    accounts payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentNonfinancialLiabilities" scale="3" unitRef="usd">80,411</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentNonfinancialLiabilities" scale="3" unitRef="usd">68,976</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    in respect of business combinations</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesInRespectOfBusinessCombinations" scale="3" unitRef="usd">7,773</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesInRespectOfBusinessCombinations" scale="3" unitRef="usd">8,654</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put
    options of non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(21)(H)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">39,558</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">35,843</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="usd">947,596</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="usd">779,903</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LONG-TERM
    LIABILITIES:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    from banks and others</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialLiabilities" scale="3" unitRef="usd">157,229</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialLiabilities" scale="3" unitRef="usd">180,316</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">205,035</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">203,070</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongtermOperatingLeaseLiabilities" scale="3" unitRef="usd">84,839</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongtermOperatingLeaseLiabilities" scale="3" unitRef="usd">91,188</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    long-term liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">12,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">12,191</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21f</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="usd">78,135</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="usd">68,367</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredIncomeClassifiedNoncurrent" scale="3" unitRef="usd">17,757</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredIncomeClassifiedNoncurrent" scale="3" unitRef="usd">16,626</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
    in respect of business combinations</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">21,644</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">16,582</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put
    options of non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(21)(H)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentNonfinancialLiabilities" scale="3" unitRef="usd">31,720</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentNonfinancialLiabilities" scale="3" unitRef="usd">28,175</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
    benefit liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" scale="3" unitRef="usd">12,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" scale="3" unitRef="usd">15,119</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    long-term liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="usd">621,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="usd">631,634</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMITMENTS
    AND CONTINGENCIES</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EQUITY</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
    Systems (1985) Ltd. shareholders&#8217; equity:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    capital:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares of NIS <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="ilsPershares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="ilsPershares">1</ix:nonFraction></ix:nonFraction> par value - Authorized: <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">25,000,000</ix:nonFraction></ix:nonFraction> shares as of December&#160;31, 2020 and 2021; Issued: <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">15,862,887</ix:nonFraction></ix:nonFraction> as of December&#160;31, 2020 and 2021; Outstanding: <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></ix:nonFraction> as of December&#160;31, 2020 and 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalPaidinCapital" scale="3" unitRef="usd">153,048</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalPaidinCapital" scale="3" unitRef="usd">149,249</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    earnings</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="usd">358,315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="usd">324,358</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    other comprehensive income</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccumulatedOtherComprehensiveIncome" scale="3" unitRef="usd">25,516</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccumulatedOtherComprehensiveIncome" scale="3" unitRef="usd">25,513</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury shares (<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfTreasurySharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfTreasurySharesOutstanding" scale="0" unitRef="shares">568,620</ix:nonFraction></ix:nonFraction> shares as of December&#160;31, 2020 and 2021)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TreasuryShares" scale="3" unitRef="usd">259</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TreasuryShares" scale="3" unitRef="usd">259</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    equity attributable to Formula Systems shareholders</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="usd">540,960</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="usd">503,201</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
    interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22a</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">638,827</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">605,342</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">1,179,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">1,108,543</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Total</span>
    liabilities and equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="3" unitRef="usd">2,748,566</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="3" unitRef="usd">2,520,080</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 187; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_003"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S.
dollars in thousands (except share and per share data)</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>





</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 53%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proprietary
    software products and related services</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices" scale="3" unitRef="usd">632,986</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices" scale="3" unitRef="usd">509,109</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices" scale="3" unitRef="usd">438,256</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
    services and other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" scale="3" unitRef="usd">1,771,390</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" scale="3" unitRef="usd">1,424,809</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" scale="3" unitRef="usd">1,262,859</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(13),22c</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
    of revenues:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proprietary
    software products and related services</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareProductsAndRelatedServices" scale="3" unitRef="usd">350,788</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareProductsAndRelatedServices" scale="3" unitRef="usd">284,325</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareProductsAndRelatedServices" scale="3" unitRef="usd">248,957</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    software products and related services</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherSoftwareProductsAndRelatedServices" scale="3" unitRef="usd">1,489,729</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherSoftwareProductsAndRelatedServices" scale="3" unitRef="usd">1,202,160</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherSoftwareProductsAndRelatedServices" scale="3" unitRef="usd">1,066,109</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    cost of revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="3" unitRef="usd">1,840,517</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="3" unitRef="usd">1,486,485</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="3" unitRef="usd">1,315,066</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="usd">563,859</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="usd">447,433</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="usd">386,049</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
    and development expenses, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="usd">65,858</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="usd">52,604</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="usd">46,690</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
    marketing, general and administrative expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SellingGeneralAndAdministrativeExpense" scale="3" unitRef="usd">289,985</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SellingGeneralAndAdministrativeExpense" scale="3" unitRef="usd">224,188</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SellingGeneralAndAdministrativeExpense" scale="3" unitRef="usd">200,870</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" unitRef="usd">208,016</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" unitRef="usd">170,641</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" unitRef="usd">138,489</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22b</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="usd">29,994</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="usd">29,444</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="usd">22,443</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="usd">5,989</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="usd">2,559</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="usd">3,791</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
    income before share of profits of companies accounted for at equity, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">184,011</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">143,756</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">119,837</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    of profits of companies accounted for at equity, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">505</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">1,535</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">1,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21h</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">42,614</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">31,269</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">27,201</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">141,902</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">114,022</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">94,423</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attributable
    to:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    holders of the Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" unitRef="usd">54,585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" unitRef="usd">46,776</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" unitRef="usd">38,820</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
    interests</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossAttributableToNoncontrollingInterest" scale="3" unitRef="usd">87,317</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossAttributableToNoncontrollingInterest" scale="3" unitRef="usd">67,246</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossAttributableToNoncontrollingInterest" scale="3" unitRef="usd">55,603</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">141,902</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">114,022</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">94,423</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    earnings per share attributable to equity holders of The Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22d</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
    earnings per share</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">3.57</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">3.05</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">2.56</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
    earnings per share</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">3.50</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">3.01</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">2.44</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 188; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_004"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
dollars in thousands</b></span></p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net income</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">141,902</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">114,022</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">94,423</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other comprehensive income (loss) net of tax effect:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left; text-indent: -9pt; padding-left: 9pt">Amounts that will not be reclassified subsequently to profit or loss:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Actuarial gain (loss) from defined benefit plans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">3,007</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">840</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" sign="-" unitRef="usd">26</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Share in net other comprehensive income (loss) of companies accounted for at equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="usd">169</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">62</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Adjustments arising from translating financial statements from functional currency to presentation currency</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" scale="3" unitRef="usd">10,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" scale="3" unitRef="usd">17,436</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" scale="3" unitRef="usd">41,116</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline; text-align: left; text-indent: -9pt; padding-left: 9pt">Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" sign="-" unitRef="usd">2</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" unitRef="usd">95</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Foreign exchange differences on translation of foreign operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="3" sign="-" unitRef="usd">10,580</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="3" unitRef="usd">16,670</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="3" sign="-" unitRef="usd">18,823</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total other comprehensive income (loss), net of tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">2,898</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">34,775</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">22,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total Comprehensive income</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">144,800</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">148,797</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">116,847</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Total comprehensive income attributable to:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Equity holders of the Company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" scale="3" unitRef="usd">56,048</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" scale="3" unitRef="usd">61,009</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" scale="3" unitRef="usd">47,350</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="3" unitRef="usd">88,752</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="3" unitRef="usd">87,788</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="3" unitRef="usd">69,497</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" scale="3" unitRef="usd">144,800</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" scale="3" unitRef="usd">148,797</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" scale="3" unitRef="usd">116,847</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 189; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_005"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands (except share and per share data)</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additional</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">other</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Treasury</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    Capital</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">paid-in</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Retained</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">comprehensive</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">shares</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">controlling</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">capital</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">earnings</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Loss</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(cost)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">interests</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of January&#160;1, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">149,249</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">324,358</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">25,513</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">605,342</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">1,108,543</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">54,585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">87,317</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">141,902</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign
    currency translation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-8"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-9"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" sign="-" unitRef="usd">125</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)<span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" sign="-" unitRef="usd">112</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" sign="-" unitRef="usd">237</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)<span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial
    gain from defined benefit plans</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">1,460</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">1,547</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">3,007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    in other comprehensive income of joint venture</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-18"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">128</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-19"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-20"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">128</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    other comprehensive income (loss)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-21"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-22"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">1,460</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-23"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">1,435</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">2,898</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    comprehensive income (loss)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-24"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-25"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">56,045</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">3</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-26"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">88,752</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">144,800</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost
    of share-based payment (Note 17)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-27"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c13" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">7,434</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-28"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-30"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">7,405</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">14,839</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to Formula&#8217;s shareholders</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">22,088</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-33"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-34"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-35"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">22,088</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to non-controlling interests in subsidiaries</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-36"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">62,662</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">62,662</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transactions
    with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-41"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c13" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" sign="-" unitRef="usd">540</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-42"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-44"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">3,211</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">2,671</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition
    of non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c13" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" unitRef="usd">1,005</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">2,705</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">1,700</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Settlement
    of put options over non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c13" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">4,100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-52"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">4,532</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">8,632</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-controlling
    interests arising from initially consolidated company</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">4,016</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">4,016</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of December&#160;31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">153,048</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c20" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">358,315</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">25,516</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c22" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c23" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">638,827</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">1,179,787</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 190; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands (except share and per share data)</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>





</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additional</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">other</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    Capital</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">paid-in</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Retained</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">comprehensive</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Treasury</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">controlling</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">capital</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">earnings</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Loss</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">shares
    (cost)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">interests</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of January&#160;1, 2020</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c24" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">120,737</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c26" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">285,146</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c27" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">11,676</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c28" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">474,694</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">896,334</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-58"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-59"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">46,776</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-60"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-61"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">67,246</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">114,022</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign
    currency translation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-62"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-63"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-64"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">14,007</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-65"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">20,099</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">34,106</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial
    gain from defined benefit plans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-66"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-67"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">396</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-68"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-69"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">444</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="usd">840</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unrealized
    loss on debt instruments at fair value through other comprehensive income, net </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-70"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-71"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-72"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" sign="-" unitRef="usd">1</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-73"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" sign="-" unitRef="usd">1</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" sign="-" unitRef="usd">2</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    in other comprehensive income of joint venture</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-74"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-75"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-76"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="usd">169</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-77"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-78"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="usd">169</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    other comprehensive income (loss)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-79"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-80"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">396</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">13,837</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-81"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">20,542</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">34,775</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    comprehensive income (loss)</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-82"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-83"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">47,172</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">13,837</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-84"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">87,788</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">148,797</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost
    of share-based payment (Note 17)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-85"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">1,310</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-86"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-87"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-88"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">6,546</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">7,856</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to Formula&#8217;s shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-89"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-90"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">7,960</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-91"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-92"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-93"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">7,960</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to non-controlling interests in subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-94"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-95"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-96"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-97"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-98"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">39,056</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">39,056</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transactions
    with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-99"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">847</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-100"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-101"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-102"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">4,459</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">5,306</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition
    of non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-103"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">6,538</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-104"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-105"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-106"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">13,114</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">19,652</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dilution
    in Formula&#8217;s share in Sapiens due to issuance of Sapiens&#8217; ordinary shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="3" unitRef="usd">34,462</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="3" unitRef="usd">74,275</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="3" unitRef="usd">108,737</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Settlement
    of put options over non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-107"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">1,569</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-108"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-109"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-110"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">4,137</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" sign="-" unitRef="usd">5,706</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-controlling
    interests arising from initially consolidated company</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-111"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-112"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-113"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-114"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-115"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">13,887</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">13,887</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of December&#160;31, 2020</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">149,249</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">324,358</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">25,513</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">605,342</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">1,108,543</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 191; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands (except share and per share data)</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additional</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">other</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Treasury</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    Capital</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">paid-in</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Retained</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">comprehensive</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif">shares</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">controlling</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">capital</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">earnings</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Loss</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> (cost)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">interests</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of January&#160;1, 2019</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">14,750,338</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,190</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c38" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">98,008</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">262,557</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c40" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">3,134</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c41" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c42" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">437,767</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 7%; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c43" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">805,397</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
    <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact
    of the adoption of IFRS 16</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-116"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-117"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="forty:ImpactOfTheAdoptionOfIFRS15" scale="3" sign="-" unitRef="usd">1,187</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-118"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-119"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:ImpactOfTheAdoptionOfIFRS15" scale="3" sign="-" unitRef="usd">1,225</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ImpactOfTheAdoptionOfIFRS15" scale="3" sign="-" unitRef="usd">2,412</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
    <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; margin-left: 0.125in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Balance
                                         as of January&#160;1, 2019 (Including the impact of the adoption of IFRS 16)</b></span></p></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c44" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" scale="0" unitRef="shares">14,750,338</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c44" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">4,190</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">98,008</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">261,370</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">3,134</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c48" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">436,542</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:EquityIncludingImpactOfAdoptionOfIfrs15" scale="3" unitRef="usd">802,985</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-120"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-121"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">38,820</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-122"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-123"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">55,603</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="usd">94,423</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign
    currency translation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-124"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-125"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-126"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">8,437</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-127"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">13,856</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslation" scale="3" unitRef="usd">22,293</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial
    gain from defined benefit plans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-128"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-129"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" sign="-" unitRef="usd">12</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-130"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-131"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" sign="-" unitRef="usd">14</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" sign="-" unitRef="usd">26</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unrealized
    gain on debt instruments at fair value through other comprehensive income, net </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-132"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-133"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-134"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" unitRef="usd">43</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-135"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" unitRef="usd">52</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" scale="3" unitRef="usd">95</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share
    in other comprehensive income of joint venture</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-136"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-137"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-138"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">62</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-139"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-140"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">62</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    other comprehensive income (loss)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-141"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-142"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" sign="-" unitRef="usd">12</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">8,542</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-143"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">13,894</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">22,424</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    comprehensive income (loss)</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-144"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-145"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">38,808</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c47" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">8,542</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">69,497</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="3" unitRef="usd">116,847</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Issuance
    of shares upon conversion of convertible debentures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c44" decimals="0" format="ixt:num-dot-decimal" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" scale="0" unitRef="shares">543,929</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c44" decimals="-3" format="ixt:num-dot-decimal" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" scale="3" unitRef="usd">150</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" scale="3" unitRef="usd">22,321</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-146"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-147"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-148"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-149"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" scale="3" unitRef="usd">22,471</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost
    of share-based payment (Note 17)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-150"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">257</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-151"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-152"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-153"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">3,617</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CostOfSharebasedPayment" scale="3" unitRef="usd">3,874</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to Formula&#8217;s shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-154"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-155"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">15,032</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-156"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-157"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-158"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendToFormulasShareholders" scale="3" sign="-" unitRef="usd">15,032</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividend
    to non-controlling interests in subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-159"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-160"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-161"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-162"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-163"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">38,233</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="3" unitRef="usd">38,233</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transactions
    with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-164"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" sign="-" unitRef="usd">100</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-165"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-166"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-167"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">1,053</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" scale="3" unitRef="usd">953</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition
    of non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-168"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">9</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-169"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-170"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-171"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">3,838</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfNoncontrollingInterests" scale="3" sign="-" unitRef="usd">3,847</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Settlement
    of put options over non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-172"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" unitRef="usd">260</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-173"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-174"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-175"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" unitRef="usd">5,597</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" scale="3" unitRef="usd">5,857</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-controlling
    interests arising from initially consolidated company</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-176"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-177"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-178"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-179"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">459</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" scale="3" unitRef="usd">459</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    as of December&#160;31, 2019</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c24" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">4,340</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">120,737</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c26" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">285,146</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c27" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">11,676</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c28" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="usd">259</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">474,694</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">896,334</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 192; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S.
dollars in thousands (except share and per share data)</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended<br/>
 December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Reserve
    from debt instruments at fair value through other comprehensive income and derivatives</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" scale="3" unitRef="usd">404</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" scale="3" unitRef="usd">404</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" scale="3" unitRef="usd">405</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation reserve arising from translating financial statements of foreign operations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="3" sign="-" unitRef="usd">18,494</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="3" sign="-" unitRef="usd">12,964</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="3" sign="-" unitRef="usd">18,897</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments
    arising from translating financial statements from functional currency to presentation currency</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" scale="3" unitRef="usd">45,642</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" scale="3" unitRef="usd">40,237</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" scale="3" unitRef="usd">32,163</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Share
    in other comprehensive loss of companies accounted for at equity, net</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">2,036</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">2,164</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" scale="3" sign="-" unitRef="usd">1,995</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    other comprehensive income (loss)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedOtherComprehensiveIncomeloss" scale="3" unitRef="usd">25,516</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedOtherComprehensiveIncomeloss" scale="3" unitRef="usd">25,513</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedOtherComprehensiveIncomeloss" scale="3" unitRef="usd">11,676</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 193; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_006"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CASH FLOWS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S.
dollars in thousands</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended <br/>
December&#160;31</b>,</span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Cash
    flows from operating activities</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">141,902</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">114,022</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">94,423</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments
    to reconcile net income to net cash provided by operating activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Share
    of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" scale="3" sign="-" unitRef="usd">505</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" scale="3" sign="-" unitRef="usd">1,535</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" scale="3" sign="-" unitRef="usd">1,787</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" scale="3" unitRef="usd">122,184</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" scale="3" unitRef="usd">95,507</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" scale="3" unitRef="usd">86,932</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Changes
    in value of debentures, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures" scale="3" sign="-" unitRef="usd">624</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures" scale="3" sign="-" unitRef="usd">42</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures" scale="3" sign="-" unitRef="usd">2,067</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    (decrease) in employee benefit liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" scale="3" sign="-" unitRef="usd">220</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" scale="3" unitRef="usd">1,194</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" scale="3" unitRef="usd">114</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Loss
    (gain) from sale of property, plants and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" sign="-" unitRef="usd">21</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="usd">118</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" sign="-" unitRef="usd">23</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">14,767</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">7,779</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">3,874</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Changes
    in value of short-term and long-term loans from banks and others and deposits, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" scale="3" unitRef="usd">2,030</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" scale="3" unitRef="usd">5,482</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" scale="3" unitRef="usd">5,621</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Changes
    in deferred taxes, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForChangesInDeferredTaxesNet" scale="3" sign="-" unitRef="usd">7,997</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForChangesInDeferredTaxesNet" scale="3" sign="-" unitRef="usd">6,348</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForChangesInDeferredTaxesNet" scale="3" sign="-" unitRef="usd">13,157</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Change
    in liability in respect of business combinations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" scale="3" unitRef="usd">4,740</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" scale="3" sign="-" unitRef="usd">643</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" scale="3" unitRef="usd">523</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of right-of-use asset</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForImpairmentOfRightofuseAsset" scale="3" unitRef="usd">1,439</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForImpairmentOfRightofuseAsset" scale="3" unitRef="usd">351</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Loss
    (gain) from sale and increase in value of marketable securities classified as trading</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" scale="3" unitRef="usd">35</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of premium and accrued interest on debt instruments at fair value through other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" scale="3" unitRef="usd">96</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" scale="3" sign="-" unitRef="usd">70</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" scale="3" unitRef="usd">82</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Change
    in value of dividend preference derivative in TSG</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ChangeInValueOfDividendPreferenceDerivativeInTsg" scale="3" sign="-" unitRef="usd">255</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ChangeInValueOfDividendPreferenceDerivativeInTsg" scale="3" sign="-" unitRef="usd">48</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ChangeInValueOfDividendPreferenceDerivativeInTsg" scale="3" sign="-" unitRef="usd">93</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Working
    capital adjustments</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    (increase) in inventories</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" unitRef="usd">4,642</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" sign="-" unitRef="usd">10,966</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" sign="-" unitRef="usd">938</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    (increase) in trade receivables</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" sign="-" unitRef="usd">150,818</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" unitRef="usd">23,312</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" unitRef="usd">16,265</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    (increase) in other current and long-term accounts receivable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" scale="3" unitRef="usd">20,506</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" scale="3" unitRef="usd">8,735</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" scale="3" unitRef="usd">12,692</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    (decrease) in trade payables</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">40,076</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">10,954</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" sign="-" unitRef="usd">18,010</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    in other accounts payable and employees and payroll accrual</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" scale="3" unitRef="usd">7,255</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" scale="3" unitRef="usd">34,859</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" scale="3" unitRef="usd">5,937</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    in deferred revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes" scale="3" unitRef="usd">9,283</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes" scale="3" unitRef="usd">4,282</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes" scale="3" unitRef="usd">5,658</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by operating activities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="usd">208,480</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="usd">286,943</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="usd">196,081</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 194; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CASH FLOWS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S.
dollars in thousands</p></div><div>
    </div><!-- Field: /Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended<br/>
                                         December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Cash
    flows from investing activities</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Payments
    for business acquisitions, net of cash acquired (Appendix C)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" unitRef="usd">77,155</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" unitRef="usd">141,364</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" unitRef="usd">52,457</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid in conjunction with deferred payments and contingent liabilities related to business combinations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" scale="3" unitRef="usd">8,630</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" scale="3" unitRef="usd">9,111</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" scale="3" unitRef="usd">8,321</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Payments
    to former shareholders of consolidated company</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsToFormerShareholdersOfConsolidatedCompany" scale="3" unitRef="usd">161</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsToFormerShareholdersOfConsolidatedCompany" scale="3" unitRef="usd">6,656</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsToFormerShareholdersOfConsolidatedCompany" scale="3" unitRef="usd">996</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of intangible assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">872</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">2,852</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">4,399</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of other investment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfOtherInvestment" scale="3" unitRef="usd">500</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfOtherInvestment" scale="3" unitRef="usd">178</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of property and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">17,352</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">16,651</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">22,379</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from maturity and sale net of investment in debt instruments at fair value through other comprehensive income or loss, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">5,429</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">3,356</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from sale of property and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">2,283</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">693</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="usd">1,660</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Collection
    (grant) of short-term loans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="usd">303</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" sign="-" unitRef="usd">283</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="usd">37</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Restricted
    deposit on account of acquisition</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" scale="3" sign="-" unitRef="usd">22,890</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" scale="3" unitRef="usd">22,890</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    from companies accounted for at equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendFromJointVenture" scale="3" unitRef="usd">83</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendFromJointVenture" scale="3" unitRef="usd">3,000</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Change
    in short-term and long-term deposits, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="3" unitRef="usd">4,641</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="3" sign="-" unitRef="usd">22,822</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="3" unitRef="usd">8,160</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalization
    of software development and other costs</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" scale="3" unitRef="usd">12,832</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" scale="3" unitRef="usd">9,305</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" scale="3" unitRef="usd">9,808</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">110,192</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">177,032</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">108,215</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Cash
    flows from financing activities</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Exercise
    of employees&#8217; stock options in subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfOptions" scale="3" unitRef="usd">2,079</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfOptions" scale="3" unitRef="usd">5,306</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfOptions" scale="3" unitRef="usd">953</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of ordinary shares in subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:IssuanceOfOrdinarySharesNet" scale="3" unitRef="usd">108,737</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    paid to non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="usd">62,993</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="usd">40,519</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="usd">37,656</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    to Formula&#8217;s shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" scale="3" unitRef="usd">22,081</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" scale="3" unitRef="usd">14,939</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" scale="3" unitRef="usd">12,966</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank credit, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermBankCreditNet" scale="3" sign="-" unitRef="usd">36,261</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermBankCreditNet" scale="3" unitRef="usd">29,630</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermBankCreditNet" scale="3" sign="-" unitRef="usd">49,142</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of long-term loans from banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">84,241</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">79,348</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">75,548</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Receipt
    of long-term loans from banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ReceiptOfLongTermLoans" scale="3" sign="-" unitRef="usd">62,707</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ReceiptOfLongTermLoans" scale="3" sign="-" unitRef="usd">91,024</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ReceiptOfLongTermLoans" scale="3" sign="-" unitRef="usd">73,819</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of debentures, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="3" unitRef="usd">50,295</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="3" unitRef="usd">60,346</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="3" unitRef="usd">81,676</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of long-term liabilities to office of the chief scientist</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" scale="3" unitRef="usd">825</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" scale="3" unitRef="usd">457</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" scale="3" unitRef="usd">617</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of debentures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" scale="3" unitRef="usd">46,981</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" scale="3" unitRef="usd">29,844</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" scale="3" unitRef="usd">30,811</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfNoncontrollingInterests" scale="3" unitRef="usd">1,700</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfNoncontrollingInterests" scale="3" unitRef="usd">6,330</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfNoncontrollingInterests" scale="3" unitRef="usd">947</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of lease liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">44,086</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">33,583</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">34,500</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid due to exercise of put option by non-controlling interests</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" scale="3" unitRef="usd">2,565</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" scale="3" unitRef="usd">21,030</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" scale="3" unitRef="usd">6,532</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided (used) by financing activities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" sign="-" unitRef="usd">114,130</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="usd">9,733</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="usd">6,013</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash and cash equivalents</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="3" sign="-" unitRef="usd">416</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="3" unitRef="usd">13,340</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="3" unitRef="usd">6,295</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    (decrease) in cash and cash equivalents</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="3" sign="-" unitRef="usd">16,258</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="3" unitRef="usd">132,984</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="3" unitRef="usd">100,174</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at beginning of year</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">501,650</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">368,666</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c43" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">268,492</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at end of year</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">485,392</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">501,650</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="usd">368,666</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 195; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">CONSOLIDATED
STATEMENTS OF CASH FLOWS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S.
dollars in thousands</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Year
                                         ended <br/>
December&#160;31,</b></span></p>

</td><td style="text-align: center; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">A.</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Supplemental
    cash flow information</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid (received) in respect of:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 3%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 60%; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    paid</span></td><td style="width: 1%; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestsPaid" scale="3" unitRef="usd">15,344</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestsPaid" scale="3" unitRef="usd">16,571</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestsPaid" scale="3" unitRef="usd">15,733</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    received</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestReceived" scale="3" unitRef="usd">459</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestReceived" scale="3" unitRef="usd">511</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestReceived" scale="3" unitRef="usd">1,380</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    paid (received), net</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesPaidNet" scale="3" unitRef="usd">38,393</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesPaidNet" scale="3" unitRef="usd">44,659</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesPaidNet" scale="3" unitRef="usd">39,063</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">B.</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Non-cash
    activities</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    payable to Formula&#8217;s shareholders</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPayableToShareholders" scale="3" unitRef="usd">7,081</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of property and equipment</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfPropertyAndEquipment" scale="3" unitRef="usd">1,627</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchaseOfPropertyAndEquipment" scale="3" unitRef="usd">315</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    and contingent payments related to business combinations</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentRelatedtoBusinessCombinations" scale="3" unitRef="usd">7,663</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentRelatedtoBusinessCombinations" scale="3" unitRef="usd">5,114</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentRelatedtoBusinessCombinations" scale="3" unitRef="usd">19,871</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    payable to non-controlling interests</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPayableToRedeemableNoncontrollingInterests" scale="3" unitRef="usd">331</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPayableToRedeemableNoncontrollingInterests" scale="3" unitRef="usd">216</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPayableToRedeemableNoncontrollingInterests" scale="3" unitRef="usd">1,668</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Right-of-use
    asset recognized with corresponding lease liability</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseNonCash" scale="3" unitRef="usd">39,116</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseNonCash" scale="3" unitRef="usd">20,495</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseNonCash" scale="3" unitRef="usd">25,074</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Issuance
    of Formula&#8217;s ordinary shares as a result of conversion of debentures</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" scale="3" unitRef="usd">22,471</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">C.</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of newly-consolidated subsidiaries and activities, net of cash acquired:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets
    and liabilities of subsidiaries consolidated as of acquisition date:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
    <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Working
    capital (other than cash and cash equivalents)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:WorkingCapital" scale="3" sign="-" unitRef="usd">1,623</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:WorkingCapital" scale="3" unitRef="usd">604</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:WorkingCapital" scale="3" sign="-" unitRef="usd">1,656</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyAndEquipment" scale="3" sign="-" unitRef="usd">1,507</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyAndEquipment" scale="3" sign="-" unitRef="usd">13,152</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyAndEquipment" scale="3" sign="-" unitRef="usd">2,929</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill
    and intangible assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillAndIntangibleAssets" scale="3" sign="-" unitRef="usd">108,048</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillAndIntangibleAssets" scale="3" sign="-" unitRef="usd">197,258</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillAndIntangibleAssets" scale="3" sign="-" unitRef="usd">98,194</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Right-of-use
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseRightofuseAssets" scale="3" sign="-" unitRef="usd">2,401</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseRightofuseAssets" scale="3" sign="-" unitRef="usd">2,324</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseRightofuseAssets" scale="3" sign="-" unitRef="usd">1,001</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherLongTermAssets" scale="3" sign="-" unitRef="usd">187</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherLongTermAssets" scale="3" sign="-" unitRef="usd">8,773</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherLongTermAssets" scale="3" sign="-" unitRef="usd">50</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    to banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesToBanksAndOthers" scale="3" sign="-" unitRef="usd">6,431</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesToBanksAndOthers" scale="3" sign="-" unitRef="usd">10,598</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesToBanksAndOthers" scale="3" sign="-" unitRef="usd">5,551</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilities" scale="3" sign="-" unitRef="usd">1,306</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilities" scale="3" sign="-" unitRef="usd">13,739</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilities" scale="3" sign="-" unitRef="usd">2,180</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseLiabilities" scale="3" sign="-" unitRef="usd">2,769</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseLiabilities" scale="3" sign="-" unitRef="usd">2,324</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingLeaseLiabilities" scale="3" sign="-" unitRef="usd">1,109</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilityNet" scale="3" sign="-" unitRef="usd">9,662</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilityNet" scale="3" sign="-" unitRef="usd">18,626</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilityNet" scale="3" sign="-" unitRef="usd">7,407</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liability
    to formerly shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilityToFormerlyShareholders" scale="3" sign="-" unitRef="usd">1,518</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilityToFormerlyShareholders" scale="3" sign="-" unitRef="usd">7,596</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilityToFormerlyShareholders" scale="3" sign="-" unitRef="usd">1,060</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    payments and contingent consideration</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentsandContingentConsideration" scale="3" unitRef="usd">7,663</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentsandContingentConsideration" scale="3" unitRef="usd">4,536</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredPaymentsandContingentConsideration" scale="3" unitRef="usd">19,965</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests at acquisition date</span></td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNonControllingInterestsAtAcquisitionDate" scale="3" unitRef="usd">4,016</ix:nonFraction></span></td><td style="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNonControllingInterestsAtAcquisitionDate" scale="3" unitRef="usd">23,328</ix:nonFraction></span></td><td style="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNonControllingInterestsAtAcquisitionDate" scale="3" unitRef="usd">5,906</ix:nonFraction></span></td><td style="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" scale="3" sign="-" unitRef="usd">77,155</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" scale="3" sign="-" unitRef="usd">141,364</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" scale="3" sign="-" unitRef="usd">57,340</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes form an integral part of the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 196; Value: 6 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><a id="b_007"></a><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                           1:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0%; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
Systems (1985) Ltd. (&#8220;Formula&#8221; or the &#8220;Company&#8221;) was incorporated in Israel and began its business operations
in 1985. Since 1991, Formula&#8217;s ordinary shares, par value NIS <ix:nonFraction contextRef="c2" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="ilsPershares">1.0</ix:nonFraction> per share, have been traded on the Tel-Aviv Stock Exchange
(&#8220;TASE&#8221;), and, in 1997, began trading through American Depositary Shares (&#8220;ADSs&#8221;) under the symbol &#8220;FORTY&#8221;
on the Nasdaq Global Market in the United States until January&#160;3, 2011, at which date the listing of Formula&#8217;s ADSs
was transferred to the Nasdaq Global Select Market (&#8220;Nasdaq&#8221;). Each ADS represents one ordinary share of Formula.
The Company is considered an Israeli resident. The controlling shareholder of the Company is Asseco Poland S.A. (&#8220;Asseco&#8221;),
a Polish public company, traded on the Warsaw Stock Exchange.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
                                         is a global information technology group providing software services, proprietary and
                                         non-proprietary software solutions, software product marketing and support, computer
                                         infrastructure and integration solutions and training, integration and digital advertising
                                         solutions (the &#8220;Group&#8221;). The Group manages and operates its businesses through
                                         seven directly held subsidiaries; Matrix IT Ltd. (&#8220;Matrix&#8221;), Sapiens International
                                         Corporation N.V (&#8220;Sapiens&#8221;), Magic Software Enterprises Ltd. (&#8220;Magic
                                         Software&#8221;), Zap Group Ltd. (&#8220;ZAP Group&#8221;), Insync Staffing Solutions,
                                         Inc. (&#8220;Insync&#8221;), Michpal Micro Computers (1983) Ltd. (&#8220;Michpal&#8221;)
                                         and Ofek Aerial Photography Ltd. (&#8220;Ofek&#8221;) and one jointly controlled entity:
                                         TSG IT Advanced Systems Ltd. (&#8220;TSG&#8221;).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of the date of these financial statements, the direct effects of the Coronavirus (COVID-19)
                                         crisis on the results of the Group&#8217;s operations and business are still being felt,
                                         but these effects are considered insignificant. It is management&#8217;s opinion that
                                         during the period covered by these financial statements up to the date of approval of
                                         these financial statements, the Group&#8217;s business and financial results were not
                                         materially affected by the spread of the Coronavirus, and there were no significant developments
                                         or significant effects on any significant aspect, including liquidity, financial condition,
                                         and sources of financing.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table presents the ownership of the Company&#8217;s seven directly held subsidiaries
                                         and one jointly controlled entity directly held as of the dates indicated (the list consists
                                         only of active companies):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of ownership</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c50" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">48.92</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c51" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">49.28</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c52" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">43.64</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c53" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">43.96</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c54" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">45.59</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c55" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">45.53</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Insync</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c56" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">90.09</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c57" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">90.09</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c58" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">100.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c59" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">100.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c60" decimals="4" format="ixt:num-dot-decimal" id="ix_0_fact" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">50.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c61" decimals="4" format="ixt:num-dot-decimal" id="ix_1_fact" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">50.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Ofek</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c62" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">80.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c63" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">86.02</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    Group</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c64" decimals="4" format="ixt:num-dot-decimal" name="forty:PercentageOfOwnershipInterestInInvestees" scale="-2" unitRef="pure">100.00</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-180"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7"><ix:continuation id="_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s results of operations are reflected in the Company&#8217;s results of operations using the equity method of accounting.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 197 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: justify; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                           1:-</span></td>
                          <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">general
                          (</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cont<span style="font-variant: small-caps; text-transform: lowercase">.)</span></span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_9" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_10" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
these financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0.5in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 27%; text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company or Formula</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
    Systems (1985) Ltd.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
    Systems (1985) Ltd. and its investees.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    that are controlled by the Company (as defined in IFRS 10) and whose accounts are consolidated with those of the Company.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jointly
    controlled entities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    owned by various entities that have a contractual arrangement for joint control and are accounted for using the equity method
    of accounting.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associates</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    over which the Company has significant influence and that are not subsidiaries. The Company&#8217;s investment therein is
    included in the financial statements using the equity method of accounting.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries,
    jointly controlled entities, and associates.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested
    parties and controlling shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    defined in the Israeli Securities Regulations (Annual Financial Statements), 2010.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    parties</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    defined in IAS 24.</span></td></tr>
</table></ix:continuation><div>
</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            2:- </span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNIFICANT
                                         ACCOUNTING POLICIES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following accounting policies have been applied consistently in the financial statements for all periods presented, unless otherwise
stated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis of presentation of the financial statements</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_2" id="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_1"><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#8220;IFRS&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_3" id="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements for the year ended December&#160;31, 2016 were the Company&#8217;s first consolidated financial statements
prepared in accordance with IFRS. The date of transition to IFRS was January&#160;1, 2015. For all periods up to and including
the year ended December&#160;31, 2015, the Company prepared its financial statements in accordance with United States generally
accepted accounting principles (&#8220;U.S. GAAP&#8221;). Accordingly, the Company&#8217;s first consolidated financial statements
that comply with IFRS are applicable as of December&#160;31, 2016, together with the comparative period data for the year ended
December&#160;31, 2015.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 198 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_4" id="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial statements have been prepared on a cost basis, except for certain assets and liabilities such as: financial
assets measured at fair value through other comprehensive income; contingent liabilities related to business combination; and
other financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation id="_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to present the profit or loss items using the function of expense method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimatesAndJudgmentsPolicyTextBlock-c0_cont_1" escape="true" name="forty:UseOfEstimatesAndJudgmentsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of estimates, judgments and assumptions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation id="_UseOfEstimatesAndJudgmentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated financial statements requires management to make estimates, judgments, and assumptions, that have
an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses
in the financial statements. Such judgments, estimates and assumptions are related, but not limited to effective control, contingent
liabilities related to acquisitions, goodwill and identifiable intangible assets and their subsequent impairment analysis, determination
of fair value of put options of non-controlling interests, legal contingencies, research and development capitalization, classification
of leases, income tax uncertainties, deferred taxes, share-based compensation, as well as the determination of revenue recognition
from contracts accounted for based on the estimate of percentage of completion. The Company&#8217;s management believes that the
estimates, judgments, and assumptions used, are reasonable based upon information available at the time they are made. These estimates,
judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. Changes in accounting estimates are reported in the period of the change
in estimate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated financial statements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_2" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements comprise the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing
whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained
and ends when such control ceases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_3" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the investees, after being adjusted to comply with IFRS, are prepared for the same
reporting period and using consistent accounting treatment of similar transactions and economic activities. Any discrepancies
in the applied accounting policies are eliminated by making appropriate adjustments. Significant intragroup balances and transactions
and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_4" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Effective
control</span>:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_5" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a situation where the Company holds less than a majority of voting power in a given entity, but that power is sufficient to enable
the Company to unilaterally direct the relevant activities of such entity, then control is exercised. When assessing whether voting
rights held by the Company are sufficient to give it power, the Company considers all facts and circumstances, including: the
amount of those voting rights relative to the amount and dispersion of other vote holders; potential voting rights held by the
Company and other shareholders or parties; rights arising from other contractual arrangements; significant personal ties; and
any additional facts and circumstances that may indicate that the Company has, or does not have the ability to direct the relevant
activities when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 199 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_6" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has concluded that despite the lack of absolute majority of voting power at the general meetings of
shareholders of Matrix, Sapiens and Magic Software, in accordance with IFRS 10, these investees are controlled by the Company.
The conclusion regarding the existence of control during the years ended December&#160;31, 2019, 2020 and 2021 with respect to
Matrix, Sapiens and Magic Software, in accordance with IFRS 10, was made in accordance with the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_7" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_8" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Matrix, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_9" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_10" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Matrix&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Matrix&#8217;s independent auditors
for the next year, as well as approve Matrix&#8217;s financial statements and management&#8217;s report on operations; in accordance
with Matrix&#8217;s articles of association, the board of directors of Matrix is responsible for managing its current business
operations and is authorized to take substantially all decisions which are not specifically reserved to Matrix&#8217;s shareholders
by its articles of association, including the decision to pay out dividends; <ix:nonNumeric contextRef="c66" name="forty:DescriptionOfGoverningBodies">Matrix&#8217;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#8217;s chief executive officer who
serves as the chairman of Matrix&#8217;s board of directors.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_11" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_12" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
shareholders structure may be considered dispersed because, apart from <ix:nonNumeric contextRef="c66" name="ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower">the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#8217;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#8217;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#8217;s other shareholders is relatively moderate
or low. The attendance by Matrix&#8217;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#8217;s shareholders&#8217;
meetings in recent years, it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 200 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_13" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares held by it in Matrix, the Company is
still able to influence the appointment of directors at Matrix and therefore may affect Matrix&#8217;s directions of development
as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_14" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_15" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Sapiens, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_16" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_17" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Sapiens&#8217; shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to appoint individual directors, choose Sapiens&#8217; independent auditors
for the next year, as well as approve the company&#8217;s financial statements and the management&#8217;s report on operations;
in accordance with Sapiens&#8217; articles of association, the board of directors of Sapiens is responsible for managing its current
business operations and is authorized to take substantially all decisions which are not specifically reserved to Sapiens&#8217;
shareholders by its articles of association, including the decision to pay out dividends. Sapiens&#8217; board of directors is
composed of 6 members, 3 of whom are independent directors, and one being Formula&#8217;s chief executive officer who serves as
the chairman of Sapiens&#8217; board of directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_18" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_19" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
shareholders structure is dispersed because, apart from <ix:nonNumeric contextRef="c67" name="ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower">the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#8217;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#8217; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting.</ix:nonNumeric> In accordance with voting patterns at Sapiens&#8217; shareholders&#8217; meetings in recent years,
it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_20" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore
it is of management&#8217;s opinion that despite the lack of an absolute majority of shares in Sapiens, the Company is still able
to influence the appointment of directors at Sapiens and therefore may affect Sapiens&#8217; directions of development as well
as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_21" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
Software</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_22" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Magic Software, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 201 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_23" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_22"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_24" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Magic Software&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting;
the annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Magic Software&#8217;s independent
auditors for the next year, as well as to approve Magic Software&#8217;s financial statements and the management&#8217;s report
on operations; in accordance with Magic Software&#8217;s articles of association, the board of directors of Magic Software is
responsible for managing Magic Software&#8217;s current business operations and is authorized to take substantially all decisions
which are not specifically reserved to Magic Software&#8217;s shareholders by its articles of association, including the decision
to pay out dividends; and, Magic Software&#8217;s board of directors is composed of 5 members, 2 of whom are external directors
as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent director and a fourth of whom is Formula&#8217;s
chief executive officer, who also serves as Magic Software&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_25" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_26" id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s shareholders structure is dispersed because, apart from <ix:nonNumeric contextRef="c68" name="ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower">the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#8217;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#8217;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#8217;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting.</ix:nonNumeric> In accordance with voting patterns at
Magic Software&#8217;s shareholders&#8217; meetings in recent years, it is the Company&#8217;s management belief that achieving
such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation id="_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares in Magic Software, the Company is still
able to influence the appointment of directors at Magic Software and therefore may affect Magic Software&#8217;s directions of
development as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling interests</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation id="_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests in subsidiaries, represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Profit or loss
and components of other comprehensive income are attributed to the Company and to non-controlling interests. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as a change
in equity by adjusting the carrying amount of the non-controlling interests with a corresponding adjustment of the equity attributable
to equity holders of the Company less / plus the consideration paid or received.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 202 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business combinations and goodwill:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combinations are accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of
the consideration transferred on the acquisition date with the addition of non-controlling interests in the acquiree. In each
business combination, the Company determines whether to measure the non-controlling interests in the acquiree based on their fair
value on the acquisition date or at their proportionate share in the fair value of the acquiree&#8217;s net identifiable assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
acquisition costs are carried to the statement of profit or loss as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a business combination achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining
control are measured at the acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the
prior investment on the date of achieving control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
consideration is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance
with IFRS 9, &#8220;Financial Instruments&#8221;. Subsequent changes in the fair value of the contingent consideration are recognized
in profit or loss. If the contingent consideration is classified as an equity instrument, it is measured at fair value on the
acquisition date without subsequent remeasurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests
over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment in joint arrangements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
arrangements are arrangements in which the Company has joint control. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         ventures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint ventures the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint
venture is accounted for by using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         operations:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint operations the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities
relating to the arrangement. The Company recognizes in relation to its interest its share of the assets, liabilities, revenues
and expenses of the joint operation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition
method, including the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes
arising from this measurement, the accounting treatment of the related transaction costs and the recognition of goodwill or bargain
purchase gains. This applies to the acquisition of the initial interest and additional interests in a joint operation that represents
a business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>



</div><!-- Field: Page; Sequence: 203 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in associates:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associates
are companies in which the Group has significant influence over the financial and operating policies without having control. The
investment in an associate is accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments accounted for using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_2" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s investments in associates and joint ventures are accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_3" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the equity method, the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition
changes in the Group&#8217;s share of net assets, including other comprehensive income of the associate or the joint venture.
Gains and losses resulting from transactions between the Group and the associate or the joint venture are eliminated to the extent
of the interest in the associate or in the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_4" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
relating to the acquisition of an associate or a joint venture is presented as part of the investment in the associate or the
joint venture, measured at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment
in the associate or in the joint venture as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_5" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the associate or joint venture are prepared as of the same dates and periods. The accounting
policies applied in the financial statements of the associate or the joint venture are uniform and consistent with the policies
applied in the financial statements of the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_6" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the acquisition of an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted
for pursuant to the provisions of IFRS 9, the Group adopts the principles of IFRS 3 regarding business combinations achieved in
stages. Consequently, equity interests in the acquiree that had been held by the Group prior to achieving significant influence
or joint control are measured at fair value on the acquisition date and are included in the acquisition consideration while recognizing
a gain or loss resulting from the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_7" id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity method is applied until the loss of significant influence in the associate or loss of joint control in the joint venture
or classification as investment held for sale.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation id="_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the date of loss of significant influence or joint control, the Group measures any remaining investment in the associate or the
joint venture at fair value and recognizes in profit or loss the difference between the fair value of any remaining investment
plus any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment
on that date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 204 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional currency, presentation currency and foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional
                                         currency and presentation currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presentation currency of these consolidated financial statements of the Group is the U.S dollar (the &#8220;dollar&#8221;), since
the Company believes that financial statements in U.S dollars provide more relevant information to its investors and users of
the financial statements. The functional currency applied by Formula, on a stand-alone basis, until December&#160;31, 2018, was
the dollar. Following an examination and reevaluation of the primary economic environment in which it currently operates and expects
to continue operating and taking into consideration the recent trends and its forward-looking business strategy, in accordance
with the International Accounting Standard 21 (IAS 21), Formula concluded that its functional currency on a stand-alone basis
commencing January&#160;1, 2019 is the NIS. The functional currencies applied by Formula&#8217;s subsidiaries and companies accounted
for at equity are the currencies of the primary economic environment in which each one of them operates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated
at the closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented.
The resulting translation differences are recognized in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded
in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain
(loss) from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon
the partial disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion
of the amount recognized in other comprehensive income is reattributed to non-controlling interests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions,
                                         assets and liabilities in foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation id="_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After
initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into
the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. Non-monetary
assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of
the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated
into the functional currency using the exchange rate prevailing at the date when the fair value was determined.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash equivalents:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are considered highly liquid investments, including unrestricted short-term bank deposits with an original maturity
of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on
demand without penalty and which form part of the Group&#8217;s cash management. Cash and cash equivalent includes amounts held
primarily in New-Israeli Shekel, dollars, Euro, Japanese Yen, Indian Rupee and British Pound.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 205 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term and restricted deposits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation id="_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
bank deposits are deposits with an original maturity of more than three months from the date of investment and which do not meet
the definition of cash equivalents. The deposits are presented according to their terms of deposit. Restricted deposits include
deposits used to secure certain subsidiaries&#8217; ongoing projects, as well as security deposits with respect to leases, and
are classified under other short-term and long-term receivables.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred
in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. Inventories are
mainly comprised of purchased merchandise and products which consist of educational software kits, computers, peripheral equipment
and spare parts. Cost is determined on the &#8220;first in - first out&#8221; basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group periodically evaluates the condition and aging of its inventories and makes provisions for slow-moving inventories accordingly.
No such impairments have been recognized in any period presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue recognition:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction
price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected
on behalf of third parties (such as taxes).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the amount of revenue from contracts with customers, the Group evaluates whether it is a principal or an agent in
the arrangement. The Group is a principal when the Group controls the promised goods or services before transferring them to the
customer. In these circumstances, the Group recognizes revenue for the gross amount of the consideration. When the Group is an
agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of software licensing, maintenance services and post implementation consulting services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
software licensing transaction which does not require significant implementation services is considered a distinct performance
obligation as the customer can benefit from the software on its own or together with other readily available resources.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes revenue from software licensing transactions at a point in time when the Group provides the customer a right
to use the Group&#8217;s intellectual property as it exists at the point in time at which the license is granted to the customer.
The Group recognizes revenue from software licensing transactions over time when the Group provides the customer a right to access
the Group&#8217;s intellectual property throughout the license period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 206 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may generate revenue from sale of software licensing which includes significant implementation and customization services.
In such contracts the Group is normally committed to provide the customer with a functional IT system and the customer can only
benefit from such functional system, being the final product that would normally be comprised of proprietary licenses and significant
related services. Revenues from these contracts are based on either fixed price or time and material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
licensing transactions which involve significant implementation, customization, or integration of the Group&#8217;s software license
to customer-specific requirements, are considered as one performance obligation satisfied over-time. The underlying deliverable
is owned and controlled by the customer and does not create an asset with an alternative use to the Group. In addition, the Group
has enforceable right to payment for performance completed throughout the duration of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Group recognizes revenue from such contracts over time, using the percentage of completion accounting method. The Group recognizes
revenue and gross profit as the work is performed based on a ratio between actual costs incurred compared to the total estimated
costs for the contract. Provisions for estimated losses on uncompleted contracts are made during the period in which such losses
are first determined, in the amount of the estimated loss for the entire contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
post implementation and consulting services do not involve significant customization, the Group accounts for such services as
performance obligations satisfied over time and revenues are recognized as the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from maintenance is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided
by the Group&#8217;s performance. When payments from customers are made before or after the service is performed, the Group recognizes
the resulting contract asset or liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of hardware and infrastructure</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sale of hardware and infrastructure is recognized in profit or loss at the point in time when the control of the goods is
transferred to the customer, generally upon delivery of the goods to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of training and implementation services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from training and implementation services are recognized when the service is provided. revenue from training services in respect
of public courses whose operating range is up to 3 months will be recognized at the end of the course period. Revenues from training
services in respect of long-term courses will be recognized over the term of the course. Revenues from implementation projects
ordered by organizations will be recognized according to actual inputs (actually worked hours).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of contracts according to actual inputs</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from framework agreements for the performance of work according to actual inputs is recognized according to the hours invested.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 207 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of fixed price contracts</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from fixed price contracts is recognized according to the completion rate method when all the following conditions are met: the
revenue is known or can be estimated reliably, the collection of income is expected, the costs involved in performing the work
are known or can be estimated, there is no material uncertainty about the Group&#8217;s ability to complete the work and, the
customer and the completion rate can be reliably estimated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies a cost-based input method for measuring the progress of performance obligations that are satisfied over time. In
applying this cost-based input method, the Group estimates the costs to complete contract performance in order to determine the
amount of the revenue to be recognized. These estimated costs include the direct costs and the indirect costs that are directly
attributable to a contract based on a reasonable allocation method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, the Group is unable to measure the outcome of a contract, but the Group expects to recover the costs incurred
in fulfilling the contract as of the reporting date. In such circumstances, the Group recognizes revenue to the extent of the
costs incurred as of the reporting date until such time the outcome of the contract can be reasonably measured. If a loss is anticipated
from a contract, the loss is recognized in full regardless of the percentage of completion.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration
from a customer in an amount that corresponds directly with the value to the customer of the Group&#8217;s performance completed
to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group
may recognize revenue in the amount it is entitled to invoice. Deferred revenues, which represent a contract liability, include
unearned amounts received under maintenance and support (mainly) and amounts received from customers for which revenues have not
yet been recognized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Allocating
the transaction price</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
contracts that consist of more than one performance obligation, at contract inception the Group allocates the contract transaction
price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone
selling price is the price at which the Group would sell the promised goods or services separately to a customer. The Group determines
the stand-alone selling price for the purposes of allocating the transaction price to each performance obligation by considering
several external and internal factors including, but not limited to, transactions where the specific performance obligation is
sold separately, historical actual pricing practices and geographies in which the Group offers its products and services. If a
specific performance obligation, such as the software license, is sold for a broad range of amounts (that is, the selling price
is highly variable) or if the Group has not yet established a price for that good or service, and the good or service has not
previously been sold on a stand-alone basis (that is, the selling price is uncertain), the Group applies the residual approach
whereby all other performance obligations within a contract are first allocated a portion of the transaction price based upon
their respective stand-alone selling prices, with any residual amount of transaction price allocated to the remaining specific
performance obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 208 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
consideration</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines the transaction price separately for each contract with a customer. When exercising this judgment, the Group
evaluates the effect of each variable amount in the contract, taking into consideration discounts, penalties, variations, claims,
and non-cash consideration. In determining the effect of the variable consideration, the Group normally uses the &#8220;most likely
amount&#8221; method described in the Standard. Pursuant to this method, the amount of the consideration is determined as the
single most likely amount in the range of possible consideration amounts in the contract. According to the Standard, variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Costs
of obtaining a contract</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_28" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to obtain certain contracts with customers, the Group incurs incremental costs in obtaining the contract (such as sales
commissions which are contingent on making binding sales). Costs incurred in obtaining the contract with the customer which would
not have been incurred if the contract had not been obtained and which the Group expects to recover are recognized as an asset
and amortized on a systematic basis that is consistent with the provision of the services under the specific contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_29" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss in respect of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount
of the asset exceeds the remaining amount of consideration that the Group expects to receive for the goods or services to which
the asset relates less the costs that relate directly to providing those goods or services and that have not been recognized as
expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_30" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract
are recognized as an expense when incurred if the amortization period of the asset is one year or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_31" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">A
significant benefit of financing</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_32" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain contracts, the Group provides the customer with financing for a period exceeding one year. In such circumstances, the
Group recognizes revenue based on the amount that reflects the price that would have been paid by the customer in cash on the
date of receipt of the goods or services, and the balance is recognized in finance income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_33" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
long-term advances are received for services which the Group is to provide in the future, the Group accrues interest on the advances
and recognizes finance expense over the expected period of the contract, provided that the contract contains a significant financing
component. As the advances are recognized in revenue, the Group also recognizes the accrued interest as part of revenue from services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_34" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which the Group does not separate the financing
component in transactions for which the period of financing is one year or less and recognizes revenue in the amount of the consideration
stated in the contract even if the customer pays for the goods or services before or subsequent to their receipt.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 209 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_35" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenues
that include warranty services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_36" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain cases, the Group also provides a warranty for goods and services sold (i.e., extended warranties when the Group contractually
undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when the scope of which
is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications). The Group
has ascertained that such warranties granted by the Group meet the definition of service. The conclusion regarding the extended
nature of a warranty is made whenever the Group contractually undertakes to repair any errors in the delivered software within
a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. Under IFRS 15, the
fact of granting an extended warranty indicates that the Group provides an additional service. As such, the Group recognizes an
extended warranty as a separate performance obligation and allocates a portion of the transaction price to such service. In all
cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty
itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the
provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service.
Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance
service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be
deferred until the warranty service is actually fulfilled.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_37" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Disaggregation
of revenue</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_38" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
revenue include contracts primarily for the provision of supplies and services other than design, development, customization,
implementation, software maintenance and support and software updates associated with delivery of products or proprietary software.
It may be a stand-alone service contract or a service performance obligation which is distinct from a contract or performance
obligation for design, development, customization, support and upgrade or delivery of product. The Group&#8217;s service contracts
include contracts in which the customer simultaneously receives and consumes the benefits provided as the performance obligations
are satisfied. The Group&#8217;s service contracts primarily include operation-type contracts, outsourcing, consulting, remote
development services, digital advertising management, training and similar activities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_39" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by products and services was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_40" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_39"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proprietary
    software and related services</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareAndRelatedServices" scale="3" sign="-" unitRef="usd">632,986</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareAndRelatedServices" scale="3" sign="-" unitRef="usd">509,109</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProprietarySoftwareAndRelatedServices" scale="3" sign="-" unitRef="usd">438,256</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    products and third party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherProductsAndThirdParty" scale="3" unitRef="usd">472,045</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherProductsAndThirdParty" scale="3" unitRef="usd">312,315</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherProductsAndThirdParty" scale="3" unitRef="usd">229,104</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Services</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesExpense" scale="3" unitRef="usd">1,299,345</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesExpense" scale="3" unitRef="usd">1,112,494</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesExpense" scale="3" unitRef="usd">1,033,755</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="3" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="3" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="3" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 210 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_41" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by timing of revenue recognition was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_41"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    and services transferred over time</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsAndServicesTransferredOverTime" scale="3" unitRef="usd">2,072,841</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsAndServicesTransferredOverTime" scale="3" unitRef="usd">1,697,312</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsAndServicesTransferredOverTime" scale="3" unitRef="usd">1,518,221</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    transferred at a point in time</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsTransferredAtAPointInTime" scale="3" unitRef="usd">331,535</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsTransferredAtAPointInTime" scale="3" unitRef="usd">236,606</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProductsTransferredAtAPointInTime" scale="3" unitRef="usd">182,894</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalRevenueOfProductsandServices" scale="3" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalRevenueOfProductsandServices" scale="3" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalRevenueOfProductsandServices" scale="3" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government grants:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants are recognized when there is reasonable assurance that the grants will be received, and the Group will comply with the
attached conditions. Government grants received from the Office of the Israel Innovation Authority (&#8220;IIA&#8221;), formerly
the Office of the Chief Scientist (&#8220;OCS&#8221;), are recognized upon receipt as a liability if future economic benefits
are expected from the research project that will result in royalty-bearing sales.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_3" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
liability for the loan is first measured at fair value using a discount rate that reflects a market participant rate of interest.
The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant
and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized
cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits
are expected from the research activity, the grant receipts are recognized as a reduction of the related research and development
expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each reporting date, the Group evaluates whether there is reasonable assurance that the liability recognized, in whole or in part,
will not be repaid (since the Group will not be required to pay royalties) based on the best estimate of future sales and using
the original effective interest method, and if so, the appropriate amount of the liability is derecognized against a corresponding
reduction in research and development expenses. Amounts paid as royalties are recognized as settlement of the liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation id="_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for outstanding principal amount of debentures as long-term liability, in accordance with IFRS 9, with current
maturities classified as a short-term liability. The Group identifies and separates equity components contains in convertible
debentures by first determining the liability component, in accordance with IAS 32, based on the fair value of an equivalent non-convertible
liability. The conversion component valued is being determined to be the residual amount. Debt issuance costs are capitalized
and reported as deferred financing costs, which are amortized over the life of the debentures using the effective interest rate
method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 211 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts
attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized
or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible
carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting
date and a respective deferred tax asset is recognized to the extent that their utilization is probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
that would apply in the event of the disposal of investments in investees have not been considered in computing deferred taxes,
as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would
apply in the event of distribution of earnings by investees as dividends have not been considered in computing deferred taxes,
since the distribution of dividends does not involve an additional tax liability or since it is the Group&#8217;s policy not to
initiate distribution of dividends from a subsidiary that would trigger an additional tax liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted
for pursuant to IAS 12.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the
deferred taxes relate to the same taxpayer and the same taxation authority.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for
a period of time in exchange for consideration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group as lessee</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the Group recognizes on the commencement date of the lease a right-of-use asset and a
lease liability, excluding leases whose term is up to twelve months and leases for which the underlying asset is of low value.
For these excluded leases, the Group has elected to recognize the lease payments as an expense in profit or loss on a straight-line
basis over the lease term. In measuring the lease liability, the Group has elected to apply the practical expedient in the Standard
and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included
in a single contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 212 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance
with the provisions of IAS 19 and not as subleases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the
lease, if that rate can be readily determined, or otherwise using the Group&#8217;s incremental borrowing rate. After the commencement
date, the Group measures the lease liability using the effective interest rate method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already
made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost
model and depreciated over the shorter of its useful life and the lease term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the amortization periods of the right-of-use assets by class of underlying asset:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Mainly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c69" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">2</ix:nonNumeric>-<ix:nonNumeric contextRef="c70" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">23</ix:nonNumeric></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment"><span style="font-family: Times New Roman, Times, Serif">3</span></ix:nonNumeric></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c69" format="ixt-sec:duryear" name="forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles">2</ix:nonNumeric>-<ix:nonNumeric contextRef="c70" format="ixt-sec:duryear" name="forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles">3</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles"><span style="font-family: Times New Roman, Times, Serif">3</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of
IAS 36.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments that depend on an index</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the Group uses the index rate prevailing on the commencement date to calculate the future lease payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the aggregate changes in future lease payments resulting from a change in the index are
discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease
liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that
is, when the adjustment to the lease payments takes effect).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense
as incurred when the Group is the lessee.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Lease
                                         extension and termination options</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that
the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that
the termination option will not be exercised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 213 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination
option, the Group remeasures the lease liability based on the revised lease term using a revised discount rate as of the date
of the change in expectations. The total change is recognized in the carrying amount of the right-of-use asset until it is reduced
to zero, and any further reductions are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                         modifications:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Group remeasures the
lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change
in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification reduces the scope of the lease, the Group recognizes a gain or loss arising from the partial or full reduction
of the carrying amount of the right-of-use asset and the lease liability. The Group subsequently remeasures the carrying amount
of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records
the change in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>




</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are<br/>
used in connection with plant and equipment. The cost of an item of property, plant and equipment comprises the initial estimate
of the costs of dismantling and removing the item and restoring the site on which the item is located.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c71" decimals="2" format="ixt:num-dot-decimal" name="forty:UsefulLifeOfTheAssetsAtAnnualRates" scale="-2" unitRef="pure">2</ix:nonFraction> - <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="forty:UsefulLifeOfTheAssetsAtAnnualRates" scale="-2" unitRef="pure">4</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, and peripheral equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c73" decimals="2" format="ixt:num-dot-decimal" name="forty:UsefulLifeOfTheAssetsAtAnnualRates" scale="-2" unitRef="pure">20</ix:nonFraction> - <ix:nonFraction contextRef="c74" decimals="2" format="ixt:num-dot-decimal" name="forty:UsefulLifeOfTheAssetsAtAnnualRates" scale="-2" unitRef="pure">33</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Office
    furniture and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c75" name="forty:UsefulLifeOfOfficeFurnitureAndEquipment">6 </ix:nonNumeric>-<ix:nonNumeric contextRef="c76" name="forty:UsefulLifeOfOfficeFurnitureAndEquipment"> 33 (mainly 7)</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c77" name="forty:UsefulLifeOfMotorVehicles">14 </ix:nonNumeric>-<ix:nonNumeric contextRef="c78" name="forty:UsefulLifeOfMotorVehicles"> 15 (mainly 15)</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
improvements are amortized using the straight-line method over the term of the lease (including option terms that are deemed to
be reasonably assured) or the estimated useful life of the improvements, whichever is shorter.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life, the depreciation method and the residual value of an asset are reviewed at least each year-end (at the end of the
year) and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. For impairment
testing of property, plant and equipment, see Note 2(20) below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 214 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separately
acquired intangible assets are measured on initial recognition at cost, including directly attributable costs. Intangible assets
acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated
intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least
at each year end.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Research
and development expenditures</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
expenditures incurred in the process of software development are recognized in profit or loss when incurred. An intangible asset
arising from a software development project or from the development phase of an internal project is recognized if the Group can
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group&#8217;s
intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; how the intangible
asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete
the intangible asset; and the ability to measure reliably the respective expenditure asset during its development. The Group establishes
technological feasibility upon completion of a detailed program design or a working model.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product
basis. Amortization of capitalized software costs begin when development is complete, and the product is available for use or
for sale. The Group considers a product to be available for use when the Group completes its internal validation of the product
that is necessary to establish that the product meets its design specifications including functions, features, and technical performance
requirements. Internal validation includes the completion of coding, documentation and testing that ensure bugs are reduced to
a minimum. The internal validation of the product takes place a few weeks before the product is made available to the market.
In certain instances, the Group enters into a short pre-release stage, during which the product is made available to a selected
number of customers as a beta program for their own review and familiarization. Subsequently, the release is made generally available
to customers. Once a product is considered available for use, the capitalization of costs ceases and amortization of such costs
to &#8220;cost of sales&#8221; begins.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are amortized on a product-by-product basis by the straight-line method over the estimated useful life of the software
product (between <ix:nonNumeric contextRef="c69" format="ixt-sec:duryear" name="forty:SoftwareProduct">5</ix:nonNumeric>-<ix:nonNumeric contextRef="c70" format="ixt-sec:duryear" name="forty:SoftwareProduct">7</ix:nonNumeric> years).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assesses the recoverability of its capitalized software costs on a regular basis by assessing the net realizable value of
these intangible assets based on the estimated future gross revenues from each product reduced by the estimated future costs of
completing and disposing of it, including the estimated costs of performing maintenance and customer support over its remaining
economical useful life using internally generated projections of future revenues generated by the products, cost of completion
of products and cost of delivery to customers over its remaining economical useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 215 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Other
intangible assets</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets excluding capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution
rights, brand names, acquired technology and patent, and are amortized over their useful lives using a method of amortization
that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful
life of intangible assets is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship, backlog and distribution rights</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c79" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">3</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c80" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">15</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Brand
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c81" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">9</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c82" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">15</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c83" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">2</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c84" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">8</ix:nonNumeric></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patents</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c85" format="ixt-sec:duryear" name="forty:UsefulLifeOfOtherIintangibleAssets">10</ix:nonNumeric></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
or losses arising from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable.
If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite
to finite is accounted for prospectively as a change in accounting estimate, and on that date the asset is tested for impairment.
Commencing from that date, the asset is amortized systematically over its useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment of non-financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the need to record an impairment of non-financial assets (property, plant and equipment, capitalized software
costs and other intangible assets, goodwill, investments in joint venture) whenever events or changes in circumstances indicate
that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount,
the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and
value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects
the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined
for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine
the asset&#8217;s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above,
shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization)
had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss
of an asset presented at cost is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 216 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                           2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following criteria are applied in assessing impairment of these specific assets:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
                                         in respect of subsidiaries:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each
of our cash-generating units that are expected to benefit from the synergies of the combination. The Group reviews goodwill for
impairment once a year, on December&#160;31, or more frequently if events or changes in circumstances indicate that there is an
impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is tested for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to
which the goodwill has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit
(or group of cash-generating units) to which goodwill has been allocated is less than the carrying amount of the cash-generating
unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for
goodwill cannot be reversed in subsequent periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
                                         in associate or joint venture using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
application of the equity method, the Group determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Group determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
                                         assets with an indefinite useful life / capitalized development costs that have not yet
                                         been systematically amortized:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impairment test is performed annually, on December&#160;31, or more frequently if events or changes in circumstances indicate
that there is an impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no impairment indicators were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction
costs are recorded in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 217 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies and measures the debt instruments in its financial statements on the basis of the following criteria:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Group&#8217;s business model for the management of financial assets; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         contractual cash flow characteristics of the financial asset.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at amortized cost when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to collect their contractual cash flows, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. After initial recognition, the instruments in this category are measured according to their
terms at amortized cost using the effective interest rate method, less any provision for impairment. On the date of initial recognition,
the Group may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured
at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through other comprehensive income when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell
the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Subsequent to the initial recognition, the instruments
in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate
differences, are recognized in other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through profit or loss when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through
other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from
fair value adjustments are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Equity
                                         instruments and other financial assets held for trading</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other
financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured
at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity
instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present
subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss.
These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from
investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 218 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at
fair value through profit or loss. The Company distinguishes between two types of loss allowances: </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has not increased significantly since initial recognition,
                                         or whose credit risk is low - the loss allowance recognized in respect of this debt instrument
                                         is measured at an amount equal to the expected credit losses within 12 months from the
                                         reporting date; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has increased significantly since initial recognition,
                                         and whose credit risk is not low - the loss allowance recognized is measured at an amount
                                         equal to the expected credit losses over the instrument&#8217;s remaining term.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has short-term financial assets such as trade receivables in respect of which the Group applies a simplified approach in
IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance
that is offset from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair
value through other comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded
in other comprehensive income and not as a reduction of the carrying amount of the financial asset in the statement of financial
position.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies the low credit risk simplification in IFRS 9, according to which the Group assumes the debt instrument&#8217;s credit
risk has not increased significantly since initial recognition if on the reporting date it is determined that the instrument has
a low credit risk, for example when the instrument has an external rating of &#8220;investment grade&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derecognizes a financial asset when and only when:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         contractual rights to the cash flows from the financial asset expire; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has transferred substantially all the risks and rewards deriving from the contractual
                                         rights to receive cash flows from the financial asset or has neither transferred nor
                                         retained substantially all the risks and rewards of the asset, but has transferred control
                                         of the asset; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has retained its contractual rights to receive cash flows from the financial asset
                                         but has assumed a contractual obligation to pay the cash flows in full without material
                                         delay to a third party.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 219 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at amortized cost:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial
liability. After initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest
rate method, except for:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities at fair value through profit or loss, such as derivatives;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities that arise when a transfer of a financial asset does not qualify for derecognition
                                         or when the continuing involvement approach applies;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         guarantee contracts; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         consideration recognized by an acquirer in a business combination as to which IFRS 3
                                         applies.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at fair value through profit or loss:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
initial recognition, the Group measures financial liabilities that are not measured at amortized cost at fair value. Transaction
costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial liability is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires.
A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods
or services or is legally released from the liability. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
there is a modification in the terms of an existing financial liability, the Group evaluates whether the modification is substantial.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the terms of an existing financial liability are substantially modified, such modification is accounted for as an extinguishment
of the original liability and the recognition of a new liability. The difference between the carrying amounts of the above liabilities
is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the modification is not substantial, the Group recalculates the carrying amount of the liability by discounting the revised cash
flows at the original effective interest rate and any resulting difference is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 220 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsetting
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are offset and the net amount is presented in the statement of financial position if there is
a legally enforceable right to set off the recognized amounts and there is an intention either to settle on a net basis or to
realize the asset and settle the liability simultaneously. The right of set-off must be legally enforceable not only during the
ordinary course of business of the parties to the contract but also in the event of bankruptcy or insolvency of one of the parties.
In order for the right of set-off to be currently available, it must not be contingent on a future event, there may not be periods
during which the right is not available, or there may not be any events that will cause the right to expire.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compound
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures which contain both an equity component and a liability component are separated
                                         into two components. This separation is performed by first determining the liability
                                         component based on the fair value of an equivalent non-convertible liability. The value
                                         of the conversion component is determined to be the residual amount. Directly attributable
                                         transaction costs are apportioned between the equity component and the liability component
                                         based on the allocation of proceeds to the equity and liability components.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures that are denominated in foreign currency contain two components: the conversion
                                         component and the debt component. The liability conversion component is initially recognized
                                         as a financial derivative at fair value. The balance is attributed to the debt component.
                                         Directly attributable transaction costs are allocated between the liability conversion
                                         component and the liability debt component based on the allocation of the proceeds to
                                         each component.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put
                                         option granted to non-controlling interests:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group grants to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain
period, even if such purchase obligation is conditional on the counterparty&#8217;s exercise of its contractual right to cause
such redemption, if the put option agreement does not transfer to the Group any benefits incidental to ownership of the equity
instrument (i.e. the Group does not have a present ownership in the shares concerned) then at the end of each reporting period
the non-controlling interests (to which a portion of net profit attributable to non-controlling interests is allocated) are classified
as a financial liability, as if such put-able equity instrument was redeemed on that date. The difference between the non-controlling
interests carrying amount at the end of the reporting period and the present value of the liability is recognized directly in
equity of the Group, under &#8220;Additional paid-in capital&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group remeasures the financial liability at the end of each reporting period based on the estimated present value of the consideration
to be transferred upon the exercise of the put option.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the option is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability.
If the put option expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss
of control therein.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group has present ownership of the non-controlling interests, these non-controlling interests are accounted for as if they
are held by the Group, and changes in the amount of the liability are carried to profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 221 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurement:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in
the asset&#8217;s or the liability&#8217;s principal market, or in the absence of a principal market, in the most advantageous
market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial
asset takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair
value hierarchy based on the lowest level input that is significant to the entire fair value measurement:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241"><ix:continuation id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0.5in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</span></td>
    <td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quoted
    prices (unadjusted) in active markets for identical assets or liabilities.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    other than quoted prices included within Level 1 that are observable directly or indirectly.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market
    data).</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>
</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTreasurySharesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury shares:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243"><ix:continuation id="_DescriptionOfAccountingPolicyForTreasurySharesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
shares held by the Company and/or by investees are recognized at cost of purchase and presented as a deduction from equity. Any
gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are measured according
to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value
of money and, where appropriate, those risks specific to the liability. When the Group expects part or all of the expense to be
reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement
is virtually certain. The expense is recognized in the statement of profit or loss net of any reimbursement. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 222 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the types of provisions included in the financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
                                         claims:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision for claims is recognized when the Group has a present legal or constructive obligation as a result of a past event,
it is more likely than not that an outflow of resources embodying economic benefits will be required by the Group to settle the
obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         liability recognized in a business combination:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contingent liability in a business combination is measured at fair value upon initial recognition. In subsequent periods, it is
measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization, and the amount that
would be recognized at the end of the reporting period in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative financial instruments and hedging:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into contracts for derivative financial instruments such as forward currency contracts and options
contracts to hedge risks associated with foreign exchange rates resulting from international activities and interest rate fluctuations.
The derivative instruments primarily hedge or offset exposures to Euro, British Pound, Japanese Yen and New Israeli Shekel (&#8220;NIS&#8221;)
exchange rate fluctuations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253"><ix:continuation id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s options and forward contracts do not qualify for hedging accounting. Any gains or losses arising from changes in
the fair values of the derivatives are recorded immediately in profit or loss as financial income or expense.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee benefit liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains several employee benefit plans:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
                                         employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting
period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave,
recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect
of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment
as a result of past service rendered by an employee and a reliable estimate of the amount can be made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-employment
                                         benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 223 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s
and its Israeli subsidiaries and companies accounted for at equity (as defined with respect to their Israeli employee contribution
plans pursuant to section&#160;14 of Israel&#8217;s Severance Pay Law, 1963 (the &#8220;Severance Pay Law&#8221;)) pay fixed contributions
to those plans and will have no legal or constructive obligation to pay further contributions if the fund into which those contributions
are paid does not hold sufficient amounts to pay all employee benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed
concurrently with performance of the employee&#8217;s services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its Israeli subsidiaries and companies accounted for at equity also operate a defined benefit plan in respect of severance
or retirement pay to their Israeli employees pursuant to the Severance Pay Law. According to the Severance Pay Law, employees
are entitled to severance pay upon dismissal or retirement. The liability for termination of employment is measured using the
projected unit credit method. The actuarial assumptions include rates of employee turnover and future salary increases based on
the estimated timing of payment. The amounts are presented based on discounted expected future cash flows using a discount rate
determined by reference to market yields at the reporting date on high quality corporate bonds that are linked to Israel&#8217;s
Consumer Price Index with a term that is consistent with the estimated term of the severance pay obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of its severance pay obligation to certain of its employees, the Group makes current deposits in pension funds and insurance
companies (the &#8220;plan assets&#8221;). Plan assets comprise assets held by a long-term employee benefit fund or qualifying
insurance policies. Plan assets are not available to the Group&#8217;s own creditors and cannot be returned directly to the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liability for employee benefits shown in the statement of financial position reflects the present value of the defined benefit
obligation, less the fair value of the plan assets. Remeasurements of the net liability are recognized in other comprehensive
income in the period in which they occur.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
expenses for the years 2019, 2020 and 2021 were $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:SeveranceExpenses" scale="3" unitRef="usd">37,218</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:SeveranceExpenses" scale="3" unitRef="usd">35,897</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:SeveranceExpenses" scale="3" unitRef="usd">48,331</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         long-term employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
employees of the Group are entitled to benefits in respect of adaptation grants. These benefits are accounted for as other long-term
benefits since the Group estimates that these benefits will be utilized and the Group&#8217;s respective obligation will be settled
during the employment period and more than twelve months after the end of the annual reporting period in which the employees rendered
the related service.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s net obligation for other long-term employee benefits, which is computed based on actuarial assumptions, is for the
future benefit due to employees for services rendered in the current period and in prior periods and considering expected salary
increases. The amount of these benefits is discounted to its present value. The discount rate is determined by reference at the
reporting date to market yields on high quality corporate bonds that are linked to the Consumer Price Index and whose term is
consistent with the term of the Group&#8217;s obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement
of the net obligation is recognized in the statement of comprehensive income in the incurred period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 224 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based payment transactions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s employees and certain service providers are entitled to remuneration in the form of equity-settled share-based payment
transactions. The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted
at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost
of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the
period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees
become entitled to the award (the &#8220;vesting period&#8221;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Group&#8217;s best estimate of the number of equity instruments that will ultimately vest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other vesting conditions
(service and/or performance) are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification
that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service
provider at the modification date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274"><ix:continuation id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a grant of an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not
yet recognized for the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified
as a replacement grant on the grant date, the canceled and new grants are accounted for as a modification of the original grant,
as described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings per share:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276"><ix:continuation id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per share are calculated by dividing the net income attributable to equity holders of the Company by the weighted number of ordinary
shares outstanding during the period. Potential ordinary shares are included in the computation of diluted earnings per share
if their conversion decreases earnings per share from continuing operations. Potential ordinary shares that are converted during
the period are included in diluted earnings per share only until the conversion date and from that date in basic earnings per
share. The Company&#8217;s share of earnings of subsidiaries is included based on its share of earnings per share of the subsidiaries
multiplied by the number of shares held by the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 225 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_2" id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents,
short-term bank deposits, restricted cash, trade receivables, marketable securities and foreign currency derivative contracts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_3" id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
majority of the Group&#8217;s cash and cash equivalents, bank deposits, marketable securities and other financial instruments
are invested with major banks in Israel, the United States and across Europe. Management believes that these financial instruments
are held in financial institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these
investments. Cash and cash equivalents and short-term deposits in the United States may be in excess of insured limits and are
not insured in other jurisdictions. Generally, these banks deposits may be redeemed upon demand and therefore bear minimal risk.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_4" id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s trade receivables are generally derived from sales to large organizations located mainly in Israel, North America,
Europe and Asia Pacific. The Group performs ongoing credit evaluations of its customers using a reliable outside source to determine
payment terms and credit limits which are approved based on the size of the customer and to date has not experienced any material
losses. In certain circumstances, Formula and its subsidiaries and companies accounted for at equity may require letters of credit,
other collateral or additional guarantees. From time to time, the Group&#8217;s subsidiaries sell certain of their accounts receivable
to financial institutions, within the normal course of business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_282" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_5" id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains an allowance for doubtful accounts receivable based upon management&#8217;s experience and estimate of collectability
of each outstanding invoice. The allowance for doubtful accounts is determined with respect to specific debts or which collection
is doubtful. The risk of collection associated with accounts receivable is mitigated by the diversity and number of customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_283" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_282"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_6" id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad
debt expense, net for the years ended December&#160;31, 2019, 2020 and 2021 was $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" scale="3" unitRef="usd">1,176</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" scale="3" unitRef="usd">3,188</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" scale="3" unitRef="usd">1,333</ix:nonFraction> respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_284" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_283"><ix:continuation id="_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into foreign exchange forward and option contracts intended to protect against the changes in value
of forecasted non-dollar currency cash flows. These derivative instruments are designed to offset a portion of the Group&#8217;s
non-dollar currency exposure (see Note 2 (25) above).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_284"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLiquidityRiskPolicyTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfLiquidityRiskPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285"><ix:continuation continuedAt="_DisclosureOfLiquidityRiskPolicyTextBlock-c0_cont_2" id="_DisclosureOfLiquidityRiskPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk arises from managing the Group&#8217;s working capital as well as from financial expenses and principal payments of the Group&#8217;s
debt instruments. Liquidity risk consists of the risk that the Group will have difficulty in fulfilling obligations relating to
financial liabilities. The Group&#8217;s policy is to ascertain constant cash adequacy needed for settling its liabilities when
due. For this purpose, the Group aims to hold cash balances (or adequate credit lines) that will meet anticipated demands.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286"><ix:continuation id="_DisclosureOfLiquidityRiskPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its subsidiaries and companies accounted for at equity examine cash flow forecasts on a monthly basis as well as information
regarding cash balances. As of the reporting date, these forecasts indicate that the Group can expect sufficient liquid sources
for covering its entire liabilities under reasonable assumptions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 226 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            2:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNIFICANT
                                         ACCOUNTING POLICIES (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in accounting policies - initial adoption of new financial reporting and accounting standards:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                         to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2020, the IASB issued amendments to IFRS 9, &#8220;Financial Instruments&#8221;, IFRS 7, &#8220;Financial Instruments:
Disclosures&#8221;, IAS 39, &#8220;Financial Instruments: Recognition and Measurement&#8221;, IFRS 4, &#8220;Insurance Contracts&#8221;,
and IFRS 16, &#8220;Leases&#8221; (the &#8220;Amendments&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates
(IBORs) by alternative Risk Free Interest Rates (RFRs). The Amendments are effective for annual periods beginning on or after
January&#160;1, 2021. The Amendments are to be applied retrospectively. However, restatement of comparative periods is not required.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of the Amendments did not have an effect on the Group&#8217;s financial statements as of January&#160;1, 2021, since
the Group does not have any IBOR-based hedge transactions which could be affected by the IBOR reform.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                         amendment in April&#160;2021 to IFRS 16, &#8220;Leases&#8221;:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the global Covid-19 crisis, in May&#160;2020, the IASB issued &#8220;Covid-19-Related Rent Concessions - Amendment to
IFRS 16, Leases&#8221; (the &#8220;2020 Amendment&#8221;). The objective of the 2020 Amendment is to allow a lessee to apply a
practical expedient according to which Covid-19 related rent concessions will not be accounted for as lease modifications but
as variable lease payments. The 2020 Amendment applies solely to lessees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Originally
the 2020 Amendment was applicable only to a reduction in lease payments due on or before June&#160;30, 2021. However, since the
Covid-19 pandemic has continued beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to
a reduction in lease payments due on or before June&#160;30, 2022 (the &#8220;2021 Amendment&#8221;). The other criteria for application
of the 2020 Amendment remain unchanged.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment applies to annual reporting periods beginning on or after April&#160;1, 2021. Early application is permitted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_297" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment is to be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as
an adjustment to the opening balance of retained earnings at the beginning of the annual reporting period in which the lessee
first applies the 2021 Amendment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_298" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_297"><ix:continuation id="_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the Amendments will not have a material impact on the Group&#8217;s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_298"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory-c0_cont_1" escape="true" name="forty:DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32)</span></ix:nonNumeric></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory-c0_cont_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the prior years&#8217; financial statements have been reclassified to conform to the current year&#8217;s presentation.</span></ix:continuation></td></tr></table></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 227 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of ZAP Group Ltd. (&#8220;ZAP Group&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;6, 2021 (the &#8220;Zap Group acquisition date&#8221;), the Company directly acquired <ix:nonFraction contextRef="c86" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareCapital" scale="-2" unitRef="pure">100</ix:nonFraction>% of the share capital of
Zap Group, Israel&#8217;s largest group of consumer websites which manages more than <ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfCustomer" scale="0" unitRef="pure">20</ix:nonFraction> leading consumer websites from diverse
content worlds. The websites managed and offered by Zap provide small and medium-sized businesses in Israel with a broad and rich
advertising platform and offer consumers a user-friendly search experience with a variety of advanced tools, which enable them
to make educated purchase decisions in the best and most informed way. The cash consideration paid at the closing amounted to
approximately NIS <ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="forty:CashConsiderationAmount" scale="0" unitRef="ils">244,169</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashConsiderationAmount" scale="3" unitRef="usd">74,350</ix:nonFraction>), or approximately NIS <ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="0" unitRef="ils">216,172</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c86" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">65,825</ix:nonFraction>) net of acquired cash.
Moreover, the former shareholders of Zap are entitled to contingent consideration payments of up to NIS <ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="0" unitRef="ils">60,000</ix:nonFraction> (approximately
$<ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">18,270</ix:nonFraction>) depending on the future results of operations of Zap Group during the first two years following the acquisition. The
fair value of such contingent consideration, as of the acquisition date amounted to NIS <ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="forty:FairValueOfContingentConsideration" scale="0" unitRef="ils">3,577</ix:nonFraction> (or $ <ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="forty:FairValueOfContingentConsideration" scale="3" unitRef="usd">1,089</ix:nonFraction>). Acquisition related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#8217;s consolidated statement of profit or loss. The results of Zap Group&#8217;s operations have been included in
the consolidated financial statements since April&#160;2021. Zap Group&#8217;s results of operations have been included in the
consolidated financial statements from the Zap Group Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated consideration for the acquisition of Zap:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_6" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfProvisionalEstimatedConsideration"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    consideration</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c151" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashConsideration" scale="3" unitRef="usd">74,350</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    date fair-value of contingent consideration</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c151" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">1,089</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    consideration</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c151" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsideration" scale="3" unitRef="usd">75,439</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_7" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to Zap&#8217;s assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_8" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c152" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">7,171</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">8,735</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="usd">4,565</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">39,152</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Trade
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="forty:TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">8,642</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" unitRef="usd">10,984</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests in acquiree&#8217;s subsidiary</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="forty:NoncontrollingInterestsInAcquireesSubsidiary" scale="3" sign="-" unitRef="usd">1,384</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">33,400</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c153" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">65,825</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>


</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_9" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of ZAP are provisional and are based on information that was available as of the acquisition
                                         date to estimate the fair value of these amounts. The Group&#8217;s management believes
                                         the information provides a reasonable basis for estimating the fair values of these amounts,
                                         but is waiting for additional information necessary to finalize those fair values. Therefore,
                                         provisional measurements of fair value that appear are subject to change. The Group expects
                                         to finalize the tangible and intangible assets valuation and complete the acquisition
                                         accounting as soon as practicable but no later than the measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 228 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_10" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Ofek Aerial Photography Ltd. (&#8220;Ofek&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_11" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;13, 2020 (the &#8220;Ofek Acquisition Date&#8221;), the Company directly acquired <ix:nonFraction contextRef="c88" decimals="4" format="ixt:num-dot-decimal" name="forty:ShareCapitalPercentage" scale="-2" unitRef="pure">86.02</ix:nonFraction>% of the share capital of Ofek,
Israel&#8217;s market leader in the fields of aerial and satellite mapping, geographic data collection and processing, and provider
of services in numerous geographic applications, for a total cash consideration of NIS 27,671 (approximately $<ix:nonFraction contextRef="c88" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashConsiderationAmount" scale="3" unitRef="usd">7,888</ix:nonFraction>), or NIS 14,303
(approximately $<ix:nonFraction contextRef="c89" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">3,931</ix:nonFraction>) net of acquired cash. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
Ofek&#8217;s results of operations have been included in the consolidated financial statements since the Ofek Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_12" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Ofek&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_13" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c154" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,857</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c156" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">4,817</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">874</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    payable to former shareholder</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredAssetsDividendPayableToFormerShareholder" scale="3" sign="-" unitRef="usd">7,069</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c157" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" scale="3" sign="-" unitRef="usd">34</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxNoncontrollingInterests" scale="3" sign="-" unitRef="usd">995</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,481</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">3,931</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_14" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_15" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Thor Denmark Holding ApS and its subsidiaries (&#8220;TIA&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_16" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;30, 2020 (the &#8220;TIA Acquisition Date&#8221;), Sapiens completed the acquisition of all of the outstanding shares
of TIA, a leading vendor of digital software solutions. TIA offers comprehensive software solutions primarily for Property &amp;
Casualty insurers, as well as several innovative extension modules. Additionally, TIA offers a full scope of expert implementation,
application management and hosting services, enabling insurers to execute their digital and business strategies. The purchase
price amounted to $<ix:nonFraction contextRef="c90" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchasePriceAmount" scale="3" unitRef="usd">75,276</ix:nonFraction> in cash (or $<ix:nonFraction contextRef="c91" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCash" scale="3" unitRef="usd">72,984</ix:nonFraction> net of acquired cash), subject to net working capital adjustments. Acquisition related
costs amounted to $<ix:nonFraction contextRef="c90" decimals="-3" format="ixt:num-dot-decimal" name="forty:BusinessCombinationAcquisitionsRelatedCosts" scale="3" unitRef="usd">719</ix:nonFraction>. TIA&#8217;s results of operations have been included in the consolidated financial statements from the
TIA Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_17" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, Sapiens and TIA&#8217;s former shareholders (the &#8220;Sellers&#8221;) agreed on the final working capital adjustments
which resulted in payment of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="forty:CapitalPayment" scale="6" unitRef="usd">0.8</ix:nonFraction> million from the Sellers to Sapiens.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 229 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_18" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to TIA&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_19" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c158" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">4,045</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">4,254</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Developed
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c160" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">10,517</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c160" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">19,266</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c160" decimals="-3" format="ixt:num-dot-decimal" name="forty:BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">163</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">58,120</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan" scale="3" unitRef="usd">4,800</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredRevenues" scale="3" sign="-" unitRef="usd">5,742</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" sign="-" unitRef="usd">6,962</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesAndOthersLongtermLiabilities" scale="3" unitRef="usd">5,877</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">72,984</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_20" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of TIA is primarily attributable to potential synergies with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_21" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_22" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of sum.cumo GmbH (&#8220;sum.cumo&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_23" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;6, 2020 (the &#8220;sum.cumo Acquisition Date&#8221;), Sapiens completed the acquisition of all the outstanding
shares of sum.cumo, a German company, which services insurers in the DACH region, helping them to achieve digital transformation
of set up their existing business models or to design entirely new business models based on pure digital processes. sum.cumo&#8217;s
experts in consulting, user experience, marketing and technology enable the region&#8217;s insurers to launch highly automated
platforms well suited for e-commerce and real-time processing of transactions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_24" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price totaled $<ix:nonFraction contextRef="c92" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchasePriceAmount" scale="3" unitRef="usd">22,487</ix:nonFraction> in cash (or $<ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCash" scale="3" unitRef="usd">21,506</ix:nonFraction> net of acquired cash). <ix:nonNumeric contextRef="c92" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">At the acquisition date, Sapiens issued an aggregate
of 173,005 RSUs to certain senior executives of sum.cumo, valued at a total of $4,400. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
In addition, sum.cumo&#8217;s senior executives have retention-based payments over three years (2020-2023) of up to approximately
$2,800. These payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition
related costs amounted to $561. Sum.cumo&#8217;s results of operations have been included in the consolidated financial statements
from the sum.cumo Acquisition Date.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 230 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_25" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents the estimated fair value allocated to sum.cumo&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_26" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c161" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">466</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntangibleAssets" scale="3" unitRef="usd">9,730</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" sign="-" unitRef="usd">3,211</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">14,521</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">21,506</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_27" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of sum.cumo is primarily attributable to sales growth from future products, new customers and
potential synergy with Sapiens, as well as certain intangible assets that do not qualify for separate recognition. The goodwill
is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_28" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_29" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Delphi Technology Inc. and its subsidiary (&#8220;Delphi&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_30" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;27, 2020 (the &#8220;Delphi Acquisition Date&#8221;), Sapiens completed the acquisition of Delphi, a leading vendor
of software solutions for property &amp; casualty (P&amp;C) carriers, with a focus on the Medical Professional Liability (or &#8220;MPL&#8221;)
and Healthcare Professional Liability (or &#8220;HCPL&#8221;) markets (sometimes referred to as &#8220;medical malpractice&#8221;).
The total purchase price was $<ix:nonFraction contextRef="c94" decimals="-3" format="ixt:num-dot-decimal" name="forty:PurchasePriceAmount" scale="3" unitRef="usd">19,600</ix:nonFraction> in cash (or $<ix:nonFraction contextRef="c95" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCash" scale="3" unitRef="usd">13,335</ix:nonFraction> net of acquired cash). Acquisition related costs amounted to $<ix:nonFraction contextRef="c94" decimals="-3" format="ixt:num-dot-decimal" name="forty:BusinessCombinationAcquisitionsRelatedCosts" scale="3" unitRef="usd">299</ix:nonFraction>. Delphi&#8217;s
results of operations have been included in the consolidated financial statements from the Delphi Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_31" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) was enacted on March&#160;27, 2020 in the United
States. On April&#160;22, 2020, Delphi applied for such aid in the form of U.S. Small Business Administration&#8217;s Paycheck
Protection Program (&#8220;PPP Loan&#8221;) in the amount of $<ix:nonFraction contextRef="c96" decimals="-3" format="ixt:num-dot-decimal" name="forty:PPPLoanAmount" scale="3" unitRef="usd">1,546</ix:nonFraction>. The PPP Loan is scheduled to mature on <ix:nonNumeric contextRef="c96" format="ixt:date-monthname-day-year-en" name="us-gaap:BusinessAcquisitionDateOfAcquisitionAgreement1">April&#160;22, 2022</ix:nonNumeric>,
has a <ix:nonFraction contextRef="c97" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">1</ix:nonFraction>% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the Paycheck Protection
Program as administered by the U.S. Small Business Administration under the CARES Act. The PPP Loan was applied for by Delphi
prior to the acquisition by Sapiens.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_32" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents the estimated fair value allocated to Delphi&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_33" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_32"><ix:nonNumeric contextRef="c162" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetLiabilitiesExcludingCashAcquired" scale="3" sign="-" unitRef="usd">6,789</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">7,562</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" unitRef="usd">2,313</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">14,875</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">13,335</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 231 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_34" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Delphi is primarily attributable to potential synergy with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_35" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_36" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Tiful Gemel Ltd. (&#8220;Tiful Gemel&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_37" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;1, 2020 (the &#8220;Tiful Gemel Acquisition Date&#8221;), Sapiens completed the acquisition of <ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">75</ix:nonFraction>% of the outstanding
shares of Tiful Gemel, an Israeli company which provides software solutions and managed services related to pension and provident
funds in the Israeli market, for a total cash consideration of $<ix:nonFraction contextRef="c98" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">1,281</ix:nonFraction>. In addition, under the share purchase agreement, Sapiens
is committed to acquire the remainder of Tiful Gemel&#8217;s outstanding shares on June&#160;1, 2023. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit
or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_38" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;8, 2021, Sapiens concluded the acquisition of additional <ix:nonFraction contextRef="c99" decimals="2" format="ixt:num-dot-decimal" name="forty:AdditionalOfTheOutstandingSharesPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% of the outstanding shares of Tiful Gemel for a total consideration
of $<ix:nonFraction contextRef="c99" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">390</ix:nonFraction>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_39" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of C&#225;lculo S.A.U. (&#8220;C&#225;lculo&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_40" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;27, 2019 (the &#8220;Acquisition Date&#8221;), Sapiens completed the acquisition of all of the share capital of
C&#225;lculo, a Spanish-based company engaged in insurance consulting and managed services, and develops, sells and supports
a proprietary core solution to the insurance Spanish market, for a total cash consideration of $<ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">5,760</ix:nonFraction> (of which $<ix:nonFraction contextRef="c101" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">5,608</ix:nonFraction> were paid
in September&#160;2019, and $<ix:nonFraction contextRef="c102" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">152</ix:nonFraction> in the first quarter of 2020). <ix:nonNumeric contextRef="c103" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">In addition, the sellers and senior executives are entitled to
performance-based payments relating to achievements of various targets over three years (2019-2021) of up to $1,700.</ix:nonNumeric> Some of these
payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. The results of C&#225;lculo&#8217;s operations have been included in the consolidated
financial statements since September&#160;2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_41" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to C&#225;lculo&#8217;s acquired assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_42" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_41"><ix:nonNumeric contextRef="c164" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">47</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,037</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">622</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">1,706</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 232 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_43" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_44" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_43"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_45" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_44"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of EnableIT, LLC (&#8220;EnableIT&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_46" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2021 (the &#8220;EnableIT Acquisition Date&#8221;), Magic Software completed the acquisition of all of the share
capital of EnableIT, a U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $
6,000 (or 5,900 net of acquired cash) of which $ 4,000 was paid upon closing and the remaining $ 2,000 to be paid in two equal
installments: one in April&#160;1, 2022 and the second and final one in April&#160;1, 2023. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. EnableIT&#8217;s results of operations
have been included in the consolidated financial statements since EnableIT Acquisition Date</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_47" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to EnableIT acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_48" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_47"><ix:nonNumeric contextRef="c165" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" sign="-" unitRef="usd">35</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,546</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentFinancialAssets" scale="3" unitRef="usd">459</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" scale="3" unitRef="usd">1,171</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,101</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">5,900</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_49" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_50" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_49"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Menarva Ltd. (&#8220;Menrava&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_51" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2021 (the &#8220;Menrava Acquisition Date&#8221;), Magic Software completed the acquisition of all of the share
capital of Menarva, an Israeli-based services company which specializes in software solutions for non-profit organizations and
the developer of Nativ, a proprietary comprehensive core system, based on Magic xpa, for management of rehabilitation centers
for a total consideration of $<ix:nonFraction contextRef="c104" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">5,595</ix:nonFraction> (or $<ix:nonFraction contextRef="c105" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">5,505</ix:nonFraction> net of acquired cash), of which, $<ix:nonFraction contextRef="c104" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">3,000</ix:nonFraction> was paid upon closing). The remaining amount
constitutes a contingent payment depending on the future operating results achieved by Menarva during 2021-2022. The fair value
of the contingent consideration on the acquisition date amounted to $<ix:nonFraction contextRef="c104" decimals="-3" format="ixt:num-dot-decimal" name="forty:FairValueOfContingentConsideration" scale="3" unitRef="usd">2,595</ix:nonFraction>. Acquisition related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 233 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_52" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition was accounted for according to the purchase method. Menrava&#8217;s results of operations were included in the consolidated
financial statements of the Company commencing Menarva Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_53" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Menarva&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_54" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_53"><ix:nonNumeric contextRef="c167" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">129</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,750</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">194</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">787</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">3,477</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c168" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">5,505</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_55" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Menarva is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_56" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_55"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of 9540 Y.G. Soft IT Ltd. (&#8220;Soft IT&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_57" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;1, 2021 (the &#8220;SoftIT Acquistion Date&#8221;), Magic Software, through one of its Israeli subsidiaries, acquired
<ix:nonFraction contextRef="c106" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareCapital" scale="-2" unitRef="pure">60</ix:nonFraction>% of the shares of Soft IT, an Israel-based services company which specializes in outsourcing of software development services
for a total consideration of up to $<ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">1,134</ix:nonFraction> (or $<ix:nonFraction contextRef="c106" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">834</ix:nonFraction> net of acquired cash), of which $<ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">367</ix:nonFraction> were paid upon closing, $<ix:nonFraction contextRef="c108" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">256</ix:nonFraction> were paid
on July&#160;4, 2021, and the remaining amount constitutes a contingent payment depending on the future operating results achieved
by Soft IT. The fair value of the contingent consideration as of the acquisition date amounted to $<ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="forty:FairValueOfContingentConsideration" scale="3" unitRef="usd">510</ix:nonFraction>. <ix:nonNumeric contextRef="c106" name="forty:MinorityShareholdersDescription">In addition, both Magic
Software and Soft IT&#8217;s minority shareholder hold a mutual call and put options, respectively, for the remaining 40% interest.</ix:nonNumeric>
Thus, the noncontrolling interests were classified as redeemable noncontrolling interests. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. Soft IT&#8217;s results of operations
were included in the consolidated financial statements of the Company commencing SoftIT Acquistion Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_58" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Soft IT&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_59" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_58"><ix:nonNumeric contextRef="c169" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">351</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,150</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">613</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">826</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" unitRef="usd">719</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">967</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c170" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">834</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 234 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_60" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Soft IT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_61" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_60"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Aptonet Inc (&#8220;Aptonet&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_62" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;7, 2020 (the &#8220;Aptonet Acquisition Date&#8221;), Magic Software acquired all of the share capital of Aptonet, a
U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $ <ix:nonFraction contextRef="c109" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">4,663</ix:nonFraction> (or $<ix:nonFraction contextRef="c110" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">3,870</ix:nonFraction> net of
acquired cash), of which $ <ix:nonFraction contextRef="c111" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="usd">3,663</ix:nonFraction> was paid upon closing and the remaining $ <ix:nonFraction contextRef="c112" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAcquiredRemainingBalance" scale="3" unitRef="usd">1,000</ix:nonFraction> paid in two equal installments, at the end of
the 6- and 12-months periods following the closing date. Acquisition related costs were immaterial. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit
or loss. Aptonet&#8217;s results of operations have been included in the consolidated financial statements since Aptonet Acquisition
Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_63" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Aptonet is primarily attributable to potential synergies with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_64" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_63"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Apronet&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_65" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_64"><ix:nonNumeric contextRef="c171" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c172" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">529</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c172" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,556</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c172" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,785</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c172" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">3,870</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_66" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_65"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Stockell Information Systems, Inc (&#8220;Stockell&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_67" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_66"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;2, 2020 (the &#8220;Stockell Acquisition Date&#8221;), Magic Software acquired all of the share capital of Stockell,
a U.S.-based services company, specializing in IT staffing and recruiting, for a total consideration of $ <ix:nonFraction contextRef="c113" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmount" scale="3" unitRef="usd">7,714</ix:nonFraction>, of which $ <ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">6,265</ix:nonFraction>
was paid upon closing with the remaining $ <ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAcquiredRemainingBalance" scale="3" unitRef="usd">1,449</ix:nonFraction> due 12 months following the closing date. In December&#160;2021 and following
a few discrepancies in the sellers&#8217; disclosures, Magic Software paid as a final consideration additional $<ix:nonFraction contextRef="c115" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinalConsiderationAmount" scale="3" unitRef="usd">760</ix:nonFraction> to settle
the remainder of the consideration. Acquisition<b>-</b>related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Stockell&#8217;s
results of operations have been included in the consolidated financial statements since the Stockell Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_68" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Stockell is primarily attributable to potential synergy with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 235 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_69" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_68"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the estimated fair values allocated to Stockell&#8217;s acquired
                                         assets and assumed liabilities, with reference to the acquisition as of the acquisition
                                         date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_70" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_69"><ix:nonNumeric contextRef="c173" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,051</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,616</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,047</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">7,714</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_71" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_70"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Mobisoft Ltd (&#8220;Mobisoft&#8221;) and Magic Hands B.V (&#8220;Magic Hands&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_72" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July&#160;2020 and June&#160;2020, Magic Software acquired <ix:nonFraction contextRef="c116" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareCapital" scale="-2" unitRef="pure">70</ix:nonFraction>% of the outstanding share capital of Mobisoft and all of the outstanding
share capital of Magic Hands., respectively. The cash consideration paid for both Mobisoft and Magic Hands individually and in
the aggregate, was not material and amounted to $ <ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateSecurityAmount" scale="3" unitRef="usd">11,340</ix:nonFraction>. Magic Software and the seller of Mobisoft both hold mutual options to
purchase and sell (respectively) the remaining <ix:nonFraction contextRef="c118" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">30</ix:nonFraction>% interest in Mobisoft which may be exercised during the three-year period beginning
following the third-year anniversary of the acquisition. Unaudited pro forma condensed results of operations were not presented
since they were not material to the Company&#8217;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
Mobisoft&#8217;s and Magic Hands&#8217; results of operations were included in the consolidated financial statements of the Company
since their respective acquisition dates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_73" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_72"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the aggregated estimated fair values allocated to Mobisfot&#8217;s and Magic Hands&#8217; acquired
assets and assumed liabilities, with reference to the acquisition as of their respective acquisition dates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_74" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_73"><ix:nonNumeric contextRef="c174" escape="true" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">1,069</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,553</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">5,718</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">11,340</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_75" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_74"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of NetEffects Inc. (&#8220;NetEffects&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_76" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_75"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;1, 2019, Magic Software acquired a all of the share capital of NetEffects, a U.S based services company, engaged in
IT staffing and recruiting services, for a total consideration of $<ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">12,500</ix:nonFraction> (or $<ix:nonFraction contextRef="c120" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">12,333</ix:nonFraction> net of acquired cash), of which $<ix:nonFraction contextRef="c121" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">9,400</ix:nonFraction> was
paid upon closing, $<ix:nonFraction contextRef="c122" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">1,550</ix:nonFraction> was paid during 2020 and the remaining $<ix:nonFraction contextRef="c123" decimals="-3" format="ixt:num-dot-decimal" name="forty:PaidUpAmount" scale="3" unitRef="usd">1,550</ix:nonFraction> was paid during 2021. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The results of operations were included in the consolidated financial statements of the Group commencing
July&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_77" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of NetEffects is primarily attributable to potential synergy with Magic Software&#8217;s U.S. IT
staffing operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 236 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_78" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Neteffect&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_79" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_78"><ix:nonNumeric contextRef="c175" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">91</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">8,716</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">3,526</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">12,333</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_80" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_79"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of PowWow Inc. (&#8220;PowWow&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_81" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_80"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2019, Magic Software acquired all of the share capital of PowWow, creator of SmartUX&#8482;, a leading Low-Code
development platform for mobilizing and modernizing enterprise applications, for a total consideration of $<ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCash" scale="3" unitRef="usd">8,443</ix:nonFraction> (net of acquired
cash). Total consideration included an estimated deferred consideration of $<ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">2,040</ix:nonFraction> contingent upon PowWow meeting various revenue
targets over three years (2020-2022). During 2020, Magic Software reversed the entire contingent amount as its management estimated
that PowWow will not meet its revenue targets. Acquisition related costs amounted to $<ix:nonFraction contextRef="c125" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCost" scale="3" unitRef="usd">980</ix:nonFraction>. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
The results of operations were included in the consolidated financial statements of the Group commencing April&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_82" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_81"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to PowWow&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_83" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_82"><ix:nonNumeric contextRef="c176" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetLiabilitiesExcludingAcquiredCash" scale="3" sign="-" unitRef="usd">1,557</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,855</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">7,145</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c124" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">8,443</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_84" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_83"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of OnTarget Group Inc (&#8220;OnTarget&#8221;).</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_85" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;28, 2019, <ix:nonNumeric contextRef="c126" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">Magic Software acquired all of the share capital of OnTarget, a U.S.-based services company, specializes
in outsourcing of software development services, for a total consideration of $12,456. Total consideration consists of $7,000
of which $6,000 was paid in cash upon closing with $1,000 deferred and paid in two equal installments on the six-month and 15-month
anniversary of the closing. The remaining amount constitutes a deferred payment contingent upon OnTarget meeting future operating
results over four years (2019-2022). Based on OnTarget&#8217;s operating results between 2019 and 2021, Magic Software estimates
the total purchase price is expected to amount to approximately $19,617. Beyond the $6,500 paid in 2019, Magic Software paid $1,000
in 2020, $1,000 in 2021 and $2,000 in 2022. Unaudited pro forma condensed results of operations were not presented since they
were not material to the Company&#8217;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
OnTarget results of operations were included in the consolidated financial statements of the Company commencing March&#160;1,
2019</ix:nonNumeric>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_86" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_85"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of OnTaret is primarily attributable to potential synergy with Magic Software&#8217;s operations,
as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax
purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 237 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_87" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_86"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocate to OnTarget&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_88" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_87"><ix:nonNumeric contextRef="c177" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">444</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,908</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" unitRef="usd">1,276</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">8,380</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">12,456</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_89" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_88"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October&#160;1, 2019 Magic Software acquired <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">30</ix:nonFraction>% of the share capital of Infinigy Solutions LLC (&#8220;Infinigy&#8221;), increasing its share capital interest from <ix:nonFraction contextRef="c128" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">70</ix:nonFraction>% to <ix:nonFraction contextRef="c129" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">100</ix:nonFraction>%, for a total cash consideration of $<ix:nonFraction contextRef="c127" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">4,393</ix:nonFraction>, which was paid upon closing. Infinigy is U.S.-based services company focused on expanding the development and implementation of technical solutions which deliver design-driven turnkey solutions, combining Architecture and Engineering, or A&amp;E design, project management and general contracting competencies, across the wireless communications industry.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_90" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_89"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_91" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_90"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of AVB Technologies Ltd. (&#8220;AVB Technologies&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_92" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_91"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October&#160;5, 2021, Matrix, through Matrix Integration and Infrastructure Ltd., Matrix&#8217;s wholly owned subsidiary, acquired
<ix:nonFraction contextRef="c130" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareCapital" scale="-2" unitRef="pure">60</ix:nonFraction>% of the share capital of AVB Technologies for cash consideration of NIS <ix:nonFraction contextRef="c131" decimals="0" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmount" scale="0" unitRef="ils">4,626</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c131" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmount" scale="3" unitRef="usd">1,433</ix:nonFraction>), or NIS <ix:nonFraction contextRef="c132" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="0" unitRef="ils">4,068</ix:nonFraction> (approximately
$<ix:nonFraction contextRef="c132" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">1,260</ix:nonFraction>) net of acquired cash. As part of the purchase agreement, the sellers may be entitled to additional future consideration
contingent upon AVB Technologies meeting certain future operating profit targets. As of the acquisition date, Matrix estimates
the future value of the contingent consideration at NIS <ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="0" unitRef="ils">2,127</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c133" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">659</ix:nonFraction>). AVB Technologies provides services in the
field of multimedia systems. AVB Technologies&#8217; services vary from constructing multimedia systems for meeting rooms to video
conference rooms, state of the art digital display solutions, video walls, command and control management rooms, advanced audio
solutions and advanced display solutions. Acquisition related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. AVB
Technologies results of operations were included in the consolidated financial statements of the Company commencing October&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 238 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_93" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_92"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated
                                         to AVB Technologies&#8217; acquired assets and assumed liabilities, with reference to
                                         the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_94" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_93"><ix:nonNumeric contextRef="c179" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">234</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">101</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,030</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" sign="-" unitRef="usd">237</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">1,114</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" sign="-" unitRef="usd">338</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,584</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">1,260</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_95" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_94"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of AVB Technologies are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_96" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_95"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of I.T.D. Group Ltd. (&#8220;I.T.D. Group&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_97" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_96"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;29, 2021, <ix:nonNumeric contextRef="c134" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">Matrix acquired 75% of the share capital of the I.T.D. Group for a cash consideration of NIS 5,750 (approximately
$1,771) or NIS 3,669 net of acquired cash (approximately $1,132). As part of the purchase agreement, the sellers may still be
entitled to future additional consideration contingent upon I.T.D. Group achieving certain future operating profit targets. As
of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 693 (approximately $213). Matrix
also holds a future call option to purchase the remaining 25% of I.T.D</ix:nonNumeric>. Group&#8217;s share capital. I.T.D. Group is a leading
provider of software development, regulation and cybersecurity services for the healthcare industry in Israel, assisting companies
to: design and develop innovative solutions, services, and desktop, mobile, and cloud-based apps; ensure rock-solid cybersecurity
and privacy in compliance with HIPAA/GDPR standards; and manage FDA/CE submissions. Acquisition<b>-</b>related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. I.T.D Group&#8217;s results of operations were included in the consolidated financial statements
of the Company commencing May&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_98" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to I.T.D Group&#8217;s acquired assets
and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_99" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_98"><ix:nonNumeric contextRef="c181" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">86</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">179</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">781</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" sign="-" unitRef="usd">321</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">1,574</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" unitRef="usd">155</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,136</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">1,132</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_100" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_99"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of I.T.D. Group are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 239 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_101" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_100"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of SQ Service Quality Ltd. (&#8220;SQ Service Quality&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_102" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_101"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;5, 2021, Babcom Centers Ltd., a subsidiary of Matrix, acquired <ix:nonFraction contextRef="c135" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareCapital" scale="-2" unitRef="pure">60</ix:nonFraction>% of the share capital of SQ Service Quality for cash
consideration of NIS <ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="0" unitRef="ils">4,043</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalConsiderationAmounts" scale="3" unitRef="usd">1,218</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="0" unitRef="ils">2,734</ix:nonFraction> net of acquired cash (approximately $<ix:nonFraction contextRef="c135" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">822</ix:nonFraction>). As part of the purchase
agreement, the sellers may still be entitled to future additional consideration contingent upon SQ Service Quality achieving certain
future operating profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration
at NIS <ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="0" unitRef="ils">344</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">104</ix:nonFraction>). Matrix and SQ Service Quality&#8217;s minority shareholder hold mutual call and put options for
the remaining <ix:nonFraction contextRef="c136" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">40</ix:nonFraction>% interest in SQ Service Quality. SQ Service Quality has been active for more than a decade and it accompanies
organizations and companies in service quality improvement processes. Acquisition<b>-</b>related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. SQ Service Quality results of operations were included in the consolidated financial statements of
the Company commencing April&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_103" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_102"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to SQ Service Quality&#8217;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_104" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_103"><ix:nonNumeric contextRef="c183" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="0" unitRef="usd">84</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="0" unitRef="usd">64</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="0" unitRef="usd">431</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="0" sign="-" unitRef="usd">99</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="0" unitRef="usd">107</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="0" sign="-" unitRef="usd">797</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="0" unitRef="usd">1,246</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="0" unitRef="usd">822</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_105" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_104"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of SQ Service Quality are provisional and are based on information that was available
                                         as of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_106" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_105"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of A.A Engineering Ltd. (&#8220;A.A Engineering&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_107" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_106"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;5, 2021, Dana Engineering Ltd. <ix:nonNumeric contextRef="c137" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">(a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797).</ix:nonNumeric> As part of the purchase agreement, the
sellers may be entitled to future additional consideration contingent upon A.A Engineering achieving certain future operating
profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS <ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="0" unitRef="ils">474</ix:nonFraction> (approximately
$<ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">143</ix:nonFraction>). Matrix holds a call option for the remaining <ix:nonFraction contextRef="c138" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">25</ix:nonFraction>% share interest in A.A Engineering. Since 1973, A.A Engineering specializes
in planning, management, coordination and supervision work in civil engineering projects serving a wide range of customers, both
from institutions and public bodies and from leading companies in the Israeli economy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 240 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_108" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_107"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition<b>-</b>related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#8217;s consolidated statement of profit or loss. A.A Engineering&#8217;s results of operations were included in the
consolidated financial statements of the Company commencing April&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_109" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_108"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to A.A Engineering&#8217;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_110" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_109"><ix:nonNumeric contextRef="c185" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">389</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="usd">104</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">1,139</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" sign="-" unitRef="usd">262</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">260</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" unitRef="usd">527</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,214</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">2,797</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_111" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_110"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of A.A Engineering are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_112" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_111"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Gestetnertec Ltd. (&#8220;Gestetnertec&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_113" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_112"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;9, 2020, Matrix acquired <ix:nonFraction contextRef="c139" decimals="2" format="ixt:num-dot-decimal" name="forty:ShareCapitalPercentage" scale="-2" unitRef="pure">51</ix:nonFraction>% of the share capital of Gestetnertec, an Israeli-based company and a provider of comprehensive
solutions in the area of printing, document production services including, among other things, three-dimensional model printing
solutions, for a total consideration of approximately NIS <ix:nonFraction contextRef="c139" decimals="0" format="ixt:num-dot-decimal" name="forty:TotalCashConsiderationNetOfAcquiredCash" scale="0" unitRef="ils">49,853</ix:nonFraction> million (or $<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalCashConsiderationNetOfAcquiredCash" scale="3" unitRef="usd">14,475</ix:nonFraction>), or NIS <ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="0" unitRef="ils">31,576</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">9,169</ix:nonFraction>) net
of acquired cash. In addition, Matrix and the sellers hold mutual call and put options, respectively, for the remaining <ix:nonFraction contextRef="c139" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">49</ix:nonFraction>% interest
in Gestetnertec. The fair value of the put option measured on the acquisition date amounted to NIS <ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="0" unitRef="ils">61,238</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">17,781</ix:nonFraction>).
Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were
not material to the Company&#8217;s consolidated statement of profit or loss. The results of Gestetnertec&#8217;s operations have
been included in the consolidated financial statements since July&#160;1, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_114" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_113"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Gestetnertec is primarily attributable to potential synergy with Matrix operations, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 241 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_115" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_114"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated<sup>(1)</sup> fair values of the assets acquired and liabilities at the date
of acquisition:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_116" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_115"><ix:nonNumeric contextRef="c187" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">12,746</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank credit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" scale="3" unitRef="usd">10,598</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" sign="-" unitRef="usd">135</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liability
    to acquire non-controlling interests (put option)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="usd">17,781</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">16,337</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" sign="-" unitRef="usd">4,021</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">12,621</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">9,169</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>


</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_117" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_116"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of Gestetnertec are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value reflected are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_118" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_117"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of RightStar Inc. (&#8220;RightStar&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_119" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_118"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;16, 2020, Matrix acquired all of the share capital of RightStar, a U.S. based company and a seller and an integrator
of BMC and Atlassian Jira solutions, for total consideration of approximately $<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalCashConsiderationNetOfAcquiredCash" scale="3" unitRef="usd">3,566</ix:nonFraction> (or $<ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">100</ix:nonFraction>), net of acquired cash, of which
$<ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="usd">3,040</ix:nonFraction> was paid in cash and $<ix:nonFraction contextRef="c144" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashTransferred" scale="3" unitRef="usd">526</ix:nonFraction> thousands was paid on January&#160;15, 2021. Sellers may also be entitled to a contingent consideration,
estimated as of the acquisition date at $<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">1,032</ix:nonFraction>, upon RightStar meeting various operating profit targets. Based on RightStar&#8217;s
operating results Matrix estimates the contingent consideration as of December&#160;31, 2021 at approximately $<ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquiredCost" scale="3" unitRef="usd">2,300</ix:nonFraction>. Acquisition
related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material
to the Company&#8217;s consolidated statement of profit or loss. The results of RightStar&#8217;s operations have been included
in the consolidated financial statements since November&#160;2020. The goodwill from the acquisition of RightStar is primarily
attributable to potential synergy with Matrix U.S. operations, as well as certain intangible assets that do not qualify for separate
recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_120" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_119"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated <sup>(1)</sup> fair values of the assets acquired and liabilities at the
date of acquisition:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_121" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_120"><ix:nonNumeric contextRef="c188" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" sign="-" unitRef="usd">763</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    liability in respect of business combinations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" scale="3" unitRef="usd">1,077</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">354</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" sign="-" unitRef="usd">95</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">922</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" sign="-" unitRef="usd">659</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_122" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_121"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of RightStar are provisional and are based on information that was available as of the
                                         acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 242 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_123" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_122"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January&#160;2020, <ix:nonNumeric contextRef="c145" name="us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity">Matrix acquired 40% of the share capital of Network Infrastructure Technologies (NIT), increasing its share capital interest from 60% to 100%, for a total cash consideration of $4,500, which was paid upon closing.</ix:nonNumeric></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_124" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_123"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Techtop Ltd. (&#8220;TechTop&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_125" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_124"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;7, 2019, Matrix purchased the net assets of Techtop, (meeting the definition of a business) for a cash consideration
of NIS <ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="forty:CashConsiderationAmount" scale="0" unitRef="ils">17,087</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashConsiderationAmount" scale="3" unitRef="usd">4,764</ix:nonFraction>). TechTop is a leasing Israeli supplier of professional sound and systems. As part of the
purchase price allocation, the excess of the purchase price paid over the value of net assets acquired in the amount of NIS <ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="forty:AssetsAcquiredRemainingBalance" scale="0" unitRef="ils">8,602</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="forty:AssetsAcquiredRemainingBalance" scale="3" unitRef="usd">2,398</ix:nonFraction>) was allocated to goodwill. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
Techtop results of operations were included in the consolidated financial statements of the Company commencing April&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_126" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_125"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Medatech Information Technologies Ltd. (&#8220;Medatech Technologies&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_127" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_126"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;20, 2019, <ix:nonNumeric contextRef="c147" continuedAt="_DescriptionOfPrimaryReasonsForBusinessCombination-c147_cont_1" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">Matrix acquired all the share capital of Medatech Technologies, an Israeli-based company and a leading
system integrator with many years of experience in distributing and</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_128" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_127"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:continuation id="_DescriptionOfPrimaryReasonsForBusinessCombination-c147_cont_1">implementing
Priority ERP software, for NIS 85,000 (approximately $23,500) or NIS 77,753 (approximately $21,496) net of acquired cash. On April&#160;7,
2019, Matrix acquired additional 25% of the issued and outstanding share capital of Medatech Systems Inc., (&#8220;Medatech Systems&#8221;)
a subsidiary of Medatech Technologies, for NIS 5,175 (approximately $1,443) or NIS 2,007 (approximately $560) net of acquired
cash. Resulting from the acquisition, Medatech Technologies interest in the issued and outstanding share capital of Medatech Systems
increased to 75%. Matrix and the seller both hold mutual options to purchase and sell (respectively) 5% of the remaining share
capital of Medatech Systems at the end of the second-year anniversary following the acquisition.</ix:continuation> Acquisition related costs were
immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. Medatech results of operations were included in the consolidated financial statements
of the Company commencing March&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_129" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_128"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_130" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_129"><ix:nonNumeric contextRef="c189" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" unitRef="usd">2,340</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">7,553</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" unitRef="usd">2,276</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Credit
    from banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepositsFromBanks" scale="3" unitRef="usd">5,550</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" sign="-" unitRef="usd">434</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">20,423</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c190" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">22,056</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 243 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_131" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_130"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Dana Engineering Ltd. (&#8220;Dana Engineering&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_132" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_131"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;6, 2019, Matrix acquired <ix:nonFraction contextRef="c148" decimals="2" format="ixt:num-dot-decimal" name="forty:IssuedAndOutstandingPercentage" scale="-2" unitRef="pure">80</ix:nonFraction>% of the issued and outstanding share capital of Dana Engineering, an Israeli-based company
providing project management services in the field of national infrastructure in Israel, for total cash consideration of NIS <ix:nonFraction contextRef="c148" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="0" unitRef="ils">52,000</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">14,370</ix:nonFraction>). Matrix and the seller hold mutual options to purchase and sell (respectively) the remaining <ix:nonFraction contextRef="c148" decimals="2" format="ixt:num-dot-decimal" name="forty:InterestRatePercentage1" scale="-2" unitRef="pure">20</ix:nonFraction>% interest
in Dana Engineering which may be exercised following the second-year anniversary of the acquisition. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. Dana Engineering results of operations were included in the consolidated financial statements
of the Company commencing February&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_133" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_132"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_134" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_133"><ix:nonNumeric contextRef="c191" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" sign="-" unitRef="usd">9,270</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">5,311</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" scale="3" unitRef="usd">1,138</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" unitRef="usd">5,235</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">9,746</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c148" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" sign="-" unitRef="usd">586</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_135" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_134"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Michpal</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_136" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_135"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Liram Financial Software Ltd. (&#8220;Liram&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_137" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_136"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;17, 2020, Michpal acquired <ix:nonFraction contextRef="c149" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfSubsidiaryOutstandingShares" scale="-2" unitRef="pure">70</ix:nonFraction>% of the share capital of Liram, an Israeli-based company and a provider of proprietary
integrated specialized solutions in the field of financial accounting, taxation and compliance, for a total cash consideration
of NIS <ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="forty:TotalCashConsiderationNetOfAcquiredCash" scale="0" unitRef="ils">15,260</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalCashConsiderationNetOfAcquiredCash" scale="3" unitRef="usd">4,319</ix:nonFraction>). In addition, Michpal and the seller hold mutual call and put options, respectively, for
the remaining <ix:nonFraction contextRef="c149" decimals="2" format="ixt:num-dot-decimal" name="forty:RemainingInterestRate" scale="-2" unitRef="pure">30</ix:nonFraction>% interest in Liram. Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations
were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Liram results
of operations were included in the consolidated financial statements of the Company commencing May&#160;1, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_138" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_137"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_139" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_138"><ix:nonNumeric contextRef="c192" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetLiabilitiesExcludingCashAcquired" scale="3" sign="-" unitRef="usd">751</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="forty:RedeemableNoncontrollingInterests" scale="3" sign="-" unitRef="usd">821</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">4,529</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" sign="-" unitRef="usd">1,042</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">2,404</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">4,319</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 244 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS (Cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_140" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_139"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Unique Software Industries Ltd.</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_141" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_140"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2019, <ix:nonNumeric contextRef="c150" name="ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination">Michpal acquired all of the share capital of Unique Software Industries Ltd. (&#8220;Unique&#8221;), an Israeli-based
company and a provider of integrated solutions in the field of payroll, including pay-stubs, pension services management, education
funds management, and software solutions for managing employee attendance, for total cash consideration of NIS 48,650 (approximately
$14,049), or NIS 44,945 (approximately $12,979) net of acquired cash. In accordance with the purchase agreement, the seller may
also be entitled to receive a performance-based payment capped at NIS 12,218 (approximately $3,528), estimated on the date of
the acquisition at NIS 9,736 (approximately $2,811), subject to certain milestones to be met by Unique over the four years following
the acquisition date.</ix:nonNumeric> Acquisition<b>-</b>related costs were immaterial. Unaudited pro forma condensed results of operations were
not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Unique&#8217;s results
of operations were included in the consolidated financial statements of the Company commencing November&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_142" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_141"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_142"><ix:nonNumeric contextRef="c193" escape="true" name="forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetAssetsExcludingCashAcquired" scale="3" sign="-" unitRef="usd">244</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">8,425</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" scale="3" sign="-" unitRef="usd">1,938</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="usd">9,547</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="usd">15,790</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            4:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKETABLE
                                         SECURITIES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_2" id="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the composition of the Group&#8217;s investment in marketable securities:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_3" id="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfMarketableSecuritiesTableTextBlock-c0_cont_1" escape="true" name="forty:ScheduleOfMarketableSecuritiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    bonds designated at fair value through profit or loss <sup>(1)</sup></span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" id="ix_2_fact" name="forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,142</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" id="ix_3_fact" name="forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialAssetsAvailableforsale" scale="3" unitRef="usd">1,142</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialAssetsAvailableforsale" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation id="_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock-c0_cont_3"><ix:continuation id="_ScheduleOfMarketableSecuritiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:GainsLossesFromMarketableSecurities" scale="3" sign="-" unitRef="usd">35</ix:nonFraction>), $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:GainsLossesFromMarketableSecurities" scale="3" unitRef="usd">126</ix:nonFraction> and ($<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:GainsLossesFromMarketableSecurities" scale="3" sign="-" unitRef="usd">96</ix:nonFraction>), respectively.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 245 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            5:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PREPAID
                                         EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock-c0_cont_2" id="_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the composition of the Group&#8217;s prepaid expenses, other accounts receivable and other investments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses and advances to suppliers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentPrepaidExpensesAndAdvancesToSuppliers" scale="3" unitRef="usd">48,871</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentPrepaidExpensesAndAdvancesToSuppliers" scale="3" unitRef="usd">47,155</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    departments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentGovernmentDepartments" scale="3" unitRef="usd">20,911</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentGovernmentDepartments" scale="3" unitRef="usd">29,973</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Employees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentEmployees" scale="3" unitRef="usd">326</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentEmployees" scale="3" unitRef="usd">301</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Related
    Parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentRelatedParties" scale="3" unitRef="usd">278</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentRelatedParties" scale="3" unitRef="usd">404</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:OthersCurrentAccountsReceivable" scale="3" unitRef="usd">1,732</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:OthersCurrentAccountsReceivable" scale="3" unitRef="usd">5,987</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentReceivables" scale="3" unitRef="usd">72,118</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentReceivables" scale="3" unitRef="usd">83,820</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            6:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Fair
                                         value measurement</b></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_2" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining fair value, the Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use
of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_3" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s financial assets and liabilities measured at fair value on a recurring basis, including accrued interest components,
consisted of the following types of instruments as of December&#160;31, 2020 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_4" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c195" decimals="-3" format="ixt:num-dot-decimal" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,142</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-181"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,142</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c195" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyDerivativeContract" scale="3" unitRef="usd">188</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-182"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyDerivativeContract" scale="3" unitRef="usd">188</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-183"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="-3" format="ixt:num-dot-decimal" id="ix_4_fact" name="forty:DividendPreferenceDerivativeInTSG" scale="3" unitRef="usd">2,023</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" id="ix_5_fact" name="forty:DividendPreferenceDerivativeInTSG" scale="3" unitRef="usd">2,023</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c195" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">1,330</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">2,023</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">3,353</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-184"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentConsiderationInRespectOfBusinessCombination" scale="3" unitRef="usd">24,495</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentConsiderationInRespectOfBusinessCombination" scale="3" unitRef="usd">24,495</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-185"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" scale="3" unitRef="usd">71,278</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" scale="3" unitRef="usd">71,278</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-186">-</div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="-3" format="ixt:num-dot-decimal" name="forty:Liabilitiy" scale="3" unitRef="usd">95,773</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:Liabilitiy" scale="3" unitRef="usd">95,773</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_5" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_4"><ix:continuation continuedAt="_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock-c0_cont_2" id="_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c197" decimals="-3" format="ixt:num-dot-decimal" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-187"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-188"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" id="ix_6_fact" name="forty:DividendPreferenceDerivativeInTSG" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" id="ix_7_fact" name="forty:DividendPreferenceDerivativeInTSG" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c197" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">1,238</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:Asste" scale="3" unitRef="usd">2,945</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>

<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c197" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyDerivativeContract" scale="3" unitRef="usd">707</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-189"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyDerivativeContract" scale="3" unitRef="usd">707</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-190"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentConsiderationInRespectOfBusinessCombination" scale="3" unitRef="usd">18,456</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentConsiderationInRespectOfBusinessCombination" scale="3" unitRef="usd">18,456</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-191"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" scale="3" unitRef="usd">64,018</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" scale="3" unitRef="usd">64,018</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c197" decimals="-3" format="ixt:num-dot-decimal" name="forty:Liabilitiy" scale="3" unitRef="usd">707</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" name="forty:Liabilitiy" scale="3" unitRef="usd">82,474</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:Liabilitiy" scale="3" unitRef="usd">83,181</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><ix:continuation id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_5"><ix:continuation id="_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 246 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            7:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Investments
                                         in companies accounted for at equity METHOD</b></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Group&#8217;s investments in companies accounted for at equity:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:SummaryOfFormulasInvestmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">TSG
    (Joint venture)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">27,633</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">27,165</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    investments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="3" unitRef="usd">1,267</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="3" unitRef="usd">1,146</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">28,900</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">28,311</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Investment
in TSG</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds directly a <ix:nonFraction contextRef="c199" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" unitRef="pure">50</ix:nonFraction>% share interest in the issued and outstanding share capital of TSG, a joint venture engaged in the fields of command-and-control systems, intelligence, homeland security and cyber security. The Company&#8217;s investment in TSG is reflected in the consolidated financial statements using the equity method of accounting. At the acquisition date the Company attributed an amount of $<ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractualCommitmentsForAcquisitionOfIntangibleAssets" scale="3" unitRef="usd">2,140</ix:nonFraction> to a separate component of dividend preference derivative. The dividend preference derivative is measured at fair value through profit or loss and is presented in the consolidated statements of financial position under long-term prepaid expenses, other accounts and other investments.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the balances related to the Company&#8217;s investment in
                                         TSG in the consolidated statements of financial position:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Investment
    in companies accounted for at equity method</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:SharesInvestmentInJointVenture" scale="3" unitRef="usd">18,391</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:SharesInvestmentInJointVenture" scale="3" unitRef="usd">18,225</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capital
    note</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CapitalNotesInvestmentInJointVenture" scale="3" unitRef="usd">9,242</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CapitalNotesInvestmentInJointVenture" scale="3" unitRef="usd">8,940</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalInvestmentInJointVenture" scale="3" unitRef="usd">27,633</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalInvestmentInJointVenture" scale="3" unitRef="usd">27,165</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term
    prepaid expenses, other accounts, and other investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    preference derivative at fair value through profit or loss</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPreferenceDerivativeInTsg" scale="3" unitRef="usd">2,023</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:DividendPreferenceDerivativeInTsg" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 247 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            7:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Investments
                                         in companies accounted for at equity </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Cont.)</span></b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the changes in the fair value of TSG&#8217;s dividend preference
                                         derivative:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,539</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in fair value recognized in profit or loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" scale="3" unitRef="usd">255</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" scale="3" unitRef="usd">48</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency
    exchange rate in other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrencyExchangeRateInOtherComprehensiveIncome" scale="3" unitRef="usd">61</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrencyExchangeRateInOtherComprehensiveIncome" scale="3" unitRef="usd">120</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">2,023</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,707</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the changes in the carrying amount of the Company&#8217;s
                                         investment in TSG:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfActivityOfInvestmentInTSGTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">January&#160;1,
    2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c43" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentAccountedForUsingEquityMethods" scale="3" unitRef="usd">25,683</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CompanysShareOfEarningsLossesOfJointVenture" scale="3" unitRef="usd">1,771</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareOfOtherComprehensiveIncomeOfJointVenture" scale="3" unitRef="usd">62</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    Share in dividend declared by TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:CompanysShareInDividendDeclaredByTsg" scale="3" sign="-" unitRef="usd">1,500</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2019</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentAccountedForUsingEquityMethods" scale="3" unitRef="usd">26,016</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:CompanysShareOfEarningsLossesOfJointVenture" scale="3" unitRef="usd">1,318</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareOfOtherComprehensiveIncomeOfJointVenture" scale="3" sign="-" unitRef="usd">169</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentAccountedForUsingEquityMethods" scale="3" unitRef="usd">27,165</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CompanysShareOfEarningsLossesOfJointVenture" scale="3" unitRef="usd">340</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShareOfOtherComprehensiveIncomeOfJointVenture" scale="3" unitRef="usd">128</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:InvestmentAccountedForUsingEquityMethods" scale="3" unitRef="usd">27,633</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes financial information of TSG:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
                                         statement of financial position in accordance with IFRS as of December&#160;31, 2020
                                         and 2021 (as presented in TSG&#8217;s financial statements):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="usd">47,065</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="usd">51,056</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncurrent
    assets excluding goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="usd">8,551</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="usd">4,810</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="usd">25,167</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="usd">26,201</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Noncurrent
    liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">6,299</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">8,414</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">24,150</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">21,251</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    cost of share-based payment</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedCostOfSharebasedPayment" scale="3" sign="-" unitRef="usd">1,282</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedCostOfSharebasedPayment" scale="3" sign="-" unitRef="usd">743</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="forty:WorkingCapitalForAssetsAndLiabilities" scale="3" unitRef="usd">22,868</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="forty:WorkingCapitalForAssetsAndLiabilities" scale="3" unitRef="usd">20,508</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareInEquity" scale="-2" unitRef="pure">50</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareInEquity" scale="-2" unitRef="pure">50</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInWorkingCapital" scale="3" unitRef="usd">11,434</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInWorkingCapital" scale="3" unitRef="usd">10,254</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Excess
    cost of intangible assets net of deferred tax</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" scale="3" unitRef="usd">6,363</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" scale="3" unitRef="usd">7,075</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">9,836</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">9,836</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    carrying amount of the investment in TSG</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">27,633</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="3" unitRef="usd">27,165</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 248 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            7:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Investments
                                         in companies accounted for at equity</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table presents key highlights of TSG&#8217;s profit or loss in accordance with
                                         IFRS for the years ended December&#160;31, 2019, 2020 and 2021 (as presented in TSG&#8217;s
                                         financial statements):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="forty:SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">77,035</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">77,661</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">84,350</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">2,104</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">4,059</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" unitRef="usd">4,966</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherInvestmentComprehensiveIncome" scale="3" unitRef="usd">255</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherInvestmentComprehensiveIncome" scale="3" sign="-" unitRef="usd">338</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="forty:OtherInvestmentComprehensiveIncome" scale="3" unitRef="usd">124</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeOtherNetOfTax" scale="3" unitRef="usd">2,359</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeOtherNetOfTax" scale="3" unitRef="usd">3,721</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeOtherNetOfTax" scale="3" unitRef="usd">5,090</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareProfit" scale="-2" unitRef="pure">50</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareProfit" scale="-2" unitRef="pure">50</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfShareProfit" scale="-2" unitRef="pure">50</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">1,180</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">1,861</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">2,545</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of excess cost of intangible assets net of tax</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" scale="3" sign="-" unitRef="usd">712</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" scale="3" sign="-" unitRef="usd">712</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" scale="3" sign="-" unitRef="usd">712</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of total comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">468</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">1,149</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" scale="3" unitRef="usd">1,833</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">128</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="usd">169</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">62</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">340</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,318</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,771</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingResultsTotal" scale="3" unitRef="usd">468</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingResultsTotal" scale="3" unitRef="usd">1,149</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="-3" format="ixt:num-dot-decimal" name="forty:OperatingResultsTotal" scale="3" unitRef="usd">1,833</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            8:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPERTY,
                                         PLANTS AND EQUIPMENT, NET</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
                                         plants and equipment, net, are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cost:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c204" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">148,033</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c205" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">140,583</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c206" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">8,362</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c207" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">8,623</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-192"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c209" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">975</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c210" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">41,700</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">39,284</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">198,095</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:PropertyPlantAndEquipmentsGross" scale="3" unitRef="usd">189,465</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    depreciation:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c204" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">111,258</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c205" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">104,576</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c206" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">4,697</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c207" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">3,875</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-193"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c209" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">112</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c210" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">25,254</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">21,726</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">141,209</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" scale="3" unitRef="usd">130,289</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciated
    cost</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" scale="3" unitRef="usd">56,886</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" scale="3" unitRef="usd">59,176</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expenses totaled $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="usd">12,071</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="usd">16,513</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="usd">20,468</ix:nonFraction> for the years ended December&#160;31, 2019, 2020 and 2021, respectively.</span></td>
</tr></table></ix:continuation><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 249 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N<span style="text-transform: uppercase">ot</span>E
                            9:- </span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I<span style="text-transform: uppercase">ntangible
                                         Assets, Net</span></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
                                         assets, net, are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfIntangibleAssetsNetTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Original
    amounts:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">271,357</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c213" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">221,220</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c214" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">304,816</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c215" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">247,445</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c216" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">100,029</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c217" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">100,159</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c218" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">6,938</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c219" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">6,909</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c220" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">1,544</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c221" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">1,493</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c222" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">23,531</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c223" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">3,549</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">708,215</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:OriginalAmountsOfIntangibleAssetsNet" scale="3" unitRef="usd">580,775</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    amortization:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">232,779</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c213" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">179,587</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c214" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">151,673</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c215" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">120,165</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c216" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">61,163</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c217" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">48,087</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c218" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">6,938</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c219" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">6,909</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c220" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">1,145</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c221" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">958</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c222" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">12,581</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c223" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">2,806</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">466,279</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:AccumulatedAmortizationOfIntangibleAssetsNet" scale="3" unitRef="usd">358,512</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="usd">241,936</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="usd">222,263</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expenses totaled $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="usd">41,330</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="usd">44,586</ix:nonFraction>, and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="usd">58,684</ix:nonFraction> for the years ended December&#160;31, 2019, 2020 and 2021, respectively.</span></td>
</tr></table></ix:continuation><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            10:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Goodwill</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_2" id="_DisclosureOfGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the changes in the carrying amount of goodwill for the years ended December&#160;31, 2020 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_3" id="_DisclosureOfGoodwillExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillBusinessCombination" scale="3" unitRef="usd">872,424</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillBusinessCombination" scale="3" unitRef="usd">724,193</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="3" unitRef="usd">49,416</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="3" unitRef="usd">116,416</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Classifications</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ClassificationsAboutGoodwill" scale="3" unitRef="usd">1,585</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ClassificationsAboutGoodwill" scale="3" unitRef="usd">3,066</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslationAdjustmentsForGoodwill" scale="3" unitRef="usd">9,429</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ForeignCurrencyTranslationAdjustmentsForGoodwill" scale="3" unitRef="usd">28,749</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillBusinessCombination" scale="3" unitRef="usd">932,854</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:GoodwillBusinessCombination" scale="3" unitRef="usd">872,424</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group performed annual impairment tests as of December&#160;31, 2019, 2020 and 2021 and did not identify any impairment losses
(see Note 2).</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 250 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            11:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>short
                                         term Liabilities to banks and others</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 48%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c224" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-2.3</span></ix:nonNumeric></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c225" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS</span></ix:nonNumeric></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c226" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">4,641</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c227" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">1,259</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c228" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6-4</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c229" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c230" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">17,429</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c231" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">11,357</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Commercial
    securities not listed</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c232" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif">0.6</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c233" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c234" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">64,309</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c235" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">31,104</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks and</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">other
    financial institutions (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c236" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-3.1</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c237" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c238" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">85,280</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c239" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">75,856</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c240" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Libor +2.1</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c241" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c242" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">3,950</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">800</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    interest on long-term loans from other</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">financial
    institutions</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c244" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6- Prime + 1.5</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c245" name="ifrs-full:BorrowingsOriginalCurrency"><span style="font-family: Times New Roman, Times, Serif">NIS</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c246" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">87</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c247" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">68</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">175,696</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilities" scale="3" unitRef="usd">120,444</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OtherAccountsPayableTextBlock-c0_cont_1" escape="true" name="forty:OtherAccountsPayableTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            12:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">other
                                         accounts payable</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OtherAccountsPayableTextBlock-c0_cont_2" id="_OtherAccountsPayableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Other
accounts payable are comprised of the following as of the below dates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OtherAccountsPayableTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    institutions</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:GovernmentInstitution" scale="3" unitRef="usd">39,480</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:GovernmentInstitution" scale="3" unitRef="usd">35,648</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accrued
    expenses and other current liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" scale="3" unitRef="usd">40,931</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" scale="3" unitRef="usd">33,328</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccountsPayableAndAccruedLiabilities" scale="3" unitRef="usd">80,411</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccountsPayableAndAccruedLiabilities" scale="3" unitRef="usd">68,976</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            13:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Long
                                         term Liabilities to Banks and Others</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
                                         term liabilities to banks and others are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>Current<br/>
    maturities</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    <br/>
    2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; width: 17%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c248" decimals="3" format="ixt:num-dot-decimal" name="forty:InterestRatePercentage" scale="-2" unitRef="pure">1.4</ix:nonFraction>-<ix:nonFraction contextRef="c249" decimals="2" format="ixt:num-dot-decimal" name="forty:InterestRatePercentage" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c250" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif">NIS (Unlinked)</span></ix:nonNumeric></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesAndOthersLongtermLiabilities" scale="3" unitRef="usd">231,259</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities" scale="3" unitRef="usd">85,280</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">145,979</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c252" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalLongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">180,116</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Libor
    +2.1</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c253" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c254" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesAndOthersLongtermLiabilities" scale="3" unitRef="usd">15,200</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c254" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities" scale="3" unitRef="usd">3,950</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c254" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">11,250</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c255" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalLongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">200</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesAndOthersLongtermLiabilities" scale="3" unitRef="usd">246,459</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities" scale="3" unitRef="usd">89,230</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">157,229</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:TotalLongtermLiabilitiesNetOfCurrentMaturities" scale="3" unitRef="usd">180,316</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_4" id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
                                         dates:</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_5" id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">First
    year (current maturities)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" scale="3" unitRef="usd">89,230</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" scale="3" unitRef="usd">76,656</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Second
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" scale="3" unitRef="usd">76,627</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" scale="3" unitRef="usd">69,500</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Third
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" scale="3" unitRef="usd">51,835</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" scale="3" unitRef="usd">60,310</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fourth
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" scale="3" unitRef="usd">22,716</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" scale="3" unitRef="usd">38,162</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fifth
    year and thereafter</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" scale="3" unitRef="usd">6,051</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" scale="3" unitRef="usd">12,344</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtTotal" scale="3" unitRef="usd">246,459</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:LongTermDebtTotal" scale="3" unitRef="usd">256,972</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"></p><ix:continuation id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="font-family: Times New Roman, Times, Serif; width: 0"></td><td style="text-align: left; font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
                                         of liens, guarantees and credit facilities are described in Note 19.</span></td>
</tr>
</table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 251 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfDebenturesTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            14:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEBENTURES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_2" id="_DisclosureOfDebenturesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s liabilities under debentures are attributable to debentures issued by Formula and Sapiens. The debentures are all
listed for trading on the Tel-Aviv Stock Exchange.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_3" id="_DisclosureOfDebenturesTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures
                                         are comprised of the following as of the below dates:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_4" id="_DisclosureOfDebenturesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    value in issuance currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">2.4</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c273" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></ix:nonNumeric></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c273" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 102,633</span></ix:nonNumeric></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">33,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" unitRef="usd">217</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">11,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">22,217</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">457</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">33,674</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">2.2</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c275" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c275" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 374,225</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">120,330</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" unitRef="usd">472</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">16,970</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">103,832</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">227</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">121,029</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">3.3</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c277" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c277" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 350,000</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">98,980</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" sign="-" unitRef="usd">198</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">19,796</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">78,986</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">5</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">98,787</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">252,310</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" unitRef="usd">491</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">47,766</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">205,035</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">689</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">253,490</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_5" id="_DisclosureOfDebenturesTextBlock-c0_cont_4"><ix:continuation id="_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Par
    value in issuance currency</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
                                                                                                         <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
                                         Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">2.4</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c279" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></ix:nonNumeric></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c279" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 136,844</span></ix:nonNumeric></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">42,564</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" unitRef="usd">365</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">10,641</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">32,288</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">589</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">43,518</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">2.5</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c281" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></ix:nonNumeric></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c281" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 267,000</span></ix:nonNumeric></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">83,048</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" sign="-" unitRef="usd">678</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">10,264</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">72,106</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">158</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">82,528</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">3.3</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c283" name="forty:LinkageBasisDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c283" name="forty:ParValueInIssuanceCurrencies"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 420,000</span></ix:nonNumeric></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">118,778</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" sign="-" unitRef="usd">306</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">19,796</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">98,676</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">6</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">118,478</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="3" unitRef="usd">244,390</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet" scale="3" sign="-" unitRef="usd">619</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CurrentMaturities" scale="3" unitRef="usd">40,701</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" scale="3" unitRef="usd">203,070</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ShorttermAccruedInterest" scale="3" unitRef="usd">753</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NotesAndDebenturesIssued" scale="3" unitRef="usd">244,524</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_6" id="_DisclosureOfDebenturesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2020 and 2021, the Group recorded $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpenses" scale="3" unitRef="usd">6,411</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpenses" scale="3" unitRef="usd">7,056</ix:nonFraction>, respectively, of interest expenses, and
$<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DiscountAndIssuanceCostsAmortization" scale="3" unitRef="usd">135</ix:nonFraction> and ($<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DiscountAndIssuanceCostsAmortization" scale="3" sign="-" unitRef="usd">109</ix:nonFraction>), respectively, as amortization of debt premium, discount and issuance costs, net in respect of the Group&#8217;s
debentures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 252 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            14:<b>-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEBENTURES
                                         </b>(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_7" id="_DisclosureOfDebenturesTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scheduled
                                         aggregate principal annual payments of the debentures:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_8" id="_DisclosureOfDebenturesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentsOfBondsWithinNextFinancialYear" scale="3" unitRef="usd">47,766</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentsOfBondsWithinNextSecondFinancialYear" scale="3" unitRef="usd">47,766</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentsOfBondsWithinNextThirdFinancialYear" scale="3" unitRef="usd">47,766</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentsOfBondsWithinNextFourthFinancialYear" scale="3" unitRef="usd">54,506</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" scale="3" unitRef="usd">54,506</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregatePrincipalAnnualPaymentsOfDebentures" scale="3" unitRef="usd">252,310</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_9" id="_DisclosureOfDebenturesTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula&#8217;s
                                         debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_10" id="_DisclosureOfDebenturesTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula
                                         Systems Series A Secured Debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_11" id="_DisclosureOfDebenturesTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;16, 2015, Formula issued Formula Systems Series A Secured Debentures in an aggregate principal amount of NIS 102,260
(approximately $<ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProceedsFromIssueOfBondsNotesAndDebenture" scale="3" unitRef="usd">26,295</ix:nonFraction>), at a purchase price equal to <ix:nonFraction contextRef="c257" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction" scale="-2" unitRef="pure">100</ix:nonFraction>% of their par value, payable in eight equal annual installments on July&#160;2<sup>nd
</sup>of each of the years 2017 through 2024. <ix:nonNumeric contextRef="c258" name="ifrs-full:NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse">The principal amount outstanding under the Formula Systems Series A Secured Debentures
bears interest at a fixed rate of 2.8% per annum (subject to adjustments based on the credit rating of the debentures), payable
on July&#160;2<sup>nd</sup> and January&#160;2<sup>nd</sup> of each of the years 2016 through 2024. Issuance costs, including
early commitment commission of approximately NIS 1,246 (approximately $320), were allocated to the Formula Systems Series A Secured
Debentures and are amortized as financial expenses over the term of the Series A Secured Debentures due in 2024.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_12" id="_DisclosureOfDebenturesTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;31, 2018, <ix:nonNumeric contextRef="c259" name="forty:DebenturesDescription">Formula issued additional Formula Systems Series A Secured Debentures in an aggregate principal amount
of NIS 150,000 (approximately $44,053) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula from the issuance of Formula Systems Series A Secured Debentures in January&#160;2018 were NIS 155,205 (approximately
$45,581), out of which NIS 336 was attributed to interest payable (approximately $99). Debt premium of NIS 4,869 (approximately
$1,430) net of issuance costs of NIS 782 (approximately $225) was allocated to the Formula Systems Series A Secured Debentures
and is amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2024.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_13" id="_DisclosureOfDebenturesTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series A Secured Debentures issued in September&#160;2015, together with the Formula Systems Series A Secured
Debentures sold in the private placement, form one single series with identical terms and conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_14" id="_DisclosureOfDebenturesTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Secured Debentures are denominated in New Israeli Shekels not linked to any currency or index, and are non-convertible.
The Formula Systems Series A Secured Debentures are secured with collateral consisting of shares of Matrix, Magic Software and
Sapiens (see Note 19a).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_15" id="_DisclosureOfDebenturesTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series A Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020
and 2021, the fair value of Formula&#8217;s Series A Secured Debentures, based on the quoted market price on the Tel-Aviv Stock
Exchange, were approximately $<ix:nonFraction contextRef="c260" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">44,229</ix:nonFraction> and $<ix:nonFraction contextRef="c261" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">34,057</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 253 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            14:<b>-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEBENTURES
                                         </b>(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_16" id="_DisclosureOfDebenturesTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula
                                         Systems Series C Secured Debentures</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_17" id="_DisclosureOfDebenturesTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;31, 2019, Formula issued Formula Systems Series C Secured Debentures in an aggregate principal amount of NIS 300,000
(approximately $<ix:nonFraction contextRef="c262" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="3" unitRef="usd">82,600</ix:nonFraction>), at a purchase price equal to <ix:nonFraction contextRef="c262" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction" scale="-2" unitRef="pure">100</ix:nonFraction>% of their par value. The principal due under the Series C Secured Debentures
is payable in five annual installments of NIS 33,000 on December&#160;1 of each of the years 2020 through 2024 and two annual
installments of NIS 67,500 on December&#160;1 of each of the years 2025 and 2026. The outstanding principal amount under the Formula
Systems Series C Secured Debentures bears interest at a fixed rate of <ix:nonFraction contextRef="c263" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">2.29</ix:nonFraction>% per annum (subject to adjustments based on the credit
rating of the debentures), payable on December&#160;1<sup>st</sup> and June&#160;1<sup>st</sup> of each of the years 2019 through
2026. Issuance costs including an early commitment commission of approximately NIS <ix:nonFraction contextRef="c264" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherFeeAndCommissionExpense" scale="0" unitRef="ils">3,355</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c264" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherFeeAndCommissionExpense" scale="0" unitRef="usd">924</ix:nonFraction>) were allocated to
Formula Systems Series C Secured Debentures and are amortized as financial expenses over the term of Formula Systems Series C
Secured Debentures due in 2026.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_18" id="_DisclosureOfDebenturesTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;12, 2021, <ix:nonNumeric contextRef="c265" name="us-gaap:DebtInstrumentDescription">Formula issued additional Formula Systems Series C Secured Debentures in an aggregate principal amount of
NIS 160,000 (approximately $48,617) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula for the issuance of Formula Systems Series C Secured Debentures in April&#160;2021 were NIS 165,920 (approximately
$50,524), out of which NIS 1,329 was attributed to interest payable (approximately $405). Debt premium of NIS 4,591 (approximately
$1,398) net of issuance costs of NIS 752 (approximately $229) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2026.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_19" id="_DisclosureOfDebenturesTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series C Secured Debentures issued in March&#160;2019, together with the Formula Systems Series C Secured Debentures
sold in April&#160;2021 in a private placement, form one single series with identical terms and conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_20" id="_DisclosureOfDebenturesTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series C Secured Debentures are denominated in New Israeli Shekels and are not linked to any currency or index
and are non-convertible. The Formula Systems Series C Secured Debentures are secured with collateral consisting of shares of Matrix,
Magic Software and Sapiens (see Note 19a).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_21" id="_DisclosureOfDebenturesTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series C Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020 and 2021, the
fair value of Formula&#8217;s Series C Secured Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, was
approximately $<ix:nonFraction contextRef="c266" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">86,993</ix:nonFraction> and $<ix:nonFraction contextRef="c267" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">125,672</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_22" id="_DisclosureOfDebenturesTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offerings of Formula&#8217;s debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and were exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_23" id="_DisclosureOfDebenturesTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of Formula debentures was not registered under the Securities Act, and Formula debentures may not be offered or sold in the
United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the registration
requirements of the Securities Act.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 254 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            14:<b>-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEBENTURES
                                         </b>(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_24" id="_DisclosureOfDebenturesTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for Formula Systems Series A Secured Debentures and Formula Systems Series C Secured Debentures,
Formula has undertaken to maintain a number of conditions and limitations on the manner in which it operates its business, including
limitations on its ability to undergo a change of control, distribute dividends, incur a floating charge on its assets, or undergo
an asset sale or other change that results in a fundamental change in its operations, and to meet certain financial covenants
(see Notes 19a and 19c(1)(i)).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_25" id="_DisclosureOfDebenturesTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens&#8217;
                                         Series B Debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_26" id="_DisclosureOfDebenturesTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;16, 2017, <ix:nonNumeric contextRef="c268" name="forty:DebenturesDescription">Sapiens issued its unsecured Series B Debentures in an aggregate principal amount of NIS 280,000 (approximately
$79,186), linked to the US dollar and payable in eight equal annual payments of $9,898 on January&#160;1<sup>st</sup> of each
of the years 2019 through 2026. The outstanding principal amount of Sapiens&#8217; Series B Debentures bears a fixed interest
rate of 3.37% per annum (which may be adjusted based on changes to the credit rating of the debentures), payable on January&#160;1<sup>st
</sup>and July&#160;1<sup>st</sup> of each of the years 2018 through 2025, with one final interest payment due on January&#160;1,
2026. Debt discount and issuance costs were approximately $956, allocated to Sapiens&#8217; Series B Debentures discount and are
amortized as financial expenses over the term of the Series B Debentures due in 2026.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_27" id="_DisclosureOfDebenturesTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 8, 2020, <ix:nonNumeric contextRef="c269" name="forty:DebenturesDescription">Sapiens issued additional Sapiens&#8217; Series B
Debentures in an aggregate principal amount of NIS 210,000 (approximately $60,362) through a public offering in Israel. The gross proceeds
received from the issuance of Sapiens&#8217; Series B Debentures in June 2020 were NIS 210,840 (approximately $60,603), out of which approximately
NIS 3,006 was attributed to interest payable (approximately $864). Debt discount of NIS 2,166 (approximately $623) and issuance costs
of NIS 2,326 (approximately $669) were allocated to Sapiens&#8217; Series B Debentures and are amortized as financial expenses over the
remaining term of the Sapiens Series B Debentures due in 2026. Following the raise of the additional NIS 210,000 in Series B Debentures,
a $20,000 short-term bank loan taken by Sapiens on March 18, 2020, from a commercial bank was fully repaid on June 9, 2020.</ix:nonNumeric> Sapiens&#8217;
Series B Debentures issued in September 2017 together with the Sapiens&#8217; Series B Debentures issued in June 2020, form one single
series with identical terms and conditions. Sapiens&#8217; Series B Debentures are linked to the US Dollar, unsecured and non-convertible.
Sapiens&#8217; Series B Debentures are listed for trading on the TASE. As of December 31, 2020 and 2021, the fair value of Sapiens&#8217;
Series B Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, were approximately $<ix:nonFraction contextRef="c270" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">122,760</ix:nonFraction> and $<ix:nonFraction contextRef="c271" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">100,464</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_28" id="_DisclosureOfDebenturesTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offerings of Sapiens&#8217; debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and was exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebenturesTextBlock-c0_cont_29" id="_DisclosureOfDebenturesTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of Sapiens debentures was not registered under the Securities Act, and the Sapiens debentures may not be offered or sold
in the United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the
registration requirements of the Securities Act.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDebenturesTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for the Sapiens Series B Debentures, Sapiens has undertaken to comply with a number of conditions
and limitations on the manner in which it operates its business, including limitations on its ability to undergo a change of control,
distribute dividends, incur a floating charge on Sapiens&#8217; assets, or undergo an asset sale or other change that results
in a fundamental change in Sapiens&#8217; operations and to meet certain financial covenants (see Note 19c(3)(iii)).</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 255 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            15:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">RELATED
                                         PARTies TRANSACTIONS</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition
                                         of Sapiens Software Solutions (Poland) Sp. Z o.o (formerly &#8220;Insseco Sp. Z o.o.&#8221;)
                                         (&#8220;Sapiens Poland&#8221;)</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August&#160;18, 2015, Sapiens completed the acquisition from Asseco, the parent company of Formula, of all issued and outstanding
share capital of Sapiens Poland. Under the share purchase agreement for that acquisition, Under the share purchase agreement for
that acquisition, Asseco committed to assign to Sapiens Poland all customer contracts that relate to the intellectual property
that Sapiens acquired as part of the acquisition. In the event that Asseco cannot obtain the consent of any customer to the assignment
of its contract to Sapiens Poland, Asseco will hold that customer&#8217;s contract in trust for the benefit of Sapiens Poland.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Asseco provided back-office services, professional services and fixed assets
to Sapiens&#8217; wholly owned subsidiary, Sapiens Poland, in amounts totaling approximately $<ix:nonFraction contextRef="c284" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesReceivedRelatedPartyTransactions" scale="3" unitRef="usd">676</ix:nonFraction>, $<ix:nonFraction contextRef="c285" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesReceivedRelatedPartyTransactions" scale="3" unitRef="usd">521</ix:nonFraction> and $<ix:nonFraction contextRef="c286" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ServicesReceivedRelatedPartyTransactions" scale="3" unitRef="usd">197</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Sapiens Poland performed services as a sub-contractor on behalf of Asseco
for clients of Asseco in total amounts of approximately $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="forty:PerformedServicesSubcontractor" scale="0" unitRef="usd">3,400</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="forty:PerformedServicesSubcontractor" scale="0" unitRef="usd">3,100</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:PerformedServicesSubcontractor" scale="0" unitRef="usd">3,200</ix:nonFraction>, respectively. For historic reasons, Asseco
issues invoices to those clients and then Sapiens in turn invoices Asseco on a back-to-back basis (with no margin to Asseco).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2019 the Group had no trade payable balances due from its transactions with Asseco, as detailed above. As
of December&#160;31, 2020 and 2021 the Group had trade payable balances due from its transactions with Asseco, as detailed above,
in an amount of $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DueFromItsTransactionsWithAsseco" scale="3" unitRef="usd">1,898</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DueFromItsTransactionsWithAsseco" scale="3" unitRef="usd">17</ix:nonFraction>, respectively. As of December&#160;31, 2020 and 2021, the Group had trade receivables balances
due from its transactions with Asseco, as detailed above, in amounts of approximately $<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" scale="3" unitRef="usd">1,228</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" scale="3" unitRef="usd">852</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
                                         paid for board services in affiliates</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
paid Formula, director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $<ix:nonFraction contextRef="c284" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">25.3</ix:nonFraction>, $<ix:nonFraction contextRef="c285" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">29.6</ix:nonFraction> and $<ix:nonFraction contextRef="c286" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">26.7</ix:nonFraction>, respectively,
in respect of Mr. Guy Bernstein, Sapiens&#8217; Chairman and Formula&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_9" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
paid Formula director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $<ix:nonFraction contextRef="c287" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">29.9</ix:nonFraction>, $<ix:nonFraction contextRef="c288" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">31.4</ix:nonFraction> and $<ix:nonFraction contextRef="c289" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:DirectorsRemunerationExpense" scale="3" unitRef="usd">36.7</ix:nonFraction>,
respectively, in respect of Mr. Guy Bernstein, Matrix&#8217; Chairman and Formula&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_10" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Back-office
                                         services</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_11" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Magic Software provided back-office services to Formula in amounts totaling
approximately $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:BackOfficeAndProfessionalServicesExpense" scale="3" unitRef="usd">177</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:BackOfficeAndProfessionalServicesExpense" scale="3" unitRef="usd">138</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:BackOfficeAndProfessionalServicesExpense" scale="3" unitRef="usd">160</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_12" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         Transactions</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s subsidiaries and affiliates engage from time to time with each other in non-material transactions, in the ordinary
course of business, where the amounts involved, and the nature of the transactions, are not material for either of the parties.
The Group believes that these transactions are made on an arms&#8217; length basis upon terms and conditions no less favorable
to the Group, its subsidiaries and affiliates, as it could obtain from unaffiliated third parties. If Group engages with its subsidiaries
and affiliates in transactions which are not in the ordinary course of business, the Group receives the approvals required under
the Companies Law. These approvals include audit committee approval, board approval and, in certain circumstances, shareholder
approval.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 256 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            16:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">LEASES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group leases substantially all of its office space and vehicles under operating leases. <ix:nonNumeric contextRef="c0" name="forty:LeasePeriodsExpiringTerm">The Group&#8217;s leases have original
lease periods expiring between 2021 and 2033.</ix:nonNumeric> Some leases include one or more options to renew. The Group does not assume renewals
in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. Lease payments
included in the measurement of the lease liability comprise the following: the fixed non-cancellable lease payments, payments
for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination
options unless it is reasonably certain the lease will not be terminated early.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
IFRS 16, all leases with durations greater than 12 months, including non-cancellable operating leases, are now recognized on the
statement of financial position. The aggregated present value of lease agreements is recorded as a long-term asset titled operating
lease right-of-use assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
corresponding lease liabilities are classified between operating lease liabilities which are current and long-term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
analysis of undiscounted future lease payments receivable for operating leases:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c290" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">43,702</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c291" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">34,125</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c292" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">13,068</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c293" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">10,784</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">8,724</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    and thereafter</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">31,428</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    undiscounted cash flows</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" scale="3" unitRef="usd">141,831</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    imputed interest</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:LessImputedInterest" scale="3" sign="-" unitRef="usd">15,337</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present
    value of lease liabilities</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:PresentValueOfLeaseLiabilities" scale="3" unitRef="usd">126,494</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expenses of operating lease right-of-use assets totaled $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets" scale="3" unitRef="usd">33,531</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets" scale="3" unitRef="usd">34,408</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets" scale="3" unitRef="usd">43,032</ix:nonFraction> for the years ended December&#160;31, 2019,
2020 and 2021, respectively.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 257 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_1" escape="true" name="forty:DisclosureOfEmployeeOptionPlansExplanatoryTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            17:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Employee
                                         Option Plans</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_2" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
                                         and its subsidiaries grant, from time to time, options, restricted share units or restricted
                                         shares to their officers and employees to purchase shares in the respective companies.
                                         In general, the options expire ten years after grant. The following table sets forth
                                         the breakdown of share-based compensation expense resulting from such grants, as included
                                         in the consolidated statements of profit or loss:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_3" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Selling
    and marketing expenses</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-194"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-195"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c323" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" scale="3" unitRef="usd">74</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c324" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" scale="3" unitRef="usd">14,767</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c325" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" scale="3" unitRef="usd">7,856</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c326" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" scale="3" unitRef="usd">3,800</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c324" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdministrativeExpense" scale="3" unitRef="usd">14,767</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c325" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdministrativeExpense" scale="3" unitRef="usd">7,856</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c326" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdministrativeExpense" scale="3" unitRef="usd">3,874</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_4" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_5" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2017, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
its chief financial officer <ix:nonFraction contextRef="c296" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">10,000</ix:nonFraction> restricted shares under the 2011 plan (the &#8220;new restricted shares&#8221;). <ix:nonNumeric contextRef="c297" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">These restricted
shares vest on a quarterly basis over a three-year period, commencing on August&#160;17, 2017 and concluding on August&#160;17,
2020, provided that during such time the chief financial officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates, except that if he fails to meet the service condition due to the request
of the board of directors of either Formula or any of its directly held affiliates (other than a termination of his provision
of services which is based on actions or omissions by him that will constitute &#8220;cause&#8221; under his grant agreement with
Formula), then, the chief financial officer will be deemed to have complied with clauses (i) or (ii) above.</ix:nonNumeric> Notwithstanding the
foregoing, if a change of control of the Company occurs, then all unvested new restricted shares will immediately become vested.
Total fair value of the grant was calculated based on the Formula share price on the grant date and equaled to $<ix:nonFraction contextRef="c296" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" scale="3" unitRef="usd">371</ix:nonFraction> ($<ix:nonFraction contextRef="c296" decimals="1" format="ixt:num-dot-decimal" name="forty:FairValueOfGrantSharePricePerShare" scale="0" unitRef="usdPershares">37.1</ix:nonFraction> per
share).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_6" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total compensation expense that the Company recorded in its statement of profit or loss for the years ended December&#160;31,
2019 and 2020 in respect of its chief financial officer were $<ix:nonFraction contextRef="c298" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">66</ix:nonFraction> and $<ix:nonFraction contextRef="c299" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">21</ix:nonFraction>, respectively. <ix:nonNumeric contextRef="c0" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">As of December&#160;31, 2021, Formula&#8217;s
chief financial officer holds 10,834 shares.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_7" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2018, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
its chief operational officer <ix:nonFraction contextRef="c300" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">10,000</ix:nonFraction> restricted shares under the 2011 plan (the &#8220;restricted shares&#8221;). <ix:nonNumeric contextRef="c301" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">These restricted
shares vest on an annual basis over a four-year period, commencing on November&#160;19, 2018 and concluding on November&#160;19,
2022, provided that during such time the chief operational officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates. The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled $382 ($38.2 per share). The total compensation expense the Company recorded in its statement
of profit or loss for the years ended December&#160;31, 2019, 2020 and 2021 were $191, $98 and $60, respectively. As of December&#160;31,
2021 Formula&#8217;s chief operational officer holds 10,000 restricted shares from this grant, of which 7,500 are fully vested.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 258 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_8" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2020, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
Emil Sharvit (2001) Consulting and Project Management Ltd., through which its chief executive officer provides services to Formula,
<ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">611,771</ix:nonFraction> restricted stock units (&#8220;RSUs&#8221;) in respect of ordinary shares of the Company. <ix:nonNumeric contextRef="c303" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December&#160;31, 2027, subject
to the continued engagement of Formula&#8217;s chief executive officer with the Company as of that date (the &#8220;Vesting Period&#8221;);
and up to 33.33% of the RSUs (i.e., 203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest
at December&#160;31, 2027 on a pro-rata basis with respect to each fiscal year (starting as of January&#160;1, 2020) during the
Vesting Period in which the Target EBITDA (as defined below) is achieved, subject to the continued engagement of Formula&#8217;s
chief executive officer with the Company. At the end of the vesting period, the number of performances<b>-</b>based RSUs that
vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied by (ii) 25,490.50 RSUs
(rounded to the nearest whole number, up to a cap of 203,924 RSUs in total). The &#8220;Target EBITDA&#8221; in a given fiscal
year during the Vesting Period means the Company&#8217;s EBITDA in that certain fiscal year (as reflected in the Company&#8217;s
annual audited consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the
Company&#8217;s annual audited consolidated financial statements for the applicable fiscal year (as to which the review of performance
is made to determine whether one<b>-</b>eighth of the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the
end of the Vesting Period).</ix:nonNumeric> The Target EBITDA shall be not less than <ix:nonFraction contextRef="c304" decimals="2" format="ixt:num-dot-decimal" name="forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" scale="-2" unitRef="pure">105</ix:nonFraction>% of <ix:nonFraction contextRef="c305" decimals="2" format="ixt:num-dot-decimal" name="forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" scale="-2" unitRef="pure">75</ix:nonFraction>% of the Company&#8217;s EBITDA in the previous
fiscal year, excluding the cost attributed to the applicable portion of the RSUs in the Company&#8217;s annual audited consolidated
financial statements for such previous fiscal year (the &#8220;Previous Year&#8221;). Such examination of EBITDA shall be made
on the basis of the Company&#8217;s annual audited consolidated financial statements as reflected in the Company&#8217;s annual
report on Form&#160;20-F, and in the event that the Company sells any of its operations, the Target EBITDA shall be adjusted as
applicable for future reference by removing the results of the operations that were sold.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_9" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that with respect to any specific fiscal year (the &#8220;Specific Year&#8221;), the Target EBITDA is not achieved,
the Target EBITDA with respect to such Specific Year will still be deemed to have been met for the purpose of vesting of RSUs
in the event that either: <ix:nonNumeric contextRef="c0" name="forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription">(i) the EBITDA in the fiscal year immediately following the Specific Year was at least 110.25% of 75%
of the Company&#8217;s EBITDA in the year preceding the Specific Year, or (ii) in case that the condition in the foregoing clause
(i) was not met, then the EBITDA in the second fiscal year following the Specific Year was at least 115.7625% of 75% of the Company&#8217;s
EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i) or (ii) was met for a certain Specific
Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved, and those RSUs shall become vested
as of the end of the Vesting Period. In the event that neither of the conditions described in clauses (i) or (ii) was met, the
portion of RSUs for the applicable Specific Year shall automatically expire and terminate.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_10" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, in case the Target EBITDA is met (in accordance with the above terms) in a certain fiscal year, yet the Target
EBITDA is less than <ix:nonFraction contextRef="c305" decimals="2" format="ixt:num-dot-decimal" name="forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" scale="-2" unitRef="pure">105</ix:nonFraction>% of <ix:nonFraction contextRef="c304" decimals="2" format="ixt:num-dot-decimal" name="forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" scale="-2" unitRef="pure">75</ix:nonFraction>% of the average EBITDA for the three fiscal years that consist of the subject fiscal year and the
<ix:nonNumeric contextRef="c0" continuedAt="_PrecedingYears-c0_cont_1" format="ixt-sec:durwordsen" name="forty:PrecedingYears">two</ix:nonNumeric> preceding<ix:continuation id="_PrecedingYears-c0_cont_1"> years</ix:continuation> (excluding the cost attributed to the applicable portion of the RSUs in Company&#8217;s annual audited consolidated
financial statements for such applicable fiscal years), then regardless of meeting the Target EBITDA, the number of performance-based
RSUs that vests shall be reduced by <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:NumberOfVestedPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>%.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 259 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_11" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled to NIS 170,864, or $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" scale="3" unitRef="usd">50,054</ix:nonFraction> ($<ix:nonFraction contextRef="c2" decimals="1" format="ixt:num-dot-decimal" name="forty:FairValueOfGrantSharePricePerShare" scale="0" unitRef="usdPershares">81.8</ix:nonFraction> per share). The total compensation expense the Company recorded
in its statement of profit or loss in respect of this grant, in accordance with accounting principles, for the year ended December 31,
2021, was $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">7,373</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_12" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the RSU grant terms described above, Formula&#8217;s board of directors has approved, following the approval by Formula&#8217;s
compensation committee, an adjustment to the above-described RSU grant based on dividends that the Company distributes to its
shareholders. During the vesting period of the RSUs, in the event that any dividend, in cash or in kind, is distributed to the
shareholders of the Company, then in addition to the distribution to all shareholders, there will be an equivalent payment to
Formula&#8217;s chief executive officer with respect to all RSUs that were not converted into shares (whether or not vested) in
an amount equal to the pro-rata portion of the overall dividend amount that the RSUs constitute out of the issued and outstanding
share capital of the Company as of the date of the distribution. For those purposes, the RSUs will be counted as if they are already
vested and converted into shares. These special RSU dividend amounts shall be paid and/or set aside by the Company for the benefit
of its chief executive officer, all as described below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_13" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of payment of the dividend amounts to Formula&#8217;s chief executive officer, the vesting period shall be regarded
as if it has commenced on January&#160;1, 2020 (other than with respect to distributions and any related dividend amount which
were made prior to the grant of the RSUs and which are explicitly excluded), and will be divided into 32 fiscal quarters (each,
referred to as a Fiscal Quarter). The dividend amount within each dividend distributed by the Company to its shareholders will
be released to, or set aside for, Formula&#8217;s chief executive officer together with the distribution of the dividend. The
portion of the Dividend Amount to be released to Formula&#8217;s chief executive officer will in each case be based on the number
of Fiscal Quarters that have lapsed at the time of distribution of the dividend. The remainder of the Dividend Amount will be
set aside and paid to Formula&#8217;s chief executive officer on a pro-rata basis upon the expiration of each Fiscal Quarter until
the Dividend Amount is released in full at the end of the Vesting Period for the RSUs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_14" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of termination of Formula&#8217;s chief executive officer services agreement with the Company, by the Company for Cause
(as defined in the services agreement), the RSUs will immediately terminate and become null and void, and all interests and rights
of Formula&#8217;s chief executive officer in and to the same will expire. In case of termination of Formula&#8217;s chief executive
officer services agreement by the Company not for Cause, or due to the resignation of Formula&#8217;s chief executive officer
for Good Reason<sup>1</sup>, all unvested RSUs that could have vested from the grant date until December&#160;31, 2027, assuming
all performance and time conditions and future targets would have been fulfilled (including all targets that would have resulted
in vesting with respect to any Previous Year which could have still been met in future years), will accelerate and become immediately
vested and exercisable, regardless of the actual occurrence or failure to occur of any of the future performance targets relating
to those RSUs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 15%; font-family: Times New Roman, Times, Serif"><div style="font: 1pt Times New Roman, Times, Serif; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>







</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_15" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Good
                                         Reason&#8221; is a termination due to: (i) a material reduction in Formula chief executive
                                         representative&#8217;s scope of authorities and responsibilities (excluding, for the
                                         avoidance of doubt, as a result of changes in legislation or other legal restrictions
                                         which affect the scope of Services under its service agreement), (ii) a material breach
                                         by the Company of any provision of the service agreement or its exhibits, or (iii) any
                                         acceleration event, in each of (i) to (iii) which is not cured (if curable) by the Company
                                         within thirty (30) days of receipt of a written notice about such breach from Formula
                                         chief executive officer, provided that during the three (3) months prior notice period
                                         with respect to resignation for Good Reason the Company shall be entitled to retract
                                         its decision in a manner that removes the basis for a Good Reason.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 260 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_16" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of resignation by Formula&#8217;s chief executive officer not for Good Reason, Formula&#8217;s chief executive officer
RSUs will vest, in an accelerated manner, in such portion equal to the pro-rata portion of the Vesting Period that has already
lapsed (based on the full number of Fiscal Quarters that have lapsed form January&#160;1, 2020 until the actual resignation date,
including notice period). However, any Performance Based RSUs for which the applicable target was not achieved up until the resignation
date (including the notice period) will expire and terminate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_17" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Total unrecognized compensation costs related to non-vested share-based
compensation arrangements granted under the Formula equity incentive plan as of December 31, 2020 and 2021 were $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCosts" scale="3" unitRef="usd">51,940</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCosts" scale="3" unitRef="usd">45,973</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_18" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_19" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December&#160;2017, <ix:nonNumeric contextRef="c306" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Matrix extended its agreement with Revava Management Company Ltd. through which its chief executive officer,
Mr. Moti Gutman, provides services to Matrix, for five years&#8217; term starting on January&#160;1, 2018. As part of the new
agreement in January&#160;2018, Matrix awarded Mr. Gutman 256,890 (RSUs), which vest on an annual basis over a five-year period,
commencing on January&#160;16, 2018 and concludes on December&#160;31, 2022, but not before the publication of Matrix&#8217;s
financial statements for each respective year, and subject to certain conditions. In 2021, 51,378 restricted share units (RSU)
were vested and exercised. As of December&#160;31, 2021 Mr. Gutman holds 102,756 restricted share units (RSU) from this grant.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_20" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January&#160;2019, the board of directors of <ix:nonNumeric contextRef="c307" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Matrix approved, following the approval by Matrix&#8217;s compensation committee,
the grant of 1,440,000 options which are exercisable into up to 1,440,000 ordinary shares of Matrix of NIS 1 par value each, to
20 senior officers of Matrix. The exercise price of the options was NIS 41.7 at the date of their grant, subject to adjustments,
including upon the distribution of dividends. 50% of the options will be vested on January&#160;1, 2021 with the remaining amount
vesting in equal parts on January&#160;1, 2022 and 2023.</ix:nonNumeric> When the actual exercise will take place, shares will be allotted, according
to a net exercise mechanism resulting with Matrix not receiving any cash consideration for the issuance of its shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_21" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February&#160;2019, the general shareholder meeting of <ix:nonNumeric contextRef="c308" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Matrix approved, after obtaining the approval of Matrix&#8217;s compensation
committee and Matrix board of directors the grant of 80,000 options which are exercisable into up to 80,000 ordinary shares of
Matrix of NIS 1 par value, to the President and Vice Chairman of the Matrix board. The exercise price of the options was NIS 43.16
at the date of their grant, subject to adjustments, including upon the distribution of dividends. 50% of the options will vest
on January&#160;1, 2021, with the remaining amount vesting in equal parts on January&#160;1, 2022 and 2023.</ix:nonNumeric> When the actual exercise
will take place, shares will be allotted, according to a net exercise mechanism resulting with Matrix not receiving any cash consideration
for the issuance of its shares. In January&#160;2022, the general shareholder meeting of Matrix approved, after obtaining the
approval of Matrix&#8217;s compensation committee and Matrix board of directors the acceleration of the third tranche so that
tranche will vest on January&#160;31, 2022, Matrix&#8217;s President and Vice Chairman of the Matrix expected retirement date,
instead of January&#160;1, 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_22" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the options was estimated on the date of grant using the Binomial model based on the terms which are: risk-free
interest rate is <ix:nonFraction contextRef="c309" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.5</ix:nonFraction>% -<ix:nonFraction contextRef="c310" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">1.6</ix:nonFraction>%, early exercise factor is <ix:nonFraction contextRef="c311" decimals="2" format="ixt:num-dot-decimal" name="forty:DescriptionOfExerciseShareOptionsGranted" scale="-2" unitRef="pure">70</ix:nonFraction>% and expected volatility is <ix:nonFraction contextRef="c311" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">24</ix:nonFraction>%. The contractual life of the options
is <ix:nonNumeric contextRef="c311" format="ixt-sec:duryear" name="forty:OptionsExpirePeriods">5</ix:nonNumeric> years from the date of grant.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 261 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_23" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Matrix employee stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_24" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_23"><ix:nonNumeric contextRef="c66" escape="true" name="forty:ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>

    average<br/>
 exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c51" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionsOutstanding" scale="0" unitRef="shares">1,674,134</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c51" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">10.70</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><ix:nonNumeric contextRef="c51" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.88</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c51" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfOutstandingShareOptions" scale="3" unitRef="usd">19,935</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" sign="-" unitRef="shares">811,378</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c66" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">10.70</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-196"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c66" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfExercisedShareOptions" scale="3" sign="-" unitRef="usd">11,159</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c50" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionsOutstanding" scale="0" unitRef="shares">862,756</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c50" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">11.41</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c50" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.93</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c50" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfOutstandingShareOptions" scale="3" unitRef="usd">17,513</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c50" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement" scale="0" unitRef="shares">51,378</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-197"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-198"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c50" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfExercisableShareOptions" scale="3" unitRef="usd">1,560</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_25" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value provided in the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Matrix&#8217; ordinary shares and the change in the exchange rate between the New Israeli Shekel and dollar.
Total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Matrix equity
incentive plan as of December&#160;31, 2020 and 2021 were $<ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCosts" scale="3" unitRef="usd">1,368</ix:nonFraction> and $<ix:nonFraction contextRef="c312" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCosts" scale="3" unitRef="usd">428</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_26" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_27" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Sapiens stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_28" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_27"><ix:nonNumeric contextRef="c67" escape="true" name="forty:ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December&#160;31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<br/>
    options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>price</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average remaining<br/>
    contractual<br/>
 life<br/>
    (in years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c53" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsOutstandingAtBeginningOfYear" scale="0" unitRef="shares">1,462,482</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c53" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">14.26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><ix:nonNumeric contextRef="c53" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.17</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c53" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfOutstandingShareOptions" scale="3" unitRef="usd">24,019</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c67" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement" scale="0" unitRef="shares">847,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">30.36</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c67" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" sign="-" unitRef="shares">359,859</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">10.32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c67" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" scale="0" sign="-" unitRef="shares">114,238</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">12.69</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1835,385</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">22.27</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c52" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfOutstandingShareOptions" scale="3" unitRef="usd">22,374</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement" scale="0" unitRef="shares">734,969</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">12.95</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c67" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfExercisableShareOptions" scale="3" unitRef="usd">15,064</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_29" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c313" name="forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangements">In
2019, 2020 and 2021, Sapiens granted 155,000, 315,000 and 847,000 stock options, respectively, to its employees and directors
to purchase its shares.</ix:nonNumeric> The weighted average grant date fair values of the options granted during the years ended December&#160;31,
2019, 2020 and 2021 were $<ix:nonFraction contextRef="c314" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValuesOfOptions" scale="0" unitRef="usdPershares">4.24</ix:nonFraction>, $<ix:nonFraction contextRef="c315" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValuesOfOptions" scale="0" unitRef="usdPershares">7.99</ix:nonFraction> and $<ix:nonFraction contextRef="c313" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValuesOfOptions" scale="0" unitRef="usdPershares">10.35</ix:nonFraction>, respectively. The aggregate intrinsic value provided on the table above represents
the total intrinsic value that would have been received by the option holders had all option holders exercised their options on
the respective dates. This value would change based on the change in the market value of Sapiens&#8217; common shares. The total
intrinsic value of options exercised during the years ended December&#160;31, 2019, 2020 and 2021 was $<ix:nonFraction contextRef="c314" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">2,301</ix:nonFraction>, $<ix:nonFraction contextRef="c315" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">11,658</ix:nonFraction> and $<ix:nonFraction contextRef="c313" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">8,505</ix:nonFraction>,
respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 262 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_30" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
options outstanding under Sapiens&#8217; stock option plans as of December&#160;31, 2021 have been separated into ranges of exercise
price as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_31" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_30"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfSapiensStockOptionPlansTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remaining</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranges
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contractual</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
    price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c313" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptions" scale="0" unitRef="usdPershares">7.94</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c313" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">3,750</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><ix:nonNumeric contextRef="c313" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.35</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c313" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">7.94</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c327" decimals="1" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" scale="0" unitRef="usdPershares">8.7</ix:nonFraction>-<ix:nonFraction contextRef="c327" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" scale="0" unitRef="usdPershares">10.72</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c327" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">597,969</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonNumeric contextRef="c327" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.82</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c327" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">10.64</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c327" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">564,969</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c327" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">10.66</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c328" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" scale="0" unitRef="usdPershares">11.48</ix:nonFraction>-<ix:nonFraction contextRef="c328" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" scale="0" unitRef="usdPershares">15.09</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c328" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">109,166</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonNumeric contextRef="c328" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c328" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">12.51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c328" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">67,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c328" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">12.17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c329" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" scale="0" unitRef="usdPershares">23.92</ix:nonFraction>-<ix:nonFraction contextRef="c329" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" scale="0" unitRef="usdPershares">28.49</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c329" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">297,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonNumeric contextRef="c329" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.56</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c329" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">25.97</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c329" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">82,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c329" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">24.77</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c330" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" scale="0" unitRef="usdPershares">29.81</ix:nonFraction>-<ix:nonFraction contextRef="c330" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" scale="0" unitRef="usdPershares">32.27</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c330" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">730,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonNumeric contextRef="c330" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.98</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c330" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">30.17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c330" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c330" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">31.59</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c331" decimals="2" format="ixt:num-dot-decimal" name="forty:RangeOfExercisePricesOfOutstandingShareOptions" scale="0" unitRef="usdPershares">34.96</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c331" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">97,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonNumeric contextRef="c331" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.92</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c331" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">34.69</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-200"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-201"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">1,835,385</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">22.27</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">734,696</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">12.95</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_32" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total equity-based compensation expense related to all of Sapiens&#8217; equity-based awards, recognized for the years ended December&#160;31,
2019, 2020 and 2021, after being adjusted to comply with IFRS, was $<ix:nonFraction contextRef="c314" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">1,125</ix:nonFraction>, $<ix:nonFraction contextRef="c315" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">4,318</ix:nonFraction> and $<ix:nonFraction contextRef="c313" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" scale="3" unitRef="usd">5,421</ix:nonFraction>, respectively. As of December&#160;31,
2021, there was $<ix:nonFraction contextRef="c313" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCosts" scale="3" unitRef="usd">8,072</ix:nonFraction> of total unrecognized compensation cost related to non-vested options, which is expected to be recognized
over a period of up to <ix:nonNumeric contextRef="c313" format="ixt-sec:durwordsen" name="forty:OptionsExpirePeriods">four years</ix:nonNumeric>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_33" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with Sapiens&#8217; acquisition of sum.cumo on February&#160;6, 2020 (see Note 3(ii)(b)), Sapiens issued an aggregate
of <ix:nonFraction contextRef="c316" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">173,005</ix:nonFraction> RSUs to certain employees of sum.cumo in connection with the acquisition. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
On August&#160;3, 2021, Sapiens issued another <ix:nonFraction contextRef="c317" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">24,222</ix:nonFraction> RSUs to certain employees of sum.cumo in connection with the acquisition.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_34" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
recorded compensation costs related to RSUs of $<ix:nonFraction contextRef="c313" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SellingGeneralAndAdministrativeExpense" scale="3" unitRef="usd">1,130</ix:nonFraction> for the year ended December&#160;31, 2021, which were included in Selling,
marketing, general and administrative expenses in the Company&#8217;s consolidated statements of income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_35" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the RSU activities in Sapiens in the year ended on December&#160;31, 2021, is as follows</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_36" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_35"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    <br/>
    Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant-Date
    Fair</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 66%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsUnvestedBeginning" scale="3" unitRef="shares">238,005</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValuesUnvestedEnding" scale="0" unitRef="usdPershares">24.45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsGranted" scale="3" unitRef="shares">74,222</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValueGranted" scale="0" unitRef="usdPershares">29.96</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsVested" scale="3" sign="-" unitRef="shares">43,451</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValueVested" scale="0" unitRef="usdPershares">24.45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeiture</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsExpiredAndForfeiture" scale="3" sign="-" unitRef="shares">65,020</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValueExpiredAndForfeiture" scale="0" unitRef="usdPershares">24.47</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="forty:AmountOfOptionsUnvestedBeginning" scale="3" unitRef="shares">203,756</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageGrantDateFairValuesUnvestedEnding" scale="0" unitRef="usdPershares">26.46</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>



</div><!-- Field: Page; Sequence: 263 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
17:- Employee Option Plans (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_37" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_38" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Magic Software stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_39" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_38"><ix:nonNumeric contextRef="c332" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>
    average<br/>
    exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 51%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c333" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstandingAtBeginningOfYear" scale="0" unitRef="shares">24,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c333" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOutstandingAtBeginningOfYear" scale="0" unitRef="usdPershares">3.45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><ix:nonNumeric contextRef="c334" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.24</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c333" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" scale="3" unitRef="usd">380</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c334" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement" scale="0" unitRef="shares">80,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-202"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c334" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" sign="-" unitRef="shares">38,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c334" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">1.12</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
    </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-203"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-204"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstandingAtEndOfYear" scale="0" unitRef="shares">66,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOutstandingAtEndOfYear" scale="0" unitRef="shares">0.45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" scale="3" unitRef="usd">1,360</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement" scale="0" unitRef="shares">26,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" scale="0" unitRef="usdPershares">1.03</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c334" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c335" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateIntrinsicValueOfExercisableShareOptions" scale="3" unitRef="usd">522</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_40" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value provided on the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Magic Software&#8217;s ordinary shares. Total intrinsic value of options exercised during the years ended
December&#160;31, 2019, 2020 and 2021, was $<ix:nonFraction contextRef="c318" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">537</ix:nonFraction>, $<ix:nonFraction contextRef="c319" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">765</ix:nonFraction> and $<ix:nonFraction contextRef="c320" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntrinsicValueOfOptionsExercised" scale="3" unitRef="usd">628</ix:nonFraction> respectively. As of December&#160;31, 2021, there was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:UnrecognizedCompensationCost" scale="0" unitRef="usd">393</ix:nonFraction> of unrecognized
compensation cost related to non-vested share-based compensation arrangements granted under Magic Software&#8217;s plans, which
is expected to be recognized over a weighted-average period of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="forty:WeightedAveragePeriod">1.29</ix:nonNumeric> years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_41" id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
options outstanding as of December&#160;31, 2021, have been separated into ranges of exercise price categories, as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock-c0_cont_41"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ranges
                                         of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
                                         price</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         outstanding</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual life</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
    average<br/> exercise price</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         exercisable</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average<br/>
                                         exercise price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         exercisable</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c336" decimals="0" format="ixt:num-dot-decimal" name="forty:RangesOfExercisePrice" scale="0" unitRef="usdPershares">0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c336" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">60,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><ix:nonNumeric contextRef="c336" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.60</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c336" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="forty:RangesOfExercisePrice" scale="0" unitRef="usdPershares">4.32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c337" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">6,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonNumeric contextRef="c337" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.62</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">4.32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c337" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">6,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">4.32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c338" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionOutstanding" scale="0" unitRef="shares">66,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><ix:nonNumeric contextRef="c338" format="ixt-sec:duryear" name="forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c338" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">0.45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c338" decimals="INF" format="ixt:num-dot-decimal" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="shares">26,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c338" decimals="2" format="ixt:num-dot-decimal" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" scale="0" unitRef="usdPershares">1.03</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 264 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            18:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE
                                         BENEFIT LIABILITIES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits consist of post-employment benefits, other long-term benefits and termination benefits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Post-employment
                                         benefits</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the labor laws and Severance Pay Law in Israel, the Israeli companies in the Group are required to pay compensation to an employee
upon dismissal or retirement or to make current contributions in defined contribution plans pursuant to section&#160;14 to the
Severance Pay Law, as specified below. These liabilities are accounted for as a post-employment benefit. The computation of the
Group&#8217;s employee benefit liability is made according to the current employment contract based on an employee&#8217;s salary
and employment term which establish the entitlement to receive the compensation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_5" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
post-employment employee benefits are normally financed by contributions classified as a defined benefit plan or as a defined
contribution plan, as detailed below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_6" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Defined
                                         contribution plans</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_7" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#160;14
of the Severance Pay Law, 1963 applies to part of the compensation payments, pursuant to which the fixed contributions paid by
the Group into pension funds and/or policies of insurance companies release the Group from any additional liability to employees
for whom said contributions were made. These contributions and contributions for benefits represent defined contribution plans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_8" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Defined
                                         benefit plans</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_9" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">The
Group accounts for that part of the payment of compensation that is not covered by contributions in defined contribution plans,
as above, as a defined benefit plan for which an employee benefit liability is recognized and for which the Group deposits amounts
in central severance pay funds and in qualifying insurance policies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_10" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Other
                                         long-term benefits</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_11" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">According
to Matrix&#8217;s agreements with one of its senior officers, he is entitled to an adaptation bonus in an amount of 12 salaries.
This liability has been recognized as a defined benefit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_12" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
                                         of defined benefit plans is as follows:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c339" escape="true" name="ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
    benefit obligation</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="3" unitRef="usd">123,138</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="3" unitRef="usd">113,540</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of plan assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PlanAssetsAtFairValue" scale="3" sign="-" unitRef="usd">110,497</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PlanAssetsAtFairValue" scale="3" sign="-" unitRef="usd">98,421</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    defined benefit liability</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan" scale="3" unitRef="usd">12,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan" scale="3" unitRef="usd">15,119</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Liens</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Liens
                                         have been incurred by Formula over a certain portion of the Matrix, Magic Software and
                                         Sapiens&#8217; shares which it held. As of December&#160;31, 2021 Formula has collaterals
                                         in connection with Series A Secured Debentures and Series C Secured Debentures issued
                                         by Formula on the TASE (see Note 14).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 265 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Composition
                                         of pledged shares of Matrix, Magic Software and Sapiens owned by Formula as of December&#160;31,
                                         2021:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series A<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series C<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 77%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
    ordinary shares, par value NIS 1.0 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c349" decimals="0" format="ixt:num-dot-decimal" name="forty:FinancialInstitutionCreditAgreement" scale="0" unitRef="shares">4,128,865</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c349" decimals="0" format="ixt:num-dot-decimal" name="forty:SecuredDebentures" scale="0" unitRef="shares">6,031,761</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
    Software ordinary shares, par value NIS 0.1 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c350" decimals="0" format="ixt:num-dot-decimal" name="forty:FinancialInstitutionCreditAgreement" scale="0" unitRef="shares">5,825,681</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c350" decimals="0" format="ixt:num-dot-decimal" name="forty:SecuredDebentures" scale="0" unitRef="shares">2,411,474</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
    common shares, par value &#8364;0.01 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c351" decimals="0" format="ixt:num-dot-decimal" name="forty:FinancialInstitutionCreditAgreement" scale="0" unitRef="shares">1,260,266</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c351" decimals="0" format="ixt:num-dot-decimal" name="forty:SecuredDebentures" scale="0" unitRef="shares">2,957,590</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">In
accordance with the terms of the deed of trust for Formula&#8217;s Series C Secured Debentures, Formula did not incur any additional
liens in connection with its additional Series C Secured Debentures issued in April&#160;2021 (see Note 14(c)(ii)).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Guarantees</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, the Group provided performance bank guarantees in an aggregate amount of approximately $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:AggregateSecurityAmount" scale="3" unitRef="usd">49,300</ix:nonFraction> as security
for performance of various contracts with customers and suppliers. As of December&#160;31, 2021, the Group provided bank guarantees
in an aggregate amount of approximately $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:BankGuaranteesAmount" scale="3" unitRef="usd">8,600</ix:nonFraction> as security for rent to be paid for its leased offices. As of December&#160;31,
2021, the Group had restricted bank deposits in an aggregate amount of $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:BalancesOnOtherDepositsFromCustomers" scale="3" unitRef="usd">300</ix:nonFraction> in favor of the above-mentioned bank guarantees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_9" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, The Company and its subsidiaries provided certain cross guaranties in favor of certain subsidiaries in the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_10" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix,
Sapiens, Magic Software and Michpal each provides cross guarantees to its subsidiaries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_11" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Covenants</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_12" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Group&#8217;s debentures and credit facility agreements with banks and other financial institutions, as of
December&#160;31, 2021, the Group committed to the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_13" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_14" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula&#8217;s
                                         Debentures</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_15" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Formula&#8217;s indenture for its Series A and Series C Secured Debentures, Formula has undertaken to comply with
the following financial covenants and obligations:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_16" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><ix:nonNumeric contextRef="c340" continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_1" name="ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_2" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A covenant not to distribute dividends unless (i) Formula shareholders&#8217; equity attributable to Formula Systems shareholders shall not be less than $290 million, (ii) Formula&#8217;s net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 50% of net CAP (defined as financial indebtedness, net, plus shareholders&#8217; equity), and (iii) the aggregate amount of distributions from January&#160;1, 2016 shall not exceed the aggregate amount of net oncome for the year ended December&#160;31, 2015 together with 75% of accumulated profits from January&#160;1, 2016 until the respective distribution date and (iv) no event of default shall have occurred.</span></ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 266 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_17" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_16"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_3" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         covenants, including: (i) the equity attributable to Formula Systems shareholders, as
                                         reported in Formula&#8217;s annual or quarterly financial statements, shall not be less
                                         than $215 million (as of December&#160;31, 2021, Formula equity attributable to Formula
                                         Systems&#8217; shareholders was approximately $541.0 million); (ii) Formula&#8217;s net
                                         financial indebtedness (financial indebtedness offset by cash, marketable securities,
                                         deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined
                                         as financial indebtedness, net, plus total equity) (as of December&#160;31, 2021 Formula&#8217;s
                                         net financial indebtedness was 5.9% of net CAP); (iii) the ratio of Formula&#8217;s net
                                         financial indebtedness to the last twelve-months period EBITDA will not exceed 5 (all
                                         based on the Company&#8217;s quarterly and annual consolidated financial statements)
                                         (as of December&#160;31, 2021 the ratio of Formula&#8217;s net financial indebtedness
                                         to EBITDA was 0.22); and (iv) at all times, Formula&#8217;s cash balance on a stand-alone
                                         basis will not be less than the semi annual interest payments for the unpaid principal
                                         amount of Series A and Series C Secured Debentures (as of December&#160;31, 2021 Formula&#8217;s
                                         cash balances exceed the semi annual interest payments amount).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_18" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_17"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_4" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
                                         events of default, including, among others:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_19" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_18"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_5" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspension
                                         of trading of the debentures on the TASE over a period of 60 days;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_20" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_19"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_6" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent
                                         rating of other rating agencies;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_21" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_20"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_7" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                         to have the debentures rated over a period of 60 days;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_22" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_21"><ix:continuation continuedAt="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_8" id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         there is a change in control without consent of the rating agency; and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_23" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_22"><ix:continuation id="_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary-c340_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If Formula fails to continue to control any of its subsidiaries;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_24" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_25" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the context of Matrix&#8217;s engagements with banks and financial institutions for its credit facilities, Matrix has undertaken
to comply with the following financial covenants, as they are expressed in its financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_26" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><ix:nonNumeric contextRef="c341" continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_1" name="forty:LiabilityToFinancialInstitutionDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_2" id="_LiabilityToFinancialInstitutionDescription-c341_cont_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total rate of Matrix financial debts and liabilities to banks with the addition of debts in respect of debentures that have been and/or will be issued by Matrix and shareholders&#8217; loans that have been and/or will be granted to Matrix (collectively, the &#8220;debts&#8221;) will not exceed 40% of its total balance sheet. As of December&#160;31, 2021 the ratio between Matrix&#8217;s financial debts and liabilities to banks versus Matrix total assets was 10.9%</span></ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_27" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_26"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_3" id="_LiabilityToFinancialInstitutionDescription-c341_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Matrix net debt to the annual EBITDA will not exceed 3.5. As of December&#160;31,
                                         2021, Matrix ratio of net debt to EBITDA was 0.79.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_28" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_27"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_4" id="_LiabilityToFinancialInstitutionDescription-c341_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         equity shall not be lower than NIS 275,000 (approximately $88,424) at all times. As of
                                         December&#160;31, 2021 Matrix&#8217;s equity was approximately NIS 878,054 (approximately
                                         $282,332 million).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_29" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_28"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_5" id="_LiabilityToFinancialInstitutionDescription-c341_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         cash and cash equivalents and short-term bank deposits shall not be less than NIS 50,000
                                         (approximately $16,077). In the context of Matrix&#8217; issuance of Commercial Securities
                                         which are not listed, Matrix committed to maintain at least NIS 300,000 (approximately
                                         $96,463) of liquid assets including unused approved bank credits. Such liquid assets
                                         should account for not less than NIS 200,000 of cash and cash equivalent and short-term
                                         bank deposit (approximately $64,309).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_30" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_29"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_6" id="_LiabilityToFinancialInstitutionDescription-c341_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of December&#160;31, 2021, Matrix&#8217;s cash and cash equivalent and short-term bank
                                         deposits amounted to NIS 534,132 (approximately $171,747).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 267 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_31" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_30"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_7" id="_LiabilityToFinancialInstitutionDescription-c341_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         has committed that the rate of ownership and control of Matrix IT-Systems shall never
                                         be below 50.1%.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_32" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_31"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c341_cont_8" id="_LiabilityToFinancialInstitutionDescription-c341_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         will not create any pledge on all or part of its property and assets in favor of any
                                         third party and will not provide any guarantee to secure any third party&#8217;s debts
                                         as they are today and as they will be without the banks&#8217; consent (except for a
                                         first-rate fixed pledge on an asset which acquisition will be financed by a third party
                                         and which the pledge will be in his favor).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_33" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_32"><ix:continuation id="_LiabilityToFinancialInstitutionDescription-c341_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix will not sell and/or transfer all or part of its assets to others in any manner whatsoever without the banks&#8217; advance written consent unless it is done in the ordinary course of business.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_34" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_35" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for Sapiens&#8217; Series B Debentures, Sapiens has undertaken to maintain a number of conditions
and limitations on the manner in which it can operate its business, including limitations on its ability to undergo a change of
control, distribute dividends, incur a floating charge on its assets, or undergo an asset sale or other change that results in
fundamental change in its operations. Sapiens Series B Debentures deed of trust also requires it to comply with certain financial
covenants, as described below. A breach of the financial covenants for more than two successive quarters or a substantial downgrade
in the rating of the debentures (below BBB-) could result in the acceleration of Sapiens&#8217; obligation to repay the debentures.
The deed of trust includes the following provisions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_36" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         negative pledge, subject to certain exceptions;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_37" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><ix:nonNumeric contextRef="c342" continuedAt="_DescriptionOfFinancialCovenants-c342_cont_1" name="forty:DescriptionOfFinancialCovenants"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:continuation id="_DescriptionOfFinancialCovenants-c342_cont_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a covenant not to distribute dividends unless (i) Sapiens equity attributable to Sapiens shareholders&#8217; shall not be less than $160 million - as of December&#160;31, 2021, Sapiens total shareholders&#8217; equity was approximately $408,702, (ii) Sapiens net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) does not exceed 65% of net CAP (defined as financial indebtedness, net, plus total equity) - as of December&#160;31, 2021 the ratio of net financial indebtedness to net capitalization was (36.78)%, (iii) the amount of accumulated dividends from the issuance date and going forward shall not exceed Sapiens net income for the year ended December&#160;31, 2016 and the first three quarters of the year ended December&#160;31, 2017, plus 75% of Sapiens accumulated profits from September&#160;1, 2017 and up to the date of distribution, and (iv) no event of default shall have occurred.</span></ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_38" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfFinancialCovenants-c0_cont_1" name="forty:DescriptionOfFinancialCovenants"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:continuation id="_DescriptionOfFinancialCovenants-c0_cont_1">financial covenants, including: (i) the equity attributable to the shareholders of Sapiens, as reported in its annual or quarterly financial statements, will not be less than $120 million (as of December&#160;31, 2021 Sapiens&#8217; shareholders equity was $408,702); (ii) Sapiens&#8217; net financial indebtedness (financial indebtedness offset by cash, marketable securities deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined as financial indebtedness, net, plus shareholders equity, including deposits and other liquid financial instruments) (as of December&#160;31, 2021 Sapiens&#8217; net financial indebtedness was (36.78%) of net CAP (36.78%) of net CAP); and (iii) the ratio of Sapiens&#8217; net financial indebtedness to EBITDA (based on accumulated calculation for the four last quarters) shall not exceed 5.5 (as of December 31, 2021 the ratio of Sapiens&#8217; net financial indebtedness to EBITDA was (1.27)).</ix:continuation> </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 268 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_39" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_40" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the loan with an Israeli financial institution, Magic Software has undertaken to comply with the following financial
covenants, as they will be expressed in its consolidated financial statements (in accordance with US GAAP):</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_41" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_40"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><ix:nonNumeric contextRef="c343" continuedAt="_LiabilityToFinancialInstitutionDescription-c343_cont_1" name="forty:LiabilityToFinancialInstitutionDescription"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c343_cont_2" id="_LiabilityToFinancialInstitutionDescription-c343_cont_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total equity attributable to Magic Software&#8217; shareholders shall not be lower than $100,000 at all times &#8211; as of December&#160;31, 2021 Magic Software shareholders&#8217; equity was $275,668.</span></ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_42" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_41"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c343_cont_3" id="_LiabilityToFinancialInstitutionDescription-c343_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
                                         Software&#8217;s consolidated cash and cash equivalents and marketable securities available
                                         for sale shall not be less than $10,000 &#8211; as of December&#160;31, 2021 Magic Software&#8217;s
                                         cash and marketable securities available for sale were $94,818.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_43" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_42"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c343_cont_4" id="_LiabilityToFinancialInstitutionDescription-c343_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Magic Software&#8217;s consolidated total financial debts to consolidated total
                                         assets will not exceed 50% - as of December&#160;31, 2021 Magic Software&#8217;s financial
                                         debts were 7.6% of its total assets;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_44" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_43"><ix:continuation continuedAt="_LiabilityToFinancialInstitutionDescription-c343_cont_5" id="_LiabilityToFinancialInstitutionDescription-c343_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Magic Software&#8217;s total financial debts less cash, short-term deposits
                                         and short-term marketable securities to the annual EBITDA will not exceed 3.25 &#8211;
                                         as of December&#160;31, 2021 the ratio of Magic Software&#8217;s net financial indebtedness
                                         to EBITDA was negative (-0.9) (cash exceeds indebtedness); and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_45" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_44"><ix:continuation id="_LiabilityToFinancialInstitutionDescription-c343_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic Software shall not create any pledge on all of its property and assets in favor of any third party without the financial institution&#8217;s consent.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_46" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; ">As
of December&#160;31, 2021, each of Formula, Matrix, Sapiens and Magic Software was in compliance with all of its financial covenants.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_47" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_46"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Legal
                                         proceedings</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_48" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_47"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">In September&#160;2016, an Israeli software company, which was previously involved in an arbitration proceeding with Magic Software in 2015 and won damages from it for $<ix:nonFraction contextRef="c344" decimals="-5" format="ixt:num-dot-decimal" name="forty:DamagesAmount" scale="6" unitRef="usd">2.4</ix:nonFraction> million, filed a lawsuit seeking damages of NIS <ix:nonFraction contextRef="c346" decimals="0" format="ixt:num-dot-decimal" name="forty:lawsuitSeekingDamages" scale="0" unitRef="ils">34,106</ix:nonFraction> against Magic Software and one of its subsidiaries. This lawsuit was filed as part of an arbitration proceeding. In the lawsuit, the software company claimed that warning letters that Magic Software sent to its clients in Israel and abroad, warning those clients against the possibility that the conversion procedure offered by the software company may amount to an infringement of Magic Software&#8217;s copyrights (the &#8220;Warning Letters&#8221;), as well as other alleged actions, have caused the software company damages resulting from loss of potential business. The lawsuit is based on rulings given in the 2015 arbitration proceeding in which it was allegedly ruled that the Warning Letters constituted a breach of a non-disclosure agreement (NDA) signed between the parties. Magic Software rejected the claims by the Israeli software company and moved to dismiss the lawsuit entirely. In July&#160;2021 the arbitrator of this proceeding rendered his decision and determined that Magic Software should pay final damages in an amount of NIS5,316 (approximately <span style="font-style: normal; font-variant: normal; font-weight: normal; text-transform: none">NIS <ix:nonFraction contextRef="c344" decimals="0" format="ixt:num-dot-decimal" name="forty:DamagesAmount" scale="0" unitRef="ils">1,650</ix:nonFraction>). Our financial results of operations of 2021 included a net impact of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="forty:ArbitrationExpenses" scale="6" unitRef="usd">1.6</ix:nonFraction> million resulting from the arbitration expenses.</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 269 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_49" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_48"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On November&#160;23, 2020, Olir Trade and Industries Ltd. (&#8220;Olir&#8221;) filed a derivative action and a motion to certify a derivative action, with the District Court (Economic Division) of Tel Aviv-Jaffa, Israel (Derivative Action No. 58348-11-20) (the &#8220;Claim&#8221; and the &#8220;Motion to Certify&#8221;, respectively) (as reported in the Company&#8217;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on December&#160;9, 2020). In the framework of the Motion to Certify, Olir requested permission to file the Claim, on the Company&#8217;s behalf, against each of the Company&#8217;s five directors, as well as the Company&#8217;s chief executive officer (the &#8220;CEO&#8221;), Mr. Guy Bernstein, and chief financial officer, Mr. Asaf Berenstin (the &#8220;CFO&#8221;), as defendants. The Company and the named defendants are all listed as respondents to the Motion to Certify. The Claim challenges the legality, under the Israeli Companies Law, 5759-1999 (the &#8220;Companies Law&#8221;), of compensation awarded to the Company&#8217;s CEO and CFO, including past engagements with the CEO and the recent re-approval by the Company&#8217;s compensation committee and board of directors (as reported in the Company&#8217;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on November&#160;4, 2020), of the eight-year equity-based award of compensation&#8212;in the form of <ix:nonFraction contextRef="c345" decimals="0" format="ixt:num-dot-decimal" name="forty:RestrictedShares" scale="0" unitRef="shares">611,771</ix:nonFraction> restricted share units&#8212; to the Company&#8217;s CEO. The Claim includes allegations of breaches of fiduciary duties (duty of care and duty of loyalty) and the oppression of minority shareholders and unjust enrichment. The Claim seeks an accounting from the defendants as to the alleged harm caused to the Company, as well as compensation to the Company for such harm. The Claim also seeks a declaratory order preventing the board of directors from using voting powers allegedly granted to it under agreements related to the Company&#8217;s ADSs. The Company rejects all claims made by Olir and believe that all actions taken by its board of directors and its committees were taken in accordance with the Companies Law and based upon advice of legal counsel. All respondents intend to vigorously defend against the Motion to Certify and on May&#160;13, 2021 all respondents filed their responses to the Motion to Certify.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_50" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On
May&#160;19, 2021 the Company filed a motion asking the court to order Olir to deposit a guarantee for our costs in the proceedings.
On June&#160;23, 2021 Olir filed its response to the motion. A pre-trial hearing is scheduled for June&#160;2, 2022. The Company
and Olir started mediation proceedings with the first mediation meeting taken place on February&#160;16, 2022. At this early stage
of the proceedings, the Company cannot predict the outcome of the proceedings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_51" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_50"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On December&#160;24, 2019, a motion for the approval of a class action (#60508-02-20), in an amount of NIS <ix:nonFraction contextRef="c347" decimals="0" format="ixt:num-dot-decimal" name="forty:DamagesAmount" scale="0" unitRef="ils">793,800</ix:nonFraction>, was filed against Zap Group with the Israeli District Court (central district), claiming that Zap Group allegedly generated income illegally from paying customers through the &#8216;ZAP Group&#8217;s price comparison&#8217; website. At the pre-trial hearing, it was decided that the plaintiffs would file an explanation to the court as to why they believe they were fit to serve as class action plaintiffs and give an explanation as to why they have performed prohibited clicks on their competitor&#8217;s websites through ZAP Group&#8217;s website. In addition plaintiffs were requested to update whether they are willing to reduce the amount of the claim. On July&#160;15, 2021, the plaintiffs filed a motion to reduce the amount of the claim to NIS <ix:nonFraction contextRef="c348" decimals="0" format="ixt:num-dot-decimal" name="forty:DamagesAmount" scale="0" unitRef="usd">63,000</ix:nonFraction>. On December&#160;15, 2021, a pre-trial hearing took place, in which the court clarified that it does not intend to interfere with Zap Group&#8217;s business considerations regarding the click filtering mechanisms that it operates. The court recommended that the plaintiffs reach an agreed solution with Zap Group on the issue of the necessary disclosure that Zap Group should include in its contracts with customers (as available on its website). The parties were requested to file a joint notice in accordance with the court&#8217;s recommendation by January&#160;15, 2022. The plaintiffs submitted a request for an extension to file the notice. On April&#160;5, 2022, the plaintiffs filed a notice with the court stating that they had not reached agreement with Zap Group and therefore seek to set the case for evidentiary hearing. A date for a hearing has not yet been set. As this claim was filed against Zap Group prior to its acquisition by Formula, any liability resulting from it is covered by the indemnification provided to Formula by the former shareholders of Zap Group.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 270 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies (<span style="text-transform: none">Cont</span>.)</span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_52" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; ">In
addition to the above-described legal proceedings, from time to time, Formula and/or its subsidiaries and affiliates are subject
to legal, administrative and regulatory proceedings, claims, demands and investigations in the ordinary course of business, including
claims with respect to intellectual property, contracts, employment and other matters. The Group accrues a liability when it is
both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment
is required in the determination of both the probability and as to whether a loss is reasonably estimable. These accruals are
reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel
and other information and events pertaining to a particular matter. The Group intends to defend itself vigorously against the
above claims, and it generally intends to vigorously defend any other legal claims to which it is subject. While for most litigations,
the outcome is difficult to determine, to the extent that there is a reasonable possibility that the losses to which the Group
may be subject could exceed the amounts (if any) that it has already accrued, the Group attempts to estimate such additional loss,
if reasonably possible, and disclose it (or, if it is an immaterial amount, indicate accordingly). The aggregate provision that
the Group has recorded for all other legal proceedings (other than the particular material proceedings described above) is not
material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_53" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_52"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Royalty
                                         commitments</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c342" name="ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary"><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_54" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
Technologies (1982) Ltd. (&#8220;Sapiens Technologies&#8221;), a wholly owned subsidiary of Sapiens incorporated in Israel, was
partially financed under programs sponsored by the Israel Innovation Authority (&#8220;IIA&#8221;), formerly the Office of the
Chief Scientist (&#8220;OCS&#8221;) for the support of certain research and development activities conducted in Israel. In exchange
for participation in the programs by the IIA, Sapiens Technologies agreed to pay 3.5% of total net consolidated license and maintenance
revenue and 0.35% of the net consolidated consulting services revenue related to the software developed within the framework of
these programs based on an understanding with IIA reached in January&#160;2012. The royalties will be paid up to a maximum amount
equaling 100%-150% of the grants provided by the IIA, linked to the dollar, and for grants received after January&#160;1, 1999,
bear annual interest at a rate based on LIBOR.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_55" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2020 and 2021, the Group had contingent liabilities to pay royalties of $<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentLiability" scale="3" unitRef="usd">6,014</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:ContingentLiability" scale="3" unitRef="usd">5,454</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_56" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_55"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Insurance</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries and affiliates insure themselves in bodily injury and property damage insurance policies, including
third party, professional liability and employer&#8217;s liability insurance policies. Formula, Sapiens, Magic Software, Zap Group,
Insync, Michpal and Ofek directors and officers (D&amp;O) are insured under an &#8220;umbrella&#8221; policy for insurance of
directors and officers including D&amp;O side A DIC policy (another layer of protection for officers) acquired by the Company
for itself and its subsidiaries, for a period of 12 months from February&#160;14, 2021.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 271 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
20:- equity</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
composition of the Company&#8217;s share capital is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares, NIS 1 par value each</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">25,000,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">15,862,887</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfSharesOutstanding1" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">25,000,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">15,862,887</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="forty:NumberOfSharesOutstanding1" scale="0" unitRef="shares">15,294,267</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s ordinary shares, par value NIS <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="ilsPershares">1</ix:nonFraction> per share, are traded on the TASE, and Formula&#8217;s ADSs, each representing one ordinary share, are traded on the NASDAQ.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula holds <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="forty:FormulaHoldShares" scale="0" unitRef="shares">568,620</ix:nonFraction> of its own ordinary shares.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2019, Formula declared a cash dividend of approximately $<ix:nonFraction contextRef="c352" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="3" unitRef="usd">7,953</ix:nonFraction> (or $<ix:nonFraction contextRef="c352" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="usdPershares">0.52</ix:nonFraction> per share) to shareholders of record on September&#160;12, 2019 that was paid on September&#160;25, 2019.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November&#160;2019, Formula declared a cash dividend of approximately NIS <ix:nonFraction contextRef="c353" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPayable" scale="0" unitRef="ils">24,471</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c353" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="3" unitRef="usd">7,079</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c353" decimals="-2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="3" unitRef="ilsPershares">1.6</ix:nonFraction> per share (approximately $<ix:nonFraction contextRef="c353" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="usdPershares">0.46</ix:nonFraction> per share) to shareholders of record on December&#160;24, 2019 that was paid on January&#160;8, 2020.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2020, Formula declared a cash dividend of approximately NIS <ix:nonFraction contextRef="c354" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPayable" scale="0" unitRef="ils">27,071</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c354" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="3" unitRef="usd">7,960</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c354" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="ilsPershares">1.77</ix:nonFraction> per share (approximately $<ix:nonFraction contextRef="c354" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="usdPershares">0.52</ix:nonFraction> per share) to shareholders of record on September&#160;3, 2020 that was paid on September&#160;16, 2020.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February&#160;2021, Formula declared a cash dividend of approximately NIS <ix:nonFraction contextRef="c356" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPayable" scale="0" unitRef="ils">33,036</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c355" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="3" unitRef="usd">10,155</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c356" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="0" unitRef="ils">2.16</ix:nonFraction> per share (approximately $<ix:nonFraction contextRef="c355" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="usdPershares">0.66</ix:nonFraction> per share) to shareholders of record on February&#160;18, 2021 that was paid on March&#160;4, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2021, Formula declared a cash dividend of approximately NIS <ix:nonFraction contextRef="c357" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPayable" scale="0" unitRef="ils">38,694</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c357" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPayable" scale="0" unitRef="usd">11,932</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c357" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShare" scale="0" unitRef="ilsPershares">2.53</ix:nonFraction> per share (approximately $<ix:nonFraction contextRef="c358" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherSharesPerShare" scale="0" unitRef="usdPershares">0.78</ix:nonFraction> per share) to shareholders of record on September&#160;1, 2021 that was paid on September&#160;22, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         information concerning Formula&#8217;s employees and officers share-based plans, see
                                         Note 17.</span></td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
                                         taxation:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Corporate
                                         tax rate in Israel</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
income of Israeli companies was generally subject to corporate tax at the rate of <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">23</ix:nonFraction></ix:nonFraction></ix:nonFraction>% in 2019, 2020 and in 2021. Some of our Israeli
subsidiaries are eligible for certain tax benefits, as described below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (the
                                         &#8220;Law&#8221;):</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Amendment
73 to the law</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December&#160;2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018
Budget Years) 2016, which includes Amendment 73 to the Law for the Encouragement of Capital Investments (the &#8220;2017 Amendment&#8221;)
was published and was pending the publication of regulations, in May&#160;2017 regulations were promulgated by the Finance Ministry
to implement the &#8220;Nexus Principles&#8221; based on OECD guidelines published as part of the Base Erosion and Profit Shifting
(BEPS) project. Following the publication of the regulations the 2017 Amendment became fully effective. <ix:nonNumeric contextRef="c359" continuedAt="_DescriptionOfNewAmendmentTaxRate-c359_cont_1" name="forty:DescriptionOfNewAmendmentTaxRate">According to the 2017
Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of the group
companies is less than NIS 10 billion, shall be subject to 12% tax rate on income derived from intellectual property (in development
area A&#8212;a tax rate of 7.5%). In order to qualify as a Preferred technological enterprise certain criterion must be met, such
as a minimum ratio of annual R&amp;D expenditure and R&amp;D employees, as well as having at least 25% of annual revenues derived
from exports.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 272 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><ix:continuation continuedAt="_DescriptionOfNewAmendmentTaxRate-c359_cont_2" id="_DescriptionOfNewAmendmentTaxRate-c359_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a Special Preferred Technology
Enterprise (&#8220;SPTE&#8221;) (an enterprise for which, among others, total consolidated revenues of its parent company and
all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on PTI regardless of the
company&#8217;s geographic location within Israel. In addition, a SPTE will enjoy a reduced corporate tax rate of 6% on capital
gain derived from the sale of certain &#8220;Benefited Intangible Assets&#8221; to a related foreign company if the Benefited
Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company on or
after January&#160;1, 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><ix:continuation id="_DescriptionOfNewAmendmentTaxRate-c359_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
from 2017 under Amendment 73 to the Investment Law, part of the Group&#8217;s taxable income in Israel is entitled to a preferred
12% tax rate. Since 2019, under SPTE the tax rate for part of the Group&#8217;s taxable income in Israel has been reduced to a
6% corporate tax rate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
74 to the Encouragement Law:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_11" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;15, 2021, the Economic Efficiency Law (Legislative Amendments for Achieving Budget Targets for the 2021 and 2022
Budget Years), 2021 (the &#8220;Economic Efficiency Law&#8221;), was enacted. This Law establishes a temporary order allowing
Israeli companies to release tax-exempt earnings (&#8220;trapped earnings&#8221; or &#8220;accumulated earnings&#8221;) accumulated
until December&#160;31, 2020, through a mechanism established for a reduced corporate income tax rate applicable to those earnings
(the &#8220;Temporary Order&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_12" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the reduced corporate income tax (CIT) rate, Article 74 to the Encouragement Law was amended whereby effective from
August&#160;15, 2021, for any dividend distribution (including a dividend as per Article 51B to the Encouragement Law) by a company
which has trapped earnings, there will be a requirement to allocate a portion of that distribution to the trapped earnings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_13" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax-exempt income is attributable to certain Group members&#8217; previous status as &#8220;Approved Enterprise&#8221; and &#8220;Benefited
Enterprise&#8221;. Such tax-exempt income cannot be distributed to shareholders without subjecting the Company to payable income
taxes. If dividends are distributed from previous tax-exempt profits, the Company will be liable for income tax at the rate applicable
to its profits from the Approved Enterprise in at the tax rate enacted in the year in which the income was earned.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_14" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Temporary Order, the reduction of CIT will apply to earnings that are released (with no requirement for an actual distribution)
within a period of one year from the date of enactment of the Temporary Order. The reduction in the CIT is dependent on the proportion
of the trapped earnings that are released in relation to the total trapped earnings, and on the applicable CIT rate in the years
the earnings were generated. Consequently, the larger the proportion of the trapped earnings that are released, the lower the
tax in respect of the distribution. The minimum tax rate is <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:AverageEffectiveTaxRate" scale="-2" unitRef="pure">6</ix:nonFraction>%. Further, a company that elects to pay a reduced CIT is required
to invest in its industrial enterprise a designated amount in accordance with the Economic Efficiency Law within a period of five
years commencing from the tax year in which the election is made. The designated investment should be utilized for the acquisition
of production assets, and/or investments in research and development and/or compensation to additional new employees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 273 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_15" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to ASC 740, a deferred tax liability would generally be recorded relating to corporate taxes that would be owed on the distribution
of profits if management has currently the intention to declare dividends of its tax-exempt earnings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_16" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Sapiens elected to benefit from the Temporary Order and pay the reduced CIT as per the provisions of the Economic Efficiency
Law in respect of its total accumulated tax-exempt earnings amounting to NIS <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" scale="0" unitRef="ils">109,000</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" scale="3" unitRef="usd">35,048</ix:nonFraction>), and accordingly
recognized deferred tax liability of $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" scale="3" unitRef="usd">3,531</ix:nonFraction>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_17" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Tax
                                         benefits under the Israeli Law for the Encouragement of Industry (Taxes), 1969</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_18" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is Formula&#8217;s management&#8217;s belief that certain of its Israeli operations currently qualify as Industrial Companies
within the meaning of the Law for the Encouragement of Industry (Taxes), 1969 (the &#8220;Industrial Encouragement Law&#8221;).
The Industrial Encouragement Law defines an &#8220;Industrial Company&#8221; as a company that is resident in Israel and that
derives at least <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:IncomeTax" scale="-2" unitRef="pure">90</ix:nonFraction>% of its income in any tax year, other than income from defense loans, capital gains, interest and dividends,
from an enterprise whose major activity in a given tax year is industrial production. Under the Industrial Encouragement Law,
the Company is entitled to amortization of the cost of purchased know-how and patents over an eight-year period for tax purposes
as well as accelerated depreciation rates on equipment and buildings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_19" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
for the benefits under the Industrial Encouragement Law is not subject to receipt of prior approval from any governmental authority.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_20" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Foreign
                                         Exchange Regulations</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_21" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Foreign Exchange Regulations, certain Israeli subsidiaries of the Group calculate their tax liability in dollars according
to certain orders. The tax liability, as calculated in dollars is translated into NIS according to the exchange rate as of December&#160;31
of each year for tax purposes only.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_22" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Structural
                                         changes in Matrix</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_23" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;11, 2020, a tax ruling was signed determining that effective December&#160;31, 2019 as part of a merger process, three
subsidiaries of Matrix will transfer all their assets and liabilities subject to the provisions of section&#160;103 of the Income
Tax Ordinance. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 274 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_24" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Israeli
                                         subsidiaries:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_25" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Israeli
subsidiaries are taxed according to the tax laws in their respective country of residence. Deferred income taxes were provided
in relation to undistributed earnings of non-Israeli subsidiaries, which the Group intends to distribute in the near future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_26" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group intends to permanently reinvest undistributed earnings in the foreign subsidiaries in which earnings arose, in the vast
majority of its subsidiaries. If the earnings, for which deferred taxes were not provided, were distributed in the form of dividends
or otherwise, the Group would be subject to additional Israeli income taxes (subject to an adjustment for foreign tax credits)
and non-Israeli withholding taxes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_27" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of undistributed earnings of foreign subsidiaries that are considered to be reinvested as of December&#160;31, 2020 and
2021 was $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates" scale="3" unitRef="usd">114,569</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates" scale="3" unitRef="usd">157,464</ix:nonFraction>, respectively. However, a determination of the amount of the unrecognized deferred tax liability
for temporary difference related to those undistributed earnings of foreign subsidiaries is not practicable due to the complexity
of the structure of our group of subsidiaries for tax purposes and the difficulty of projecting the amount of future tax liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_28" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of cash and cash equivalents that were held by the Group&#8217;s subsidiaries outside of Israel and would have been subject
to income taxes if distributed as dividend as of December&#160;31, 2020 and 2021 was $<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" scale="3" unitRef="usd">87,331</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" scale="3" unitRef="usd">61,812</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_29" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         Reform - United States of America</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_30" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Tax Cuts and Jobs Act of 2017 (&#8220;TCJA&#8221;) was approved on December&#160;22, 2017. This legislation makes significant
changes to the U.S. Internal Revenue Code. Such changes include a reduction in the corporate tax rate and limitations on certain
corporate deductions and credits, among other changes. <ix:nonNumeric contextRef="c0" name="forty:FederalCorporateIncomeTaxRateDescription">The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_31" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the TCJA makes certain changes to the depreciation rules and implements new limits on the deductibility of certain expenses
and deduction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_32" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
TCJA introduced the rules for tax on the global intangible low-taxed income (&#8220;GILTI&#8221;) on foreign income in excess
of a deemed return on tangible assets of foreign corporations. One of our subsidiaries is subject to GILTI.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_33" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for one US subsidiary which has a share interest in a subsidiary in India, all of the Group&#8217;s other subsidiaries in the
United States do not have any foreign subsidiaries and, therefore, the remaining provisions of the TCJA have no material impact
on the Group&#8217;s results of operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_34" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         operating loss carried forward:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_35" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Formula and its subsidiaries have cumulative losses for tax purposes totaling approximately $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurpose" scale="3" unitRef="usd">184,523</ix:nonFraction>,
of which $<ix:nonFraction contextRef="c360" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">143,355</ix:nonFraction> was in respect of Israeli subsidiaries and approximately $<ix:nonFraction contextRef="c361" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">41,168</ix:nonFraction> of which was in respect of subsidiaries abroad.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 275 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_36" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_37" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Formula stand-alone had cumulative carry forward tax losses in Israel totaling approximately NIS <ix:nonFraction contextRef="c362" decimals="0" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="0" unitRef="ils">257,503</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c362" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">82,798</ix:nonFraction>), which can be carried forward and offset against taxable income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_38" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_39" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Matrix had operating carry-forward tax losses totaling approximately NIS <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="0" unitRef="ils">85,483</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">27,486</ix:nonFraction>), which resulted from Israeli operations and as such can be carried forward and offset against taxable
income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_40" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_39"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_41" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Magic Software had operating carry forward tax losses totaling approximately
$<ix:nonFraction contextRef="c68" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">23,243</ix:nonFraction>, which can be carried forward and offset against taxable income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_42" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_41"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_43" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Sapiens had carry-forward tax losses totaling approximately $<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="forty:CumulativeLossesForTaxPurposes" scale="3" unitRef="usd">34,515</ix:nonFraction>. Most of
these carry-forward tax losses have no expiration date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_44" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_43"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Insync</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_45" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Insync did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_46" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_45"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Michpal</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_47" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Michpal did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_48" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_47"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Ofek</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_49" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Ofek did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_50" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_49"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Zap</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_51" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Zap and certain of its subsidiaries had carry-forward tax losses totaling approximately NIS <ix:nonFraction contextRef="c363" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="0" unitRef="ils">22,008</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c363" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="usd">7,077</ix:nonFraction>). These carry-forward tax losses have no expiration date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_52" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_51"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                         tax assessments:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_53" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its subsidiaries are routinely examined by various tax authorities. Below is a summary of the income tax assessments of Formula
and its subsidiaries:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_54" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_53"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c364" name="forty:IncomeTaxAssessmentsDescription"><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_55" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_56" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_55"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_57" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
has received final tax assessments through the tax year 2018. <ix:nonNumeric contextRef="c66" name="forty:IncomeTaxAssessmentsDescription">Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 276 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_58" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_57"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_59" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software has received final tax assessments through the year 2016. Magic Software subsidiaries have received final tax assessments
(or assessments that are deemed final) through the tax year 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_60" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_59"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_61" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_60"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c67" name="forty:IncomeTaxAssessmentsDescription">Tax
assessments filed by some of Sapiens&#8217; Israeli subsidiaries through the year 2016 are considered to be final.</ix:nonNumeric> Sapiens is
currently under audit in several jurisdictions for the tax years 2017 and onwards. Timing of the resolution of audits is highly
uncertain and therefore, as of December&#160;31, 2021, the Company cannot estimate the change in unrecognized tax benefits resulting
from these audits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_62" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_61"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Zap
                                         Group</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_63" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group has received final tax assessments (or assessments that are deemed final) through the tax year 2018. Zap Group&#8217;s subsidiaries
have received final tax assessments (or assessments that are deemed final) through the tax year 2016.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_64" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_63"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         tax liabilities, net:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_65" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_64"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Presentation
                                         in consolidated statements of financial position</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_66" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_65"><ix:nonNumeric contextRef="c0" escape="true" name="forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxAssets" scale="0" unitRef="usd">46,364</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxAssets" scale="0" unitRef="usd">39,750</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="0" unitRef="usd">78,135</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="0" unitRef="usd">68,367</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxLiabilities" scale="0" sign="-" unitRef="usd">31,771</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxLiabilities" scale="0" sign="-" unitRef="usd">28,617</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_67" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_66"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Composition</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_68" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_67"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCompositionOfGroupExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    operating losses carried forward</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" scale="3" unitRef="usd">8,775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" scale="3" unitRef="usd">5,377</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangibles,
    fixed asset and right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="usd">82,313</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="usd">78,885</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossLeaseLiabilities" scale="3" unitRef="usd">30,362</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossLeaseLiabilities" scale="3" unitRef="usd">31,358</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences
    in measurement basis (cash basis for tax purposes)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="usd">3,084</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="usd">683</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentAssets" scale="3" unitRef="usd">8,321</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentAssets" scale="3" unitRef="usd">14,216</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="3" unitRef="usd">31,771</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="3" unitRef="usd">28,617</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_69" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_68"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
                                         income:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_70" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_69"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic
    (Israel)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c365" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">137,213</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c366" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">106,974</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c367" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">88,942</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">46,798</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c369" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">36,782</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c370" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">30,895</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">184,011</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">143,756</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:ProfitLossesBeforeTax" scale="3" unitRef="usd">119,837</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 277 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX (C<span style="text-transform: none">ont</span>.)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_71" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_70"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                         tax (tax benefit) consist of the following:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_72" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_71"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="usd">52,956</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="usd">23,015</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="usd">40,181</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" sign="-" unitRef="usd">10,342</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" unitRef="usd">8,254</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" sign="-" unitRef="usd">12,980</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">42,614</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">31,269</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">27,201</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>
</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_73" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_72"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Theoretical
                                         tax:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_74" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_73"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents reconciliation between the theoretical tax expense, assuming that all income was taxed at statutory tax
rates, and the actual income tax expense, as recorded in the Group&#8217;s consolidated statements of profit or loss:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_75" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_74"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfTheoreticalTaxExpenseTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    before income taxes, as per the statement of operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" scale="3" unitRef="usd">184,011</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" scale="3" unitRef="usd">143,756</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" scale="3" unitRef="usd">119,837</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    tax rate in Israel</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">23</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">23</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">23</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    computed at the statutory tax rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" scale="3" unitRef="usd">42,323</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" scale="3" unitRef="usd">33,064</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" scale="3" unitRef="usd">27,563</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-deductible
    expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" scale="3" unitRef="usd">3,667</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" scale="3" unitRef="usd">2,544</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" scale="3" unitRef="usd">792</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of different tax rates</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectFromChangeInTaxRate" scale="3" unitRef="usd">852</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectFromChangeInTaxRate" scale="3" sign="-" unitRef="usd">774</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectFromChangeInTaxRate" scale="3" unitRef="usd">1,114</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
    of trapped earnings (see note 21(a)(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:ReleaseOfTrappedEarningsseeNote21a2" scale="3" unitRef="usd">3,531</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of &#8220;Approved, Beneficiary or Preferred Enterprise&#8221; status</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" scale="3" sign="-" unitRef="usd">7,338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" scale="3" sign="-" unitRef="usd">5,426</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" scale="3" sign="-" unitRef="usd">2,557</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was
    provided, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxesOnCurrentLosses" scale="3" sign="-" unitRef="usd">84</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxesOnCurrentLosses" scale="3" unitRef="usd">1,877</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DeferredTaxesOnCurrentLosses" scale="3" unitRef="usd">1,087</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    in respect of prior years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesInRespectOfPriorYears" scale="3" unitRef="usd">891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesInRespectOfPriorYears" scale="3" unitRef="usd">280</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:TaxesInRespectOfPriorYears" scale="3" sign="-" unitRef="usd">569</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain
    tax positions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:NonRefundableWithholdingTaxAndTaxAdvances" scale="3" unitRef="usd">401</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:NonRefundableWithholdingTaxAndTaxAdvances" scale="3" unitRef="usd">285</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:NonRefundableWithholdingTaxAndTaxAdvances" scale="3" unitRef="usd">1,889</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForOtherTaxes" scale="3" sign="-" unitRef="usd">1,629</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForOtherTaxes" scale="3" sign="-" unitRef="usd">581</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForOtherTaxes" scale="3" sign="-" unitRef="usd">2,118</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">42,614</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">31,269</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">27,201</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 278 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            21:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">INCOME
                                         TAX</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C<span style="text-transform: none">ont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_76" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_75"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain
                                         tax positions:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_77" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the beginning and ending amount of total unrecognized tax benefits in Formula&#8217;s subsidiaries is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_78" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_77"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of January&#160;1, 2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c43" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedTaxOnIncomeBenefits" scale="3" unitRef="usd">6,601</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:DecreaseRelatedToPriorYearsTaxPositions" scale="3" sign="-" unitRef="usd">243</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncreaseRelatedToCurrentYearTaxPositions" scale="3" unitRef="usd">1,999</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2019</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedTaxOnIncomeBenefits" scale="3" unitRef="usd">8,357</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AcquisitionOfSubsidiaries" scale="3" unitRef="usd">1,057</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:DecreaseRelatedToPriorYearsTaxPositions" scale="3" sign="-" unitRef="usd">1,733</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncreaseRelatedToCurrentYearTaxPositions" scale="3" unitRef="usd">1,410</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedTaxOnIncomeBenefits" scale="3" unitRef="usd">9,091</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:DecreaseRelatedToPriorYearsTaxPositions" scale="3" sign="-" unitRef="usd">1,457</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncreaseRelatedToCurrentYearTaxPositions" scale="3" unitRef="usd">2,906</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnrecognizedTaxOnIncomeBenefits" scale="3" unitRef="usd">10,540</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_79" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group believes that it has adequately provided for any reasonably foreseeable outcomes related to tax audits and settlement,
there is no assurance that the final tax outcome of its tax audits will not be different from that which is reflected in the Group&#8217;s
income tax provisions. Such differences could have a material effect on the Group&#8217;s income tax provision, cash flow from
operating activities and net income in the period in which such determination is made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_79"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire balance of unrecognized tax benefits, if recognized, would reduce the Group&#8217;s annual effective tax rate.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 279 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_1" escape="true" name="forty:SupplementaryFinancialStatementInformationTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            22:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Supplementary
                                         Financial Statement Information</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_2" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
                                         of non-controlling interest in material partially<b>-</b>owned subsidiaries:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_3" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c371" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">161,947</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c372" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">147,662</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c373" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">320,448</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c374" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">306,684</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c375" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">153,706</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c376" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">150,808</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c377" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">2,726</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c378" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">188</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">638,827</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="usd">605,342</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_4" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table provides detailed breakdown of the Group&#8217;s financial income and
                                         expenses:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_5" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="forty:FinancialIncomeAndExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses related to liabilities in respect of business combinations</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" scale="3" unitRef="usd">3,539</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" scale="3" unitRef="usd">3,738</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" scale="3" unitRef="usd">1,061</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses on loans and borrowings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesOnShortTermAndLongTermLoans" scale="3" unitRef="usd">6,249</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesOnShortTermAndLongTermLoans" scale="3" unitRef="usd">6,863</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesOnShortTermAndLongTermLoans" scale="3" unitRef="usd">6,376</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    costs related to Debentures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialCostsRelatedToDebentures" scale="3" unitRef="usd">6,948</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialCostsRelatedToDebentures" scale="3" unitRef="usd">6,546</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialCostsRelatedToDebentures" scale="3" unitRef="usd">5,632</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses attributed to IFRS 16</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesAttributedToIfrs" scale="3" unitRef="usd">4,873</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesAttributedToIfrs" scale="3" unitRef="usd">5,367</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestExpensesAttributedToIfrs" scale="3" unitRef="usd">4,195</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Bank
    charges, negative foreign exchange differences and other financial expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:BankChargesInterestAndForeignExchangeDifferences" scale="3" unitRef="usd">8,385</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:BankChargesInterestAndForeignExchangeDifferences" scale="3" unitRef="usd">6,930</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:BankChargesInterestAndForeignExchangeDifferences" scale="3" unitRef="usd">5,179</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpenses" scale="3" unitRef="usd">29,994</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpenses" scale="3" unitRef="usd">29,444</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialExpenses" scale="3" unitRef="usd">22,443</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    income:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Income
    from marketable securities and embedded derivative</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeFromMarketableSecurities" scale="3" unitRef="usd">3,338</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeFromMarketableSecurities" scale="3" unitRef="usd">204</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:IncomeFromMarketableSecurities" scale="3" unitRef="usd">747</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    income from deposits, positive foreign exchange differences and other financial income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestIncomeFromDepositsAndForeignExchangeDifferences" scale="3" unitRef="usd">2,651</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestIncomeFromDepositsAndForeignExchangeDifferences" scale="3" unitRef="usd">2,355</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:InterestIncomeFromDepositsAndForeignExchangeDifferences" scale="3" unitRef="usd">3,044</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialIncome" scale="3" unitRef="usd">5,989</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialIncome" scale="3" unitRef="usd">2,559</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:FinancialIncome" scale="3" unitRef="usd">3,791</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTradingIncomeExpense" scale="3" unitRef="usd">24,005</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTradingIncomeExpense" scale="3" unitRef="usd">26,885</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTradingIncomeExpense" scale="3" unitRef="usd">18,652</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_6" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographical
                                         information:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_7" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group&#8217;s property and equipment is located as follows:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_8" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="forty:PropertyAndEquipmentTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c379" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">44,221</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c380" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">44,105</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c381" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">3,144</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c382" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">4,517</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c383" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">2,820</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c384" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">3,303</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c385" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">211</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c386" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">283</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c387" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">6,490</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c388" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">6,968</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">56,886</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">59,176</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 280 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            22:</span><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Supplementary
                                         Financial Statement Information</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_9" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_10" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s revenues classified by geographic area (based on the location of customers) are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_11" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="forty:RevenuesClassifiedByGeographicAreaTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c389" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,506,566</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c390" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,203,109</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c391" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,047,265</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">International:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c392" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">591,794</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c393" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">501,785</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c394" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">462,803</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c395" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">255,680</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c396" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">189,152</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">145,564</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Africa</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c398" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">18,012</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">11,702</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">15,336</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">12,890</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c402" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">14,282</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">14,925</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    (mainly Asia pacific)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c404" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">19,434</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c405" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">13,888</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c406" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">15,222</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_12" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
                                         per share:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_13" id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the computation of basic and diluted net earnings per share for the Group:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SupplementaryFinancialStatementInformationTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="forty:BasicAndDilutedNetEarningsPerShareTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Numerator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">54,585</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">46,776</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">38,820</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">53,974</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">45,969</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" scale="3" unitRef="usd">37,457</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Denominator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; weighted average shares outstanding</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForBasicNetEarningsPerShare" scale="0" unitRef="shares">15,290</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForBasicNetEarningsPerShare" scale="0" unitRef="shares">15,286</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForBasicNetEarningsPerShare" scale="0" unitRef="shares">15,190</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Effect
    of dilutive securities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:EffectOfDilutiveSecurities" scale="0" unitRef="shares">114</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="forty:EffectOfDilutiveSecurities" scale="0" unitRef="shares">6</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="forty:EffectOfDilutiveSecurities" scale="0" unitRef="shares">151</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; adjusted weighted average shares outstanding</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForDilutedNetEarningsPerShare" scale="0" unitRef="shares">15,404</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForDilutedNetEarningsPerShare" scale="0" unitRef="shares">15,292</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="forty:DenominatorForDilutedNetEarningsPerShare" scale="0" unitRef="shares">15,341</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">3.57</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">3.05</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" unitRef="usdPershares">2.56</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">3.50</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">3.01</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" unitRef="usdPershares">2.44</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is engaged through seven directly held subsidiaries; Matrix; Sapiens; Magic Software; Michpal, Zap, Insync and Ofek; and
one jointly controlled entity: TSG, in providing software services, proprietary and non-proprietary software solutions, software
product marketing and support, computer infrastructure and integration solutions and training and integration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 281 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Matrix</span></b></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
IT Ltd. is Israel&#8217;s leading IT services company. Matrix provides software solutions and services, software development projects,
outsourcing, integration of software systems and services, project management services and comprehensive consulting and management
services in complex infrastructure projects, urban and environment planning &#8211; all in accordance with its customers&#8217;
specific needs. Matrix also provides upgrading and expansion of existing software systems.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
operates through its directly and indirectly held subsidiaries in the following segments: (1) Information Technology (IT) Software
solutions and services, Consulting &amp; Management in Israel; (2) Information Technologies (IT) Software solutions and services
in the U.S; (3) Training and integration; (4) Computer and cloud infrastructure and integration solutions; and (5) Software product
marketing and support.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_7" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
software solutions and services in Israel provided by Matrix consist mainly of providing tailored software solutions and upgrading
and expanding mainly existing large-scale software systems. These services include, among others, developing customized software,
adapting software to the customer&#8217;s specific needs, implementing software and modifying it based on the customer&#8217;s
needs, outsourcing, software project management, software testing and QA and integrating all or part of the above elements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the activity in this segment includes project management consulting services and multi-disciplinary operational and engineering
consulting services, including supervision of complex engineering projects, all according to client specific needs as the scope
of work invested in each element varies from one customer to the other. <ix:nonNumeric contextRef="c407" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">In 2021, activity in software solutions and value-added
services in Israel accounted for approximately 54% of Matrix&#8217;s revenues and approximately 57% of its operating income.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
Technologies (IT) Software solutions and services in the United States:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment are primarily providing software solutions and services of Governance Risk and Compliance (&#8220;GRC&#8221;)
experts, including activities on the following topics: risk management, management and prevention of fraud, anti-money laundering,
trade surveillance as well as, specialized advisory services in the area of compliance with financial regulation and operational
services, through Matrix-IFS (formerly Exzac Inc.), a wholly owned subsidiary of Matrix, as well as providing solutions and specialized
technological services in areas such as: portals, BI (Business Intelligence) DBA (Data Base Administration), CRM (Customer Relation
Management) and EIM (Enterprise Information Management). Furthermore, the activity in this segment includes dedicated solutions
for the GovCon Government contracting market, IT help desk services specializing in healthcare and software product distribution
services particularly IBM, BMC and Atlassian products to customers in the public-government sector in the U.S (mainly through
RightStar Inc.). <ix:nonNumeric contextRef="c0" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">In 2021, activity in the U.S accounted for approximately 8% of Matrix&#8217;s revenues and approximately 11%
of its operating income.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 282 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23:</span><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Training
and integration:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment consist of operating a network of high-tech training and instruction centers which provide application
courses, professional training courses and advanced professional studies in the high-tech industry, courses of soft skills and
management training and provision of training and implementation of computer systems. Matrix also outsources IT services based
on graduates of its courses. <ix:nonNumeric contextRef="c408" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">In 2021, activity in training and integration accounted for approximately 4% of Matrix&#8217;s revenues
and for approximately 5% of its operating income.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Computer
and cloud infrastructure and integration solutions:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_15" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment, is primarily providing computer solutions to computer and communications infrastructures, marketing
and sale of computers and peripheral equipment to business customers, providing related services, and cloud computing solutions
(through the business specializing unit of the Company - Cloud Zone) and a myriad of services regarding Database services and
Big data services (through the specialized business unit Data zone). <ix:nonNumeric contextRef="c409" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">In 2021, activity in computer and cloud infrastructure and
integration solutions accounted for approximately 28% of Matrix&#8217;s revenues and for approximately 19% of its operating income.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_16" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software
product marketing and support:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_17" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment include marketing, distributing and support for various software products, the principal of which are
CRM, computer systems management infrastructures, web world content management, database and data warehouse mining, application
integration, database and systems, data management and software development tools. <ix:nonNumeric contextRef="c410" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">In 2021, activity in software product marketing
and support accounted for approximately 6% of Matrix&#8217;s revenues and approximately 8% of its operating income.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_18" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Sapiens</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_19" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
is a leading global provider of software solutions for the insurance industry. Sapiens&#8217; extensive expertise is reflected
in its innovative software platforms, suites, solutions and services for property &amp; casualty (P&amp;C); life, pension &amp;
annuity (L&amp;A); reinsurance; financial and compliance (F&amp;C); workers&#8217; compensation (WC); and financial markets. Sapiens
offers a full digital suite that provides an end-to-end, holistic and seamless digital experience for carriers, agents, customers
and assorted insurance personnel, across multiple devices and technologies. Sapiens&#8217; offerings enable its customers to effectively
manage their core business functions &#8211; including policy administration, claims and billing &#8211;supporting insurers during
their digital transformation journeys. Sapiens portfolio also covers underwriting, illustration and electronic application. Furthermore,
Sapiens supplies decision management solutions tailored to a variety of financial services providers, so business users across
verticals can quickly deploy business logic and comply with policies and regulations throughout their organizations. Its platforms
possess modern, modular architecture and are digital-driven empowering customers to respond to the rapidly changing insurance
market and frequent regulatory changes, while improving the efficiency of their core operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 283 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                                                                        23:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_20" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Magic
                                         Software</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_21" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software is a global provider of: (i) software services and Information Technologies (&#8220;IT&#8221;) outsourcing software services;
(ii) proprietary application development and business process integration platforms; (iii) selected packaged vertical software
solutions; as well as (iv) cloud based services for end to end digital transformation. Magic Software&#8217;s technology is used
by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications quickly and cost effectively.
In addition, Magic Software&#8217;s technology enables enterprises to accelerate the process of delivering business solutions
that meet current and future needs and allow customers to dramatically improve their business performance and return on investment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_22" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to software services and IT outsourcing services, Magic Software offers a vast portfolio of professional services in the
areas of infrastructure design and delivery, application development, technology consulting planning and implementation services,
integration projects, project management, software testing and quality assurance, engineering consulting (including supervision
of engineering projects), support services, cloud computing for deployment of highly available and massively-scalable applications
and API&#8217;s and supplemental outsourcing services, all according to the specific needs of the customer, and in accordance
with the professional expertise required in each case.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_23" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Magic Software offers a variety of proprietary comprehensive packaged software solutions through certain of its subsidiaries
for (i) enterprise-wide and fully integrated medical platform (&#8220;Clicks&#8221;), specializing in the design and management
of patient-file oriented software solutions for managed care and large-scale health care providers. This platform aims to allow
providers to securely access an individual&#8217;s electronic health record at the point of care, and it organizes and proactively
delivers information with potentially real time feedback to meet the specific needs of physicians, nurses, laboratory technicians,
pharmacists, front- and back-office professionals and consumers; (ii) enterprise management systems for both hubs and traditional
air cargo ground handling operations from physical handling and cargo documentation through customs, seamless electronic data
interchange, or EDI communications, dangerous goods, special handling, track and trace, security to billing (&#8220;Hermes&#8221;);
(iii) enterprise human capital management, or HCM, solutions, to facilitate the collection, analysis and interpretation of quality
data about people, their jobs and their performance, to enhance HCM decision making (&#8220;HR Pulse&#8221;); (iv) revenue management
and monetization solutions in mobile, wireline, broadband and mobile virtual network operator/enabler, or MVNO/E (&#8220;Leap&#8221;);
(v) comprehensive systems for managing broadcast channels in the area of TV broadcast management through cloud-based on-demand
service or on-premise solutions; (vi) comprehensive solution for sales and distribution field activities, such as order taking,
route accounting, trade marketing, retail execution, proof of deliveries and B2B E-commerce (&#8220;Mobisale&#8221;); and (vii)
comprehensive solution for efficient management of all types of rehabilitation centers (&#8220;Nativ&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_24" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software solutions are used by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications
quickly and cost effectively. In addition, its technology enables enterprises to accelerate the process of delivering business
solutions that meet current and future needs and allow customers to dramatically improve their business performance and return
on investment. Its software solutions include application platforms for developing and deploying specialized and high-end large-scale
business applications (Magic xpa application platform, formerly branded uniPaaS, Appbuilder and Magic SmartUX), an integration
platform that allows the integration and interoperability of diverse solutions, applications and systems in a quick and efficient
manner (Magic xpi business and process integration platform, formerly branded iBOLT), Magic BusinessEye &#8211; a cloud-based
platform for all verticals enabling smooth end-to-end digital transformation and full organizational business intelligence and
FactoryEye - a proprietary high performance, low-code, flexible, hybrid platform for manufacturers based on existing infrastructure
enabling real-time virtualizations of all production data and advanced analytics (based on machine learning) for improved productivity
and competitive advantage. These solutions enable Magic Software customers to improve their business performance and return on
investment by supporting the affordable and rapid delivery and integration of business applications, systems and databases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 284 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_25" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software products and services are available through a global network of regional offices, independent software vendors, system
integrators, distributors and value-added resellers as well as original equipment manufacturers and consulting partners in approximately
50 countries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_26" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Insync</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_27" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InSync
is a U.S based national supplier of employees to Vendor Management Systems (VMS) Workforce Management Program accounts. Insync
specializes in providing professionals in the following areas; Accounting and Finance, Administrative, Customer Service, Clinical,
Scientific and Healthcare, Engineering, Manufacturing and Operations, Human Resources, IT Technology, LI/MFG, and Marketing and
Sales. InSync currently supports more than 30 VMS program customers with employees in over 40 states.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_28" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Michpal</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_29" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal,
an Israeli registered company, is a developer of proprietary, on-premise payroll software solution for processing traditional
payroll stubs to Israeli enterprises and payroll service providers. Michpal also developed several complementary modules such
as attendance reporting, which are sold to its customers for additional fees. Together with its subsidiaries Unique Software Industries
Ltd, a software development and services company, providing integrated solutions in the field of payroll for more than 30 years,
including pay-stubs, pension services management, education funds management, and software solutions for managing employee attendance,
and Effective Solutions Ltd Michapl also provides consulting services in the fields of operational cost savings and procurement,
as well as salary control and monitoring a payroll, labor, pensions, social security and employee income tax matters. <ix:nonNumeric contextRef="c411" name="ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments">As of December&#160;31,
2021, Michpal serves approximately 8,000 customers, most of which are long-term customers.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_30" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Zap
Group</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_31" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group, is Israel&#8217;s largest group of consumer websites which manages more than twenty leading consumer websites from diverse
content worlds with a total of more than 17 million visits per month, including Zap Price Comparison website, Zap Yellow Pages
(the largest business index in Israel) and Zap Rest (Israel&#8217;s restaurants index). Zap Group, an Israeli private company,
provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access to
an E-commerce platform to allow them engage with their consumers. Zap Group serves over 400,000 listed businesses on its platforms;
approximately 16,000 of them are paying customers. The websites managed and offered by Zap Group offer consumers a user-friendly
search experience with a variety of advanced tools, which enable them to make educated purchase decisions in the best and most
informed way.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 285 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_32" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Digital
Solutions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_33" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access
to an E-commerce platform that allows them to engage with their consumers. Zap Group regularly seeks to develop attractive digital
solutions, which it believes to have market potential for small and medium businesses and their end user. All of Zap Group&#8217;s
investments in this area have been proven, where we believe we can leverage our experience to enhance product positioning and
increase market penetration. We provide our management and technical and financial expertise, marketing experience to help bring
these products to market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_34" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E-commerce
Solutions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_35" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides an e-commerce platform for approximately 1,500 large, medium and small businesses, which operate stores in Israel.
The platform, both website and application, allow end users to compare prices of the various stores for over 1.2 million products
in 650 categories. The platform provides to more than 120 million visiting end users annually, 300,000 reviews of stores and products
and 5,000 quality guides (videos and articles), which allow them to engage through the platform directly with the stores for a
purchase of a certain product they looked at through the platform. Total online purchases through the platform is estimated at
approximately NIS 2 billion annually, which is estimated at <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="forty:PercentageOfEstimatedOnlinePurchaseVolume" scale="-2" unitRef="pure">14</ix:nonFraction>% out of total online purchase volume in Israel (not including food
and beverage).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_36" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Zap Group launched a new website for car sellers and buyers, which provides a marketplace where buyers can explore on one
website various options for buying a second-hand car (B2C). The platform allows the buyer to compare prices, specs, financing,
peripheral services, accessories and overall packages. The Online, real-time supply availability enables transparency, and also
provides the buyer an aggregated view of specific sellers and agencies and a direct contact with a large pool of sellers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_37" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Digital
platforms</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_38" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services through 18 websites for medium and small businesses in 1,600 business
categories in Israel, including doctors, lawyers, and other service and product providers. The platform, both website and application
allow end users to contact directly with the service provider. The platform provides to more than 50 million visiting end users
annually, 200,000 reviews, 2,000 quality guides (videos and articles), 300 price lists, and 700 forums with more than 1.5 million
expert explanations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_39" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group also provides its customers other digital services as Search Engine Marketing (Pay Per Click Google and Facebook campaigns)
and Search Engine Optimization for their websites. Zap Group also provides website design services, creation of new websites on
various tools (ZAP-X), management of social media, online business cards (GMB), and big data services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_40" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restaurants
and events</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_41" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services for more than 17,000 restaurants listed and provides services for social
events. Approximately 2,500 of them are paying customers. The platform, both website and application allow end users to directly
contact the restaurant for table ordering, ordering of delivery or take away, to post visit reviews or explore the restaurant
menu, photo gallery and other content such as articles, etc. The platform provides to more than 30 million visiting end users
annually, approximately two million food deliveries, 200,000 reviews, 5,000 food and culinary articles (videos and articles),
and more than 0.5 million push updates annually.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 286 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_42" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_43" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZAP
Group provides digital advertising platform for domestic travel and hospitality businesses in Israel (the &#8220;Platform&#8221;).
The platform, both website and application, allows end users to order directly from the provider (hotel, guesthouse or attraction
service provider). The platform provides access to millions of visiting end users annually, to approximately 1,200 vacation and
leisure locations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_44" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Ofek</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_45" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
in 1987, Ofek is one of the leading companies in Israel in the fields of aerial and satellite mapping, geographic data collection
and processing, and provider of services in numerous geographic applications. Among Ofek&#8217;s customers are many government
authorities and foreign government. Ofek employs approximately 100 employees, all situated at Ofek&#8217;s headquarter in Natanya,
Israel, in multiple areas of expertise: geodetic engineers, software experts, geographers and aerial photo interpreters, GIS and
surveying engineers, 3D mapping and data processing experts. The company owns three aerial photography aircrafts equipped with
state-of-the-art mapping sensors. Ofek operates worldwide. It has successfully completed projects for various clients (government
and private) in Asia, America, Europe, Middle East and Africa, and it constantly involved in ongoing international geographic
projects. Ofek aerial photography has accumulated experience in managing and executing NSDI and GIS projects and surveys for detecting,
collecting and analyzing diverse geographic cadastral and environmental information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_46" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">TSG</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_47" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
is a global high<b>-</b>technology company engaged in high-end technical solutions for protecting the safety of national borders,
improving data gathering mechanisms, and enhancing communications channels for military, homeland security and civilian organizations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_48" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
operates primarily in the defense and homeland security arenas. The nature of military and homeland security actions in recent
years, including low intensity conflicts and ongoing terrorist activities, as well as budgetary pressures to focus on leaner but
more technically advanced forces, have caused a shift in the defense and homeland security priorities for many of TSG&#8217;s
major customers. As a result, TSG believes there is a continued demand in the areas of command, control, communications, computer
and intelligence (C4I) systems, intelligence, surveillance and reconnaissance (ISR) systems, intelligence gathering systems, border
and perimeter security systems, cyber-defense systems. There is also a continuing demand for cost-effective logistic support and
training and simulation services. TSG believes that its synergistic approach of finding solutions that combine elements of its
various activities positions it to meet evolving customer requirements in many of these areas. TSG tailors and adapts its technologies,
integration skills, market knowledge and operationally-proven systems to each customer&#8217;s individual requirements in both
existing and new platforms. By upgrading existing platforms with advanced technologies, TSG provides customers with cost-effective
solutions, and its customers are able to improve their technological and operational capabilities within limited budgets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 287 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_49" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
markets its systems and products either as a prime contractor or as a subcontractor to various governments and defense and homeland
security contractors worldwide. In Israel, TSG sells its defense, intelligence and homeland security systems and products mainly
to the IMOD, which procures all equipment for the Israeli Defense Force (IDF).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_50" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_49"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Consolidated
Goodwill in material partially owned subsidiaries</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_51" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_50"><ix:nonNumeric contextRef="c0" escape="true" name="forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c412" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">306,421</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c413" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">290,662</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c414" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">406,498</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c415" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">409,646</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c416" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">146,803</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c417" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">135,682</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c418" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">36,108</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c419" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">34,758</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c420" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">35,292</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-205"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    consolidated subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c422" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">1,732</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c423" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">1,676</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">932,854</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">872,424</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_52" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_51"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Reporting
on operating segments</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_53" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating segments are identified on the basis of information that is reviewed by the chief operating decision maker (&#8220;CODM&#8221;)
to make decisions about resources to be allocated and assesses its performance. The CODM has been identified as Formula&#8217;s
CEO. The CODM assess the performance of the Group based on each of the Group&#8217;s directly held subsidiaries and company accounted
for at equity operating income (or loss). Headquarters and finance expenses of Formula are allocated proportionally among the
investees. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>



</div><!-- Field: Page; Sequence: 288 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_54" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_53"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2021:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c424" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">1,344,088</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">461,035</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">477,643</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c427" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">32,087</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c428" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">51,640</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c429" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">127,641</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c430" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" sign="-" unitRef="usd">89,758</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c424" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">6,529</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-206"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">2,682</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-207"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-208"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-209"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c430" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" sign="-" unitRef="usd">9,211</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-210"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c424" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">1,350,617</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">461,035</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">480,325</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c427" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">32,087</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c428" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">51,640</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c429" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">127,641</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c430" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" unitRef="usd">98,969</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">2,404,376</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c424" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">45,736</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">45,732</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">19,837</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c427" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">4,023</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c428" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">7,486</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c429" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">3,776</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c430" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" sign="-" unitRef="usd">4,406</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">122,184</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c424" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">102,054</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">44,210</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">59,785</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c427" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">6,838</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c428" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">5,962</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c429" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">3,841</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c430" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" sign="-" unitRef="usd">3,519</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">219,171</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnallocatedCorporateExpenses" scale="3" sign="-" unitRef="usd">11,155</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueAndOperatingIncome" scale="3" unitRef="usd">208,016</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncomeCost" scale="3" sign="-" unitRef="usd">24,005</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">505</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">42,614</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" unitRef="usd">141,902</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_55" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_54"><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2020:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c431" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">1,116,178</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c432" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">382,903</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">368,357</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c434" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">26,244</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-211"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c436" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">120,330</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c437" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" sign="-" unitRef="usd">80,094</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c431" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">5,316</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-212"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">2,837</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-213"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-214"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-215"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c437" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" sign="-" unitRef="usd">8,153</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-216"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c431" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">1,121,494</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c432" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">382,903</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">371,194</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c434" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">26,244</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-217"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c436" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">120,330</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c437" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" unitRef="usd">88,247</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">1,933,918</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c431" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">36,244</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c432" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">35,965</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">18,861</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c434" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">3,506</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-218"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c436" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">3,377</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c437" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" sign="-" unitRef="usd">2,446</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">95,507</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c431" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">84,181</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c432" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">35,337</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">47,757</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c434" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">6,333</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-219"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c436" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">4,753</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c437" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" sign="-" unitRef="usd">3,455</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">174,906</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnallocatedCorporateExpenses" scale="3" sign="-" unitRef="usd">4,265</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueAndOperatingIncome" scale="3" unitRef="usd">170,641</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncomeCost" scale="3" sign="-" unitRef="usd">26,885</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,535</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">31,269</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" unitRef="usd">114,022</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>



</div><!-- Field: Page; Sequence: 289 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><b>FORMULA SYSTEMS (1985) LTD.</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#160;</p><p style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">U.S. dollars in thousands, except share and per share data</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="text-align: left; width: 0.75in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23: -</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span style="text-transform: none">Cont</span>.)</span></td>
</tr>
</table><div>
</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"></p><div>

</div><ix:continuation id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_55"><ix:continuation id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2019:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c438" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">1,005,721</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c439" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">325,674</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c440" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">322,401</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c441" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">21,271</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-220"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c443" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">117,245</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c444" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" sign="-" unitRef="usd">91,197</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c438" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">3,986</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-221"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c440" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" unitRef="usd">3,229</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-222"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-223"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-224"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c444" decimals="-3" format="ixt:num-dot-decimal" name="forty:IntersegmentRevenues" scale="3" sign="-" unitRef="usd">7,215</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-225"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c438" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">1,009,707</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c439" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">325,674</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c440" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">325,630</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c441" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">21,271</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-226"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c443" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">117,245</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c444" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" unitRef="usd">98,412</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:RevenuesByProductServices" scale="3" sign="-" unitRef="usd">1,701,115</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c438" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">34,780</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c439" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">32,196</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c440" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">17,584</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c441" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">2,500</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-227"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c443" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">2,158</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c444" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" sign="-" unitRef="usd">2,286</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">86,932</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c438" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">71,552</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c439" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">32,336</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c440" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">33,817</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c441" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">5,279</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-228"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c443" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">5,785</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c444" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" sign="-" unitRef="usd">7,553</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="usd">141,216</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="forty:UnallocatedCorporateExpenses" scale="3" sign="-" unitRef="usd">2,727</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueAndOperatingIncome" scale="3" unitRef="usd">138,489</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncomeCost" scale="3" sign="-" unitRef="usd">18,652</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="3" unitRef="usd">1,787</ix:nonFraction></span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="usd">27,201</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" unitRef="usd">94,423</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:continuation></ix:continuation><div>
</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">NOTE
                            24:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SUBSEQUENT
                                         EVENTS</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March&#160;2022, Formula declared a cash dividend of approximately NIS <ix:nonFraction contextRef="c445" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" scale="0" unitRef="ils">39,213</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c445" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" scale="0" unitRef="usd">11,930</ix:nonFraction>) or NIS <ix:nonFraction contextRef="c445" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShares" scale="0" unitRef="ilsPershares">2.56</ix:nonFraction> per share (approximately $<ix:nonFraction contextRef="c445" decimals="2" format="ixt:num-dot-decimal" name="forty:DividendPayableAmountPerShares" scale="0" unitRef="usdPershares">0.78</ix:nonFraction> per share) to shareholders of record on April&#160;12, 2022 that was paid on April&#160;26, 2022.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_3" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December&#160;2, 2021, <ix:nonNumeric contextRef="c446" name="forty:PurchaseAgreement">Magic Software entered into a Share Purchase Agreement (&#8220;the Agreement&#8221;) to acquire 50.1% of the outstanding share capital of Vidstart Ltd. (&#8220;Vidstart&#8221;). Vidstart is a provider of a video advertising platform that offers personalized automated methods and real-time smart optimization, helping its clients achieve high yields in the competitive digital ecosystem. The final closing and execution of the Agreement occurred on January&#160;27, 2022. The total purchase price was approximately $11,292 in cash. Furthermore, according to the Agreement, Magic Software is obliged to purchase the remainder of Vidstart&#8217;s shares (30% on December&#160;31, 2022 and 19.9% on December&#160;31, 2023) for a price to be determined based on Vidstart&#8217;s future operating results during 2022 and 2023.</ix:nonNumeric></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"></td><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March&#160;31, 2022, <ix:nonNumeric contextRef="c447" name="us-gaap:FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms">Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#8220;Bank Loan&#8221;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.</ix:nonNumeric></span></td>
</tr></table></ix:continuation><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">- - - - - - - - - - - - - - - - - - -&#160;</span></p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>



</div><!-- Field: Page; Sequence: 290 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></p></div><div>

    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><div style="display: none"><ix:header>
<ix:hidden>
<ix:nonNumeric contextRef="c0" id="hidden-fact-0" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric>
<ix:nonFraction contextRef="c2" id="hidden-fact-1" name="forty:CommitmentAndContingencies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-2" name="forty:CommitmentAndContingencies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-3" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-4" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-5" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-7" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-8" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-9" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-10" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-11" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-12" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-13" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-14" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-15" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-16" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-17" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-18" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-19" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c17" id="hidden-fact-20" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-21" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-22" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-23" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-24" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-25" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-26" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-27" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-28" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-29" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-30" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-31" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-32" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-33" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-34" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c17" id="hidden-fact-35" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-36" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-37" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-38" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-39" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-40" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-41" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-42" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-43" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-44" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-45" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-46" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-47" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-48" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-49" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-50" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-51" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-52" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c12" id="hidden-fact-53" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c13" id="hidden-fact-54" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-55" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-56" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-57" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-58" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-59" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-60" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-61" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-62" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-63" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-64" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-65" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-66" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-67" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-68" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-69" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-70" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-71" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-72" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-73" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-74" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-75" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-76" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-77" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c36" id="hidden-fact-78" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-79" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-80" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-81" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-82" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-83" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-84" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-85" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-86" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-87" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-88" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-89" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-90" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-91" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-92" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c36" id="hidden-fact-93" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-94" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-95" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-96" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-97" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-98" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-99" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-100" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-101" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-102" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-103" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-104" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-105" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-106" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-107" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-108" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-109" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-110" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c31" id="hidden-fact-111" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-112" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-113" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-114" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c35" id="hidden-fact-115" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-116" name="forty:ImpactOfTheAdoptionOfIFRS15" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-117" name="forty:ImpactOfTheAdoptionOfIFRS15" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-118" name="forty:ImpactOfTheAdoptionOfIFRS15" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-119" name="forty:ImpactOfTheAdoptionOfIFRS15" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-120" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-121" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-122" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-123" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-124" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-125" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-126" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-127" name="forty:ForeignCurrencyTranslation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-128" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-129" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-130" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-131" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-132" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-133" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-134" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-135" name="ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-136" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-137" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-138" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-139" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-140" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-141" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-142" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-143" name="ifrs-full:OtherComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-144" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-145" name="ifrs-full:ComprehensiveIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-146" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-147" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-148" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-149" name="forty:IssuanceOfSharesUponConversionOfConvertibleDebentures" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-150" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-151" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-152" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-153" name="forty:CostOfSharebasedPayment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-154" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-155" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-156" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-157" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-158" name="forty:DividendToFormulasShareholders" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-159" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c45" id="hidden-fact-160" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-161" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-162" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-163" name="ifrs-full:DividendsPaidToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-164" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-165" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-166" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-167" name="forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-168" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-169" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-170" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-171" name="forty:AcquisitionOfNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-172" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-173" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-174" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-175" name="forty:SettlementOfPutOptionsOverNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c44" id="hidden-fact-176" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c46" id="hidden-fact-177" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c47" id="hidden-fact-178" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-179" name="forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c65" id="hidden-fact-180" name="forty:PercentageOfOwnershipInterestInInvestees" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c196" id="hidden-fact-181" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c196" id="hidden-fact-182" name="forty:ForeignCurrencyDerivativeContract" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-183" name="forty:DividendPreferenceDerivativeInTSG" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-184" name="forty:ContingentConsiderationInRespectOfBusinessCombination" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-185" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-186" name="forty:Liabilitiy" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c198" id="hidden-fact-187" name="forty:ConvertibleBondsAtFairValueThroughProfitOrLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c197" id="hidden-fact-188" name="forty:DividendPreferenceDerivativeInTSG" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c198" id="hidden-fact-189" name="forty:ForeignCurrencyDerivativeContract" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c197" id="hidden-fact-190" name="forty:ContingentConsiderationInRespectOfBusinessCombination" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c197" id="hidden-fact-191" name="forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c208" id="hidden-fact-192" name="forty:PropertyPlantAndEquipmentsGross" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c208" id="hidden-fact-193" name="forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c321" id="hidden-fact-194" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c322" id="hidden-fact-195" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonNumeric contextRef="c66" id="hidden-fact-196" name="forty:WeightedAverageRemainingContractualTermOfExercisedShareOptions" xsi:nil="true"></ix:nonNumeric>
<ix:nonFraction contextRef="c50" id="hidden-fact-197" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonNumeric contextRef="c66" id="hidden-fact-198" name="forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions" xsi:nil="true"></ix:nonNumeric>
<ix:nonFraction contextRef="c52" decimals="INF" id="hidden-fact-199" name="forty:AmountOfOptionsOutstandingAtBeginningOfYear" unitRef="shares">1835385</ix:nonFraction>
<ix:nonFraction contextRef="c331" id="hidden-fact-200" name="forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c331" id="hidden-fact-201" name="forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c334" id="hidden-fact-202" name="forty:WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c334" id="hidden-fact-203" name="forty:NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c334" id="hidden-fact-204" name="forty:WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c421" id="hidden-fact-205" name="ifrs-full:Goodwill" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c425" id="hidden-fact-206" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c427" id="hidden-fact-207" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c428" id="hidden-fact-208" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c429" id="hidden-fact-209" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-210" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c435" id="hidden-fact-211" name="ifrs-full:RevenueFromContractsWithCustomers" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c432" id="hidden-fact-212" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c434" id="hidden-fact-213" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c435" id="hidden-fact-214" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c436" id="hidden-fact-215" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-216" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c435" id="hidden-fact-217" name="forty:RevenuesByProductServices" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c435" id="hidden-fact-218" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c435" id="hidden-fact-219" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c442" id="hidden-fact-220" name="ifrs-full:RevenueFromContractsWithCustomers" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c439" id="hidden-fact-221" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c441" id="hidden-fact-222" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c442" id="hidden-fact-223" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c443" id="hidden-fact-224" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-225" name="forty:IntersegmentRevenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c442" id="hidden-fact-226" name="forty:RevenuesByProductServices" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c442" id="hidden-fact-227" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c442" id="hidden-fact-228" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonNumeric contextRef="c0" name="dei:AmendmentFlag">false</ix:nonNumeric>
<ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalPeriodFocus">FY</ix:nonNumeric>
<ix:nonNumeric contextRef="c0" name="dei:EntityCentralIndexKey">0001045986</ix:nonNumeric>
</ix:hidden>
<ix:references><link:schemaRef xlink:href="forty-20211231.xsd" xlink:type="simple"></link:schemaRef></ix:references>
<ix:resources xmlns="http://www.xbrl.org/2003/instance"><ix:relationship fromRefs="ix_0_fact ix_1_fact" toRefs="ix_0_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_2_fact ix_3_fact" toRefs="ix_1_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-183 ix_4_fact ix_5_fact hidden-fact-188 ix_6_fact ix_7_fact" toRefs="ix_2_footnote"></ix:relationship>
<xbrli:context id="c0">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c1">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:EntityAddressesAddressTypeAxis">dei:BusinessContactMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c2">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c3">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c4">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c5">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c6">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c7">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c8">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c9">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c10">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c11">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c12">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c13">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c14">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c15">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c16">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c17">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c18">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c19">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c20">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c21">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c22">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c23">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c24">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c25">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c26">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c27">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c28">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c29">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c30">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c31">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c32">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c33">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c34">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c35">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c36">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c37">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c38">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c39">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c40">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c41">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c42">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c43">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c44">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c45">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c46">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c47">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c48">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c49">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c50">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c51">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c52">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c53">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c54">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c55">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c56">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:InsyncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c57">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:InsyncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c58">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c59">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c60">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c61">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c62">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c63">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c64">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c65">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c66">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c67">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c68">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c69">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c70">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c71">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandAndBuildingsMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c72">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandAndBuildingsMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c73">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:ComputersSoftwareAndPeripheralEquipmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c74">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:ComputersSoftwareAndPeripheralEquipmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c75">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:OfficeFurnitureAndEquipmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c76">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:OfficeFurnitureAndEquipmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c77">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c78">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c79">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:CustomerRelationshipAndBacklogMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c80">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:CustomerRelationshipAndBacklogMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c81">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c82">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c83">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:AcquiredTechnologyMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c84">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:AcquiredTechnologyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c85">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:BrandNamesAndPatentsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c86">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">forty:ZapGroupAcquisitionMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-03-28</xbrli:startDate>
    <xbrli:endDate>2021-04-06</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c87">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">forty:ZapGroupAcquisitionMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c88">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfOfekAerialPhotographyLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-03-13</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c89">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfOfekAerialPhotographyLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-03-01</xbrli:startDate>
    <xbrli:endDate>2020-03-13</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c90">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ThorDenmarkHoldingApSAndSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-11-01</xbrli:startDate>
    <xbrli:endDate>2020-11-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c91">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ThorDenmarkHoldingApSAndSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c92">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-02-01</xbrli:startDate>
    <xbrli:endDate>2020-02-06</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c93">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-02-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c94">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-07-01</xbrli:startDate>
    <xbrli:endDate>2020-07-27</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c95">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-27</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c96">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-04-03</xbrli:startDate>
    <xbrli:endDate>2020-04-22</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c97">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-04-22</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c98">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:TifulGemelLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-06-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c99">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-07-08</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c100">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-09-27</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c101">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-09-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c102">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c103">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-09-01</xbrli:startDate>
    <xbrli:endDate>2019-09-27</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c104">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c105">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-03-30</xbrli:startDate>
    <xbrli:endDate>2021-04-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c106">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-12-30</xbrli:startDate>
    <xbrli:endDate>2021-01-02</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c107">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-01-02</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c108">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-07-04</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c109">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-05-07</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c110">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-05-01</xbrli:startDate>
    <xbrli:endDate>2020-05-07</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c111">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-04-17</xbrli:startDate>
    <xbrli:endDate>2020-05-07</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c112">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-05-07</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c113">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-08-26</xbrli:startDate>
    <xbrli:endDate>2020-09-02</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c114">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-09-02</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c115">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-09-02</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c116">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-07-01</xbrli:startDate>
    <xbrli:endDate>2020-07-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c117">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftAndMagicHandsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c118">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c119">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-07-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c120">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-06-28</xbrli:startDate>
    <xbrli:endDate>2019-07-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c121">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-07-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c122">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c123">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c124">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-04-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c125">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-03-30</xbrli:startDate>
    <xbrli:endDate>2019-04-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c126">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-02-01</xbrli:startDate>
    <xbrli:endDate>2019-02-28</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c127">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-10-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c128">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:RangesAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-10-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c129">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:RangesAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-10-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c130">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-10-01</xbrli:startDate>
    <xbrli:endDate>2021-10-05</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c131">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-10-01</xbrli:startDate>
    <xbrli:endDate>2021-10-05</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c132">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-10-01</xbrli:startDate>
    <xbrli:endDate>2021-10-05</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c133">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-10-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c134">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfITDGroupLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-03-28</xbrli:startDate>
    <xbrli:endDate>2021-04-29</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c135">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-03-28</xbrli:startDate>
    <xbrli:endDate>2021-04-05</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c136">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c137">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-03-28</xbrli:startDate>
    <xbrli:endDate>2021-04-05</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c138">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c139">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-09</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c140">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-07-01</xbrli:startDate>
    <xbrli:endDate>2020-07-09</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c141">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:CurrencyAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-09</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c142">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-16</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c143">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-11-01</xbrli:startDate>
    <xbrli:endDate>2020-11-16</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c144">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">forty:EventsAfterReportingPeriodMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-16</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c145">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c146">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:TechtopLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-05-07</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c147">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-21</xbrli:startDate>
    <xbrli:endDate>2019-02-20</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c148">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DanaEngineeringLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-02-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c149">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:LiramFinancialSoftwareLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-05-17</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c150">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-11-01</xbrli:startDate>
    <xbrli:endDate>2019-11-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c151">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c152">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ZAPGroupLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c153">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:ZAPGroupLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c154">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c155">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-03-13</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c156">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-03-13</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c157">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-03-01</xbrli:startDate>
    <xbrli:endDate>2020-03-13</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c158">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c159">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:SapiensMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c160">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c161">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c162">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c163">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-07-27</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c164">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c165">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:EnableITLLCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c166">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:EnableITLLCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c167">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c168">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenravaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c169">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c170">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SoftITLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-01-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c171">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c172">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:AptonetIncMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-05-07</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c173">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c174">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfMobisoftMagicHandsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c175">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c176">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c177">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c178">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-02-28</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c179">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c180">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-10-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c181">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ITDGroupLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c182">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ITDGroupsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-29</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c183">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c184">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualitysMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c185">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c186">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-04-05</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c187">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c188">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c189">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c190">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:BusinessCombinationAxis">forty:TechtopLtdMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-02-20</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c191">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DanaEngineeringLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c192">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:LiramFinancialSoftwareLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c193">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c194">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c195">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level2OfFairValueHierarchyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c196">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level3OfFairValueHierarchyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c197">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level2OfFairValueHierarchyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c198">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level3OfFairValueHierarchyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c199">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c200">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c201">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c202">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c203">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c204">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ComputerEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c205">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ComputerEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c206">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c207">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c208">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:BuildingsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c209">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:BuildingsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c210">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c211">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c212">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c213">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c214">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c215">
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ8vv/SWwa1TnxgHKXLTFwEU=] CSR-->
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c216">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:TechnologybasedIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c217">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:TechnologybasedIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c218">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:BacklogAndNonCompeteAgreementMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c219">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:BacklogAndNonCompeteAgreementMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c220">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:PatentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c221">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:PatentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c222">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c223">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c224">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c225">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c226">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c227">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c228">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c229">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c230">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c231">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c232">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c233">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c234">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c235">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c236">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c237">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c238">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c239">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c240">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c241">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c242">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c243">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c244">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c245">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c246">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c247">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c248">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c249">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c250">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c251">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c252">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c253">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c254">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c255">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c256">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2015-09-16</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c257">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2015-09-16</xbrli:startDate>
    <xbrli:endDate>2015-09-16</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c258">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2015-09-01</xbrli:startDate>
    <xbrli:endDate>2015-09-16</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c259">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2018-01-01</xbrli:startDate>
    <xbrli:endDate>2018-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c260">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c261">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c262">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-03-01</xbrli:startDate>
    <xbrli:endDate>2019-03-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c263">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-03-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c264">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-03-01</xbrli:startDate>
    <xbrli:endDate>2019-03-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c265">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-04-02</xbrli:startDate>
    <xbrli:endDate>2021-04-12</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c266">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c267">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c268">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2017-09-01</xbrli:startDate>
    <xbrli:endDate>2017-09-17</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c269">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-06-01</xbrli:startDate>
    <xbrli:endDate>2020-06-08</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c270">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c271">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c272">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c273">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c274">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c275">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c276">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c277">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c278">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c279">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c280">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c281">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c282">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c283">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c284">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c285">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c286">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c287">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c288">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c289">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c290">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c291">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c292">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c293">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c294">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c295">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFiveYearsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c296">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2017-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c297">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2017-08-01</xbrli:startDate>
    <xbrli:endDate>2017-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c298">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c299">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c300">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2018-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c301">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2018-11-03</xbrli:startDate>
    <xbrli:endDate>2018-11-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c302">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c303">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-11-01</xbrli:startDate>
    <xbrli:endDate>2020-11-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c304">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c305">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c306">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:GutmanMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2017-12-01</xbrli:startDate>
    <xbrli:endDate>2017-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c307">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c308">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:GeneralAssemblyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-02-01</xbrli:startDate>
    <xbrli:endDate>2019-02-28</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c309">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c310">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c311">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c312">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c313">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c314">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c315">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c316">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-02-06</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c317">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-08-03</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c318">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c319">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c320">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c321">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c322">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c323">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c324">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c325">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c326">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c327">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c328">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c329">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensThreeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c330">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensFourMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c331">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensFiveMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c332">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c333">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c334">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c335">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c336">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangesOfExercisePricesForOutstandingShareOptionsAxis">forty:RangeOfExercisePriceZeroMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-10-01</xbrli:startDate>
    <xbrli:endDate>2021-09-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c337">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="ifrs-full:RangesOfExercisePricesForOutstandingShareOptionsAxis">forty:RangeOfExercisePriceFourthreeTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-10-01</xbrli:startDate>
    <xbrli:endDate>2021-09-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c338">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-10-01</xbrli:startDate>
    <xbrli:endDate>2021-09-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c339">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c340">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:FormulaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c341">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c342">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c343">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c344">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2016-09-01</xbrli:startDate>
    <xbrli:endDate>2016-09-30</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c345">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:KeyManagementPersonnelOfEntityOrParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c346">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2016-09-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c347">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-12-01</xbrli:startDate>
    <xbrli:endDate>2019-12-24</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c348">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-07-01</xbrli:startDate>
    <xbrli:endDate>2021-07-15</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c349">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c350">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c351">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c352">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c353">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-11-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c354">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c355">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">forty:EventsAfterReportingPeriodMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-02-28</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c356">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-02-28</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c357">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c358">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-08-31</xbrli:startDate>
    <xbrli:endDate>2021-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c359">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:PreferredTechnologyEnterpriseMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2016-01-01</xbrli:startDate>
    <xbrli:endDate>2016-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c360">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">forty:IsraeliSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c361">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:FormulaMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">forty:IsraeliSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c362">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:ILS</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c363">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZapMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c364">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:FormulaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c365">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c366">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c367">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c368">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c369">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c370">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c371">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c372">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c373">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c374">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c375">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c376">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c377">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c378">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c379">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c380">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c381">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">srt:AmericasMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c382">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">srt:AmericasMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c383">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:EuropeanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c384">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:EuropeanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c385">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:JapanCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c386">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:JapanCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c387">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c388">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c389">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c390">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c391">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c392">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c393">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c394">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c395">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c396">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c397">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c398">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c399">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c400">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c401">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c402">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c403">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c404">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c405">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c406">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c407">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:SoftwareSolutionsAndServicesInIsraelMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c408">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:LearningAndIntegrationMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c409">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:ComputerInfrastructureAndIntegrationSolutionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c410">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:SoftwareProductMarketingAndSupportMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c411">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c412">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c413">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c414">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c415">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c416">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c417">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MagicMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c418">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MichpalAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c419">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MichpalAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c420">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZAPAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c421">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZAPAndItsSubsidiariesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c422">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c423">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:OfekMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c424">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c425">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c426">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c427">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c428">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c429">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c430">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c431">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c432">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c433">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c434">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c435">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c436">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c437">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c438">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c439">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c440">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c441">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c442">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c443">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c444">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2019-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c445">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-03-01</xbrli:startDate>
    <xbrli:endDate>2022-03-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c446">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-12-02</xbrli:startDate>
    <xbrli:endDate>2021-12-02</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c447">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001045986</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-03-01</xbrli:startDate>
    <xbrli:endDate>2022-03-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:unit id="shares">
  <xbrli:measure>xbrli:shares</xbrli:measure>
</xbrli:unit><xbrli:unit id="usd">
  <xbrli:measure>iso4217:USD</xbrli:measure>
</xbrli:unit><xbrli:unit id="ilsPershares">
  <xbrli:divide>
    <xbrli:unitNumerator>
      <xbrli:measure>iso4217:ILS</xbrli:measure>
    </xbrli:unitNumerator>
    <xbrli:unitDenominator>
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unitDenominator>
  </xbrli:divide>
</xbrli:unit><xbrli:unit id="usdPershares">
  <xbrli:divide>
    <xbrli:unitNumerator>
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unitNumerator>
    <xbrli:unitDenominator>
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unitDenominator>
  </xbrli:divide>
</xbrli:unit><xbrli:unit id="pure">
  <xbrli:measure>xbrli:pure</xbrli:measure>
</xbrli:unit><xbrli:unit id="ils">
  <xbrli:measure>iso4217:ILS</xbrli:measure>
</xbrli:unit></ix:resources></ix:header>

</div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>f20f2021ex2-2_formulasys.htm
<DESCRIPTION>DESCRIPTION OF ORDINARY SHARES OF FORMULA SYSTEMS (1985) LTD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 2.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><U>Description of Formula
Systems (1985) Ltd. American Depositary Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Authorized Share Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">The
authorized share capital of Formula Systems (1985) Ltd. (hereinafter, &ldquo;Formula&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;
or similar expressions) consists of 25,000,000 New Israeli Shekels, or NIS, divided into 25,000,000 ordinary shares, par value NIS 1.0
per share, or ordinary shares. Some of the ordinary shares may be represented from time to time by American Depositary Shares, or ADSs,
which represent ordinary shares on a one-for-one basis. As of April 30, 2022, we had 15,317,667 ordinary shares (including shares subject
to restrictions and repurchase by us) issued and outstanding, of which 152,351 shares were represented by ADSs that have been issued pursuant
to a depositary agreement with The Bank of New York Mellon and which represent approximately 1% of our outstanding ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Number and Purposes of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Our registration number
with the Israeli Registrar of Companies is 52-003669-0. Our objects are specified in our memorandum of association. Those objects include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating
within the field of informational and computer systems;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
management, consulting and sale services for computers, computer equipment, software for computers and for information systems;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating a business of systems analysis, systems programming and computer programming; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing facilities for instruction and training for computers and digital systems.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All ordinary shares have identical
voting and other rights in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our fully paid ordinary shares
are issued in registered form and may be freely transferred under our articles, unless the transfer is restricted or prohibited by another
instrument, applicable law or the rules of a stock exchange on which the shares are listed for trade. The ownership or voting of our ordinary
shares by non-residents of Israel is not restricted in any way by our articles or the laws of the State of Israel, except for ownership
by nationals of some countries that are, or have been, in a state of war with Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Election and Removal of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ordinary shares do not
have cumulative voting rights for the election of directors. As a result, the holders of a majority of the voting power represented at
a shareholders meeting have the power to elect all of our directors, subject to the special approval requirements for external directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our articles of association,
or articles, our board of directors must consist of not less than three but no more than eleven directors, including at least two external
directors who serve pursuant to the Israeli Companies Law, 5759-1999, or the Companies Law. The actual number of directors may be adjusted
from time to time by resolution of our shareholders. Pursuant to the Companies Law, each of our directors (other than external directors,
for whom special election requirements apply under the Companies Law) is elected by a simple majority vote of holders of our voting shares,
participating and voting at each annual general meeting of our shareholders. In addition, our directors (other than the external directors,
who are elected for a term of three years each time under the Companies Law and who can only be removed under special circumstances under
the Companies Law) are elected for a one-year term, until the next annual general meeting of our shareholders, and serve on our board
of directors unless they are removed by a vote of our shareholders at a general meeting of our shareholders or upon the occurrence of
certain events, in accordance with the Companies Law. Our articles allow our board of directors to fill vacancies on the board (including
vacancies caused by an expansion of the size of the board of directors by our shareholders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividend and Liquidation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">We may declare a dividend
to be paid to the holders of our ordinary shares in proportion to their respective shareholdings. Under the Companies Law, dividend distributions
are determined by the board of directors and do not require the approval of the shareholders of a company unless the company&rsquo;s articles
of association provide otherwise. Our articles do not require shareholder approval of a dividend distribution and provide that dividend
distributions may be determined by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Companies
Law, the distribution amount is limited to the greater of retained earnings or earnings generated over the previous two years, according
to our then last reviewed or audited financial statements, provided that the end of the period to which the financial statements relate
is not more than six months prior to the date of the distribution. If we do not meet such criteria, we may only distribute dividends with
court approval. In each case, we are only permitted to distribute a dividend if our board of directors and the court, if applicable, determines
that there is no reasonable concern that payment of the dividend will prevent us from satisfying our existing and foreseeable obligations
as they become due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of our liquidation,
after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our ordinary shares in proportion to
their shareholdings. That right, as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution
rights to the holders of a class of shares with preferential rights that may be authorized in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange Controls</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently no Israeli
currency control restrictions on remittances of dividends on our ordinary shares, proceeds from the sale of the shares or interest or
other payments to non-residents of Israel, except for shareholders who are subjects of countries that are, or have been, in a state of
war with Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shareholder Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Israeli law, we are
required to hold an annual general meeting of our shareholders once every calendar year that must be held no later than 15 months after
the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in
our articles as special general meetings. Our board of directors may call special general meetings whenever it sees fit, at such time
and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that our board of directors is required
to convene a special general meeting upon the written request of (i) any two of our directors or one-quarter of the members of our board
of directors or (ii) one or more shareholders holding, in the aggregate, either (a) 5% or more of our outstanding issued shares and 1%
of our outstanding voting power or (b) 5% or more of our outstanding voting power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote at general meetings are
the shareholders of record on a date to be decided by the board of directors, which may be between four and 40 days prior to the date
of the meeting. Furthermore, the Companies Law requires that resolutions regarding the following matters must be passed at a general meeting
of our shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amendments
to our articles;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointment
or termination of our auditors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointment
of external directors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval
of certain related party transactions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
or reductions of our authorized share capital;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
merger; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
exercise of our board of directors&rsquo; powers by a general meeting, if our board of directors is unable to exercise its powers and
the exercise of any of its powers is required for our proper management.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law and our
articles require that notice of any annual general meeting or special general meeting be provided to shareholders at least 21 days prior
to the meeting and if the agenda of the meeting includes, among other matters, the appointment or removal of directors, the approval of
transactions with office holders or interested or related parties, approval of the company&rsquo;s chief executive officer (referred to
under the Companies Law as the general manager) to serve as the chairman of its board of directors or an approval of a merger, notice
must be provided at least 35 days prior to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law allows one
or more of our shareholders holding at least 1% of the voting power of a company to request the inclusion of an additional agenda item
for an upcoming shareholders meeting, assuming that it is appropriate for debate and action at a shareholders meeting. Under applicable
regulations, such a shareholder request must be submitted within three or, for certain requested agenda items, seven days following our
publication of notice of the meeting. If the requested agenda item includes the appointment of director(s), the requesting shareholder
must comply with particular procedural and documentary requirements. If our board of directors determines that the requested agenda item
is appropriate for consideration by our shareholders, we must publish an updated notice that includes such item within seven days following
the deadline for submission of agenda items by our shareholders. The publication of the updated notice of the shareholders meeting does
not impact the record date for the meeting. In lieu of this process, we may opt to provide pre-notice of our shareholders meeting at least
21&nbsp;days prior to publishing official notice of the meeting. In that case, our 1% shareholders are given a 14-day period in which
to submit proposed agenda items, after which we must publish notice of the meeting that includes any accepted shareholder proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law, shareholders
of a public company such as ours are not permitted to take action by way of written consent in lieu of a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Quorum Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">Pursuant
to our articles, holders of our ordinary shares have one vote for each ordinary share held on all matters submitted to a vote before the
shareholders at a general meeting. Under our articles, the quorum required for our general meetings of shareholders consists of at least
two shareholders present in person, by proxy or written ballot who hold or represent between them at least 25% of the total outstanding
voting rights. A meeting adjourned for lack of a quorum is generally adjourned to the same day in the following week at the same time
and place, or&nbsp;<FONT STYLE="background-color: white">to such day and at such time and place as the Chairman of the meeting may determine
with the consent of the holders of a majority of the voting power represented at the meeting in person or by proxy and voting on the question
of adjournment.&nbsp;</FONT>At the reconvened meeting,&nbsp;<FONT STYLE="background-color: white">if a quorum is not present within half
an hour from the time appointed for holding the meeting</FONT>, any two shareholders present in person or by proxy, shall constitute a
quorum (subject to rules and regulations, if any, applicable to Formula).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Vote Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our articles provide that
all resolutions of our shareholders require a simple majority vote of shares present and voting at a general meeting, unless otherwise
required by the Companies Law or by our articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are various exceptions
to the foregoing simple majority rule. Under the Companies Law, each of (i) the approval of an extraordinary transaction with a controlling
shareholder and (ii) the terms of employment or other engagement of the controlling shareholder of the company or such controlling shareholder&rsquo;s
relative (even if such terms are not extraordinary) require the approval of the company&rsquo;s audit committee (or compensation committee
with respect to compensation arrangements), board of directors and shareholders, in that order. In addition, the shareholder approval
must fulfill one of the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
least a majority of the shares held by all shareholders who do not have a personal interest in the transaction and who are present and
voting at the meeting approves the transaction, excluding abstentions; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
shares voted against the transaction by shareholders who have no personal interest in the transaction and who are present and voting
at the meeting do not exceed 2% of the voting rights in the company.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional exceptions to the
foregoing simple majority rule under the Companies Law include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The approval and extension
of a compensation policy and certain deviations therefrom require the approval of compensation committee, board of directors and shareholders,
in that order. The shareholder approval must be by a majority vote of the shares present and voting at a meeting of shareholders called
for such purpose, provided that either: (a) such majority includes at least a majority of the shares held by all shareholders who are
not controlling shareholders and do not have a personal interest in such compensation policy; or (b) the total number of shares of non-controlling
shareholders who do not have a personal interest in the compensation policy and who vote against the policy does not exceed 2% of the
company&rsquo;s aggregate voting rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The terms of employment
or other engagement (or an amendment thereto) of the chief executive officer of the company require compensation committee, board of directors
and shareholders, in that order. The shareholder approval must be by a majority vote of the shares present and voting at a meeting of
shareholders called for such purpose, provided that either: (a) such majority includes at least a majority of the shares held by all shareholders
who are not controlling shareholders and do not have a personal interest in such compensation; or (b) the total number of shares of non-controlling
shareholders who do not have a personal interest in the compensation and who vote against the compensation does not exceed 2% of the company&rsquo;s
aggregate voting rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) The chairman of a company&rsquo;s
board of directors also serving as its chief executive officer requires the same special majority approval as applies to (i) and (ii)
above (substituting the personal interest in the service of the chairman as chief executive officer in place of personal interest in the
compensation policy or compensation);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) The election or reelection
of external directors, which requires approval by a majority vote of the shares present and voting at a meeting of shareholders called
for such purpose, provided that either: (a) such majority includes at least a majority of the shares held by all shareholders who are
not controlling shareholders and do not have a personal interest (other than a personal interest not deriving from a relationship with
a controlling shareholder) in such (re-)election; or (b) the total number of shares of non-controlling shareholders who do not have a
personal interest (other than a personal interest not deriving from a relationship with a controlling shareholder) in the (re-)election
and who vote against the (re-)election does not exceed 2% of the company&rsquo;s aggregate voting rights);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) The voluntary winding
up, or an approval of a scheme of arrangement or reorganization, of the company pursuant to Section 350 of the Companies Law requires
the approval of holders of 75% of the voting rights represented at a general meeting, in person or by proxy, and voting on the resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Access to Corporate Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law, shareholders
are provided access to: minutes of our general meetings; our shareholders register and principal shareholders register, articles of association
and annual audited financial statements; and any document that we are required by law to file publicly with the Israeli Companies Registrar
or the Israel Securities Authority. These documents are publicly available and may be found and inspected at the Israeli Registrar of
Companies. In addition, shareholders may request to be provided with any document related to an action or transaction requiring shareholder
approval under the related party transaction provisions of the Companies Law. We may deny this request if we believe it has not been made
in good faith or if such denial is necessary to protect our interest or protect a trade secret or patent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification of Class Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our articles, i<FONT STYLE="background-color: white">f
at any time our share capital is divided into different classes of shares</FONT>, the rights attached to any class of share, such as voting,
liquidation and dividend rights, may be amended by adoption of a resolution by the holders of a&nbsp;<FONT STYLE="background-color: white">majority
of the issued shares of that class present and voting at a separate general meeting of the holders of the shares of that class</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Acquisitions under Israeli Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Full Tender Offer.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A person wishing to acquire
shares of an Israeli public company and who would as a result hold over 90% of the target company&rsquo;s issued and outstanding share
capital is required by the Companies Law to make a tender offer to all of the company&rsquo;s shareholders for the purchase of all of
the issued and outstanding shares of the company. A person wishing to acquire shares of a public Israeli company and who would as a result
hold over 90% of the issued and outstanding share capital of a certain class of shares is required to make a tender offer to all of the
shareholders who hold shares of the relevant class for the purchase of all of the issued and outstanding shares of that class. If the
shareholders who do not accept the offer hold less than 5% of the issued and outstanding share capital of the company or of the applicable
class, and more than half of the shareholders who do not have a personal interest in the offer accept the offer, all of the shares that
the acquirer offered to purchase will be transferred to the acquirer by operation of law. However, a tender offer will also be accepted
if the shareholders who do not accept the offer hold less than 2% of the issued and outstanding share capital of the company or of the
applicable class of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon a successful completion
of such a full tender offer, any shareholder that was an offeree in such tender offer, whether such shareholder accepted the tender offer
or not, may, within six months from the date of acceptance of the tender offer, petition an Israeli court to determine whether the tender
offer was for less than fair value and that the fair value should be paid as determined by the court. However, under certain conditions,
the offeror may include in the terms of the tender offer that an offeree who accepted the offer will not be entitled to petition the Israeli
court as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a tender offer is not accepted
in accordance with the requirements set forth above, the acquirer may not acquire shares from shareholders who accepted the tender offer
that will increase its holdings to more than 90% of the company&rsquo;s issued and outstanding share capital or of the applicable class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Special Tender Offer.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law provides
that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if as a result of the acquisition
the purchaser would become a holder of 25% or more of the voting rights in the company. This requirement does not apply if there is already
another holder of at least 25% of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares
in a public company must be made by means of a special tender offer if as a result of the acquisition the purchaser would become a holder
of more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds more than 45% of the voting
rights in the company, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A special tender offer must
be extended to all shareholders of a company, but the offeror is not required to purchase shares representing more than 5% of the voting
power attached to the company&rsquo;s outstanding shares, regardless of how many shares are tendered by shareholders. A special tender
offer may be consummated only if (i) the offeror acquired shares representing at least 5% of the voting power in the company and (ii)
the number of shares tendered by shareholders who accept the offer exceeds the number of shares held by shareholders who object to the
offer (excluding the purchaser, controlling shareholders, holders of 25% or more of the voting rights in the company or any person having
a personal interest in the acceptance of the tender offer, including their relatives and companies under their control). If a special
tender offer is accepted, the purchaser or any person or entity controlling it or under common control with the purchaser or such controlling
person or entity may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger
with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to
effect such an offer or merger in the initial special tender offer.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Merger</I>&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law permits
merger transactions if approved by each party&rsquo;s board of directors and, unless certain requirements described under the Companies
Law are met, by a majority vote of each party&rsquo;s shareholders. In the case of the target company, approval of the merger further
requires a majority vote of each class of its shares.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the shareholder
vote, unless a court rules otherwise, the merger will not be deemed approved if a majority of the votes of shares represented at the meeting
of shareholders that are held by parties other than the other party to the merger, or by any person (or group of persons acting in concert)
who holds (or hold, as the case may be) 25% or more of the voting rights or the right to appoint 25% or more of the directors of the other
party, vote against the merger. If, however, the merger involves a merger with a company&rsquo;s own controlling shareholder or if the
controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same special majority approval
that governs all extraordinary transactions with controlling shareholders (as described above under &ldquo;Vote Requirements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the transaction would have
been approved by the shareholders of a merging company but for the separate approval of each class or the exclusion of the votes of certain
shareholders as provided above, a court may still approve the merger upon the petition of holders of at least 25% of the voting rights
of a company. For such petition to be granted, the court must find that the merger is fair and reasonable, taking into account the respective
values assigned to each of the parties to the merger and the consideration offered to the shareholders of the target company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of a creditor
of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern
that, as a result of the merger, the surviving company will be unable to satisfy the obligations of the merging entities, and may further
give instructions to secure the rights of creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a merger may
not be consummated unless at least 50 days have passed from the date on which a proposal for approval of the merger is filed with the
Israeli Registrar of Companies and at least 30 days have passed from the date on which the merger was approved by the shareholders of
each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-takeover Measures under Israeli Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Companies Law allows us
to create and issue shares having rights different from those attached to our ordinary shares, including shares providing certain preferred
rights with respect to voting, distributions or other matters and shares having preemptive rights. No preferred shares are authorized
under our articles. In the future, if we do authorize, create and issue a specific class of preferred shares, such class of shares, depending
on the specific rights that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent our shareholders
from realizing a potential premium over the market value of their ordinary shares. The authorization and designation of a class of preferred
shares will require an amendment to our articles, which requires the prior approval of the holders of a majority of the voting power of
our issued and outstanding shares present and voting at a general meeting. The convening of the meeting, the shareholders entitled to
participate, and the majority vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies
Law as described above in &ldquo;Voting Rights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Borrowing Powers&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Companies
Law and our articles, our board of directors may exercise all powers and take all actions that are not required under law or under our
articles to be exercised or taken by our shareholders, including the power to borrow money for company purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our articles enable us to
increase or reduce our share capital. Any such changes are subject to Israeli law and must be approved by a resolution duly passed by
our shareholders at a general meeting by voting on such change in the capital. In addition, transactions that have the effect of reducing
capital, such as the declaration and payment of dividends in the absence of sufficient retained earnings or profits, require the approval
of both our board of directors and an Israeli court.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>f20f2021ex8-1_formulasys.htm
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>List of Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 74%; font-size: 10pt"><B>Name of Subsidiary</B></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 25%; font-size: 10pt; text-align: center"><B>Jurisdiction of Incorporation</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">InSync Staffing Services, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Delaware</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Matrix IT Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Magic Software Enterprises Ltd. </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Michpal Micro Computers (1983) Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Sapiens International Corporation N.V.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Cayman Islands</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">TSG Advanced IT Systems, Ltd</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Ofek Ariel Photography Ltd</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Zap Group</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Israel</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>f20f2021ex12-1_formulasys.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER<BR>
PURSUANT TO RULE 13a-14(a)/RULE 15d-14(a) <FONT STYLE="text-transform: uppercase">under</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>the
Exchange Act</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">I,</TD><TD STYLE="text-align: justify">Guy Bernstein, certify that:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">1.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">I have reviewed this annual report on Form 20-F for the year ended December 31, 2021 of Formula Systems (1985) Ltd. (the &ldquo;Registrant&rdquo;);</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">2.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">3.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">4.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s
internal control over financial reporting that occurred during the period covered by the annual report that has materially affected,
or is reasonably likely to materially affect, the Registrant&rsquo;s internal control over financial reporting; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">5.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&rsquo;s auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s
ability to record, process, summarize and report financial information; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant&rsquo;s internal control over financial reporting.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">Date: May 16, 2022</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 40%; font-size: 10pt">/s/ Guy Bernstein</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Guy Bernstein</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer </TD></TR></TABLE>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>5
<FILENAME>f20f2021ex12-2_formulasys.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATION OF THE CHIEF FINANCIAL OFFICER<BR>
PURSUANT TO RULE 13a-14(a)/RULE 15d-14(a) <FONT STYLE="text-transform: uppercase">under</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>the
Exchange Act</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">I,</TD><TD STYLE="text-align: justify">Asaf Berenstin, certify that:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">1.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">I have reviewed this annual report on Form 20-F for the year ended December 31, 2021 of Formula Systems (1985) Ltd. (the &ldquo;Registrant&rdquo;);</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">2.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">3.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">4.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s
internal control over financial reporting that occurred during the period covered by the annual report that has materially affected,
or is reasonably likely to materially affect, the Registrant&rsquo;s internal control over financial reporting; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify">5.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&rsquo;s auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s
ability to record, process, summarize and report financial information; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant&rsquo;s internal control over financial reporting.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">Date: May 16, 2022</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 40%; font-size: 10pt">/s/ Asaf Berenstin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Asaf Berenstin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</TD></TR></TABLE>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>6
<FILENAME>f20f2021ex13-1_formulasys.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the annual
report of Formula Systems (1985) Ltd. (the &ldquo;Company&rdquo;) on Form 20-F for the year ended December 31, 2021, as filed with the
Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Guy Bernstein, Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt; text-align: justify">(1)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt; text-align: justify">(2)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">Date: May 16, 2022</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 40%; font-size: 10pt">/s/ Guy Bernstein</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guy Bernstein</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer</P></TD></TR></TABLE>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>7
<FILENAME>f20f2021ex13-2_formulasys.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF THE CHIEF FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the annual
report of Formula Systems (1985) Ltd. (the &ldquo;Company&rdquo;) on Form 20-F for the year ended December 31, 2021, as filed with the
Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Asaf Berenstin, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt; text-align: justify">(1)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt; text-align: justify">(2)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">Date: May 16, 2022</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 40%; font-size: 10pt">/s/ Asaf Berenstin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Asaf Berenstin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</TD></TR></TABLE>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>8
<FILENAME>f20f2021ex15-1_formulasys.htm
<DESCRIPTION>CONSENT OF KOST, FORER, GABBAY & KASIERER, A MEMBER OF ERNST & YOUNG GLOBAL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: right"><B>Exhibit 15.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTRERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">We consent to the incorporation by reference
in the Registration Statement on Form S-8 (No. 333-156686) of Formula Systems (1985) Ltd., of our reports dated May 16, 2022, with respect
to the consolidated financial statements of Formula Systems (1985) Ltd. and the effectiveness of internal control over financial reporting
of Formula Systems (1985) Ltd. included in this annual report on Form 20-F for the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: 0; vertical-align: top; width: 33%"><FONT STYLE="font-size: 10pt">Tel- Aviv, Israel</FONT></TD>
    <TD STYLE="text-indent: 0; vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 57%; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Kost, Forer, Gabbay &amp; Kasierer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0"><FONT STYLE="font-size: 10pt">May 16, 2022</FONT></TD>
    <TD STYLE="text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">KOST, FORER, GABBAY &amp; KASIERER</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">A Member of Ernst &amp; Young Global</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>9
<FILENAME>f20f2021ex15-2_formulasys.htm
<DESCRIPTION>CONSENT OF KDA AUDIT CORPORATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 15.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT AUDITORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Magic Software Japan K.K</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference in
the Registration Statement on Form S-8 (No. 333-156686) of Formula Systems (1985) Ltd., of our report dated February 15, 2022, with respect
to the financial statements of Magic Software Japan K.K as of December 31, 2021, which report appears in the annual report on Form 20-F
of Formula Systems (1985) Ltd. for the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><IMG SRC="ex15-2_001.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%"><FONT STYLE="font-size: 10pt">/s/ KDA Audit Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">KDA Audit Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Registered Auditors</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tokyo, Japan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 9, 2022</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !? -T# 2(  A$! Q$!_\0
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MZ$:P+O467P1IVF(V ]Q+,X]0#@?UK?\ BU_R--M_UZC_ -"-<*\I>.-#TC!
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M+2R ]E/^-+_PMO6_^?6S_P"^6_QKK_\ A5'AW_I[_P"_W_UJ/^%4>'?^GO\
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$B@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !L %X# 2(  A$! Q$!_\0
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M9T:>:9I.%TZ.2Y%A89EQ%GF(<ER1P^2\.YK5=1QIODFTE_,N7Y3F>:U'3R[
MXG&2C;VDJ-)NE23^U7Q$W2PU"/7FKXFDK7>J/6*S=4UC2=$MFO-8U*RTRU7/
M[^^N8;:-B!G8AE=?,D/18XPTC$A54D@'YQU/Q?\ '3Q7F'PUX,N?"UG+D+-=
MQ0PZAL)Y+W>N_8X$!494P6,4PR3'*Q*$<</@-\2?$-P;[Q)KFGI/(/WDNHZG
M?:K?#)SM'EP30[5Y&T7BJO 0%>1_&_&GTU?$+.?;9=]&OZ)_CEXNXR?-3PO%
M_%W"&=^%?A\IN\88FC4XLH9#Q/FV%BW&I>&$R*%2FXR]R,[K[3 \#Y=1Y:G$
M_%V0Y/!6<\'@\90S;,;=8M8.6(PM&>ZUGB&G?=H]-\2_M%>$],\R#P_:7GB*
MY7($V&TW30W()\^XB:[EVL,X2Q$4B_<N "&KY^\2_&WQ[XB\R)-3&AV3Y'V7
M0U:S<J> 'OB\FH,=O#A+F*)\DF(# 'LFG?LRZ6FTZOXIO[KD%DTZPM[# XRJ
MRW,VHY/7#F%>H_=\<]]IOP'^&^G[6ETJ[U21.CZEJ5VV3ZM#9O96S\<;7A9.
M^W(!'\F<:>$/[6#Z1SJX;C'C'@[P.X3QSE&IPOPYQOAN%\/3PM5M.ACEX?4N
M)>,<VM2ERS6/XVHPK.\*N'IN4U#Z_ YSX1\-6E@L%C<]QE.S6*Q.!EBI.:^U
M3_M%X7!4=5=>SP,G'=2=E?X%DDDE=Y97>621B\DDC,[N['+,[L2S,3R6)))Y
M)K7T[PWXAUC;_96A:OJ08@!K'3;RZ3GN7AA=%7!R69@H'S$@#-?I#IO@WPEI
M 7^S/#6AV;* !+#IEF+@[>A:X,1G<C^\\C'J<Y)KI:^7X1_8MXVM*&(\1O'^
MC&=27M,5A>!^!\1BJLYS?/5MF_&F>TE.HYRGS5I974]I*4JM^9VEUXSQMA%.
M.6\/2LE:$\?CXP22TC^YP.'=E9*T555DE'T_/?3?@C\2=2VM_8'V")O^6NI7
MUE:[?9K?SY+P?7[-CWKOM-_9G\0S!3JWB/2+ $ E;&WO-3=<XRK"8:6A91UV
MR,NX85BOS5]E45_4_!_[)/Z)W#OLJG$$/$CC_$0Y74_M_C262X"K))<U\NX.
MRG)[4Y-.T'FKG!-I5IZ-?)XWQ?XNQ-UAWEF7Q>WU? JO42Z?O<;6K:KO[*S_
M )4?.FG?LV>$K<AM2UC7-18$'9"UG80-TR'06]S/@G.-ERA .,DC->J>%OAS
MX0\&3R7?A_2C:WLUL]I->2WE[=3RV\DL,SQ-]IN)(D5I+>!R(8HQF,''+;NW
MHK^M_#OZ)_T;/"C,,OSG@#P5X!X?SW*JL<1EO$*R>6:\18'$QIU:2Q6#SW/\
MPSS,\)BU2Q%>E]9P=7!5_9UJT.=1JU%/X_,N+N)LWIU*.8YYF&(P]9<M7#>V
M5+#5(W3Y)X?#TZ%*<+QB^6:G&\8NUTK8][X?T74Y%EU/3;74RA#1)J4?]H00
ML.CP6]X9[>"3UDAB1SU+$UI06UO:QB&U@AMH@21%!$D,8)P"0D:JH) &2!V'
MI7Y3>*?^"Q'[,WA'Q/XC\*:EX&^.L^H^&->U?P]?S6/AGP!+937NBZA<:;=2
MV<D_Q.MIY+62>VD>W>:VMY7B*-)!$Y:-<'_A]3^RS_T(/Q__ /"6^'7_ ,]6
MOW#"Y%DF!QV*S/!9+E&$S/'6^O9GALKRZAF>-2TC'&9G3P,<SQ<(+W:=/$YE
MB*5*/N4:-"'[L\*>(KU*<*4Z]:=*G_#I2JU94H?X*3J>R@WU<:46WK*4GJ?K
M[17PK^SY_P %!?@Q^TQ:_$9?AKX;^)C^)/ASX8D\6S>!M:T?PI:>+_%VEQ)<
MB5?!=E8^--3TW4[J*\BLM+DBU+5='CCU#6='B>98KPS1?-S?\%I_V6T9D?X?
M_M HZL596\*?#M65E.&5E/Q4!# @@@@$$8/->H9'Z]T5X7^SK^T-\/OVGOAI
M9?%'X;MJ\.BW&J:IHE[I/B&VL+/Q#H>KZ3,JSZ?K-IIFIZQ807$UG/8ZM:BV
MU.[273-2L9V>.662"+S?]JC]M;X/_LAQ^$%^)5KXOUO4O&KZHVDZ)X&T_0]4
MU:&RTA;47>JZC#KGB/PY;6FG&>\M[2VE%U+/=W)F6WMY([2\D@ /KRBORX^'
M'_!6CX _%?QYX3^''@OX9_'_ %'Q1XRUNRT+1[9O"_P]2$7-Y(%>ZO)D^*,K
M6VG6$ FO]2O#&Z6>GVUS=2*4A:OU'H **** "BBB@#^%;XW?\EG^+O\ V4_Q
M]_ZE>K5]N?LK?\$U?''[5/PK7XJ>'_B7X4\*Z>WB/6/#O]E:SI.KWMX)]'2S
M>6Y\ZR80>5,+Q0B8WKL;=U%?$?QN_P"2S_%W_LI_C[_U*]6KUSX/?MM_M/?
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MC_\ "/:=<06GQ3^'NG:'I\FFVUYJ5EXMN='\::I9ZI9)I&D:4XU6^TS6@#]
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M9GX!+XC30]3_ +(;XZK\:TTLW;6IU0X\(GX!N/';*LYF.KJT:SK:.J)FZ_\
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5B:07-U#%<3;Y8T=>MH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>ex15-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex15-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ; *@# 2(  A$! Q$!_\0
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MB.<9SC!Z$5F^)/%.G>%M.6]OA.Z2G;"(('D\QS]U<J" 6) &<9-5O MC+::
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M=2V!D-D:=AHTVD>,HY+5;J>QN-.:.>>YG>9D>.0&-0SL3@B67CV'/%=3@4F
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'%%:E% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>13
<FILENAME>forty-20211231.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:34:55 UTC 2022 -->
<xs:schema xmlns:forty="http://formulasystems.com/20211231" elementFormDefault="qualified" xmlns:srt-types="http://fasb.org/srt-types/2021-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:num="http://www.xbrl.org/dtr/type/numeric" targetNamespace="http://formulasystems.com/20211231" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-types="http://fasb.org/us-types/2021-01-31" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:dtr="http://www.xbrl.org/dtr/type/2020-01-21">
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="forty-20211231_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="forty-20211231_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="forty-20211231_def.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="forty-20211231_cal.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef"/>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet" id="forty_r_ConsolidatedBalanceSheet">
        <link:definition>001 - Statement - Consolidated Statements of Financial Position</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals" id="forty_r_ConsolidatedBalanceSheet_Parentheticals">
        <link:definition>002 - Statement - Consolidated Statements of Financial Position (Parentheticals)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatement" id="forty_r_ConsolidatedIncomeStatement">
        <link:definition>003 - Statement - Consolidated Statements of Profit or Loss</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0" id="forty_r_ConsolidatedIncomeStatementAlt0">
        <link:definition>003 - Statement - Consolidated Statements of Profit or Loss Alternate 0</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedComprehensiveIncome" id="forty_r_ConsolidatedComprehensiveIncome">
        <link:definition>004 - Statement - Consolidated Statements of Comprehensive Income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ShareholdersEquityType2or3" id="forty_r_ShareholdersEquityType2or3">
        <link:definition>005 - Statement - Consolidated Statements of Changes in Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedCashFlow" id="forty_r_ConsolidatedCashFlow">
        <link:definition>006 - Statement - Consolidated Statements of Other Comprehensive Income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ConsolidatedCashFlow0" id="forty_r_ConsolidatedCashFlow0">
        <link:definition>007 - Statement - Consolidated Statements of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/General" id="forty_r_General">
        <link:definition>008 - Disclosure - General</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SignificantAccountingPolicies" id="forty_r_SignificantAccountingPolicies">
        <link:definition>009 - Disclosure - Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness" id="forty_r_BusinessCombinationSignificantTransactionandSaleofBusiness">
        <link:definition>010 - Disclosure - Business Combination, Significant Transaction and Sale of Business</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/MarketableSecurities" id="forty_r_MarketableSecurities">
        <link:definition>011 - Disclosure - Marketable Securities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable" id="forty_r_PrepaidExpesnesandOtherAccountsReceivavable">
        <link:definition>012 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/FairValueMeasurement" id="forty_r_FairValueMeasurement">
        <link:definition>013 - Disclosure - Fair Value Measurement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod" id="forty_r_InvestmentsinCompaniesAccountedforatEquityMethod">
        <link:definition>014 - Disclosure - Investments in Companies Accounted for at Equity Method</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNet" id="forty_r_PropertyPlantsandEquipmentNet">
        <link:definition>015 - Disclosure - Property, Plants and Equipment, Net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/IntangibleAssetsNet" id="forty_r_IntangibleAssetsNet">
        <link:definition>016 - Disclosure - Intangible Assets, Net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/Goodwill" id="forty_r_Goodwill">
        <link:definition>017 - Disclosure - Goodwill</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers" id="forty_r_ShortTermLiabilitiestoBanksandOthers">
        <link:definition>018 - Disclosure - Short Term Liabilities to Banks and Others</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/OtherAccountsPayable" id="forty_r_OtherAccountsPayable">
        <link:definition>019 - Disclosure - Other Accounts Payable</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers" id="forty_r_LongTermLiabilitiestoBanksandOthers">
        <link:definition>020 - Disclosure - Long Term Liabilities to Banks and Others</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/Debentures" id="forty_r_Debentures">
        <link:definition>021 - Disclosure - Debentures</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/RelatedPartiesTransactions" id="forty_r_RelatedPartiesTransactions">
        <link:definition>022 - Disclosure - Related Parties Transactions</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/Leases" id="forty_r_Leases">
        <link:definition>023 - Disclosure - Leases</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EmployeeOptionPlans" id="forty_r_EmployeeOptionPlans">
        <link:definition>024 - Disclosure - Employee Option Plans</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilities" id="forty_r_EmployeeBenefitLiabilities">
        <link:definition>025 - Disclosure - Employee Benefit Liabilities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/CommitmentsandContingencies" id="forty_r_CommitmentsandContingencies">
        <link:definition>026 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/Equity" id="forty_r_Equity">
        <link:definition>027 - Disclosure - Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/IncomeTax" id="forty_r_IncomeTax">
        <link:definition>028 - Disclosure - Income Tax</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformation" id="forty_r_SupplementaryFinancialStatementInformation">
        <link:definition>029 - Disclosure - Supplementary Financial Statement Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/OperatingSegments" id="forty_r_OperatingSegments">
        <link:definition>030 - Disclosure - Operating Segments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SubsequentEvents" id="forty_r_SubsequentEvents">
        <link:definition>031 - Disclosure - Subsequent Events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/AccountingPoliciesByPolicy" id="forty_r_AccountingPoliciesByPolicy">
        <link:definition>032 - Disclosure - Accounting Policies, by Policy (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/GeneralTables" id="forty_r_GeneralTables">
        <link:definition>033 - Disclosure - General (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesTables" id="forty_r_SignificantAccountingPoliciesTables">
        <link:definition>034 - Disclosure - Significant Accounting Policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables" id="forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessTables">
        <link:definition>035 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/MarketableSecuritiesTables" id="forty_r_MarketableSecuritiesTables">
        <link:definition>036 - Disclosure - Marketable Securities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables" id="forty_r_PrepaidExpesnesandOtherAccountsReceivavableTables">
        <link:definition>037 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/FairValueMeasurementTables" id="forty_r_FairValueMeasurementTables">
        <link:definition>038 - Disclosure - Fair Value Measurement (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables" id="forty_r_InvestmentsinCompaniesAccountedforatEquityMethodTables">
        <link:definition>039 - Disclosure - Investments in Companies Accounted for at Equity Method (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables" id="forty_r_PropertyPlantsandEquipmentNetTables">
        <link:definition>040 - Disclosure - Property, Plants and Equipment, Net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/IntangibleAssetsNetTables" id="forty_r_IntangibleAssetsNetTables">
        <link:definition>041 - Disclosure - Intangible Assets, Net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/GoodwillTables" id="forty_r_GoodwillTables">
        <link:definition>042 - Disclosure - Goodwill (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables" id="forty_r_ShortTermLiabilitiestoBanksandOthersTables">
        <link:definition>043 - Disclosure - Short Term Liabilities to Banks and Others (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/OtherAccountsPayableTables" id="forty_r_OtherAccountsPayableTables">
        <link:definition>044 - Disclosure - Other Accounts Payable (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables" id="forty_r_LongTermLiabilitiestoBanksandOthersTables">
        <link:definition>045 - Disclosure - Long Term Liabilities to Banks and Others (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/DebenturesTables" id="forty_r_DebenturesTables">
        <link:definition>046 - Disclosure - Debentures (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/LeasesTables" id="forty_r_LeasesTables">
        <link:definition>047 - Disclosure - Leases (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EmployeeOptionPlansTables" id="forty_r_EmployeeOptionPlansTables">
        <link:definition>048 - Disclosure - Employee Option Plans (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables" id="forty_r_EmployeeBenefitLiabilitiesTables">
        <link:definition>049 - Disclosure - Employee Benefit Liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/CommitmentsandContingenciesTables" id="forty_r_CommitmentsandContingenciesTables">
        <link:definition>050 - Disclosure - Commitments and Contingencies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EquityTables" id="forty_r_EquityTables">
        <link:definition>051 - Disclosure - Equity (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/IncomeTaxTables" id="forty_r_IncomeTaxTables">
        <link:definition>052 - Disclosure - Income Tax (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables" id="forty_r_SupplementaryFinancialStatementInformationTables">
        <link:definition>053 - Disclosure - Supplementary Financial Statement Information (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/OperatingSegmentsTables" id="forty_r_OperatingSegmentsTables">
        <link:definition>054 - Disclosure - Operating Segments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/GeneralDetails" id="forty_r_GeneralDetails">
        <link:definition>055 - Disclosure - General (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" id="forty_r_ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable">
        <link:definition>056 - Disclosure - General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesDetails" id="forty_r_SignificantAccountingPoliciesDetails">
        <link:definition>057 - Disclosure - Significant Accounting Policies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable" id="forty_r_ScheduleofrevenuebyproductsandservicesTable">
        <link:definition>058 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by products and services</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable" id="forty_r_ScheduleofrevenuebytimingofrevenuerecognitionTable">
        <link:definition>059 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable" id="forty_r_ScheduleofamortizationperiodsoftherightofuseassetsTable">
        <link:definition>060 - Disclosure - Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable" id="forty_r_ScheduleofusefullifeoftheassetsatannualratesTable">
        <link:definition>061 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable" id="forty_r_ScheduleofusefullifeofintangibleassetsTable">
        <link:definition>062 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of intangible assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails" id="forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessDetails">
        <link:definition>063 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable" id="forty_r_ScheduleofprovisionalestimatedconsiderationTable">
        <link:definition>064 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable">
        <link:definition>065 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0">
        <link:definition>066 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00">
        <link:definition>067 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000">
        <link:definition>068 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000">
        <link:definition>069 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000">
        <link:definition>070 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000">
        <link:definition>071 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000">
        <link:definition>072 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000">
        <link:definition>073 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000">
        <link:definition>074 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000">
        <link:definition>075 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000">
        <link:definition>076 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000">
        <link:definition>077 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000">
        <link:definition>078 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000">
        <link:definition>079 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000">
        <link:definition>080 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000">
        <link:definition>081 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000">
        <link:definition>082 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000">
        <link:definition>083 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000">
        <link:definition>084 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000">
        <link:definition>085 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000">
        <link:definition>086 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000">
        <link:definition>087 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000">
        <link:definition>088 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000" id="forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000">
        <link:definition>089 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/MarketableSecuritiesDetails" id="forty_r_MarketableSecuritiesDetails">
        <link:definition>090 - Disclosure - Marketable Securities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable" id="forty_r_ScheduleofmarketablesecuritiesTable">
        <link:definition>091 - Disclosure - Marketable Securities (Details) - Schedule of marketable securities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable" id="forty_r_ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable">
        <link:definition>092 - Disclosure -  Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" id="forty_r_ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable">
        <link:definition>093 - Disclosure - Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails" id="forty_r_InvestmentsinCompaniesAccountedforatEquityMethodDetails">
        <link:definition>094 - Disclosure - Investments in Companies Accounted for at Equity Method (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable" id="forty_r_ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable">
        <link:definition>095 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company&#8217;s investment in TSG</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable" id="forty_r_ScheduleofinvestmentinTSGequitymethodTable">
        <link:definition>096 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable" id="forty_r_ScheduleoffairvalueofTSGsdividendpreferencederivativeTable">
        <link:definition>097 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable" id="forty_r_ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable">
        <link:definition>098 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable" id="forty_r_ScheduleofstatementoffinancialpositionTable">
        <link:definition>099 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable" id="forty_r_ScheduleofhighlightsofTSGprofitorlossinaccordanceTable">
        <link:definition>100 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails" id="forty_r_PropertyPlantsandEquipmentNetDetails">
        <link:definition>101 - Disclosure - Property, Plants and Equipment, Net (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable" id="forty_r_ScheduleofpropertyplantsandequipmentTable">
        <link:definition>102 - Disclosure - Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/IntangibleAssetsNetDetails" id="forty_r_IntangibleAssetsNetDetails">
        <link:definition>103 - Disclosure - Intangible Assets, Net (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofintangibleassetsnetTable" id="forty_r_ScheduleofintangibleassetsnetTable">
        <link:definition>104 - Disclosure - Intangible Assets, Net (Details) - Schedule of intangible assets, net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable" id="forty_r_ScheduleofcarryingamountofgoodwillTable">
        <link:definition>105 - Disclosure - Goodwill (Details) - Schedule of carrying amount of goodwill</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable" id="forty_r_ScheduleofshorttermliabilitiestobanksandothersTable">
        <link:definition>106 - Disclosure - Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofotheraccountspayableTable" id="forty_r_ScheduleofotheraccountspayableTable">
        <link:definition>107 - Disclosure - Other Accounts Payable (Details) - Schedule of other accounts payable</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable" id="forty_r_ScheduleoflongtermliabilitiestobanksandotherscompositionTable">
        <link:definition>108 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable" id="forty_r_ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable">
        <link:definition>109 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/DebenturesDetails" id="forty_r_DebenturesDetails">
        <link:definition>110 - Disclosure - Debentures (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofdebenturesTable" id="forty_r_ScheduleofdebenturesTable">
        <link:definition>111 - Disclosure - Debentures (Details) - Schedule of debentures</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable" id="forty_r_ScheduleofaggregateprincipalannualpaymentsofdebenturesTable">
        <link:definition>112 - Disclosure - Debentures (Details) - Schedule of aggregate principal annual payments of debentures</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/RelatedPartiesTransactionsDetails" id="forty_r_RelatedPartiesTransactionsDetails">
        <link:definition>113 - Disclosure - Related Parties Transactions (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/LeasesDetails" id="forty_r_LeasesDetails">
        <link:definition>114 - Disclosure - Leases (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" id="forty_r_ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable">
        <link:definition>115 - Disclosure - Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EmployeeOptionPlansDetails" id="forty_r_EmployeeOptionPlansDetails">
        <link:definition>116 - Disclosure - Employee Option Plans (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" id="forty_r_ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable">
        <link:definition>117 - Disclosure - Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" id="forty_r_ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable">
        <link:definition>118 - Disclosure - Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" id="forty_r_ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable">
        <link:definition>119 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable" id="forty_r_ScheduleofSapiensstockoptionplansTable">
        <link:definition>120 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable" id="forty_r_ScheduleoftheRSUactivitiesTable">
        <link:definition>121 - Disclosure - Employee Option Plans (Details) - Schedule of the RSU activities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable" id="forty_r_ScheduleofmagicSoftwarestockbasedcompensationactivityTable">
        <link:definition>122 - Disclosure - Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" id="forty_r_ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable">
        <link:definition>123 - Disclosure - Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable" id="forty_r_ScheduleofdefinedbenefitplansTable">
        <link:definition>124 - Disclosure - Employee Benefit Liabilities (Details) - Schedule of defined benefit plans</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/CommitmentsandContingenciesDetails" id="forty_r_CommitmentsandContingenciesDetails">
        <link:definition>125 - Disclosure - Commitments and Contingencies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable" id="forty_r_ScheduleofcompositionofpledgedsharesTable">
        <link:definition>126 - Disclosure -  Commitments and Contingencies (Details) - Schedule of composition of pledged shares</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/EquityDetails" id="forty_r_EquityDetails">
        <link:definition>127 - Disclosure - Equity (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofsharecapitalTable" id="forty_r_ScheduleofsharecapitalTable">
        <link:definition>128 - Disclosure - Equity (Details) - Schedule of share capital</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ9vCi0gHUUAkTo0ZjINjtN4=] CSR-->
      <link:roleType roleURI="http://formulasystems.com/role/IncomeTaxDetails" id="forty_r_IncomeTaxDetails">
        <link:definition>129 - Disclosure - Income Tax (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable" id="forty_r_ScheduleofdeferredtaxliabilitiesnetTable">
        <link:definition>130 - Disclosure - Income Tax (Details) - Schedule of deferred tax liabilities, net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofcompositionTable" id="forty_r_ScheduleofcompositionTable">
        <link:definition>131 - Disclosure - Income Tax (Details) - Schedule of composition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofpretaxincomeTable" id="forty_r_ScheduleofpretaxincomeTable">
        <link:definition>132 - Disclosure - Income Tax (Details) - Schedule of pre-tax income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable" id="forty_r_ScheduleoftaxesonincometaxbenefitTable">
        <link:definition>133 - Disclosure - Income Tax (Details) - Schedule of taxes on income (tax benefit)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable" id="forty_r_ScheduleoftheoreticaltaxexpenseTable">
        <link:definition>134 - Disclosure - Income Tax (Details) - Schedule of theoretical tax expense</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable" id="forty_r_ScheduleoftotalunrecognizedtaxbenefitsTable">
        <link:definition>135 - Disclosure - Income Tax (Details) - Schedule of total unrecognized tax benefits</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" id="forty_r_ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable">
        <link:definition>136 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable" id="forty_r_ScheduleoffinancialincomeandexpensesTable">
        <link:definition>137 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable" id="forty_r_ScheduleofpropertyandequipmentlocatedTable">
        <link:definition>138 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of property and equipment located</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" id="forty_r_ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable">
        <link:definition>139 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable" id="forty_r_ScheduleofcomputationbasicanddilutednetearningspershareTable">
        <link:definition>140 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/OperatingSegmentsDetails" id="forty_r_OperatingSegmentsDetails">
        <link:definition>141 - Disclosure - Operating Segments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" id="forty_r_ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable">
        <link:definition>142 - Disclosure - Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable" id="forty_r_ScheduleofreportingonoperatingsegmentsTable">
        <link:definition>143 - Disclosure - Operating Segments (Details) - Schedule of reporting on operating segments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/SubsequentEventsDetails" id="forty_r_SubsequentEventsDetails">
        <link:definition>144 - Disclosure - Subsequent Events (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://formulasystems.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>000 - Document - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd"/>
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/sic/2021" schemaLocation="https://xbrl.sec.gov/sic/2021/sic-2021.xsd"/>
  <xs:element name="ConsolidatedStatementsOfComprehensiveIncomeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract"/>
  <xs:element name="ConsolidatedStatementsOfChangesInEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ConsolidatedStatementsOfChangesInEquityAbstract"/>
  <xs:element name="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
  <xs:element name="ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract"/>
  <xs:element name="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
  <xs:element name="ScheduleOfRevenueByProductsAndServicesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfRevenueByProductsAndServicesAbstract"/>
  <xs:element name="ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract"/>
  <xs:element name="ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract"/>
  <xs:element name="ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract"/>
  <xs:element name="ScheduleOfUsefulLifeOfIntangibleAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract"/>
  <xs:element name="DisclosureOfBusinessCombinationsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
  <xs:element name="ScheduleOfProvisionalEstimatedConsiderationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract"/>
  <xs:element name="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
  <xs:element name="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
  <xs:element name="ScheduleOfMarketableSecuritiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMarketableSecuritiesAbstract"/>
  <xs:element name="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
  <xs:element name="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract"/>
  <xs:element name="DisclosureOfFairValueMeasurementTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
  <xs:element name="ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract"/>
  <xs:element name="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
  <xs:element name="ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
  <xs:element name="ScheduleOfInvestmentInTsgEquityMethodAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract"/>
  <xs:element name="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract"/>
  <xs:element name="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
  <xs:element name="ScheduleOfStatementOfFinancialPositionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfStatementOfFinancialPositionAbstract"/>
  <xs:element name="ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract"/>
  <xs:element name="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
  <xs:element name="ScheduleOfPropertyPlantsAndEquipmentAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfPropertyPlantsAndEquipmentAbstract"/>
  <xs:element name="DisclosureOfIntangibleAssetsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
  <xs:element name="ScheduleOfIntangibleAssetsNetAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfIntangibleAssetsNetAbstract"/>
  <xs:element name="DisclosureOfGoodwillTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfGoodwillTextBlockAbstract"/>
  <xs:element name="ScheduleOfCarryingAmountOfGoodwillAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfCarryingAmountOfGoodwillAbstract"/>
  <xs:element name="DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
  <xs:element name="ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract"/>
  <xs:element name="OtherAccountsPayableAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherAccountsPayableAbstract"/>
  <xs:element name="ScheduleOfOtherAccountsPayableAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfOtherAccountsPayableAbstract"/>
  <xs:element name="DisclosureOfOtherLiabilitiesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
  <xs:element name="ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract"/>
  <xs:element name="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract"/>
  <xs:element name="DisclosureOfDebenturesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDebenturesAbstract"/>
  <xs:element name="ScheduleOfDebenturesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfDebenturesAbstract"/>
  <xs:element name="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract"/>
  <xs:element name="DisclosureOfRelatedPartyTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfRelatedPartyTextBlockAbstract"/>
  <xs:element name="DisclosureOfLeasesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfLeasesTextBlockAbstract"/>
  <xs:element name="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract"/>
  <xs:element name="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
  <xs:element name="ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract"/>
  <xs:element name="ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
  <xs:element name="ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
  <xs:element name="ScheduleOfSapiensStockOptionPlansAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfSapiensStockOptionPlansAbstract"/>
  <xs:element name="ScheduleOfTheRsuActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTheRsuActivitiesAbstract"/>
  <xs:element name="ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract"/>
  <xs:element name="ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract"/>
  <xs:element name="DisclosureOfEmployeeBenefitsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract"/>
  <xs:element name="ScheduleOfDefinedBenefitPlansAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfDefinedBenefitPlansAbstract"/>
  <xs:element name="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
  <xs:element name="ScheduleOfCompositionOfPledgedSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfCompositionOfPledgedSharesAbstract"/>
  <xs:element name="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
  <xs:element name="ScheduleOfShareCapitalAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfShareCapitalAbstract"/>
  <xs:element name="DisclosureOfIncomeTaxTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
  <xs:element name="ScheduleOfDeferredTaxLiabilitiesNetAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract"/>
  <xs:element name="ScheduleOfCompositionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfCompositionAbstract"/>
  <xs:element name="ScheduleOfPreTaxIncomeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfPreTaxIncomeAbstract"/>
  <xs:element name="ScheduleOfTaxesOnIncomeTaxBenefitAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract"/>
  <xs:element name="ScheduleOfTheoreticalTaxExpenseAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTheoreticalTaxExpenseAbstract"/>
  <xs:element name="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract"/>
  <xs:element name="SupplementaryFinancialStatementInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SupplementaryFinancialStatementInformationAbstract"/>
  <xs:element name="ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract"/>
  <xs:element name="ScheduleOfFinancialIncomeAndExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfFinancialIncomeAndExpensesAbstract"/>
  <xs:element name="ScheduleOfPropertyAndEquipmentLocatedAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfPropertyAndEquipmentLocatedAbstract"/>
  <xs:element name="ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract"/>
  <xs:element name="ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract"/>
  <xs:element name="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
  <xs:element name="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract"/>
  <xs:element name="ScheduleOfReportingOnOperatingSegmentsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfReportingOnOperatingSegmentsAbstract"/>
  <xs:element name="DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract"/>
  <xs:element name="LiabilitiesAndEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilitiesAndEquityAbstract"/>
  <xs:element name="FormulaSystems1985LtdShareholdersEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FormulaSystems1985LtdShareholdersEquityAbstract"/>
  <xs:element name="ShareCapitalAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShareCapitalAbstract"/>
  <xs:element name="CostOfRevenuesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CostOfRevenuesAbstract"/>
  <xs:element name="OtherComprehensiveIncomeLossNetOfTaxEffectAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract"/>
  <xs:element name="WorkingCapitalAdjustmentsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WorkingCapitalAdjustmentsAbstract"/>
  <xs:element name="CashPaidReceivedInRespectOfAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CashPaidReceivedInRespectOfAbstract"/>
  <xs:element name="BNonCashActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BNonCashActivitiesAbstract"/>
  <xs:element name="CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract"/>
  <xs:element name="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract"/>
  <xs:element name="AssetsAbstract0" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AssetsAbstract0"/>
  <xs:element name="LiabilitiesAbstract0" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilitiesAbstract0"/>
  <xs:element name="InvestmentInCompaniesAccountedForAtEquityMethodAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract"/>
  <xs:element name="LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract"/>
  <xs:element name="CostAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CostAbstract"/>
  <xs:element name="AccumulatedDepreciationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedDepreciationAbstract"/>
  <xs:element name="OriginalAmountsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OriginalAmountsAbstract"/>
  <xs:element name="AccumulatedAmortizationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedAmortizationAbstract"/>
  <xs:element name="CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract"/>
  <xs:element name="ShortTermInterestOnLongTermLoansFromOtherAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract"/>
  <xs:element name="FinancialExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialExpensesAbstract"/>
  <xs:element name="FinancialIncomeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialIncomeAbstract"/>
  <xs:element name="InternationalAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InternationalAbstract"/>
  <xs:element name="NumeratorAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumeratorAbstract"/>
  <xs:element name="DenominatorAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DenominatorAbstract"/>
  <xs:element name="TotalOtherLongtermAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalOtherLongtermAssets"/>
  <xs:element name="DeferredIncomeClassifiedCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredIncomeClassifiedCurrent"/>
  <xs:element name="LiabilitiesInRespectOfBusinessCombinations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilitiesInRespectOfBusinessCombinations"/>
  <xs:element name="LongtermOperatingLeaseLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongtermOperatingLeaseLiabilities"/>
  <xs:element name="DeferredIncomeClassifiedNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredIncomeClassifiedNoncurrent"/>
  <xs:element name="CommitmentAndContingencies" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CommitmentAndContingencies"/>
  <xs:element name="NumberOfTreasurySharesOutstanding" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfTreasurySharesOutstanding"/>
  <xs:element name="ProprietarySoftwareProductsAndRelatedServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProprietarySoftwareProductsAndRelatedServices"/>
  <xs:element name="OtherSoftwareProductsAndRelatedServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherSoftwareProductsAndRelatedServices"/>
  <xs:element name="PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet"/>
  <xs:element name="ProfitLossAttributableToNoncontrollingInterest" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProfitLossAttributableToNoncontrollingInterest"/>
  <xs:element name="ForeignCurrencyTranslation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ForeignCurrencyTranslation"/>
  <xs:element name="CostOfSharebasedPayment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CostOfSharebasedPayment"/>
  <xs:element name="DividendToFormulasShareholders" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendToFormulasShareholders"/>
  <xs:element name="NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions"/>
  <xs:element name="AcquisitionOfNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfNoncontrollingInterests"/>
  <xs:element name="SettlementOfPutOptionsOverNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_SettlementOfPutOptionsOverNoncontrollingInterests"/>
  <xs:element name="NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies"/>
  <xs:element name="ImpactOfTheAdoptionOfIFRS15" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ImpactOfTheAdoptionOfIFRS15"/>
  <xs:element name="EquityIncludingImpactOfAdoptionOfIfrs15" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_EquityIncludingImpactOfAdoptionOfIfrs15"/>
  <xs:element name="NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15"/>
  <xs:element name="IssuanceOfSharesUponConversionOfConvertibleDebentures" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures"/>
  <xs:element name="IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares"/>
  <xs:element name="AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation"/>
  <xs:element name="ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet"/>
  <xs:element name="AccumulatedOtherComprehensiveIncomeloss" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedOtherComprehensiveIncomeloss"/>
  <xs:element name="AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity"/>
  <xs:element name="AdjustmentsForIncreaseDecreaseInValueOfDebentures" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures"/>
  <xs:element name="AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet"/>
  <xs:element name="AdjustmentsForChangesInDeferredTaxesNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForChangesInDeferredTaxesNet"/>
  <xs:element name="AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations"/>
  <xs:element name="AdjustmentsForImpairmentOfRightofuseAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForImpairmentOfRightofuseAsset"/>
  <xs:element name="AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading"/>
  <xs:element name="AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities"/>
  <xs:element name="ChangeInValueOfDividendPreferenceDerivativeInTsg" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg"/>
  <xs:element name="AdjustmentsForIncreaseDecreaseInDeferredIncomes" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes"/>
  <xs:element name="CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations"/>
  <xs:element name="PaymentsToFormerShareholdersOfConsolidatedCompany" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PaymentsToFormerShareholdersOfConsolidatedCompany"/>
  <xs:element name="PurchaseOfOtherInvestment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PurchaseOfOtherInvestment"/>
  <xs:element name="CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities"/>
  <xs:element name="InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition"/>
  <xs:element name="DividendFromJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendFromJointVenture"/>
  <xs:element name="PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts"/>
  <xs:element name="IssuanceOfOrdinarySharesNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_IssuanceOfOrdinarySharesNet"/>
  <xs:element name="ShorttermBankCreditNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ShorttermBankCreditNet"/>
  <xs:element name="ReceiptOfLongTermLoans" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ReceiptOfLongTermLoans"/>
  <xs:element name="RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist"/>
  <xs:element name="PurchaseOfNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PurchaseOfNoncontrollingInterests"/>
  <xs:element name="CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests"/>
  <xs:element name="InterestsPaid" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestsPaid"/>
  <xs:element name="InterestReceived" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestReceived"/>
  <xs:element name="TaxesPaidNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_TaxesPaidNet"/>
  <xs:element name="DividendPayableToShareholders" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPayableToShareholders"/>
  <xs:element name="PurchaseOfPropertyAndEquipment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PurchaseOfPropertyAndEquipment"/>
  <xs:element name="DeferredPaymentRelatedtoBusinessCombinations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredPaymentRelatedtoBusinessCombinations"/>
  <xs:element name="DividendPayableToRedeemableNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPayableToRedeemableNoncontrollingInterests"/>
  <xs:element name="OperatingLeaseNonCash" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingLeaseNonCash"/>
  <xs:element name="IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture"/>
  <xs:element name="WorkingCapital" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_WorkingCapital"/>
  <xs:element name="PropertyAndEquipment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PropertyAndEquipment"/>
  <xs:element name="GoodwillAndIntangibleAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_GoodwillAndIntangibleAssets"/>
  <xs:element name="OperatingLeaseRightofuseAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingLeaseRightofuseAssets"/>
  <xs:element name="OtherLongTermAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherLongTermAssets"/>
  <xs:element name="LiabilitiesToBanksAndOthers" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilitiesToBanksAndOthers"/>
  <xs:element name="LongTermLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermLiabilities"/>
  <xs:element name="OperatingLeaseLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingLeaseLiabilities"/>
  <xs:element name="DeferredTaxLiabilityNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxLiabilityNet"/>
  <xs:element name="LiabilityToFormerlyShareholders" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilityToFormerlyShareholders"/>
  <xs:element name="DeferredPaymentsandContingentConsideration" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredPaymentsandContingentConsideration"/>
  <xs:element name="RedeemableNonControllingInterestsAtAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_RedeemableNonControllingInterestsAtAcquisitionDate"/>
  <xs:element name="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate"/>
  <xs:element name="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock"/>
  <xs:element name="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock"/>
  <xs:element name="OtherAccountsPayableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherAccountsPayableTextBlock"/>
  <xs:element name="DisclosureOfDebenturesTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDebenturesTextBlock"/>
  <xs:element name="DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock"/>
  <xs:element name="SupplementaryFinancialStatementInformationTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SupplementaryFinancialStatementInformationTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock"/>
  <xs:element name="UseOfEstimatesAndJudgmentsPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock"/>
  <xs:element name="DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock"/>
  <xs:element name="DisclosureOfLiquidityRiskPolicyTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfLiquidityRiskPolicyTextBlock"/>
  <xs:element name="DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory"/>
  <xs:element name="DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory"/>
  <xs:element name="DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock"/>
  <xs:element name="DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock"/>
  <xs:element name="DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock"/>
  <xs:element name="DisclosureOfProvisionalEstimatedConsideration" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfProvisionalEstimatedConsideration"/>
  <xs:element name="DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems"/>
  <xs:element name="ScheduleOfMarketableSecuritiesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMarketableSecuritiesTableTextBlock"/>
  <xs:element name="DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock"/>
  <xs:element name="DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock"/>
  <xs:element name="SummaryOfFormulasInvestmentsTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SummaryOfFormulasInvestmentsTableTextBlock"/>
  <xs:element name="ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock"/>
  <xs:element name="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock"/>
  <xs:element name="ScheduleOfActivityOfInvestmentInTSGTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock"/>
  <xs:element name="ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock"/>
  <xs:element name="SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock"/>
  <xs:element name="ScheduleOfIntangibleAssetsNetTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfIntangibleAssetsNetTableTextBlock"/>
  <xs:element name="ScheduleOfCarryingAmountOfGoodwillTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock"/>
  <xs:element name="ShortTermLiabilitiesToBanksAndOthersTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock"/>
  <xs:element name="ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock"/>
  <xs:element name="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock"/>
  <xs:element name="DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock"/>
  <xs:element name="DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock"/>
  <xs:element name="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease"/>
  <xs:element name="ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock"/>
  <xs:element name="ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock"/>
  <xs:element name="ScheduleOfSapiensStockOptionPlansTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock"/>
  <xs:element name="InvesteeNameDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InvesteeNameDomain"/>
  <xs:element name="EmployeeOptionPlansTablesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansTablesTable"/>
  <xs:element name="EmployeeOptionPlansTablesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansTablesLineItems"/>
  <xs:element name="EmployeeBenefitLiabilitiesTablesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeBenefitLiabilitiesTablesTable"/>
  <xs:element name="EmployeeBenefitLiabilitiesTablesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeBenefitLiabilitiesTablesLineItems"/>
  <xs:element name="DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock"/>
  <xs:element name="DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock"/>
  <xs:element name="ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock"/>
  <xs:element name="ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock"/>
  <xs:element name="ScheduleOfTheoreticalTaxExpenseTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock"/>
  <xs:element name="ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock"/>
  <xs:element name="NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
  <xs:element name="FinancialIncomeAndExpensesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialIncomeAndExpensesTableTextBlock"/>
  <xs:element name="PropertyAndEquipmentTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PropertyAndEquipmentTableTextBlock"/>
  <xs:element name="RevenuesClassifiedByGeographicAreaTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RevenuesClassifiedByGeographicAreaTableTextBlock"/>
  <xs:element name="BasicAndDilutedNetEarningsPerShareTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock"/>
  <xs:element name="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" type="dtr:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
  <xs:element name="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
  <xs:element name="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems"/>
  <xs:element name="PercentageOfOwnershipInterestInInvestees" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfOwnershipInterestInInvestees"/>
  <xs:element name="ProprietarySoftwareAndRelatedServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProprietarySoftwareAndRelatedServices"/>
  <xs:element name="OtherProductsAndThirdParty" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherProductsAndThirdParty"/>
  <xs:element name="ProductsAndServicesTransferredOverTime" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProductsAndServicesTransferredOverTime"/>
  <xs:element name="ProductsTransferredAtAPointInTime" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProductsTransferredAtAPointInTime"/>
  <xs:element name="TotalRevenueOfProductsandServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalRevenueOfProductsandServices"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems"/>
  <xs:element name="UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems"/>
  <xs:element name="UsefulLifeOfTheAssetsAtAnnualRates" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UsefulLifeOfTheAssetsAtAnnualRates"/>
  <xs:element name="UsefulLifeOfOfficeFurnitureAndEquipment" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UsefulLifeOfOfficeFurnitureAndEquipment"/>
  <xs:element name="UsefulLifeOfMotorVehicles" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UsefulLifeOfMotorVehicles"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable"/>
  <xs:element name="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems"/>
  <xs:element name="UsefulLifeOfOtherIintangibleAssets" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UsefulLifeOfOtherIintangibleAssets"/>
  <xs:element name="CashConsideration" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashConsideration"/>
  <xs:element name="TotalConsideration" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalConsideration"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
  <xs:element name="TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate"/>
  <xs:element name="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
  <xs:element name="NoncontrollingInterestsInAcquireesSubsidiary" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_NoncontrollingInterestsInAcquireesSubsidiary"/>
  <xs:element name="DeferredAssetsDividendPayableToFormerShareholder" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredAssetsDividendPayableToFormerShareholder"/>
  <xs:element name="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet"/>
  <xs:element name="DeferredTaxNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxNoncontrollingInterests"/>
  <xs:element name="NetAssetsExcludingCashAcquired" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_NetAssetsExcludingCashAcquired"/>
  <xs:element name="BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
  <xs:element name="DeferredRevenues" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredRevenues"/>
  <xs:element name="LongTermLiabilitiesAndOthersLongtermLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
  <xs:element name="IntangibleAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_IntangibleAssets"/>
  <xs:element name="NetLiabilitiesExcludingCashAcquired" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_NetLiabilitiesExcludingCashAcquired"/>
  <xs:element name="CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities"/>
  <xs:element name="RedeemableNoncontrollingInterests" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RedeemableNoncontrollingInterests"/>
  <xs:element name="NetLiabilitiesExcludingAcquiredCash" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_NetLiabilitiesExcludingAcquiredCash"/>
  <xs:element name="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
  <xs:element name="BusinessCombinationDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BusinessCombinationDomain"/>
  <xs:element name="ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss"/>
  <xs:element name="CurrentPrepaidExpensesAndAdvancesToSuppliers" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers"/>
  <xs:element name="CurrentGovernmentDepartments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentGovernmentDepartments"/>
  <xs:element name="CurrentEmployees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentEmployees"/>
  <xs:element name="CurrentRelatedParties" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentRelatedParties"/>
  <xs:element name="OthersCurrentAccountsReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OthersCurrentAccountsReceivable"/>
  <xs:element name="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
  <xs:element name="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems"/>
  <xs:element name="ConvertibleBondsAtFairValueThroughProfitOrLoss" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss"/>
  <xs:element name="ForeignCurrencyDerivativeContract" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ForeignCurrencyDerivativeContract"/>
  <xs:element name="DividendPreferenceDerivativeInTSG" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPreferenceDerivativeInTSG"/>
  <xs:element name="Asste" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_Asste"/>
  <xs:element name="ContingentConsiderationInRespectOfBusinessCombination" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ContingentConsiderationInRespectOfBusinessCombination"/>
  <xs:element name="LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions"/>
  <xs:element name="Liabilitiy" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_Liabilitiy"/>
  <xs:element name="SharesInvestmentInJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_SharesInvestmentInJointVenture"/>
  <xs:element name="CapitalNotesInvestmentInJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CapitalNotesInvestmentInJointVenture"/>
  <xs:element name="TotalInvestmentInJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalInvestmentInJointVenture"/>
  <xs:element name="DividendPreferenceDerivativeInTsg" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPreferenceDerivativeInTsg"/>
  <xs:element name="InvestmentsAccountedForUsingEquityMethod" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentsAccountedForUsingEquityMethod"/>
  <xs:element name="CurrencyExchangeRateInOtherComprehensiveIncome" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrencyExchangeRateInOtherComprehensiveIncome"/>
  <xs:element name="InvestmentAccountedForUsingEquityMethods" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentAccountedForUsingEquityMethods"/>
  <xs:element name="CompanysShareOfEarningsLossesOfJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CompanysShareOfEarningsLossesOfJointVenture"/>
  <xs:element name="ShareOfOtherComprehensiveIncomeOfJointVenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ShareOfOtherComprehensiveIncomeOfJointVenture"/>
  <xs:element name="CompanysShareInDividendDeclaredByTsg" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CompanysShareInDividendDeclaredByTsg"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems"/>
  <xs:element name="AccumulatedCostOfSharebasedPayment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedCostOfSharebasedPayment"/>
  <xs:element name="WorkingCapitalForAssetsAndLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_WorkingCapitalForAssetsAndLiabilities"/>
  <xs:element name="PercentageOfShareInEquity" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfShareInEquity"/>
  <xs:element name="ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems"/>
  <xs:element name="OtherInvestmentComprehensiveIncome" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherInvestmentComprehensiveIncome"/>
  <xs:element name="PercentageOfShareProfit" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfShareProfit"/>
  <xs:element name="BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
  <xs:element name="AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax"/>
  <xs:element name="AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
  <xs:element name="OperatingResultsTotal" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingResultsTotal"/>
  <xs:element name="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable"/>
  <xs:element name="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems"/>
  <xs:element name="PropertyPlantAndEquipmentsGross" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PropertyPlantAndEquipmentsGross"/>
  <xs:element name="AccumulatedDepreciationPropertyPlantsAndEquipmentNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet"/>
  <xs:element name="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable"/>
  <xs:element name="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems"/>
  <xs:element name="OriginalAmountsOfIntangibleAssetsNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_OriginalAmountsOfIntangibleAssetsNet"/>
  <xs:element name="AccumulatedAmortizationOfIntangibleAssetsNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AccumulatedAmortizationOfIntangibleAssetsNet"/>
  <xs:element name="GoodwillBusinessCombination" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_GoodwillBusinessCombination"/>
  <xs:element name="ClassificationsAboutGoodwill" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ClassificationsAboutGoodwill"/>
  <xs:element name="ForeignCurrencyTranslationAdjustmentsForGoodwill" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill"/>
  <xs:element name="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable"/>
  <xs:element name="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems"/>
  <xs:element name="GovernmentInstitution" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_GovernmentInstitution"/>
  <xs:element name="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
  <xs:element name="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems"/>
  <xs:element name="InterestRatePercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestRatePercentage"/>
  <xs:element name="LinkageBasisDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LinkageBasisDescription"/>
  <xs:element name="LongTermLiabilitiesToBanksAndOthersCurrentMaturities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities"/>
  <xs:element name="LongtermLiabilitiesNetOfCurrentMaturities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongtermLiabilitiesNetOfCurrentMaturities"/>
  <xs:element name="TotalLongtermLiabilitiesNetOfCurrentMaturities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities"/>
  <xs:element name="LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne"/>
  <xs:element name="LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo"/>
  <xs:element name="LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree"/>
  <xs:element name="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour"/>
  <xs:element name="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter"/>
  <xs:element name="LongTermDebtTotal" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_LongTermDebtTotal"/>
  <xs:element name="DebenturesDetailsScheduleofdebenturesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_DebenturesDetailsScheduleofdebenturesTable"/>
  <xs:element name="DebenturesDetailsScheduleofdebenturesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DebenturesDetailsScheduleofdebenturesLineItems"/>
  <xs:element name="ParValueInIssuanceCurrencies" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ParValueInIssuanceCurrencies"/>
  <xs:element name="UnamortizedDebtPremiumDiscountAndIssuanceCostNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet"/>
  <xs:element name="CurrentMaturities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentMaturities"/>
  <xs:element name="ShorttermAccruedInterest" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ShorttermAccruedInterest"/>
  <xs:element name="RepaymentsOfBondsWithinNextFinancialYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentsOfBondsWithinNextFinancialYear"/>
  <xs:element name="RepaymentsOfBondsWithinNextSecondFinancialYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentsOfBondsWithinNextSecondFinancialYear"/>
  <xs:element name="RepaymentsOfBondsWithinNextThirdFinancialYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentsOfBondsWithinNextThirdFinancialYear"/>
  <xs:element name="RepaymentsOfBondsWithinNextFourthFinancialYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentsOfBondsWithinNextFourthFinancialYear"/>
  <xs:element name="RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear"/>
  <xs:element name="AggregatePrincipalAnnualPaymentsOfDebentures" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregatePrincipalAnnualPaymentsOfDebentures"/>
  <xs:element name="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
  <xs:element name="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems"/>
  <xs:element name="UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases"/>
  <xs:element name="LessImputedInterest" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_LessImputedInterest"/>
  <xs:element name="PresentValueOfLeaseLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PresentValueOfLeaseLiabilities"/>
  <xs:element name="LocationOfIncomeStatementDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LocationOfIncomeStatementDomain"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
  <xs:element name="NumberOfShareOptionsOutstanding" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionsOutstanding"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" type="xbrli:durationItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"/>
  <xs:element name="AggregateIntrinsicValueOfOutstandingShareOptions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
  <xs:element name="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageRemainingContractualTermOfExercisedShareOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions"/>
  <xs:element name="AggregateIntrinsicValueOfExercisedShareOptions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateIntrinsicValueOfExercisedShareOptions"/>
  <xs:element name="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageRemainingContractualTermOfExercisableShareOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
  <xs:element name="AggregateIntrinsicValueOfExercisableShareOptions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
  <xs:element name="AmountOfOptionsOutstandingAtBeginningOfYear" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountOfOptionsOutstandingAtBeginningOfYear"/>
  <xs:element name="WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"/>
  <xs:element name="NumberOfShareOptionGrantedInSharebasedPaymentArrangement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
  <xs:element name="NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
  <xs:element name="PlanOfNameDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PlanOfNameDomain"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems"/>
  <xs:element name="RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit"/>
  <xs:element name="RangeOfExercisePricesOfOutstandingShareOptions" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangeOfExercisePricesOfOutstandingShareOptions"/>
  <xs:element name="RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit"/>
  <xs:element name="NumberOfShareOptionOutstanding" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionOutstanding"/>
  <xs:element name="WeightedAverageRemainingContractualTermOfOutstandingShareOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
  <xs:element name="NumberOfShareOptionExercisableInSharebasedPaymentArrangements" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
  <xs:element name="AmountOfOptionsUnvestedBeginning" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountOfOptionsUnvestedBeginning"/>
  <xs:element name="WeightedAverageGrantDateFairValuesUnvestedEnding" type="dtr:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageGrantDateFairValuesUnvestedEnding"/>
  <xs:element name="AmountOfOptionsGranted" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountOfOptionsGranted"/>
  <xs:element name="WeightedAverageGrantDateFairValueGranted" type="dtr:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageGrantDateFairValueGranted"/>
  <xs:element name="AmountOfOptionsVested" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountOfOptionsVested"/>
  <xs:element name="WeightedAverageGrantDateFairValueVested" type="dtr:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageGrantDateFairValueVested"/>
  <xs:element name="AmountOfOptionsExpiredAndForfeiture" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountOfOptionsExpiredAndForfeiture"/>
  <xs:element name="WeightedAverageGrantDateFairValueExpiredAndForfeiture" type="dtr:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture"/>
  <xs:element name="PlanNamesDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PlanNamesDomain"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems"/>
  <xs:element name="NumberOfShareOptionOutstandingAtBeginningOfYear" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionOutstandingAtBeginningOfYear"/>
  <xs:element name="WeightedAverageExercisePriceOutstandingAtBeginningOfYear" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear"/>
  <xs:element name="AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars"/>
  <xs:element name="NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
  <xs:element name="WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
  <xs:element name="NumberOfShareOptionOutstandingAtEndOfYear" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionOutstandingAtEndOfYear"/>
  <xs:element name="WeightedAverageExercisePriceOutstandingAtEndOfYear" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear"/>
  <xs:element name="AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
  <xs:element name="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems"/>
  <xs:element name="RangesOfExercisePrice" type="dtr:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangesOfExercisePrice"/>
  <xs:element name="WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"/>
  <xs:element name="PledgeDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PledgeDomain"/>
  <xs:element name="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable"/>
  <xs:element name="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems"/>
  <xs:element name="FinancialInstitutionCreditAgreement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialInstitutionCreditAgreement"/>
  <xs:element name="SecuredDebentures" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_SecuredDebentures"/>
  <xs:element name="NumberOfSharesOutstanding1" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfSharesOutstanding1"/>
  <xs:element name="IncomeTaxDetailsScheduleofpretaxincomeTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_IncomeTaxDetailsScheduleofpretaxincomeTable"/>
  <xs:element name="IncomeTaxDetailsScheduleofpretaxincomeLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems"/>
  <xs:element name="ProfitLossesBeforeTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProfitLossesBeforeTax"/>
  <xs:element name="IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations"/>
  <xs:element name="ReleaseOfTrappedEarningsseeNote21a2" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ReleaseOfTrappedEarningsseeNote21a2"/>
  <xs:element name="EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus"/>
  <xs:element name="DeferredTaxesOnCurrentLosses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DeferredTaxesOnCurrentLosses"/>
  <xs:element name="TaxesInRespectOfPriorYears" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TaxesInRespectOfPriorYears"/>
  <xs:element name="NonRefundableWithholdingTaxAndTaxAdvances" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_NonRefundableWithholdingTaxAndTaxAdvances"/>
  <xs:element name="UnrecognizedTaxOnIncomeBenefits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_UnrecognizedTaxOnIncomeBenefits"/>
  <xs:element name="DecreaseRelatedToPriorYearsTaxPositions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_DecreaseRelatedToPriorYearsTaxPositions"/>
  <xs:element name="IncreaseRelatedToCurrentYearTaxPositions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_IncreaseRelatedToCurrentYearTaxPositions"/>
  <xs:element name="AcquisitionOfSubsidiaries" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfSubsidiaries"/>
  <xs:element name="ValuationtechniquesDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ValuationtechniquesDomain"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems"/>
  <xs:element name="FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations"/>
  <xs:element name="InterestExpensesOnShortTermAndLongTermLoans" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestExpensesOnShortTermAndLongTermLoans"/>
  <xs:element name="FinancialCostsRelatedToDebentures" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialCostsRelatedToDebentures"/>
  <xs:element name="InterestExpensesAttributedToIfrs" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestExpensesAttributedToIfrs"/>
  <xs:element name="BankChargesInterestAndForeignExchangeDifferences" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_BankChargesInterestAndForeignExchangeDifferences"/>
  <xs:element name="FinancialExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialExpenses"/>
  <xs:element name="IncomeFromMarketableSecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeFromMarketableSecurities"/>
  <xs:element name="InterestIncomeFromDepositsAndForeignExchangeDifferences" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences"/>
  <xs:element name="FinancialIncome" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_FinancialIncome"/>
  <xs:element name="TypeOfCountryDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TypeOfCountryDomain"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
  <xs:element name="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems"/>
  <xs:element name="NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders"/>
  <xs:element name="AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders"/>
  <xs:element name="DenominatorForBasicNetEarningsPerShare" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DenominatorForBasicNetEarningsPerShare"/>
  <xs:element name="EffectOfDilutiveSecurities" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EffectOfDilutiveSecurities"/>
  <xs:element name="DenominatorForDilutedNetEarningsPerShare" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DenominatorForDilutedNetEarningsPerShare"/>
  <xs:element name="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
  <xs:element name="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems"/>
  <xs:element name="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable"/>
  <xs:element name="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems"/>
  <xs:element name="IntersegmentRevenues" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_IntersegmentRevenues"/>
  <xs:element name="RevenuesByProductServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_RevenuesByProductServices"/>
  <xs:element name="UnallocatedCorporateExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_UnallocatedCorporateExpenses"/>
  <xs:element name="SignificantAccountingPoliciesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SignificantAccountingPoliciesDetailsTable"/>
  <xs:element name="SignificantAccountingPoliciesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SignificantAccountingPoliciesDetailsLineItems"/>
  <xs:element name="DescriptionOfGoverningBodies" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfGoverningBodies"/>
  <xs:element name="SoftwareProduct" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SoftwareProduct"/>
  <xs:element name="SeveranceExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_SeveranceExpenses"/>
  <xs:element name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts"/>
  <xs:element name="RangesDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangesDomain"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable"/>
  <xs:element name="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems"/>
  <xs:element name="PercentageOfShareCapital" type="dtr:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfShareCapital"/>
  <xs:element name="NumberOfCustomer" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfCustomer"/>
  <xs:element name="CashConsiderationAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashConsiderationAmount"/>
  <xs:element name="FairValueOfContingentConsideration" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_FairValueOfContingentConsideration"/>
  <xs:element name="ShareCapitalPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_ShareCapitalPercentage"/>
  <xs:element name="PurchasePriceAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PurchasePriceAmount"/>
  <xs:element name="AcquiredCash" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquiredCash"/>
  <xs:element name="BusinessCombinationAcquisitionsRelatedCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_BusinessCombinationAcquisitionsRelatedCosts"/>
  <xs:element name="CapitalPayment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_CapitalPayment"/>
  <xs:element name="PPPLoanAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PPPLoanAmount"/>
  <xs:element name="PercentageOfSubsidiaryOutstandingShares" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfSubsidiaryOutstandingShares"/>
  <xs:element name="AdditionalOfTheOutstandingSharesPercentage" type="dtr:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_AdditionalOfTheOutstandingSharesPercentage"/>
  <xs:element name="TotalConsiderationAmounts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalConsiderationAmounts"/>
  <xs:element name="PaidUpAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_PaidUpAmount"/>
  <xs:element name="MinorityShareholdersDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MinorityShareholdersDescription"/>
  <xs:element name="AssetsAcquiredRemainingBalance" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AssetsAcquiredRemainingBalance"/>
  <xs:element name="TotalConsiderationAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalConsiderationAmount"/>
  <xs:element name="FinalConsiderationAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_FinalConsiderationAmount"/>
  <xs:element name="AggregateSecurityAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_AggregateSecurityAmount"/>
  <xs:element name="AcquiredCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquiredCost"/>
  <xs:element name="TotalCashConsiderationNetOfAcquiredCash" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_TotalCashConsiderationNetOfAcquiredCash"/>
  <xs:element name="IssuedAndOutstandingPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_IssuedAndOutstandingPercentage"/>
  <xs:element name="InterestRatePercentage1" type="dtr:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestRatePercentage1"/>
  <xs:element name="RemainingInterestRate" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_RemainingInterestRate"/>
  <xs:element name="GainsLossesFromMarketableSecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_GainsLossesFromMarketableSecurities"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable"/>
  <xs:element name="InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems"/>
  <xs:element name="PropertyPlantsandEquipmentNetDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_PropertyPlantsandEquipmentNetDetailsTable"/>
  <xs:element name="PropertyPlantsandEquipmentNetDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PropertyPlantsandEquipmentNetDetailsLineItems"/>
  <xs:element name="TypeOfSeriesDebentureDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TypeOfSeriesDebentureDomain"/>
  <xs:element name="DebenturesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_DebenturesDetailsTable"/>
  <xs:element name="DebenturesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DebenturesDetailsLineItems"/>
  <xs:element name="InterestExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_InterestExpenses"/>
  <xs:element name="DiscountAndIssuanceCostsAmortization" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DiscountAndIssuanceCostsAmortization"/>
  <xs:element name="ProceedsFromIssueOfBondsNotesAndDebenture" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ProceedsFromIssueOfBondsNotesAndDebenture"/>
  <xs:element name="DebenturesDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DebenturesDescription"/>
  <xs:element name="RelatedPartiesTransactionsDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_RelatedPartiesTransactionsDetailsTable"/>
  <xs:element name="RelatedPartiesTransactionsDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RelatedPartiesTransactionsDetailsLineItems"/>
  <xs:element name="PerformedServicesSubcontractor" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_PerformedServicesSubcontractor"/>
  <xs:element name="DueFromItsTransactionsWithAsseco" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DueFromItsTransactionsWithAsseco"/>
  <xs:element name="BackOfficeAndProfessionalServicesExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_BackOfficeAndProfessionalServicesExpense"/>
  <xs:element name="LeasePeriodsExpiringTerm" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LeasePeriodsExpiringTerm"/>
  <xs:element name="DepreciationExpensesOfOperatingLeaseRightofuseAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets"/>
  <xs:element name="EmployeeOptionPlansDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDomain"/>
  <xs:element name="EmployeeOptionPlansDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EmployeeOptionPlansDetailsTable"/>
  <xs:element name="EmployeeOptionPlansDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EmployeeOptionPlansDetailsLineItems"/>
  <xs:element name="RestrictedShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_RestrictedShares"/>
  <xs:element name="FairValueOfGrantSharePricePerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_FairValueOfGrantSharePricePerShare"/>
  <xs:element name="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage"/>
  <xs:element name="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription"/>
  <xs:element name="EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage"/>
  <xs:element name="PrecedingYears" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PrecedingYears"/>
  <xs:element name="NumberOfVestedPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfVestedPercentage"/>
  <xs:element name="UnrecognizedCompensationCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_UnrecognizedCompensationCosts"/>
  <xs:element name="DescriptionOfExerciseShareOptionsGranted" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfExerciseShareOptionsGranted"/>
  <xs:element name="OptionsExpirePeriods" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OptionsExpirePeriods"/>
  <xs:element name="NumberOfShareOptionGrantedInSharebasedPaymentArrangements" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements"/>
  <xs:element name="WeightedAverageGrantDateFairValuesOfOptions" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAverageGrantDateFairValuesOfOptions"/>
  <xs:element name="IntrinsicValueOfOptionsExercised" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_IntrinsicValueOfOptionsExercised"/>
  <xs:element name="UnrecognizedCompensationCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UnrecognizedCompensationCost"/>
  <xs:element name="WeightedAveragePeriod" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_WeightedAveragePeriod"/>
  <xs:element name="CreditFacilityAgreementsDomain" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CreditFacilityAgreementsDomain"/>
  <xs:element name="CommitmentsandContingenciesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_CommitmentsandContingenciesDetailsTable"/>
  <xs:element name="CommitmentsandContingenciesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CommitmentsandContingenciesDetailsLineItems"/>
  <xs:element name="BankGuaranteesAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_BankGuaranteesAmount"/>
  <xs:element name="LiabilityToFinancialInstitutionDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LiabilityToFinancialInstitutionDescription"/>
  <xs:element name="DescriptionOfFinancialCovenants" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfFinancialCovenants"/>
  <xs:element name="DamagesAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_DamagesAmount"/>
  <xs:element name="ArbitrationExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_ArbitrationExpenses"/>
  <xs:element name="ContingentLiability" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_ContingentLiability"/>
  <xs:element name="lawsuitSeekingDamages" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_lawsuitSeekingDamages"/>
  <xs:element name="EquityDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_EquityDetailsTable"/>
  <xs:element name="EquityDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EquityDetailsLineItems"/>
  <xs:element name="FormulaHoldShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_FormulaHoldShares"/>
  <xs:element name="DividendPayableAmountPerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPayableAmountPerShare"/>
  <xs:element name="IncomeTaxDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_IncomeTaxDetailsTable"/>
  <xs:element name="IncomeTaxDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeTaxDetailsLineItems"/>
  <xs:element name="DescriptionOfNewAmendmentTaxRate" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DescriptionOfNewAmendmentTaxRate"/>
  <xs:element name="IncomeTax" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeTax"/>
  <xs:element name="UndistributedEarningsOfForeignSubsidiariesAndAffiliates" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates"/>
  <xs:element name="CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael"/>
  <xs:element name="FederalCorporateIncomeTaxRateDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FederalCorporateIncomeTaxRateDescription"/>
  <xs:element name="CumulativeLossesForTaxPurpose" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CumulativeLossesForTaxPurpose"/>
  <xs:element name="CumulativeLossesForTaxPurposes" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="forty_CumulativeLossesForTaxPurposes"/>
  <xs:element name="IncomeTaxAssessmentsDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IncomeTaxAssessmentsDescription"/>
  <xs:element name="OperatingSegmentsDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_OperatingSegmentsDetailsTable"/>
  <xs:element name="OperatingSegmentsDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OperatingSegmentsDetailsLineItems"/>
  <xs:element name="PercentageOfEstimatedOnlinePurchaseVolume" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PercentageOfEstimatedOnlinePurchaseVolume"/>
  <xs:element name="SubsequentEventsDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="forty_SubsequentEventsDetailsTable"/>
  <xs:element name="SubsequentEventsDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SubsequentEventsDetailsLineItems"/>
  <xs:element name="DividendPayableAmountPerShares" type="dtr:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DividendPayableAmountPerShares"/>
  <xs:element name="PurchaseAgreement" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PurchaseAgreement"/>
  <xs:element name="BusinessCombinationAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_BusinessCombinationAxis"/>
  <xs:element name="CreditFacilityAgreementsAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_CreditFacilityAgreementsAxis"/>
  <xs:element name="EmployeeOptionPlansAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_EmployeeOptionPlansAxis"/>
  <xs:element name="InvesteeNameAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_InvesteeNameAxis"/>
  <xs:element name="LocationOfIncomeStatementAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_LocationOfIncomeStatementAxis"/>
  <xs:element name="PlanNamesAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_PlanNamesAxis"/>
  <xs:element name="PlanOfNameAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_PlanOfNameAxis"/>
  <xs:element name="PledgeAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_PledgeAxis"/>
  <xs:element name="RangesAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_RangesAxis"/>
  <xs:element name="TypeOfCountryAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_TypeOfCountryAxis"/>
  <xs:element name="TypeOfSeriesDebentureAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_TypeOfSeriesDebentureAxis"/>
  <xs:element name="ValuationtechniquesAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="forty_ValuationtechniquesAxis"/>
  <xs:element name="AAEngineeringLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AAEngineeringLtdMember"/>
  <xs:element name="AAEngineeringsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AAEngineeringsMember"/>
  <xs:element name="AVBTechnologiesLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AVBTechnologiesLtdMember"/>
  <xs:element name="AcquiredTechnologyMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquiredTechnologyMember"/>
  <xs:element name="AcquisitionOf9540YGSoftITLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOf9540YGSoftITLtdMember"/>
  <xs:element name="AcquisitionOfITDGroupLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfITDGroupLtdMember"/>
  <xs:element name="AcquisitionOfMobisoftMagicHandsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfMobisoftMagicHandsMember"/>
  <xs:element name="AcquisitionOfOfekAerialPhotographyLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfOfekAerialPhotographyLtdMember"/>
  <xs:element name="AcquisitionOfSumcumoGmbHMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfSumcumoGmbHMember"/>
  <xs:element name="AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
  <xs:element name="AdjustmentsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AdjustmentsMember"/>
  <xs:element name="AfricaianMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AfricaianMember"/>
  <xs:element name="AmericaMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AmericaMember"/>
  <xs:element name="AptonetIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_AptonetIncMember"/>
  <xs:element name="BacklogAndNonCompeteAgreementMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BacklogAndNonCompeteAgreementMember"/>
  <xs:element name="BrandNamesAndPatentsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_BrandNamesAndPatentsMember"/>
  <xs:element name="CalculoSAUMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CalculoSAUMember"/>
  <xs:element name="CommercialSecuritiesNotListedMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CommercialSecuritiesNotListedMember"/>
  <xs:element name="ComputerInfrastructureAndIntegrationSolutionsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ComputerInfrastructureAndIntegrationSolutionsMember"/>
  <xs:element name="ComputersSoftwareAndPeripheralEquipmentMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ComputersSoftwareAndPeripheralEquipmentMember"/>
  <xs:element name="CurrentMaturitiesOfLongtermLoansFromBanksMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember"/>
  <xs:element name="CustomerRelationshipAndBacklogMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_CustomerRelationshipAndBacklogMember"/>
  <xs:element name="DanaEngineeringLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DanaEngineeringLtdMember"/>
  <xs:element name="DelphiTechnologyIncAndItsSubsidiaryMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
  <xs:element name="EnableITLLCMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EnableITLLCMember"/>
  <xs:element name="EuropeanMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EuropeanMember"/>
  <xs:element name="EventsAfterReportingPeriodMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_EventsAfterReportingPeriodMember"/>
  <xs:element name="FormulaMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_FormulaMember"/>
  <xs:element name="GeneralAssemblyMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_GeneralAssemblyMember"/>
  <xs:element name="GestetnertecLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_GestetnertecLtdMember"/>
  <xs:element name="GutmanMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_GutmanMember"/>
  <xs:element name="ITDGroupLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ITDGroupLtdMember"/>
  <xs:element name="ITDGroupsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ITDGroupsMember"/>
  <xs:element name="InsyncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_InsyncMember"/>
  <xs:element name="IsraelCountryMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IsraelCountryMember"/>
  <xs:element name="IsraeliSubsidiariesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_IsraeliSubsidiariesMember"/>
  <xs:element name="JapanCountryMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_JapanCountryMember"/>
  <xs:element name="LearningAndIntegrationMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LearningAndIntegrationMember"/>
  <xs:element name="LinkageBasisCurrencyMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LinkageBasisCurrencyMember"/>
  <xs:element name="LinkageBasisCurrencyOneMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LinkageBasisCurrencyOneMember"/>
  <xs:element name="LiramFinancialSoftwareLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_LiramFinancialSoftwareLtdMember"/>
  <xs:element name="MagicMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MagicMember"/>
  <xs:element name="MagicSoftwareMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MagicSoftwareMember"/>
  <xs:element name="MatrixMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MatrixMember"/>
  <xs:element name="MedatechInformationTechnologiesLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MedatechInformationTechnologiesLtdMember"/>
  <xs:element name="MenarvaLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MenarvaLtdMember"/>
  <xs:element name="MenravaMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MenravaMember"/>
  <xs:element name="MichpalAndItsSubsidiariesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MichpalAndItsSubsidiariesMember"/>
  <xs:element name="MichpalMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MichpalMember"/>
  <xs:element name="MobisoftAndMagicHandsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MobisoftAndMagicHandsMember"/>
  <xs:element name="MobisoftLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_MobisoftLtdMember"/>
  <xs:element name="NetEffectsIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NetEffectsIncMember"/>
  <xs:element name="NetEffectsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_NetEffectsMember"/>
  <xs:element name="OfekAerialPhotographyLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OfekAerialPhotographyLtdMember"/>
  <xs:element name="OfekMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OfekMember"/>
  <xs:element name="OfficeFurnitureAndEquipmentMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OfficeFurnitureAndEquipmentMember"/>
  <xs:element name="OnTargetGroupIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OnTargetGroupIncMember"/>
  <xs:element name="OtherMainlyAsiaPacificMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherMainlyAsiaPacificMember"/>
  <xs:element name="OtherMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_OtherMember"/>
  <xs:element name="PatentMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PatentMember"/>
  <xs:element name="PowWowIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PowWowIncMember"/>
  <xs:element name="PreferredTechnologyEnterpriseMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_PreferredTechnologyEnterpriseMember"/>
  <xs:element name="RangeOfExercisePriceFourthreeTwoMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangeOfExercisePriceFourthreeTwoMember"/>
  <xs:element name="RangeOfExercisePriceZeroMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RangeOfExercisePriceZeroMember"/>
  <xs:element name="RightStarIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_RightStarIncMember"/>
  <xs:element name="SQServiceQualityLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SQServiceQualityLtdMember"/>
  <xs:element name="SQServiceQualitysMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SQServiceQualitysMember"/>
  <xs:element name="SapiensFiveMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensFiveMember"/>
  <xs:element name="SapiensFourMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensFourMember"/>
  <xs:element name="SapiensMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensMember"/>
  <xs:element name="SapiensOneMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensOneMember"/>
  <xs:element name="SapiensSeriesBDebenturesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensSeriesBDebenturesMember"/>
  <xs:element name="SapiensThreeMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensThreeMember"/>
  <xs:element name="SapiensTwoMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SapiensTwoMember"/>
  <xs:element name="SecuredDebentureOneMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SecuredDebentureOneMember"/>
  <xs:element name="SecuredDebenturesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SecuredDebenturesMember"/>
  <xs:element name="SecuredDebenturesTwoMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SecuredDebenturesTwoMember"/>
  <xs:element name="SellingAndMarketingExpensesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SellingAndMarketingExpensesMember"/>
  <xs:element name="SeriesASecuredDebenturesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SeriesASecuredDebenturesMember"/>
  <xs:element name="SeriesCSecuredDebenturesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SeriesCSecuredDebenturesMember"/>
  <xs:element name="ShorttermBankLoans1Member" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShorttermBankLoans1Member"/>
  <xs:element name="ShorttermBankLoansMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ShorttermBankLoansMember"/>
  <xs:element name="SoftITLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SoftITLtdMember"/>
  <xs:element name="SoftwareProductMarketingAndSupportMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SoftwareProductMarketingAndSupportMember"/>
  <xs:element name="SoftwareSolutionsAndServicesInIsraelMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_SoftwareSolutionsAndServicesInIsraelMember"/>
  <xs:element name="StockellInformationSystemsIncMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_StockellInformationSystemsIncMember"/>
  <xs:element name="TechtopLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TechtopLtdMember"/>
  <xs:element name="ThorDenmarkHoldingApSAndSubsidiariesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ThorDenmarkHoldingApSAndSubsidiariesMember"/>
  <xs:element name="TifulGemelLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TifulGemelLtdMember"/>
  <xs:element name="TsgMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TsgMember"/>
  <xs:element name="TwoThousandElevenPlanMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_TwoThousandElevenPlanMember"/>
  <xs:element name="UniqueSoftwareIndustriesLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_UniqueSoftwareIndustriesLtdMember"/>
  <xs:element name="ZAPAndItsSubsidiariesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ZAPAndItsSubsidiariesMember"/>
  <xs:element name="ZAPGroupLtdMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ZAPGroupLtdMember"/>
  <xs:element name="ZAPGroupMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ZAPGroupMember"/>
  <xs:element name="ZapGroupAcquisitionMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ZapGroupAcquisitionMember"/>
  <xs:element name="ZapMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_ZapMember"/>
  <xs:element name="financialInstitutionsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_financialInstitutionsMember"/>
  <xs:element name="otherFinancialInstitutionsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_otherFinancialInstitutionsMember"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="forty_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>14
<FILENAME>forty-20211231_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:34:55 UTC 2022 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedBalanceSheet" roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedIncomeStatement" roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatement"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedIncomeStatementAlt0" roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedComprehensiveIncome" roleURI="http://formulasystems.com/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow0" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuebytimingofrevenuerecognitionTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofotheraccountspayableTable" roleURI="http://formulasystems.com/role/ScheduleofotheraccountspayableTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable" roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofaggregateprincipalannualpaymentsofdebenturesTable" roleURI="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftaxesonincometaxbenefitTable" roleURI="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable"/>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Cash" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_Cash" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInvestments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentInvestments" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTradeReceivables"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentTradeReceivables" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Inventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Inventories"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_Inventories" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_TotalOtherLongtermAssets" xlink:href="forty-20211231.xsd#forty_TotalOtherLongtermAssets"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_TotalOtherLongtermAssets" xlink:to="ifrs-full_DeferredTaxAssets" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_TotalOtherLongtermAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Assets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_CurrentAssets" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="forty_TotalOtherLongtermAssets" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RightofuseAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_RightofuseAssets" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_PropertyPlantAndEquipment" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Goodwill" order="7" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentFinancialLiabilities" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedCurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="forty_DeferredIncomeClassifiedCurrent" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccrualsClassifiedAsCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_OtherCurrentNonfinancialLiabilities" order="7" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_LiabilitiesInRespectOfBusinessCombinations"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="forty_LiabilitiesInRespectOfBusinessCombinations" order="8" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="9" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilities"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentFinancialLiabilities" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LongtermOperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_LongtermOperatingLeaseLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="forty_LongtermOperatingLeaseLiabilities" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedNoncurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedNoncurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="forty_DeferredIncomeClassifiedNoncurrent" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" order="7" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities" order="8" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" order="9" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParent"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_IssuedCapital" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalPaidinCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapital"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_AdditionalPaidinCapital" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarnings" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_RetainedEarnings" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasuryShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasuryShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_TreasuryShares" order="5" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_NoncontrollingInterests" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAndLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_CurrentLiabilities" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentAndContingencies" xlink:href="forty-20211231.xsd#forty_CommitmentAndContingencies"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="forty_CommitmentAndContingencies" order="3" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_Equity" order="4" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedIncomeStatement">
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CostOfSales" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales"/>
    <loc xlink:type="locator" xlink:label="forty_ProprietarySoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareProductsAndRelatedServices"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CostOfSales" xlink:to="forty_ProprietarySoftwareProductsAndRelatedServices" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_OtherSoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_OtherSoftwareProductsAndRelatedServices"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CostOfSales" xlink:to="forty_OtherSoftwareProductsAndRelatedServices" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossProfit" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossProfit"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_Revenue" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_CostOfSales" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_GrossProfit" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ResearchAndDevelopmentExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ResearchAndDevelopmentExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_ResearchAndDevelopmentExpense" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense" order="3" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="us-gaap_OperatingIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_FinanceIncome" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceCosts" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceCosts"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_FinanceCosts" order="3" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLoss" xlink:to="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="3" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0">
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:href="forty-20211231.xsd#forty_ProfitLossAttributableToNoncontrollingInterest"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLoss" xlink:to="forty_ProfitLossAttributableToNoncontrollingInterest" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ProfitLoss" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:href="forty-20211231.xsd#forty_AccumulatedOtherComprehensiveIncomeloss"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:href="forty-20211231.xsd#forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet"/>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ/V+sUsz6ScHOOinKpEpw2g=] CSR-->
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" order="4" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow0">
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_ProfitLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:href="forty-20211231.xsd#forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments" order="7" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" order="8" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForChangesInDeferredTaxesNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForChangesInDeferredTaxesNet" order="9" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" order="10" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:href="forty-20211231.xsd#forty_AdjustmentsForImpairmentOfRightofuseAsset"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForImpairmentOfRightofuseAsset" order="11" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:href="forty-20211231.xsd#forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" order="12" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:href="forty-20211231.xsd#forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" order="13" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_ChangeInValueOfDividendPreferenceDerivativeInTsg"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" order="14" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" order="15" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" order="16" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" order="17" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" order="18" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" order="19" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" order="20" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:href="forty-20211231.xsd#forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_DividendFromJointVenture" xlink:href="forty-20211231.xsd#forty_DividendFromJointVenture"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_DividendFromJointVenture" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" order="6" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:href="forty-20211231.xsd#forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" order="7" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:href="forty-20211231.xsd#forty_PaymentsToFormerShareholdersOfConsolidatedCompany"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" order="8" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" order="9" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfOtherInvestment" xlink:href="forty-20211231.xsd#forty_PurchaseOfOtherInvestment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_PurchaseOfOtherInvestment" order="10" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="11" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:href="forty-20211231.xsd#forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" order="12" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:href="forty-20211231.xsd#forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" order="13" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromExerciseOfOptions"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfOrdinarySharesNet" xlink:href="forty-20211231.xsd#forty_IssuanceOfOrdinarySharesNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_IssuanceOfOrdinarySharesNet" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" order="4" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" order="5" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankCreditNet" xlink:href="forty-20211231.xsd#forty_ShorttermBankCreditNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_ShorttermBankCreditNet" order="6" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" order="7" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_ReceiptOfLongTermLoans" xlink:href="forty-20211231.xsd#forty_ReceiptOfLongTermLoans"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_ReceiptOfLongTermLoans" order="8" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:href="forty-20211231.xsd#forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" order="9" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBondsNotesAndDebentures" order="10" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_PurchaseOfNoncontrollingInterests"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_PurchaseOfNoncontrollingInterests" order="11" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" order="12" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" order="13" weight="-1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities" order="2" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_PropertyAndEquipment" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_GoodwillAndIntangibleAssets" xlink:href="forty-20211231.xsd#forty_GoodwillAndIntangibleAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_GoodwillAndIntangibleAssets" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_OperatingLeaseRightofuseAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_OperatingLeaseRightofuseAssets" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_OtherLongTermAssets" xlink:href="forty-20211231.xsd#forty_OtherLongTermAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_OtherLongTermAssets" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredPaymentsandContingentConsideration" xlink:href="forty-20211231.xsd#forty_DeferredPaymentsandContingentConsideration"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_DeferredPaymentsandContingentConsideration" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:href="forty-20211231.xsd#forty_RedeemableNonControllingInterestsAtAcquisitionDate"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_RedeemableNonControllingInterestsAtAcquisitionDate" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapital" xlink:href="forty-20211231.xsd#forty_WorkingCapital"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_WorkingCapital" order="7" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesToBanksAndOthers" xlink:href="forty-20211231.xsd#forty_LiabilitiesToBanksAndOthers"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_LiabilitiesToBanksAndOthers" order="8" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_LongTermLiabilities" order="9" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_OperatingLeaseLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_OperatingLeaseLiabilities" order="10" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilityNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilityNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_DeferredTaxLiabilityNet" order="11" weight="-1"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilityToFormerlyShareholders" xlink:href="forty-20211231.xsd#forty_LiabilityToFormerlyShareholders"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_LiabilityToFormerlyShareholders" order="12" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable">
    <loc xlink:type="locator" xlink:label="forty_TotalRevenueOfProductsandServices" xlink:href="forty-20211231.xsd#forty_TotalRevenueOfProductsandServices"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsAndServicesTransferredOverTime" xlink:href="forty-20211231.xsd#forty_ProductsAndServicesTransferredOverTime"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_TotalRevenueOfProductsandServices" xlink:to="forty_ProductsAndServicesTransferredOverTime" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsTransferredAtAPointInTime" xlink:href="forty-20211231.xsd#forty_ProductsTransferredAtAPointInTime"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_TotalRevenueOfProductsandServices" xlink:to="forty_ProductsTransferredAtAPointInTime" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofotheraccountspayableTable">
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <loc xlink:type="locator" xlink:label="forty_GovernmentInstitution" xlink:href="forty-20211231.xsd#forty_GovernmentInstitution"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:to="forty_GovernmentInstitution" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable">
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtTotal" xlink:href="forty-20211231.xsd#forty_LongTermDebtTotal"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" order="5" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable">
    <loc xlink:type="locator" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:href="forty-20211231.xsd#forty_AggregatePrincipalAnnualPaymentsOfDebentures"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFinancialYear"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_RepaymentsOfBondsWithinNextFinancialYear" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextSecondFinancialYear"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextThirdFinancialYear"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFourthFinancialYear"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" order="5" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable">
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_CurrentTaxExpenseIncome" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_DeferredTaxExpenseIncome" order="2" weight="1"/>
  </calculationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>15
<FILENAME>forty-20211231_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:34:55 UTC 2022 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedBalanceSheet" roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedBalanceSheet_Parentheticals" roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedIncomeStatement" roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatement"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedComprehensiveIncome" roleURI="http://formulasystems.com/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShareholdersEquityType2or3" roleURI="http://formulasystems.com/role/ShareholdersEquityType2or3"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow0" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_General" roleURI="http://formulasystems.com/role/General"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPolicies" roleURI="http://formulasystems.com/role/SignificantAccountingPolicies"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusiness" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecurities" roleURI="http://formulasystems.com/role/MarketableSecurities"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PrepaidExpesnesandOtherAccountsReceivavable" roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_FairValueMeasurement" roleURI="http://formulasystems.com/role/FairValueMeasurement"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethod" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNet" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNet" roleURI="http://formulasystems.com/role/IntangibleAssetsNet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Goodwill" roleURI="http://formulasystems.com/role/Goodwill"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShortTermLiabilitiestoBanksandOthers" roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OtherAccountsPayable" roleURI="http://formulasystems.com/role/OtherAccountsPayable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LongTermLiabilitiestoBanksandOthers" roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Debentures" roleURI="http://formulasystems.com/role/Debentures"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_RelatedPartiesTransactions" roleURI="http://formulasystems.com/role/RelatedPartiesTransactions"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Leases" roleURI="http://formulasystems.com/role/Leases"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlans" roleURI="http://formulasystems.com/role/EmployeeOptionPlans"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeBenefitLiabilities" roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilities"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingencies" roleURI="http://formulasystems.com/role/CommitmentsandContingencies"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Equity" roleURI="http://formulasystems.com/role/Equity"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTax" roleURI="http://formulasystems.com/role/IncomeTax"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SupplementaryFinancialStatementInformation" roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformation"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegments" roleURI="http://formulasystems.com/role/OperatingSegments"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SubsequentEvents" roleURI="http://formulasystems.com/role/SubsequentEvents"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_AccountingPoliciesByPolicy" roleURI="http://formulasystems.com/role/AccountingPoliciesByPolicy"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GeneralTables" roleURI="http://formulasystems.com/role/GeneralTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPoliciesTables" roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessTables" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecuritiesTables" roleURI="http://formulasystems.com/role/MarketableSecuritiesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PrepaidExpesnesandOtherAccountsReceivavableTables" roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_FairValueMeasurementTables" roleURI="http://formulasystems.com/role/FairValueMeasurementTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethodTables" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNetTables" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNetTables" roleURI="http://formulasystems.com/role/IntangibleAssetsNetTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GoodwillTables" roleURI="http://formulasystems.com/role/GoodwillTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShortTermLiabilitiestoBanksandOthersTables" roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OtherAccountsPayableTables" roleURI="http://formulasystems.com/role/OtherAccountsPayableTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LongTermLiabilitiestoBanksandOthersTables" roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_DebenturesTables" roleURI="http://formulasystems.com/role/DebenturesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LeasesTables" roleURI="http://formulasystems.com/role/LeasesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlansTables" roleURI="http://formulasystems.com/role/EmployeeOptionPlansTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeBenefitLiabilitiesTables" roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingenciesTables" roleURI="http://formulasystems.com/role/CommitmentsandContingenciesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EquityTables" roleURI="http://formulasystems.com/role/EquityTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTaxTables" roleURI="http://formulasystems.com/role/IncomeTaxTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SupplementaryFinancialStatementInformationTables" roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegmentsTables" roleURI="http://formulasystems.com/role/OperatingSegmentsTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuebyproductsandservicesTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuebytimingofrevenuerecognitionTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofamortizationperiodsoftherightofuseassetsTable" roleURI="http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofusefullifeoftheassetsatannualratesTable" roleURI="http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofusefullifeofintangibleassetsTable" roleURI="http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofprovisionalestimatedconsiderationTable" roleURI="http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmarketablesecuritiesTable" roleURI="http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable" roleURI="http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" roleURI="http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable" roleURI="http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofinvestmentinTSGequitymethodTable" roleURI="http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffairvalueofTSGsdividendpreferencederivativeTable" roleURI="http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable" roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofstatementoffinancialpositionTable" roleURI="http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofhighlightsofTSGprofitorlossinaccordanceTable" roleURI="http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpropertyplantsandequipmentTable" roleURI="http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofintangibleassetsnetTable" roleURI="http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcarryingamountofgoodwillTable" roleURI="http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofshorttermliabilitiestobanksandothersTable" roleURI="http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofotheraccountspayableTable" roleURI="http://formulasystems.com/role/ScheduleofotheraccountspayableTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoflongtermliabilitiestobanksandotherscompositionTable" roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable" roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdebenturesTable" roleURI="http://formulasystems.com/role/ScheduleofdebenturesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofaggregateprincipalannualpaymentsofdebenturesTable" roleURI="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" roleURI="http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" roleURI="http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" roleURI="http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" roleURI="http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofSapiensstockoptionplansTable" roleURI="http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftheRSUactivitiesTable" roleURI="http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmagicSoftwarestockbasedcompensationactivityTable" roleURI="http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" roleURI="http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdefinedbenefitplansTable" roleURI="http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcompositionofpledgedsharesTable" roleURI="http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofsharecapitalTable" roleURI="http://formulasystems.com/role/ScheduleofsharecapitalTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdeferredtaxliabilitiesnetTable" roleURI="http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcompositionTable" roleURI="http://formulasystems.com/role/ScheduleofcompositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpretaxincomeTable" roleURI="http://formulasystems.com/role/ScheduleofpretaxincomeTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftaxesonincometaxbenefitTable" roleURI="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftheoreticaltaxexpenseTable" roleURI="http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftotalunrecognizedtaxbenefitsTable" roleURI="http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" roleURI="http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffinancialincomeandexpensesTable" roleURI="http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpropertyandequipmentlocatedTable" roleURI="http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcomputationbasicanddilutednetearningspershareTable" roleURI="http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" roleURI="http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofreportingonoperatingsegmentsTable" roleURI="http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GeneralDetails" roleURI="http://formulasystems.com/role/GeneralDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPoliciesDetails" roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessDetails" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecuritiesDetails" roleURI="http://formulasystems.com/role/MarketableSecuritiesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethodDetails" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNetDetails" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNetDetails" roleURI="http://formulasystems.com/role/IntangibleAssetsNetDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_DebenturesDetails" roleURI="http://formulasystems.com/role/DebenturesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_RelatedPartiesTransactionsDetails" roleURI="http://formulasystems.com/role/RelatedPartiesTransactionsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LeasesDetails" roleURI="http://formulasystems.com/role/LeasesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlansDetails" roleURI="http://formulasystems.com/role/EmployeeOptionPlansDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingenciesDetails" roleURI="http://formulasystems.com/role/CommitmentsandContingenciesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EquityDetails" roleURI="http://formulasystems.com/role/EquityDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTaxDetails" roleURI="http://formulasystems.com/role/IncomeTaxDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegmentsDetails" roleURI="http://formulasystems.com/role/OperatingSegmentsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SubsequentEventsDetails" roleURI="http://formulasystems.com/role/SubsequentEventsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#DocumentAndEntityInformation" roleURI="http://formulasystems.com/role/DocumentAndEntityInformation"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all"/>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssetsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Cash" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_Cash" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInvestments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentInvestments" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTradeReceivables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentTradeReceivables" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Inventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Inventories"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_Inventories" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssets" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_DeferredTaxAssets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalOtherLongtermAssets" xlink:href="forty-20211231.xsd#forty_TotalOtherLongtermAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="forty_TotalOtherLongtermAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RightofuseAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_RightofuseAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_PropertyPlantAndEquipment" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_Goodwill" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Assets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Assets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentFinancialLiabilities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLeaseLiabilities" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedCurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="forty_DeferredIncomeClassifiedCurrent" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccrualsClassifiedAsCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherCurrentNonfinancialLiabilities" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_LiabilitiesInRespectOfBusinessCombinations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="forty_LiabilitiesInRespectOfBusinessCombinations" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilities" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentFinancialLiabilities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongtermOperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_LongtermOperatingLeaseLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="forty_LongtermOperatingLeaseLiabilities" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherNoncurrentLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedNoncurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedNoncurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="forty_DeferredIncomeClassifiedNoncurrent" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilities" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentAndContingencies" xlink:href="forty-20211231.xsd#forty_CommitmentAndContingencies"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="forty_CommitmentAndContingencies" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_EquityAbstract" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ShareCapitalAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="forty_ShareCapitalAbstract" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_IssuedCapital" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalPaidinCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_AdditionalPaidinCapital" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarnings" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_RetainedEarnings" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasuryShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasuryShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_TreasuryShares" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_NoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_Equity" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAndLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShareCapitalAbstract" xlink:to="ifrs-full_EquityAndLiabilities" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesAuthorised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesAuthorised" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesIssued" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesOutstanding" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ParValuePerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_ParValuePerShare" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfTreasurySharesOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfTreasurySharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="forty_NumberOfTreasurySharesOutstanding" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedIncomeStatement">
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeStatementAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_RevenueAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_Revenue" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CostOfRevenuesAbstract" xlink:href="forty-20211231.xsd#forty_CostOfRevenuesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RevenueAbstract" xlink:to="forty_CostOfRevenuesAbstract" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ProprietarySoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareProductsAndRelatedServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CostOfRevenuesAbstract" xlink:to="forty_ProprietarySoftwareProductsAndRelatedServices" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherSoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_OtherSoftwareProductsAndRelatedServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CostOfRevenuesAbstract" xlink:to="forty_OtherSoftwareProductsAndRelatedServices" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CostOfSales" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CostOfRevenuesAbstract" xlink:to="ifrs-full_CostOfSales" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossProfit" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossProfit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_GrossProfit" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ResearchAndDevelopmentExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ResearchAndDevelopmentExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_ResearchAndDevelopmentExpense" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="us-gaap_OperatingIncomeLoss" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceCosts" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceCosts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_FinanceCosts" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_FinanceIncome" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProfitLoss" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:href="forty-20211231.xsd#forty_ProfitLossAttributableToNoncontrollingInterest"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="forty_ProfitLossAttributableToNoncontrollingInterest" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EarningsPerShareAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_BasicEarningsLossPerShare" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_DilutedEarningsLossPerShare" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:href="forty-20211231.xsd#forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ProfitLoss" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncome" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShareholdersEquityType2or3">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfEquityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_ComponentsOfEquityAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_EquityMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_EquityMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SharePremiumMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremiumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_SharePremiumMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarningsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_RetainedEarningsMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasurySharesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasurySharesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_TreasurySharesMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterestsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_NoncontrollingInterestsMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_Equity" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_NumberOfSharesOutstanding" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ImpactOfTheAdoptionOfIFRS15" xlink:href="forty-20211231.xsd#forty_ImpactOfTheAdoptionOfIFRS15"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_ImpactOfTheAdoptionOfIFRS15" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EquityIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_EquityIncludingImpactOfAdoptionOfIfrs15"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_EquityIncludingImpactOfAdoptionOfIfrs15" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyTranslation" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslation"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_ForeignCurrencyTranslation" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_OtherComprehensiveIncome" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ComprehensiveIncome" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_CostOfSharebasedPayment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_CostOfSharebasedPayment" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendToFormulasShareholders" xlink:href="forty-20211231.xsd#forty_DividendToFormulasShareholders"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_DividendToFormulasShareholders" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterests" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_AcquisitionOfNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_AcquisitionOfNoncontrollingInterests" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfEquity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_IssueOfEquity" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SettlementOfPutOptionsOverNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_SettlementOfPutOptionsOverNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_SettlementOfPutOptionsOverNoncontrollingInterests" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" order="22" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:href="forty-20211231.xsd#forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:href="forty-20211231.xsd#forty_AccumulatedOtherComprehensiveIncomeloss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="forty_AccumulatedOtherComprehensiveIncomeloss" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow0">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_ProfitLoss" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:href="forty-20211231.xsd#forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForChangesInDeferredTaxesNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForChangesInDeferredTaxesNet" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:href="forty-20211231.xsd#forty_AdjustmentsForImpairmentOfRightofuseAsset"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForImpairmentOfRightofuseAsset" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:href="forty-20211231.xsd#forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:href="forty-20211231.xsd#forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_ChangeInValueOfDividendPreferenceDerivativeInTsg"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapitalAdjustmentsAbstract" xlink:href="forty-20211231.xsd#forty_WorkingCapitalAdjustmentsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="forty_WorkingCapitalAdjustmentsAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:href="forty-20211231.xsd#forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:href="forty-20211231.xsd#forty_PaymentsToFormerShareholdersOfConsolidatedCompany"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfOtherInvestment" xlink:href="forty-20211231.xsd#forty_PurchaseOfOtherInvestment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_PurchaseOfOtherInvestment" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:href="forty-20211231.xsd#forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:href="forty-20211231.xsd#forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendFromJointVenture" xlink:href="forty-20211231.xsd#forty_DividendFromJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_DividendFromJointVenture" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:href="forty-20211231.xsd#forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromExerciseOfOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfOrdinarySharesNet" xlink:href="forty-20211231.xsd#forty_IssuanceOfOrdinarySharesNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_IssuanceOfOrdinarySharesNet" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankCreditNet" xlink:href="forty-20211231.xsd#forty_ShorttermBankCreditNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_ShorttermBankCreditNet" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ReceiptOfLongTermLoans" xlink:href="forty-20211231.xsd#forty_ReceiptOfLongTermLoans"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_ReceiptOfLongTermLoans" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:href="forty-20211231.xsd#forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_RepaymentsOfBondsNotesAndDebentures" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_PurchaseOfNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_PurchaseOfNoncontrollingInterests" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashAndCashEquivalents" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidReceivedInRespectOfAbstract" xlink:href="forty-20211231.xsd#forty_CashPaidReceivedInRespectOfAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="forty_CashPaidReceivedInRespectOfAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestsPaid" xlink:href="forty-20211231.xsd#forty_InterestsPaid"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CashPaidReceivedInRespectOfAbstract" xlink:to="forty_InterestsPaid" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestReceived" xlink:href="forty-20211231.xsd#forty_InterestReceived"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CashPaidReceivedInRespectOfAbstract" xlink:to="forty_InterestReceived" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TaxesPaidNet" xlink:href="forty-20211231.xsd#forty_TaxesPaidNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CashPaidReceivedInRespectOfAbstract" xlink:to="forty_TaxesPaidNet" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BNonCashActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_BNonCashActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="forty_BNonCashActivitiesAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableToShareholders" xlink:href="forty-20211231.xsd#forty_DividendPayableToShareholders"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_DividendPayableToShareholders" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfPropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PurchaseOfPropertyAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_PurchaseOfPropertyAndEquipment" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredPaymentRelatedtoBusinessCombinations" xlink:href="forty-20211231.xsd#forty_DeferredPaymentRelatedtoBusinessCombinations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_DeferredPaymentRelatedtoBusinessCombinations" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableToRedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DividendPayableToRedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_DividendPayableToRedeemableNoncontrollingInterests" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseNonCash" xlink:href="forty-20211231.xsd#forty_OperatingLeaseNonCash"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_OperatingLeaseNonCash" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:href="forty-20211231.xsd#forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapital" xlink:href="forty-20211231.xsd#forty_WorkingCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_WorkingCapital" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_PropertyAndEquipment" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GoodwillAndIntangibleAssets" xlink:href="forty-20211231.xsd#forty_GoodwillAndIntangibleAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_GoodwillAndIntangibleAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_OperatingLeaseRightofuseAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_OperatingLeaseRightofuseAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherLongTermAssets" xlink:href="forty-20211231.xsd#forty_OtherLongTermAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_OtherLongTermAssets" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesToBanksAndOthers" xlink:href="forty-20211231.xsd#forty_LiabilitiesToBanksAndOthers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_LiabilitiesToBanksAndOthers" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_LongTermLiabilities" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_OperatingLeaseLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_OperatingLeaseLiabilities" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilityNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilityNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_DeferredTaxLiabilityNet" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilityToFormerlyShareholders" xlink:href="forty-20211231.xsd#forty_LiabilityToFormerlyShareholders"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_LiabilityToFormerlyShareholders" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredPaymentsandContingentConsideration" xlink:href="forty-20211231.xsd#forty_DeferredPaymentsandContingentConsideration"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_DeferredPaymentsandContingentConsideration" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:href="forty-20211231.xsd#forty_RedeemableNonControllingInterestsAtAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_RedeemableNonControllingInterestsAtAcquisitionDate" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" order="12" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/General">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPolicies">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecurities">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:to="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/FairValueMeasurement">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod">
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNet">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNet">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Goodwill">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGoodwillTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGoodwillExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfGoodwillExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers">
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OtherAccountsPayable">
    <loc xlink:type="locator" xlink:label="forty_OtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_OtherAccountsPayableTextBlock" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OtherAccountsPayableAbstract" xlink:to="forty_OtherAccountsPayableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Debentures">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDebenturesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDebenturesAbstract" xlink:to="forty_DisclosureOfDebenturesTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/RelatedPartiesTransactions">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfRelatedPartyTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfRelatedPartyTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfRelatedPartyTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Leases">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfLeasesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfLeasesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfLeasesExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlans">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:to="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeBenefitLiabilities">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeBenefitsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingencies">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Equity">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTax">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SupplementaryFinancialStatementInformation">
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationAbstract" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationTextBlock" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_SupplementaryFinancialStatementInformationTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegments">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SubsequentEvents">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/AccountingPoliciesByPolicy">
    <loc xlink:type="locator" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_UseOfEstimatesAndJudgmentsPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" order="22" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" order="23" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" order="24" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" order="25" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" order="26" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" order="27" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" order="28" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLiquidityRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfLiquidityRiskPolicyTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DisclosureOfLiquidityRiskPolicyTextBlock" order="29" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" order="30" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" order="31" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GeneralTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPoliciesTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:href="forty-20211231.xsd#forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_ZAPGroupLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_OfekAerialPhotographyLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_OfekAerialPhotographyLtdMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_CalculoSAUMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EnableITLLCMember" xlink:href="forty-20211231.xsd#forty_EnableITLLCMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_EnableITLLCMember" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MenarvaLtdMember" xlink:href="forty-20211231.xsd#forty_MenarvaLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MenarvaLtdMember" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SoftITLtdMember" xlink:href="forty-20211231.xsd#forty_SoftITLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_SoftITLtdMember" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AptonetIncMember" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_StockellInformationSystemsIncMember" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfMobisoftMagicHandsMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfMobisoftMagicHandsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfMobisoftMagicHandsMember" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetEffectsMember" xlink:href="forty-20211231.xsd#forty_NetEffectsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_NetEffectsMember" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_PowWowIncMember" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_OnTargetGroupIncMember" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AVBTechnologiesLtdMember" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ITDGroupLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_ITDGroupLtdMember" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SQServiceQualityLtdMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualityLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_SQServiceQualityLtdMember" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AAEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AAEngineeringLtdMember" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_GestetnertecLtdMember" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_RightStarIncMember" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DanaEngineeringLtdMember" order="22" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_LiramFinancialSoftwareLtdMember" order="23" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_UniqueSoftwareIndustriesLtdMember" order="24" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfProvisionalEstimatedConsideration" xlink:href="forty-20211231.xsd#forty_DisclosureOfProvisionalEstimatedConsideration"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="forty_DisclosureOfProvisionalEstimatedConsideration" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecuritiesTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMarketableSecuritiesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="forty_ScheduleOfMarketableSecuritiesTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:to="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/FairValueMeasurementTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:to="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables">
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_SummaryOfFormulasInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfFormulasInvestmentsTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_SummaryOfFormulasInvestmentsTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNetTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIntangibleAssetsNetTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GoodwillTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGoodwillTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:to="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables">
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:to="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OtherAccountsPayableTables">
    <loc xlink:type="locator" xlink:label="forty_OtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OtherAccountsPayableAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DebenturesTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDebenturesAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDebenturesAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LeasesTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" xlink:href="forty-20211231.xsd#forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfLeasesTextBlockAbstract" xlink:to="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlansTables">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="forty_EmployeeOptionPlansTablesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansTablesTable" xlink:to="forty_InvesteeNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MagicSoftwareMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockOptionPlansTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables">
    <loc xlink:type="locator" xlink:label="forty_EmployeeBenefitLiabilitiesTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeBenefitLiabilitiesTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeBenefitLiabilitiesTablesLineItems" xlink:to="forty_EmployeeBenefitLiabilitiesTablesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeBenefitLiabilitiesTablesTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeBenefitLiabilitiesTablesLineItems" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingenciesTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EquityTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTaxTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCompositionOfGroupExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables">
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationAbstract" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncomeAndExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAndExpensesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_FinancialIncomeAndExpensesTableTextBlock" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyAndEquipmentTableTextBlock" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipmentTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_PropertyAndEquipmentTableTextBlock" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:href="forty-20211231.xsd#forty_RevenuesClassifiedByGeographicAreaTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:href="forty-20211231.xsd#forty_BasicAndDilutedNetEarningsPerShareTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegmentsTables">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable">
    <loc xlink:type="locator" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:to="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:to="forty_InvesteeNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MagicSoftwareMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InsyncMember" xlink:href="forty-20211231.xsd#forty_InsyncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_InsyncMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MichpalMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_TsgMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_OfekMember" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_ZAPGroupMember" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfOwnershipInterestInInvestees" xlink:href="forty-20211231.xsd#forty_PercentageOfOwnershipInterestInInvestees"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:to="forty_PercentageOfOwnershipInterestInInvestees" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByProductsAndServicesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ProprietarySoftwareAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareAndRelatedServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="forty_ProprietarySoftwareAndRelatedServices" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherProductsAndThirdParty" xlink:href="forty-20211231.xsd#forty_OtherProductsAndThirdParty"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="forty_OtherProductsAndThirdParty" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="ifrs-full_ServicesExpense" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherRevenue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="ifrs-full_OtherRevenue" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsAndServicesTransferredOverTime" xlink:href="forty-20211231.xsd#forty_ProductsAndServicesTransferredOverTime"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="forty_ProductsAndServicesTransferredOverTime" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsTransferredAtAPointInTime" xlink:href="forty-20211231.xsd#forty_ProductsTransferredAtAPointInTime"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="forty_ProductsTransferredAtAPointInTime" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalRevenueOfProductsandServices" xlink:href="forty-20211231.xsd#forty_TotalRevenueOfProductsandServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="forty_TotalRevenueOfProductsandServices" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable">
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:to="srt_RangeAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember_0" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MinimumMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MaximumMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable">
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="ifrs-full_RangeAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_BottomOfRangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_TopOfRangeMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LandAndBuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LandAndBuildingsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_LandAndBuildingsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ComputersSoftwareAndPeripheralEquipmentMember" xlink:href="forty-20211231.xsd#forty_ComputersSoftwareAndPeripheralEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="forty_ComputersSoftwareAndPeripheralEquipmentMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfficeFurnitureAndEquipmentMember" xlink:href="forty-20211231.xsd#forty_OfficeFurnitureAndEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="forty_OfficeFurnitureAndEquipmentMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MotorVehiclesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MotorVehiclesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_MotorVehiclesMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfTheAssetsAtAnnualRates" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfTheAssetsAtAnnualRates"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="forty_UsefulLifeOfTheAssetsAtAnnualRates" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfOfficeFurnitureAndEquipment" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOfficeFurnitureAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="forty_UsefulLifeOfOfficeFurnitureAndEquipment" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfMotorVehicles"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="forty_UsefulLifeOfMotorVehicles" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable">
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="ifrs-full_RangeAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_TopOfRangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CustomerRelationshipAndBacklogMember" xlink:href="forty-20211231.xsd#forty_CustomerRelationshipAndBacklogMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="forty_CustomerRelationshipAndBacklogMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BrandNamesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BrandNamesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_BrandNamesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredTechnologyMember" xlink:href="forty-20211231.xsd#forty_AcquiredTechnologyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="forty_AcquiredTechnologyMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BrandNamesAndPatentsMember" xlink:href="forty-20211231.xsd#forty_BrandNamesAndPatentsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="forty_BrandNamesAndPatentsMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfOtherIintangibleAssets" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOtherIintangibleAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:to="forty_UsefulLifeOfOtherIintangibleAssets" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfProvisionalEstimatedConsiderationAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_CashConsideration" xlink:href="forty-20211231.xsd#forty_CashConsideration"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="forty_CashConsideration" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsideration" xlink:href="forty-20211231.xsd#forty_TotalConsideration"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="forty_TotalConsideration" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_ZAPGroupLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsInAcquireesSubsidiary" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsInAcquireesSubsidiary"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NoncontrollingInterestsInAcquireesSubsidiary" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="9" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_OfekMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_OfekAerialPhotographyLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_OfekAerialPhotographyLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredAssetsDividendPayableToFormerShareholder" xlink:href="forty-20211231.xsd#forty_DeferredAssetsDividendPayableToFormerShareholder"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredAssetsDividendPayableToFormerShareholder" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DeferredTaxNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_SapiensMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredRevenues" xlink:href="forty-20211231.xsd#forty_DeferredRevenues"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredRevenues" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssets" xlink:href="forty-20211231.xsd#forty_IntangibleAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_IntangibleAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember" order="0" xbrldt:closed="true"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetLiabilitiesExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetLiabilitiesExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_CalculoSAUMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EnableITLLCMember" xlink:href="forty-20211231.xsd#forty_EnableITLLCMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_EnableITLLCMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MenravaMember" xlink:href="forty-20211231.xsd#forty_MenravaMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MenravaMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SoftITLtdMember" xlink:href="forty-20211231.xsd#forty_SoftITLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_SoftITLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AptonetIncMember" order="0" xbrldt:closed="true"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="forty_AptonetIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_StockellInformationSystemsIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MobisoftAndMagicHandsMember" xlink:href="forty-20211231.xsd#forty_MobisoftAndMagicHandsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MobisoftAndMagicHandsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetEffectsIncMember" xlink:href="forty-20211231.xsd#forty_NetEffectsIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_NetEffectsIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_PowWowIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetLiabilitiesExcludingAcquiredCash" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingAcquiredCash"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetLiabilitiesExcludingAcquiredCash" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_OnTargetGroupIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AVBTechnologiesLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ITDGroupsMember" xlink:href="forty-20211231.xsd#forty_ITDGroupsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_ITDGroupsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SQServiceQualitysMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualitysMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_SQServiceQualitysMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AAEngineeringsMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AAEngineeringsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_GestetnertecLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_NoncontrollingInterests" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Liabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Liabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_Liabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_RightStarIncMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ4sS1WPRqe2QD1eUcbxPmGw=] CSR-->
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationAxis" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="forty_BusinessCombinationAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationDomain" xlink:href="forty-20211231.xsd#forty_BusinessCombinationDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_BusinessCombinationAxis" xlink:to="forty_BusinessCombinationDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationDomain_0" xlink:href="forty-20211231.xsd#forty_BusinessCombinationDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_BusinessCombinationAxis" xlink:to="forty_BusinessCombinationDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TechtopLtdMember" xlink:href="forty-20211231.xsd#forty_TechtopLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationDomain" xlink:to="forty_TechtopLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepositsFromBanks" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepositsFromBanks"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_DepositsFromBanks" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DanaEngineeringLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_LiramFinancialSoftwareLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetLiabilitiesExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetLiabilitiesExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_RedeemableNoncontrollingInterests" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_UniqueSoftwareIndustriesLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_NetAssetsExcludingCashAcquired" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMarketableSecuritiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfMarketableSecuritiesAbstract" xlink:to="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialAssetsAvailableforsale" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialAssetsAvailableforsale"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialAssetsAvailableforsale" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:href="forty-20211231.xsd#forty_CurrentPrepaidExpensesAndAdvancesToSuppliers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentGovernmentDepartments" xlink:href="forty-20211231.xsd#forty_CurrentGovernmentDepartments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_CurrentGovernmentDepartments" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentEmployees" xlink:href="forty-20211231.xsd#forty_CurrentEmployees"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_CurrentEmployees" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentRelatedParties" xlink:href="forty-20211231.xsd#forty_CurrentRelatedParties"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_CurrentRelatedParties" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OthersCurrentAccountsReceivable" xlink:href="forty-20211231.xsd#forty_OthersCurrentAccountsReceivable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_OthersCurrentAccountsReceivable" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentReceivables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="ifrs-full_OtherCurrentReceivables" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable">
    <loc xlink:type="locator" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level2OfFairValueHierarchyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level3OfFairValueHierarchyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="ifrs-full_AssetsAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsAtFairValueThroughProfitOrLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AssetsAbstract" xlink:to="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyDerivativeContract" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyDerivativeContract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AssetsAbstract" xlink:to="forty_ForeignCurrencyDerivativeContract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPreferenceDerivativeInTSG" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTSG"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AssetsAbstract" xlink:to="forty_DividendPreferenceDerivativeInTSG" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_Asste" xlink:href="forty-20211231.xsd#forty_Asste"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AssetsAbstract" xlink:to="forty_Asste" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesAbstract0" xlink:href="forty-20211231.xsd#forty_LiabilitiesAbstract0"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="forty_LiabilitiesAbstract0" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="ifrs-full_LiabilitiesAbstract" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ContingentConsiderationInRespectOfBusinessCombination" xlink:href="forty-20211231.xsd#forty_ContingentConsiderationInRespectOfBusinessCombination"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="forty_ContingentConsiderationInRespectOfBusinessCombination" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:href="forty-20211231.xsd#forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_Liabilitiy" xlink:href="forty-20211231.xsd#forty_Liabilitiy"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="forty_Liabilitiy" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SharesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_SharesInvestmentInJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="forty_SharesInvestmentInJointVenture" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CapitalNotesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_CapitalNotesInvestmentInJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="forty_CapitalNotesInvestmentInJointVenture" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_TotalInvestmentInJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="forty_TotalInvestmentInJointVenture" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTsg"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:to="forty_DividendPreferenceDerivativeInTsg" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod" xlink:href="forty-20211231.xsd#forty_InvestmentsAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="forty_InvestmentsAccountedForUsingEquityMethod" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrencyExchangeRateInOtherComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_CurrencyExchangeRateInOtherComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="forty_CurrencyExchangeRateInOtherComprehensiveIncome" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentAccountedForUsingEquityMethods" xlink:href="forty-20211231.xsd#forty_InvestmentAccountedForUsingEquityMethods"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_InvestmentAccountedForUsingEquityMethods" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CompanysShareOfEarningsLossesOfJointVenture" xlink:href="forty-20211231.xsd#forty_CompanysShareOfEarningsLossesOfJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_CompanysShareOfEarningsLossesOfJointVenture" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:href="forty-20211231.xsd#forty_ShareOfOtherComprehensiveIncomeOfJointVenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CompanysShareInDividendDeclaredByTsg" xlink:href="forty-20211231.xsd#forty_CompanysShareInDividendDeclaredByTsg"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_CompanysShareInDividendDeclaredByTsg" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable">
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_InvestmentPropertyMember" xlink:to="forty_TsgMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_CurrentAssets" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_NoncurrentAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_OtherCurrentLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_OtherNoncurrentLiabilities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_Equity" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedCostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_AccumulatedCostOfSharebasedPayment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_AccumulatedCostOfSharebasedPayment" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapitalForAssetsAndLiabilities" xlink:href="forty-20211231.xsd#forty_WorkingCapitalForAssetsAndLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_WorkingCapitalForAssetsAndLiabilities" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareInEquity" xlink:href="forty-20211231.xsd#forty_PercentageOfShareInEquity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_PercentageOfShareInEquity" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_IncreaseDecreaseInWorkingCapital" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_Goodwill" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="12" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable">
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_InvestmentPropertyMember" xlink:to="forty_TsgMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_Revenue" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ProfitLoss" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherInvestmentComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_OtherInvestmentComprehensiveIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_OtherInvestmentComprehensiveIncome" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherComprehensiveIncomeOtherNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareProfit" xlink:href="forty-20211231.xsd#forty_PercentageOfShareProfit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_PercentageOfShareProfit" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:href="forty-20211231.xsd#forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingResultsTotal" xlink:href="forty-20211231.xsd#forty_OperatingResultsTotal"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_OperatingResultsTotal" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable">
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerEquipmentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_ComputerEquipmentMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MotorVehiclesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MotorVehiclesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_MotorVehiclesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BuildingsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_BuildingsMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LeaseholdImprovementsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseholdImprovementsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_LeaseholdImprovementsMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CostAbstract" xlink:href="forty-20211231.xsd#forty_CostAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="forty_CostAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantAndEquipmentsGross" xlink:href="forty-20211231.xsd#forty_PropertyPlantAndEquipmentsGross"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CostAbstract" xlink:to="forty_PropertyPlantAndEquipmentsGross" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedDepreciationAbstract" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="forty_AccumulatedDepreciationAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_AccumulatedDepreciationAbstract" xlink:to="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofintangibleassetsnetTable">
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerSoftwareMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_ComputerSoftwareMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BacklogAndNonCompeteAgreementMember" xlink:href="forty-20211231.xsd#forty_BacklogAndNonCompeteAgreementMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="forty_BacklogAndNonCompeteAgreementMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PatentMember" xlink:href="forty-20211231.xsd#forty_PatentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="forty_PatentMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIntangibleAssetsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OriginalAmountsOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_OriginalAmountsOfIntangibleAssetsNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="forty_OriginalAmountsOfIntangibleAssetsNet" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedAmortizationOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_AccumulatedAmortizationOfIntangibleAssetsNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="forty_AccumulatedAmortizationOfIntangibleAssetsNet" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_GoodwillBusinessCombination" xlink:href="forty-20211231.xsd#forty_GoodwillBusinessCombination"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="forty_GoodwillBusinessCombination" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ClassificationsAboutGoodwill" xlink:href="forty-20211231.xsd#forty_ClassificationsAboutGoodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="forty_ClassificationsAboutGoodwill" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslationAdjustmentsForGoodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable">
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankLoansMember" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoansMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_ShorttermBankLoansMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankLoans1Member" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoans1Member"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_ShorttermBankLoans1Member" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CommercialSecuritiesNotListedMember" xlink:href="forty-20211231.xsd#forty_CommercialSecuritiesNotListedMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_CommercialSecuritiesNotListedMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_otherFinancialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_otherFinancialInstitutionsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_otherFinancialInstitutionsMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongtermLoansFromBanksMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_financialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_financialInstitutionsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_financialInstitutionsMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRateBasis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_BorrowingsInterestRateBasis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsOriginalCurrency" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsOriginalCurrency"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_BorrowingsOriginalCurrency" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_CurrentFinancialLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract" xlink:href="forty-20211231.xsd#forty_ShortTermInterestOnLongTermLoansFromOtherAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofotheraccountspayableTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfOtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_GovernmentInstitution" xlink:href="forty-20211231.xsd#forty_GovernmentInstitution"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:to="forty_GovernmentInstitution" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:to="us-gaap_OtherAccountsPayableAndAccruedLiabilities" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable">
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="ifrs-full_RangeAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_BottomOfRangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_TopOfRangeMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisCurrencyMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_LinkageBasisCurrencyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisCurrencyOneMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyOneMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_LinkageBasisCurrencyOneMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestRatePercentage" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_InterestRatePercentage" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisDescription" xlink:href="forty-20211231.xsd#forty_LinkageBasisDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LinkageBasisDescription" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongtermLiabilitiesNetOfCurrentMaturities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LongtermLiabilitiesNetOfCurrentMaturities" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_TotalLongtermLiabilitiesNetOfCurrentMaturities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtTotal" xlink:href="forty-20211231.xsd#forty_LongTermDebtTotal"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_LongTermDebtTotal" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdebenturesTable">
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsScheduleofdebenturesTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_DebenturesDetailsScheduleofdebenturesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_DebenturesDetailsScheduleofdebenturesTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_SecuredDebenturesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebentureOneMember" xlink:href="forty-20211231.xsd#forty_SecuredDebentureOneMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_SecuredDebentureOneMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebenturesTwoMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesTwoMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="forty_SecuredDebenturesTwoMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisDescription" xlink:href="forty-20211231.xsd#forty_LinkageBasisDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_LinkageBasisDescription" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ParValueInIssuanceCurrencies" xlink:href="forty-20211231.xsd#forty_ParValueInIssuanceCurrencies"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_ParValueInIssuanceCurrencies" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotionalAmount" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotionalAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NotionalAmount" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet" xlink:href="forty-20211231.xsd#forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturities" xlink:href="forty-20211231.xsd#forty_CurrentMaturities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_CurrentMaturities" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermAccruedInterest" xlink:href="forty-20211231.xsd#forty_ShorttermAccruedInterest"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_ShorttermAccruedInterest" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotesAndDebenturesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NotesAndDebenturesIssued" order="9" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFinancialYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="forty_RepaymentsOfBondsWithinNextFinancialYear" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextSecondFinancialYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextThirdFinancialYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFourthFinancialYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:href="forty-20211231.xsd#forty_AggregatePrincipalAnnualPaymentsOfDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="forty_AggregatePrincipalAnnualPaymentsOfDebentures" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable">
    <loc xlink:type="locator" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MaturityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaturityAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:to="ifrs-full_MaturityAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AggregatedTimeBandsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_AggregatedTimeBandsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AggregatedTimeBandsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_AggregatedTimeBandsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotLaterThanOneYearMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneYearMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_NotLaterThanOneYearMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" xlink:href="forty-20211231.xsd#forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LessImputedInterest" xlink:href="forty-20211231.xsd#forty_LessImputedInterest"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="forty_LessImputedInterest" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PresentValueOfLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_PresentValueOfLeaseLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="forty_PresentValueOfLeaseLiabilities" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LocationOfIncomeStatementAxis" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:to="forty_LocationOfIncomeStatementAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LocationOfIncomeStatementDomain" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_LocationOfIncomeStatementAxis" xlink:to="forty_LocationOfIncomeStatementDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LocationOfIncomeStatementDomain_0" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_LocationOfIncomeStatementAxis" xlink:to="forty_LocationOfIncomeStatementDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SellingAndMarketingExpensesMember" xlink:href="forty-20211231.xsd#forty_SellingAndMarketingExpensesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LocationOfIncomeStatementDomain" xlink:to="forty_SellingAndMarketingExpensesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpensesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_LocationOfIncomeStatementDomain" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpensesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdministrativeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_AdministrativeExpense" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="forty_InvesteeNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionsOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionsOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionsOutstanding" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisedShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AggregateIntrinsicValueOfExercisedShareOptions" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions" order="12" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="forty_InvesteeNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_SapiensMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsOutstandingAtBeginningOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AmountOfOptionsOutstandingAtBeginningOfYear" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions" order="14" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameAxis" xlink:href="forty-20211231.xsd#forty_PlanOfNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:to="forty_PlanOfNameAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameDomain" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameDomain_0" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensOneMember" xlink:href="forty-20211231.xsd#forty_SapiensOneMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensOneMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensTwoMember" xlink:href="forty-20211231.xsd#forty_SapiensTwoMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensTwoMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensThreeMember" xlink:href="forty-20211231.xsd#forty_SapiensThreeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensThreeMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensFourMember" xlink:href="forty-20211231.xsd#forty_SapiensFourMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensFourMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensFiveMember" xlink:href="forty-20211231.xsd#forty_SapiensFiveMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensFiveMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptions" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_NumberOfShareOptionOutstanding" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" order="8" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheRsuActivitiesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsUnvestedBeginning" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsUnvestedBeginning"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_AmountOfOptionsUnvestedBeginning" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesUnvestedEnding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsGranted" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_AmountOfOptionsGranted" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueGranted" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_WeightedAverageGrantDateFairValueGranted" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsVested" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsVested"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_AmountOfOptionsVested" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueVested" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueVested"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_WeightedAverageGrantDateFairValueVested" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsExpiredAndForfeiture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_AmountOfOptionsExpiredAndForfeiture" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" order="7" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesAxis" xlink:href="forty-20211231.xsd#forty_PlanNamesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:to="forty_PlanNamesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesDomain" xlink:href="forty-20211231.xsd#forty_PlanNamesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesDomain_0" xlink:href="forty-20211231.xsd#forty_PlanNamesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanNamesDomain" xlink:to="forty_MagicMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtBeginningOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtEndOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionOutstandingAtEndOfYear" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtEndOfYear"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions" order="17" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesAxis" xlink:href="forty-20211231.xsd#forty_PlanNamesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="forty_PlanNamesAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesDomain" xlink:href="forty-20211231.xsd#forty_PlanNamesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesDomain_0" xlink:href="forty-20211231.xsd#forty_PlanNamesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePriceZeroMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceZeroMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:to="forty_RangeOfExercisePriceZeroMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePriceFourthreeTwoMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceFourthreeTwoMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:to="forty_RangeOfExercisePriceFourthreeTwoMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanNamesDomain" xlink:to="forty_MagicMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangesOfExercisePrice" xlink:href="forty-20211231.xsd#forty_RangesOfExercisePrice"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_RangesOfExercisePrice" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_NumberOfShareOptionOutstanding" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDefinedBenefitPlansAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PlanAssetsAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsAtFairValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_PlanAssetsAtFairValue" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable">
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PledgeAxis" xlink:href="forty-20211231.xsd#forty_PledgeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:to="forty_PledgeAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PledgeDomain" xlink:href="forty-20211231.xsd#forty_PledgeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_PledgeAxis" xlink:to="forty_PledgeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PledgeDomain_0" xlink:href="forty-20211231.xsd#forty_PledgeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_PledgeAxis" xlink:to="forty_PledgeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PledgeDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PledgeDomain" xlink:to="forty_MagicSoftwareMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PledgeDomain" xlink:to="forty_SapiensMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialInstitutionCreditAgreement" xlink:href="forty-20211231.xsd#forty_FinancialInstitutionCreditAgreement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="forty_FinancialInstitutionCreditAgreement" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebentures" xlink:href="forty-20211231.xsd#forty_SecuredDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="forty_SecuredDebentures" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofsharecapitalTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfShareCapitalAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesAuthorised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfShareCapitalAbstract" xlink:to="ifrs-full_NumberOfSharesAuthorised" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfShareCapitalAbstract" xlink:to="ifrs-full_NumberOfSharesIssued" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfSharesOutstanding1" xlink:href="forty-20211231.xsd#forty_NumberOfSharesOutstanding1"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfShareCapitalAbstract" xlink:to="forty_NumberOfSharesOutstanding1" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_NetDeferredTaxAssets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_NetDeferredTaxLiabilities" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcompositionTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCompositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAsset"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_DeferredTaxLiabilityAsset" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossLeaseLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_GrossLeaseLiabilities" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_OtherCurrentAssets" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReceivables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="ifrs-full_OtherReceivables" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpretaxincomeTable">
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:to="forty_IncomeTaxDetailsScheduleofpretaxincomeTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CountryOfDomicileMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfDomicileMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_CountryOfDomicileMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ForeignCountriesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ForeignCountriesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_ForeignCountriesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ProfitLossesBeforeTax" xlink:href="forty-20211231.xsd#forty_ProfitLossesBeforeTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:to="forty_ProfitLossesBeforeTax" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_CurrentTaxExpenseIncome" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncome" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" xlink:href="forty-20211231.xsd#forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectFromChangeInTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxEffectFromChangeInTaxRate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ReleaseOfTrappedEarningsseeNote21a2" xlink:href="forty-20211231.xsd#forty_ReleaseOfTrappedEarningsseeNote21a2"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_ReleaseOfTrappedEarningsseeNote21a2" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:href="forty-20211231.xsd#forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxesOnCurrentLosses" xlink:href="forty-20211231.xsd#forty_DeferredTaxesOnCurrentLosses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_DeferredTaxesOnCurrentLosses" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TaxesInRespectOfPriorYears" xlink:href="forty-20211231.xsd#forty_TaxesInRespectOfPriorYears"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_TaxesInRespectOfPriorYears" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NonRefundableWithholdingTaxAndTaxAdvances" xlink:href="forty-20211231.xsd#forty_NonRefundableWithholdingTaxAndTaxAdvances"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_NonRefundableWithholdingTaxAndTaxAdvances" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForOtherTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForOtherTaxes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="us-gaap_PaymentsForOtherTaxes" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits" xlink:href="forty-20211231.xsd#forty_UnrecognizedTaxOnIncomeBenefits"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="forty_UnrecognizedTaxOnIncomeBenefits" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSubsidiaries" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSubsidiaries"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="forty_AcquisitionOfSubsidiaries" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DecreaseRelatedToPriorYearsTaxPositions" xlink:href="forty-20211231.xsd#forty_DecreaseRelatedToPriorYearsTaxPositions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="forty_DecreaseRelatedToPriorYearsTaxPositions" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IncreaseRelatedToCurrentYearTaxPositions" xlink:href="forty-20211231.xsd#forty_IncreaseRelatedToCurrentYearTaxPositions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="forty_IncreaseRelatedToCurrentYearTaxPositions" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable">
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ValuationtechniquesAxis" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:to="forty_ValuationtechniquesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ValuationtechniquesDomain" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_ValuationtechniquesAxis" xlink:to="forty_ValuationtechniquesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ValuationtechniquesDomain_0" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_ValuationtechniquesAxis" xlink:to="forty_ValuationtechniquesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ValuationtechniquesDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ValuationtechniquesDomain" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ValuationtechniquesDomain" xlink:to="forty_MagicSoftwareMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ValuationtechniquesDomain" xlink:to="forty_OtherMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="ifrs-full_NoncontrollingInterests" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFinancialIncomeAndExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpensesAbstract" xlink:href="forty-20211231.xsd#forty_FinancialExpensesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:to="forty_FinancialExpensesAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpensesOnShortTermAndLongTermLoans" xlink:href="forty-20211231.xsd#forty_InterestExpensesOnShortTermAndLongTermLoans"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_InterestExpensesOnShortTermAndLongTermLoans" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialCostsRelatedToDebentures" xlink:href="forty-20211231.xsd#forty_FinancialCostsRelatedToDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_FinancialCostsRelatedToDebentures" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpensesAttributedToIfrs" xlink:href="forty-20211231.xsd#forty_InterestExpensesAttributedToIfrs"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_InterestExpensesAttributedToIfrs" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BankChargesInterestAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_BankChargesInterestAndForeignExchangeDifferences"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_BankChargesInterestAndForeignExchangeDifferences" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpenses" xlink:href="forty-20211231.xsd#forty_FinancialExpenses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_FinancialExpenses" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncomeAbstract" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:to="forty_FinancialIncomeAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_IncomeFromMarketableSecurities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialIncomeAbstract" xlink:to="forty_IncomeFromMarketableSecurities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_InterestIncomeFromDepositsAndForeignExchangeDifferences"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialIncomeAbstract" xlink:to="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncome" xlink:href="forty-20211231.xsd#forty_FinancialIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialIncomeAbstract" xlink:to="forty_FinancialIncome" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherTradingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherTradingIncomeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_FinancialIncomeAbstract" xlink:to="ifrs-full_OtherTradingIncomeExpense" order="3" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable">
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfCountryAxis" xlink:href="forty-20211231.xsd#forty_TypeOfCountryAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="forty_TypeOfCountryAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfCountryDomain" xlink:href="forty-20211231.xsd#forty_TypeOfCountryDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_TypeOfCountryAxis" xlink:to="forty_TypeOfCountryDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfCountryDomain_0" xlink:href="forty-20211231.xsd#forty_TypeOfCountryDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_TypeOfCountryAxis" xlink:to="forty_TypeOfCountryDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_IsraelCountryMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_AmericasMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_AmericasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfCountryDomain" xlink:to="srt_AmericasMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EuropeanMember" xlink:href="forty-20211231.xsd#forty_EuropeanMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfCountryDomain" xlink:to="forty_EuropeanMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_JapanCountryMember" xlink:href="forty-20211231.xsd#forty_JapanCountryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfCountryDomain" xlink:to="forty_JapanCountryMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfCountryDomain" xlink:to="forty_OtherMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:to="ifrs-full_PropertyPlantAndEquipment" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable">
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_IsraelCountryMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmericaMember" xlink:href="forty-20211231.xsd#forty_AmericaMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_AmericaMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EuropeanMember" xlink:href="forty-20211231.xsd#forty_EuropeanMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_EuropeanMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AfricaianMember" xlink:href="forty-20211231.xsd#forty_AfricaianMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_AfricaianMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_JapanCountryMember" xlink:href="forty-20211231.xsd#forty_JapanCountryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_JapanCountryMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMainlyAsiaPacificMember" xlink:href="forty-20211231.xsd#forty_OtherMainlyAsiaPacificMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_OtherMainlyAsiaPacificMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:to="ifrs-full_Revenue" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable">
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_NumeratorAbstract" xlink:href="forty-20211231.xsd#forty_NumeratorAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:to="forty_NumeratorAbstract" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_NumeratorAbstract" xlink:to="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_NumeratorAbstract" xlink:to="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorAbstract" xlink:href="forty-20211231.xsd#forty_DenominatorAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:to="forty_DenominatorAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorForBasicNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForBasicNetEarningsPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DenominatorAbstract" xlink:to="forty_DenominatorForBasicNetEarningsPerShare" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EffectOfDilutiveSecurities" xlink:href="forty-20211231.xsd#forty_EffectOfDilutiveSecurities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DenominatorAbstract" xlink:to="forty_EffectOfDilutiveSecurities" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorForDilutedNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForDilutedNetEarningsPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DenominatorAbstract" xlink:to="forty_DenominatorForDilutedNetEarningsPerShare" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DenominatorAbstract" xlink:to="ifrs-full_BasicEarningsLossPerShare" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DenominatorAbstract" xlink:to="ifrs-full_DilutedEarningsLossPerShare" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable">
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_MagicMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_MichpalAndItsSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_MichpalAndItsSubsidiariesMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ZAPAndItsSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_ZAPAndItsSubsidiariesMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_OfekMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="ifrs-full_Goodwill" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable">
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:to="ifrs-full_ProductsAndServicesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_MagicSoftwareMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_MichpalMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_ZAPGroupMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_OtherMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsMember" xlink:href="forty-20211231.xsd#forty_AdjustmentsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="forty_AdjustmentsMember" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromContractsWithCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromContractsWithCustomers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_RevenueFromContractsWithCustomers" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IntersegmentRevenues" xlink:href="forty-20211231.xsd#forty_IntersegmentRevenues"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="forty_IntersegmentRevenues" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RevenuesByProductServices" xlink:href="forty-20211231.xsd#forty_RevenuesByProductServices"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="forty_RevenuesByProductServices" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_DepreciationAndAmortisationExpense" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherOperatingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherOperatingIncomeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_OtherOperatingIncomeExpense" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UnallocatedCorporateExpenses" xlink:href="forty-20211231.xsd#forty_UnallocatedCorporateExpenses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="forty_UnallocatedCorporateExpenses" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAndOperatingIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAndOperatingIncome"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_RevenueAndOperatingIncome" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncomeCost" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncomeCost"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_FinanceIncomeCost" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="us-gaap_ProfitLoss" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GeneralDetails">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ParValuePerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="ifrs-full_ParValuePerShare" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPoliciesDetails">
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsTable" xlink:to="srt_RangeAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember_0" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SignificantAccountingPoliciesDetailsTable" xlink:to="forty_InvesteeNameAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MinimumMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MaximumMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MagicMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfGoverningBodies" xlink:href="forty-20211231.xsd#forty_DescriptionOfGoverningBodies"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_DescriptionOfGoverningBodies" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareProduct" xlink:href="forty-20211231.xsd#forty_SoftwareProduct"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_SoftwareProduct" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SeveranceExpenses" xlink:href="forty-20211231.xsd#forty_SeveranceExpenses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_SeveranceExpenses" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:href="forty-20211231.xsd#forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails">
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="srt_RangeAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember_0" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangesAxis" xlink:href="forty-20211231.xsd#forty_RangesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="forty_RangesAxis" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangesDomain" xlink:href="forty-20211231.xsd#forty_RangesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_RangesAxis" xlink:to="forty_RangesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RangesDomain_0" xlink:href="forty-20211231.xsd#forty_RangesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_RangesAxis" xlink:to="forty_RangesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="srt_CurrencyAxis" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain_0" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZapGroupAcquisitionMember" xlink:href="forty-20211231.xsd#forty_ZapGroupAcquisitionMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="forty_ZapGroupAcquisitionMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MinimumMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MaximumMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfOfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfOfekAerialPhotographyLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfOfekAerialPhotographyLtdMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ThorDenmarkHoldingApSAndSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ThorDenmarkHoldingApSAndSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_ThorDenmarkHoldingApSAndSubsidiariesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TifulGemelLtdMember" xlink:href="forty-20211231.xsd#forty_TifulGemelLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_TifulGemelLtdMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_CalculoSAUMember" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MenarvaLtdMember" xlink:href="forty-20211231.xsd#forty_MenarvaLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MenarvaLtdMember" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOf9540YGSoftITLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOf9540YGSoftITLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOf9540YGSoftITLtdMember" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AptonetIncMember" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MagicSoftwareMember" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_StockellInformationSystemsIncMember" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MobisoftLtdMember" xlink:href="forty-20211231.xsd#forty_MobisoftLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MobisoftLtdMember" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MobisoftAndMagicHandsMember" xlink:href="forty-20211231.xsd#forty_MobisoftAndMagicHandsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MobisoftAndMagicHandsMember" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NetEffectsIncMember" xlink:href="forty-20211231.xsd#forty_NetEffectsIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_NetEffectsIncMember" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_PowWowIncMember" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_OnTargetGroupIncMember" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AVBTechnologiesLtdMember" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfITDGroupLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AcquisitionOfITDGroupLtdMember" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SQServiceQualityLtdMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualityLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_SQServiceQualityLtdMember" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AAEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_AAEngineeringLtdMember" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_GestetnertecLtdMember" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_RightStarIncMember" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TechtopLtdMember" xlink:href="forty-20211231.xsd#forty_TechtopLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_TechtopLtdMember" order="22" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember" order="23" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_DanaEngineeringLtdMember" order="24" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_LiramFinancialSoftwareLtdMember" order="25" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="forty_UniqueSoftwareIndustriesLtdMember" order="26" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="currency_AllCurrenciesDomain" xlink:to="forty_IsraelCountryMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EventsAfterReportingPeriodMember" xlink:href="forty-20211231.xsd#forty_EventsAfterReportingPeriodMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="forty_EventsAfterReportingPeriodMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RangesDomain" xlink:to="ifrs-full_BottomOfRangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RangesDomain" xlink:to="ifrs-full_TopOfRangeMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareCapital" xlink:href="forty-20211231.xsd#forty_PercentageOfShareCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_PercentageOfShareCapital" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfCustomer" xlink:href="forty-20211231.xsd#forty_NumberOfCustomer"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_NumberOfCustomer" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashConsiderationAmount" xlink:href="forty-20211231.xsd#forty_CashConsiderationAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_CashConsiderationAmount" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueOfContingentConsideration" xlink:href="forty-20211231.xsd#forty_FairValueOfContingentConsideration"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_FairValueOfContingentConsideration" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ShareCapitalPercentage" xlink:href="forty-20211231.xsd#forty_ShareCapitalPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_ShareCapitalPercentage" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PurchasePriceAmount" xlink:href="forty-20211231.xsd#forty_PurchasePriceAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_PurchasePriceAmount" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredCash" xlink:href="forty-20211231.xsd#forty_AcquiredCash"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_AcquiredCash" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationAcquisitionsRelatedCosts" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAcquisitionsRelatedCosts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_BusinessCombinationAcquisitionsRelatedCosts" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CapitalPayment" xlink:href="forty-20211231.xsd#forty_CapitalPayment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_CapitalPayment" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PPPLoanAmount" xlink:href="forty-20211231.xsd#forty_PPPLoanAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_PPPLoanAmount" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfSubsidiaryOutstandingShares" xlink:href="forty-20211231.xsd#forty_PercentageOfSubsidiaryOutstandingShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_PercentageOfSubsidiaryOutstandingShares" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashTransferred"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_CashTransferred" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AdditionalOfTheOutstandingSharesPercentage" xlink:href="forty-20211231.xsd#forty_AdditionalOfTheOutstandingSharesPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_AdditionalOfTheOutstandingSharesPercentage" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsiderationAmounts" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmounts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_TotalConsiderationAmounts" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PaidUpAmount" xlink:href="forty-20211231.xsd#forty_PaidUpAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_PaidUpAmount" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MinorityShareholdersDescription" xlink:href="forty-20211231.xsd#forty_MinorityShareholdersDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_MinorityShareholdersDescription" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ConsiderationPaidReceived" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ConsiderationPaidReceived"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_ConsiderationPaidReceived" order="22" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAcquiredRemainingBalance" xlink:href="forty-20211231.xsd#forty_AssetsAcquiredRemainingBalance"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_AssetsAcquiredRemainingBalance" order="23" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_TotalConsiderationAmount" order="24" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FinalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_FinalConsiderationAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_FinalConsiderationAmount" order="25" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateSecurityAmount" xlink:href="forty-20211231.xsd#forty_AggregateSecurityAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_AggregateSecurityAmount" order="26" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" order="27" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredCost" xlink:href="forty-20211231.xsd#forty_AcquiredCost"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_AcquiredCost" order="28" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TotalCashConsiderationNetOfAcquiredCash" xlink:href="forty-20211231.xsd#forty_TotalCashConsiderationNetOfAcquiredCash"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_TotalCashConsiderationNetOfAcquiredCash" order="29" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" order="30" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IssuedAndOutstandingPercentage" xlink:href="forty-20211231.xsd#forty_IssuedAndOutstandingPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_IssuedAndOutstandingPercentage" order="31" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestRatePercentage1" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage1"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_InterestRatePercentage1" order="32" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RemainingInterestRate" xlink:href="forty-20211231.xsd#forty_RemainingInterestRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_RemainingInterestRate" order="33" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecuritiesDetails">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_GainsLossesFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_GainsLossesFromMarketableSecurities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="forty_GainsLossesFromMarketableSecurities" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails">
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_InvestmentPropertyMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_InvestmentPropertyMember" xlink:to="forty_TsgMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails">
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsLineItems" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsLineItems" xlink:to="ifrs-full_DepreciationExpense" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNetDetails">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmortisationExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="ifrs-full_AmortisationExpense" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DebenturesDetails">
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_DebenturesDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfSeriesDebentureAxis" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_DebenturesDetailsTable" xlink:to="forty_TypeOfSeriesDebentureAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfSeriesDebentureDomain" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_TypeOfSeriesDebentureAxis" xlink:to="forty_TypeOfSeriesDebentureDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfSeriesDebentureDomain_0" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_TypeOfSeriesDebentureAxis" xlink:to="forty_TypeOfSeriesDebentureDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SeriesASecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesASecuredDebenturesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfSeriesDebentureDomain" xlink:to="forty_SeriesASecuredDebenturesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SeriesCSecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesCSecuredDebenturesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfSeriesDebentureDomain" xlink:to="forty_SeriesCSecuredDebenturesMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensSeriesBDebenturesMember" xlink:href="forty-20211231.xsd#forty_SapiensSeriesBDebenturesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_TypeOfSeriesDebentureDomain" xlink:to="forty_SapiensSeriesBDebenturesMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpenses" xlink:href="forty-20211231.xsd#forty_InterestExpenses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_InterestExpenses" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DiscountAndIssuanceCostsAmortization" xlink:href="forty-20211231.xsd#forty_DiscountAndIssuanceCostsAmortization"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_DiscountAndIssuanceCostsAmortization" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ProceedsFromIssueOfBondsNotesAndDebenture" xlink:href="forty-20211231.xsd#forty_ProceedsFromIssueOfBondsNotesAndDebenture"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_ProceedsFromIssueOfBondsNotesAndDebenture" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDescription" xlink:href="forty-20211231.xsd#forty_DebenturesDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_DebenturesDescription" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfConvertibleInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfConvertibleInstruments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="ifrs-full_IssueOfConvertibleInstruments" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherFeeAndCommissionExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFeeAndCommissionExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="ifrs-full_OtherFeeAndCommissionExpense" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtInstrumentDescription" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="us-gaap_DebtInstrumentDescription" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/RelatedPartiesTransactionsDetails">
    <loc xlink:type="locator" xlink:label="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_RelatedPartiesTransactionsDetailsTable" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="forty_RelatedPartiesTransactionsDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_RelatedPartiesTransactionsDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_SapiensMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_MatrixMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PerformedServicesSubcontractor" xlink:href="forty-20211231.xsd#forty_PerformedServicesSubcontractor"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="forty_PerformedServicesSubcontractor" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DueFromItsTransactionsWithAsseco" xlink:href="forty-20211231.xsd#forty_DueFromItsTransactionsWithAsseco"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="forty_DueFromItsTransactionsWithAsseco" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DirectorsRemunerationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DirectorsRemunerationExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_DirectorsRemunerationExpense" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BackOfficeAndProfessionalServicesExpense" xlink:href="forty-20211231.xsd#forty_BackOfficeAndProfessionalServicesExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="forty_BackOfficeAndProfessionalServicesExpense" order="6" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LeasesDetails">
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="forty_LeasePeriodsExpiringTerm" xlink:href="forty-20211231.xsd#forty_LeasePeriodsExpiringTerm"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfLeasesTextBlockAbstract" xlink:to="forty_LeasePeriodsExpiringTerm" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_DisclosureOfLeasesTextBlockAbstract" xlink:to="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlansDetails">
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_EmployeeOptionPlansDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansAxis" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsTable" xlink:to="forty_EmployeeOptionPlansAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDomain" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_EmployeeOptionPlansAxis" xlink:to="forty_EmployeeOptionPlansDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDomain_0" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_EmployeeOptionPlansAxis" xlink:to="forty_EmployeeOptionPlansDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsTable" xlink:to="ifrs-full_RangeAxis" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameAxis" xlink:href="forty-20211231.xsd#forty_PlanOfNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EmployeeOptionPlansDetailsTable" xlink:to="forty_PlanOfNameAxis" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameDomain" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameDomain_0" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_MatrixMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_SapiensMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_MagicMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GeneralAssemblyMember" xlink:href="forty-20211231.xsd#forty_GeneralAssemblyMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_GeneralAssemblyMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_TopOfRangeMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_BottomOfRangeMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_TwoThousandElevenPlanMember" xlink:href="forty-20211231.xsd#forty_TwoThousandElevenPlanMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDomain" xlink:to="forty_TwoThousandElevenPlanMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_GutmanMember" xlink:href="forty-20211231.xsd#forty_GutmanMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDomain" xlink:to="forty_GutmanMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RestrictedShares" xlink:href="forty-20211231.xsd#forty_RestrictedShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_RestrictedShares" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueOfGrantSharePricePerShare" xlink:href="forty-20211231.xsd#forty_FairValueOfGrantSharePricePerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_FairValueOfGrantSharePricePerShare" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PrecedingYears" xlink:href="forty-20211231.xsd#forty_PrecedingYears"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_PrecedingYears" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfVestedPercentage" xlink:href="forty-20211231.xsd#forty_NumberOfVestedPercentage"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_NumberOfVestedPercentage" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedCompensationCosts" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCosts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_UnrecognizedCompensationCosts" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfExerciseShareOptionsGranted" xlink:href="forty-20211231.xsd#forty_DescriptionOfExerciseShareOptionsGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_DescriptionOfExerciseShareOptionsGranted" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_OptionsExpirePeriods" xlink:href="forty-20211231.xsd#forty_OptionsExpirePeriods"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_OptionsExpirePeriods" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValuesOfOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesOfOptions"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_WeightedAverageGrantDateFairValuesOfOptions" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IntrinsicValueOfOptionsExercised" xlink:href="forty-20211231.xsd#forty_IntrinsicValueOfOptionsExercised"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_IntrinsicValueOfOptionsExercised" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedCompensationCost" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCost"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_UnrecognizedCompensationCost" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAveragePeriod" xlink:href="forty-20211231.xsd#forty_WeightedAveragePeriod"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_WeightedAveragePeriod" order="21" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingenciesDetails">
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_CommitmentsandContingenciesDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_CommitmentsandContingenciesDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CreditFacilityAgreementsAxis" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_CommitmentsandContingenciesDetailsTable" xlink:to="forty_CreditFacilityAgreementsAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CreditFacilityAgreementsDomain" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_CreditFacilityAgreementsAxis" xlink:to="forty_CreditFacilityAgreementsDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CreditFacilityAgreementsDomain_0" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_CreditFacilityAgreementsAxis" xlink:to="forty_CreditFacilityAgreementsDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaMember" xlink:href="forty-20211231.xsd#forty_FormulaMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CreditFacilityAgreementsDomain" xlink:to="forty_FormulaMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CreditFacilityAgreementsDomain" xlink:to="forty_MatrixMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CreditFacilityAgreementsDomain" xlink:to="forty_SapiensMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CreditFacilityAgreementsDomain" xlink:to="forty_MagicSoftwareMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateSecurityAmount" xlink:href="forty-20211231.xsd#forty_AggregateSecurityAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_AggregateSecurityAmount" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_BankGuaranteesAmount" xlink:href="forty-20211231.xsd#forty_BankGuaranteesAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_BankGuaranteesAmount" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BalancesOnOtherDepositsFromCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BalancesOnOtherDepositsFromCustomers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="ifrs-full_BalancesOnOtherDepositsFromCustomers" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilityToFinancialInstitutionDescription" xlink:href="forty-20211231.xsd#forty_LiabilityToFinancialInstitutionDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_LiabilityToFinancialInstitutionDescription" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfFinancialCovenants" xlink:href="forty-20211231.xsd#forty_DescriptionOfFinancialCovenants"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_DescriptionOfFinancialCovenants" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DamagesAmount" xlink:href="forty-20211231.xsd#forty_DamagesAmount"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_DamagesAmount" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ArbitrationExpenses" xlink:href="forty-20211231.xsd#forty_ArbitrationExpenses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_ArbitrationExpenses" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_RestrictedShares" xlink:href="forty-20211231.xsd#forty_RestrictedShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_RestrictedShares" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ContingentLiability" xlink:href="forty-20211231.xsd#forty_ContingentLiability"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_ContingentLiability" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_lawsuitSeekingDamages" xlink:href="forty-20211231.xsd#forty_lawsuitSeekingDamages"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_lawsuitSeekingDamages" order="11" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EquityDetails">
    <loc xlink:type="locator" xlink:label="forty_EquityDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EquityDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_EquityDetailsTable" xlink:href="forty-20211231.xsd#forty_EquityDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_EquityDetailsLineItems" xlink:to="forty_EquityDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_EquityDetailsTable" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_EventsAfterReportingPeriodMember" xlink:href="forty-20211231.xsd#forty_EventsAfterReportingPeriodMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="forty_EventsAfterReportingPeriodMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaHoldShares" xlink:href="forty-20211231.xsd#forty_FormulaHoldShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EquityDetailsLineItems" xlink:to="forty_FormulaHoldShares" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendPayables"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EquityDetailsLineItems" xlink:to="ifrs-full_DividendPayables" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableAmountPerShare" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EquityDetailsLineItems" xlink:to="forty_DividendPayableAmountPerShare" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPayable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EquityDetailsLineItems" xlink:to="ifrs-full_DividendsPayable" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOtherSharesPerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_EquityDetailsLineItems" xlink:to="ifrs-full_DividendsPaidOtherSharesPerShare" order="5" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTaxDetails">
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_IncomeTaxDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IncomeTaxDetailsTable" xlink:to="us-gaap_SubsidiarySaleOfStockAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IncomeTaxDetailsTable" xlink:to="srt_CurrencyAxis" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain_0" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IncomeTaxDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_IncomeTaxDetailsTable" xlink:to="forty_InvesteeNameAxis" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain_0" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PreferredTechnologyEnterpriseMember" xlink:href="forty-20211231.xsd#forty_PreferredTechnologyEnterpriseMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_PreferredTechnologyEnterpriseMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaMember" xlink:href="forty-20211231.xsd#forty_FormulaMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_FormulaMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MagicMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_SapiensMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_MatrixMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ZapMember" xlink:href="forty-20211231.xsd#forty_ZapMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="forty_ZapMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="currency_ILS" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_ILS"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_ILS" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IsraeliSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_IsraeliSubsidiariesMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="forty_IsraeliSubsidiariesMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfNewAmendmentTaxRate" xlink:href="forty-20211231.xsd#forty_DescriptionOfNewAmendmentTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_DescriptionOfNewAmendmentTaxRate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AverageEffectiveTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageEffectiveTaxRate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="ifrs-full_AverageEffectiveTaxRate" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTax" xlink:href="forty-20211231.xsd#forty_IncomeTax"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_IncomeTax" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:href="forty-20211231.xsd#forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:href="forty-20211231.xsd#forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_FederalCorporateIncomeTaxRateDescription" xlink:href="forty-20211231.xsd#forty_FederalCorporateIncomeTaxRateDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_FederalCorporateIncomeTaxRateDescription" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CumulativeLossesForTaxPurpose" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurpose"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_CumulativeLossesForTaxPurpose" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_CumulativeLossesForTaxPurposes" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurposes"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_CumulativeLossesForTaxPurposes" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfTaxLosses" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfTaxLosses"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxEffectOfTaxLosses" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxAssessmentsDescription" xlink:href="forty-20211231.xsd#forty_IncomeTaxAssessmentsDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_IncomeTaxAssessmentsDescription" order="13" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegmentsDetails">
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_OperatingSegmentsDetailsLineItems" xlink:to="forty_OperatingSegmentsDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_OperatingSegmentsDetailsTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareSolutionsAndServicesInIsraelMember" xlink:href="forty-20211231.xsd#forty_SoftwareSolutionsAndServicesInIsraelMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_SoftwareSolutionsAndServicesInIsraelMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_LearningAndIntegrationMember" xlink:href="forty-20211231.xsd#forty_LearningAndIntegrationMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_LearningAndIntegrationMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_ComputerInfrastructureAndIntegrationSolutionsMember" xlink:href="forty-20211231.xsd#forty_ComputerInfrastructureAndIntegrationSolutionsMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_ComputerInfrastructureAndIntegrationSolutionsMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareProductMarketingAndSupportMember" xlink:href="forty-20211231.xsd#forty_SoftwareProductMarketingAndSupportMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_SoftwareProductMarketingAndSupportMember" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="forty_MichpalMember" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsLineItems" xlink:to="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfEstimatedOnlinePurchaseVolume" xlink:href="forty-20211231.xsd#forty_PercentageOfEstimatedOnlinePurchaseVolume"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_OperatingSegmentsDetailsLineItems" xlink:to="forty_PercentageOfEstimatedOnlinePurchaseVolume" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SubsequentEventsDetails">
    <loc xlink:type="locator" xlink:label="forty_SubsequentEventsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsLineItems"/>
    <loc xlink:type="locator" xlink:label="forty_SubsequentEventsDetailsTable" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="forty_SubsequentEventsDetailsTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="forty_SubsequentEventsDetailsTable" xlink:to="us-gaap_SubsequentEventTypeAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeDomain_0" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableAmountPerShares" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShares"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="forty_DividendPayableAmountPerShares" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseAgreement" xlink:href="forty-20211231.xsd#forty_PurchaseAgreement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="forty_PurchaseAgreement" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" order="4" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:label="dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressesAddressTypeAxis" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressesAddressTypeAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="dei_DocumentInformationTable" xlink:to="dei_EntityAddressesAddressTypeAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AddressTypeDomain" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AddressTypeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_AddressTypeDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AddressTypeDomain_0" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AddressTypeDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_AddressTypeDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_BusinessContactMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_AddressTypeDomain" xlink:to="dei_BusinessContactMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityRegistrantName" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_TradingSymbol" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentType" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CurrentFiscalYearEndDate" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCommonStockSharesOutstanding" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AmendmentFlag" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCentralIndexKey" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCurrentReportingStatus" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityVoluntaryFilers" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFilerCategory" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentFiscalYearFocus" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentFiscalPeriodFocus" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityShellCompany" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_IcfrAuditorAttestationFlag"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_IcfrAuditorAttestationFlag" order="17" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentRegistrationStatement" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentRegistrationStatement" order="18" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentAnnualReport" order="19" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentTransitionReport" order="20" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentShellCompanyReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentShellCompanyReport" order="21" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFileNumber" order="22" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCountry" order="23" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="24" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="25" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="26" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="27" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelName"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_ContactPersonnelName" order="28" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" order="29" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="30" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelFaxNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelFaxNumber"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_ContactPersonnelFaxNumber" order="31" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" order="32" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" order="33" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityInteractiveDataCurrent" order="34" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAccountingStandard" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentAccountingStandard" order="35" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorFirmId"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorFirmId" order="36" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorName"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorName" order="37" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorLocation"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorLocation" order="38" xbrldt:closed="true"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>16
<FILENAME>forty-20211231_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:34:55 UTC 2022 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:label="dei_EntityAddressesAddressTypeAxis" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressesAddressTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressesAddressTypeAxis_lbl" xml:lang="en-US">Entity Addresses, Address Type [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_EntityAddressesAddressTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssets_lbl0" xml:lang="en-US">Current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_TotalOtherLongtermAssets" xlink:href="forty-20211231.xsd#forty_TotalOtherLongtermAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_TotalOtherLongtermAssets_lbl" xml:lang="en-US">Total long-term assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalOtherLongtermAssets" xlink:to="forty_TotalOtherLongtermAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Assets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US">Total equity attributable to Formula Systems shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl0" xml:lang="en-US">Balance at beginning</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl1" xml:lang="en-US">Balance at ending</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Equity_lbl2" xml:lang="en-US">Total equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl2"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAndLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">Total liabilities and equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeStatementAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Profit or loss [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Total revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Revenue_lbl0" xml:lang="en-US">Revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CostOfSales" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CostOfSales_lbl" xml:lang="en-US">Total cost of revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossProfit" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossProfit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Pre-tax income before share of profits of companies accounted for at equity, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl0" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:href="forty-20211231.xsd#forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Consolidated Statements of Comprehensive Income [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Total other comprehensive income (loss), net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl0" xml:lang="en-US">Total other comprehensive income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Total Comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl0" xml:lang="en-US">Total comprehensive income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_lbl" xml:lang="en-US">Total Comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ConsolidatedStatementsOfChangesInEquityAbstract" xlink:href="forty-20211231.xsd#forty_ConsolidatedStatementsOfChangesInEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ConsolidatedStatementsOfChangesInEquityAbstract_lbl" xml:lang="en-US">Consolidated Statements of Changes in Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConsolidatedStatementsOfChangesInEquityAbstract" xlink:to="forty_ConsolidatedStatementsOfChangesInEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Balance at beginning (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl0" xml:lang="en-US">Balance at ending (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl1" xml:lang="en-US">Ordinary shares, outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfEquityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US">Components of equity [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:href="forty-20211231.xsd#forty_AccumulatedOtherComprehensiveIncomeloss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss_lbl" xml:lang="en-US">Accumulated other comprehensive income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="forty_AccumulatedOtherComprehensiveIncomeloss_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided (used) by financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US">Increase (decrease) in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl0" xml:lang="en-US">Cash and cash equivalents at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of general information about financial statements [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract_lbl" xml:lang="en-US">Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract" xlink:to="forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InvesteeNameAxis_lbl" xml:lang="en-US">Investee Name [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of significant accounting policies [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByProductsAndServicesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfRevenueByProductsAndServicesAbstract_lbl" xml:lang="en-US">Schedule of revenue by products and services [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="forty_ScheduleOfRevenueByProductsAndServicesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract_lbl" xml:lang="en-US">Schedule of revenue by timing of revenue recognition [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalRevenueOfProductsandServices" xlink:href="forty-20211231.xsd#forty_TotalRevenueOfProductsandServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_TotalRevenueOfProductsandServices_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalRevenueOfProductsandServices" xlink:to="forty_TotalRevenueOfProductsandServices_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract_lbl" xml:lang="en-US">Schedule of amortization periods of the right-of-use assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract" xlink:to="forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeAxis_lbl" xml:lang="en-US">Statistical Measurement [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract_lbl" xml:lang="en-US">Schedule of useful life of the assets at annual rates [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract" xlink:to="forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract_lbl" xml:lang="en-US">Schedule of useful life of intangible assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract" xlink:to="forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfBusinessCombinationsTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of business combinations [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:to="forty_DisclosureOfBusinessCombinationsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfProvisionalEstimatedConsiderationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract_lbl" xml:lang="en-US">Schedule of provisional estimated consideration [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="forty_ScheduleOfProvisionalEstimatedConsiderationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BusinessCombinationsAxis_lbl" xml:lang="en-US">Business combinations [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_BusinessCombinationsAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract_lbl" xml:lang="en-US">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US">Business Acquisition [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationAxis" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BusinessCombinationAxis_lbl" xml:lang="en-US">Business Combination [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationAxis" xlink:to="forty_BusinessCombinationAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract_lbl" xml:lang="en-US">Disclosure Of Detailed Information About Marketable Securities Explanatory [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMarketableSecuritiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMarketableSecuritiesAbstract_lbl" xml:lang="en-US">Schedule of marketable securities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMarketableSecuritiesAbstract" xlink:to="forty_ScheduleOfMarketableSecuritiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract_lbl" xml:lang="en-US">Disclosure Of Other Accounts Receivable And Prepaid Expenses [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:to="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract_lbl" xml:lang="en-US">Schedule of prepaid expenses, other accounts receivable and other investments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfFairValueMeasurementTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of fair value measurement [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:to="forty_DisclosureOfFairValueMeasurementTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract_lbl" xml:lang="en-US">Schedule of financial assets and liabilities measured at fair value on a recurring basis [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract" xlink:to="forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US">Levels of fair value hierarchy [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract_lbl" xml:lang="en-US">Description of accounting policy for investments other than investments accounted for using equity method [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract_lbl" xml:lang="en-US">Schedule of changes in the carrying amount of the company&#8217;s investment in TSG [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract_lbl" xml:lang="en-US">Schedule of investment in TSG equity method [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="forty_ScheduleOfInvestmentInTsgEquityMethodAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract_lbl" xml:lang="en-US">Schedule of fair value of TSG&apos;s dividend preference derivative [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod" xlink:href="forty-20211231.xsd#forty_InvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Opening balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsAccountedForUsingEquityMethod" xlink:to="forty_InvestmentsAccountedForUsingEquityMethod_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Closing balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsAccountedForUsingEquityMethod" xlink:to="forty_InvestmentsAccountedForUsingEquityMethod_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract_lbl" xml:lang="en-US">Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentAccountedForUsingEquityMethods" xlink:href="forty-20211231.xsd#forty_InvestmentAccountedForUsingEquityMethods"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_InvestmentAccountedForUsingEquityMethods_lbl" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentAccountedForUsingEquityMethods" xlink:to="forty_InvestmentAccountedForUsingEquityMethods_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_InvestmentAccountedForUsingEquityMethods_lbl0" xml:lang="en-US">Ending balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentAccountedForUsingEquityMethods" xlink:to="forty_InvestmentAccountedForUsingEquityMethods_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfStatementOfFinancialPositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfStatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfStatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Schedule of statement of financial position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfStatementOfFinancialPositionAbstract" xlink:to="forty_ScheduleOfStatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis_lbl" xml:lang="en-US">Types of investment property [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract_lbl" xml:lang="en-US">Schedule of highlights of TSG profit or loss in accordance [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract" xlink:to="forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of property, plant and equipment [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfPropertyPlantsAndEquipmentAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPropertyPlantsAndEquipmentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfPropertyPlantsAndEquipmentAbstract_lbl" xml:lang="en-US">Schedule of property, plants and equipment [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfPropertyPlantsAndEquipmentAbstract" xlink:to="forty_ScheduleOfPropertyPlantsAndEquipmentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfIntangibleAssetsTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of intangible assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="forty_DisclosureOfIntangibleAssetsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfIntangibleAssetsNetAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfIntangibleAssetsNetAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfIntangibleAssetsNetAbstract_lbl" xml:lang="en-US">Schedule of intangible assets, net [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIntangibleAssetsNetAbstract" xlink:to="forty_ScheduleOfIntangibleAssetsNetAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xml:lang="en-US">Classes of intangible assets other than goodwill [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGoodwillTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfGoodwillTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of goodwill [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfGoodwillTextBlockAbstract" xlink:to="forty_DisclosureOfGoodwillTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillAbstract_lbl" xml:lang="en-US">Schedule of carrying amount of goodwill [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="forty_ScheduleOfCarryingAmountOfGoodwillAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GoodwillBusinessCombination" xlink:href="forty-20211231.xsd#forty_GoodwillBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_GoodwillBusinessCombination_lbl" xml:lang="en-US">Opening balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillBusinessCombination" xlink:to="forty_GoodwillBusinessCombination_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_GoodwillBusinessCombination_lbl0" xml:lang="en-US">Closing balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillBusinessCombination" xlink:to="forty_GoodwillBusinessCombination_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract_lbl" xml:lang="en-US">Short Term Liabilities to Banks and Others [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:to="forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract_lbl" xml:lang="en-US">Schedule of short term liabilities to banks and others [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract" xlink:to="forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherAccountsPayableAbstract_lbl" xml:lang="en-US">Other Accounts Payable [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherAccountsPayableAbstract" xlink:to="forty_OtherAccountsPayableAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfOtherAccountsPayableAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfOtherAccountsPayableAbstract_lbl" xml:lang="en-US">Schedule of other accounts payable [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfOtherAccountsPayableAbstract" xlink:to="forty_ScheduleOfOtherAccountsPayableAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_OtherAccountsPayableAndAccruedLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of other liabilities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="forty_DisclosureOfOtherLiabilitiesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract_lbl" xml:lang="en-US">Schedule of long term liabilities to banks and others composition [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract_lbl" xml:lang="en-US">Schedule of long term liabilities to banks and others maturity dates [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtTotal" xlink:href="forty-20211231.xsd#forty_LongTermDebtTotal"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_LongTermDebtTotal_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtTotal_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDebenturesAbstract_lbl" xml:lang="en-US">Disclosure Of Debentures [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDebenturesAbstract" xlink:to="forty_DisclosureOfDebenturesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDebenturesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfDebenturesAbstract_lbl" xml:lang="en-US">Schedule of debentures [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfDebenturesAbstract" xlink:to="forty_ScheduleOfDebenturesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract_lbl" xml:lang="en-US">Schedule of aggregate principal annual payments of debentures [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:href="forty-20211231.xsd#forty_AggregatePrincipalAnnualPaymentsOfDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfRelatedPartyTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfRelatedPartyTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfRelatedPartyTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of related party [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfRelatedPartyTextBlockAbstract" xlink:to="forty_DisclosureOfRelatedPartyTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfLeasesTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of leases [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfLeasesTextBlockAbstract" xlink:to="forty_DisclosureOfLeasesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract_lbl" xml:lang="en-US">Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract" xlink:to="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MaturityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaturityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US">Maturity [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract_lbl" xml:lang="en-US">Disclosure Of Employee Option Plans Explanatory [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:to="forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract_lbl" xml:lang="en-US">Schedule of stock-based compensation expense resulting from stock options grants [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract" xlink:to="forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LocationOfIncomeStatementAxis" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LocationOfIncomeStatementAxis_lbl" xml:lang="en-US">Location Of Income Statement [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LocationOfIncomeStatementAxis" xlink:to="forty_LocationOfIncomeStatementAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract_lbl" xml:lang="en-US">Schedule of Matrix stock-based compensation activity (and not Magic software) [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:to="forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionsOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionsOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_NumberOfShareOptionsOutstanding_lbl" xml:lang="en-US">Number of options, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionsOutstanding" xlink:to="forty_NumberOfShareOptionsOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_NumberOfShareOptionsOutstanding_lbl0" xml:lang="en-US">Number of options, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionsOutstanding" xlink:to="forty_NumberOfShareOptionsOutstanding_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Weighted average exercise price, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Weighted average exercise price, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl" xml:lang="en-US">Weighted average remaining contractual term, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:to="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl0" xml:lang="en-US">Weighted average remaining contractual term, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:to="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl" xml:lang="en-US">Aggregate intrinsic value, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl0" xml:lang="en-US">Aggregate intrinsic value, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract_lbl" xml:lang="en-US">Schedule of Sapiens stock-based compensation activity (and not Magic software) [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:to="forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsOutstandingAtBeginningOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl" xml:lang="en-US">Amount of options, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:to="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl0" xml:lang="en-US">Amount of options, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:to="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl" xml:lang="en-US">Weighted average remaining contractual life, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl0" xml:lang="en-US">Weighted average remaining contractual life, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockOptionPlansAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockOptionPlansAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfSapiensStockOptionPlansAbstract_lbl" xml:lang="en-US">Schedule of Sapiens&#8217; stock option plans [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockOptionPlansAbstract" xlink:to="forty_ScheduleOfSapiensStockOptionPlansAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameAxis" xlink:href="forty-20211231.xsd#forty_PlanOfNameAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PlanOfNameAxis_lbl" xml:lang="en-US">Plan Of Name [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheRsuActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTheRsuActivitiesAbstract_lbl" xml:lang="en-US">Schedule of the RSU activities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheRsuActivitiesAbstract" xlink:to="forty_ScheduleOfTheRsuActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsUnvestedBeginning" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsUnvestedBeginning"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_AmountOfOptionsUnvestedBeginning_lbl" xml:lang="en-US">Amount of options, Unvested beginning</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsUnvestedBeginning" xlink:to="forty_AmountOfOptionsUnvestedBeginning_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_AmountOfOptionsUnvestedBeginning_lbl0" xml:lang="en-US">Amount of options, Unvested ending</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsUnvestedBeginning" xlink:to="forty_AmountOfOptionsUnvestedBeginning_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesUnvestedEnding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl" xml:lang="en-US">Weighted Average Grant-Date Fair value, Unvested ending</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:to="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl0" xml:lang="en-US">Weighted Average Grant-Date Fair value, Unvested ending</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:to="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract_lbl" xml:lang="en-US">Schedule of magic Software stock-based compensation activity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract" xlink:to="forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtBeginningOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl" xml:lang="en-US">Number of options, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:to="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear_lbl" xml:lang="en-US">Weighted average exercise price, Outstanding at beginning of year (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars_lbl" xml:lang="en-US">Aggregate intrinsic value, Outstanding at beginning of year (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" xlink:to="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtEndOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_NumberOfShareOptionOutstandingAtEndOfYear_lbl" xml:lang="en-US">Number of options, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstandingAtEndOfYear" xlink:to="forty_NumberOfShareOptionOutstandingAtEndOfYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtEndOfYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl" xml:lang="en-US">Weighted average exercise price, Outstanding at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars_lbl" xml:lang="en-US">Aggregate intrinsic value, Outstanding at end of year (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" xlink:to="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesAxis" xlink:href="forty-20211231.xsd#forty_PlanNamesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PlanNamesAxis_lbl" xml:lang="en-US">Plan names [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract_lbl" xml:lang="en-US">Schedule of options outstanding separated into ranges of exercise price categories [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract" xlink:to="forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis_lbl" xml:lang="en-US">Ranges of exercise prices for outstanding share options [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeBenefitsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of employee benefits [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:to="forty_DisclosureOfEmployeeBenefitsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDefinedBenefitPlansAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfDefinedBenefitPlansAbstract_lbl" xml:lang="en-US">Schedule of defined benefit plans [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfDefinedBenefitPlansAbstract" xlink:to="forty_ScheduleOfDefinedBenefitPlansAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCompositionOfPledgedSharesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionOfPledgedSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfCompositionOfPledgedSharesAbstract_lbl" xml:lang="en-US">Schedule of composition of pledged shares [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCompositionOfPledgedSharesAbstract" xlink:to="forty_ScheduleOfCompositionOfPledgedSharesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PledgeAxis" xlink:href="forty-20211231.xsd#forty_PledgeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PledgeAxis_lbl" xml:lang="en-US">Pledge [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PledgeAxis" xlink:to="forty_PledgeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of share capital, reserves and other equity interest [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfShareCapitalAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfShareCapitalAbstract_lbl" xml:lang="en-US">Schedule of share capital [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfShareCapitalAbstract" xlink:to="forty_ScheduleOfShareCapitalAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfIncomeTaxTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of income tax [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="forty_DisclosureOfIncomeTaxTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract_lbl" xml:lang="en-US">Schedule of deferred tax liabilities, net [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCompositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfCompositionAbstract_lbl" xml:lang="en-US">Schedule of composition [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCompositionAbstract" xlink:to="forty_ScheduleOfCompositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfPreTaxIncomeAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPreTaxIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfPreTaxIncomeAbstract_lbl" xml:lang="en-US">Schedule of pre-tax income [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfPreTaxIncomeAbstract" xlink:to="forty_ScheduleOfPreTaxIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US">Geographical areas [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract_lbl" xml:lang="en-US">Schedule of taxes on income (tax benefit) [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl0" xml:lang="en-US">Taxes on income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl1" xml:lang="en-US">Taxes on income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseAbstract_lbl" xml:lang="en-US">Schedule of theoretical tax expense [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="forty_ScheduleOfTheoreticalTaxExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract_lbl" xml:lang="en-US">Schedule of total unrecognized tax benefits [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits" xlink:href="forty-20211231.xsd#forty_UnrecognizedTaxOnIncomeBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits_lbl" xml:lang="en-US">Beginning Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedTaxOnIncomeBenefits" xlink:to="forty_UnrecognizedTaxOnIncomeBenefits_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits_lbl0" xml:lang="en-US">Ending Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedTaxOnIncomeBenefits" xlink:to="forty_UnrecognizedTaxOnIncomeBenefits_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationAbstract" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationAbstract_lbl" xml:lang="en-US">Supplementary Financial Statement Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationAbstract" xlink:to="forty_SupplementaryFinancialStatementInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract_lbl" xml:lang="en-US">Schedule of non-controlling interest in material partially owned subsidiaries [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:to="forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ValuationtechniquesAxis" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ValuationtechniquesAxis_lbl" xml:lang="en-US">Valuationtechniques [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ValuationtechniquesAxis" xlink:to="forty_ValuationtechniquesAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFinancialIncomeAndExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfFinancialIncomeAndExpensesAbstract_lbl" xml:lang="en-US">Schedule of financial income and expenses [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:to="forty_ScheduleOfFinancialIncomeAndExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfPropertyAndEquipmentLocatedAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPropertyAndEquipmentLocatedAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfPropertyAndEquipmentLocatedAbstract_lbl" xml:lang="en-US">Schedule of property and equipment located [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfPropertyAndEquipmentLocatedAbstract" xlink:to="forty_ScheduleOfPropertyAndEquipmentLocatedAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfCountryAxis" xlink:href="forty-20211231.xsd#forty_TypeOfCountryAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TypeOfCountryAxis_lbl" xml:lang="en-US">Type Of Country [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfCountryAxis" xlink:to="forty_TypeOfCountryAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract_lbl" xml:lang="en-US">Schedule of revenues classified by geographic area (based on the location of customers) [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract" xlink:to="forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract_lbl" xml:lang="en-US">Schedule of computation basic and diluted net earnings per share [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:to="forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of entity&apos;s operating segments [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract_lbl" xml:lang="en-US">Schedule of goodwill in material partially owned subsidiaries [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:to="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfReportingOnOperatingSegmentsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfReportingOnOperatingSegmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfReportingOnOperatingSegmentsAbstract_lbl" xml:lang="en-US">Schedule of reporting on operating segments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfReportingOnOperatingSegmentsAbstract" xlink:to="forty_ScheduleOfReportingOnOperatingSegmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US">Products and services [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract_lbl" xml:lang="en-US">Disclosure of events after reporting period [text block] [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:to="forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentRegistrationStatement" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentShellCompanyReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_ContactPersonnelName_lbl" xml:lang="en-US">Contact Personnel Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelFaxNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelFaxNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_ContactPersonnelFaxNumber_lbl" xml:lang="en-US">Contact Personnel Fax Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelFaxNumber" xlink:to="dei_ContactPersonnelFaxNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_IcfrAuditorAttestationFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xml:lang="en-US">ICFR Auditor Attestation Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAccountingStandard" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorFirmId"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AuditorFirmId_lbl" xml:lang="en-US">Auditor Firm ID</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AuditorName_lbl" xml:lang="en-US">Auditor Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorLocation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AuditorLocation_lbl" xml:lang="en-US">Auditor Location</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl0" xml:lang="en-US">Assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">CURRENT ASSETS:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Cash" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Cash" xlink:to="ifrs-full_Cash_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl" xml:lang="en-US">Short-term deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US">Marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTradeReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US">Trade receivables (net of allowances for doubtful accounts of $9,717 and $12,855 as of December 31, 2020 and 2021, respectively)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction_lbl" xml:lang="en-US">Allowances for doubtful accounts (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" xlink:to="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets_lbl" xml:lang="en-US">Prepaid expenses and other accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Inventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Inventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">LONG-TERM ASSETS:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xml:lang="en-US">Prepaid expenses, other accounts receivable and other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl1" xml:lang="en-US">Company&#8217;s carrying amount of the investment in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RightofuseAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">RIGHT-OF-USE ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">PROPERTY, PLANTS AND EQUIPMENT, NET</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl0" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">INTANGIBLE ASSETS, NET</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl0" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US">GOODWILL</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Goodwill_lbl0" xml:lang="en-US">Goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesAndEquityAbstract" xlink:href="forty-20211231.xsd#forty_LiabilitiesAndEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiabilitiesAndEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesAndEquityAbstract" xlink:to="forty_LiabilitiesAndEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">CURRENT LIABILITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinancialLiabilities_lbl" xml:lang="en-US">Credit from banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialLiabilities" xlink:to="ifrs-full_CurrentFinancialLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentFinancialLiabilities_lbl0" xml:lang="en-US">Short term liabilities to banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialLiabilities" xlink:to="ifrs-full_CurrentFinancialLiabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl" xml:lang="en-US">Debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl" xml:lang="en-US">Current maturities of lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US">Trade payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedCurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredIncomeClassifiedCurrent_lbl" xml:lang="en-US">Deferred revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredIncomeClassifiedCurrent" xlink:to="forty_DeferredIncomeClassifiedCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccrualsClassifiedAsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent_lbl" xml:lang="en-US">Employees and payroll accrual</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Other accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:to="ifrs-full_OtherCurrentNonfinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_LiabilitiesInRespectOfBusinessCombinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations_lbl" xml:lang="en-US">Liabilities in respect of business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_LiabilitiesInRespectOfBusinessCombinations_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Put options of non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialLiabilities" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl0" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialLiabilities" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">LONG-TERM LIABILITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentFinancialLiabilities_lbl" xml:lang="en-US">Loans from banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialLiabilities" xlink:to="ifrs-full_NoncurrentFinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl" xml:lang="en-US">Debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl0" xml:lang="en-US">Total long-term debentures, net of current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_LongtermOperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_LongtermOperatingLeaseLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongtermOperatingLeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongtermOperatingLeaseLiabilities" xlink:to="forty_LongtermOperatingLeaseLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl0" xml:lang="en-US">Noncurrent liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredIncomeClassifiedNoncurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredIncomeClassifiedNoncurrent_lbl" xml:lang="en-US">Deferred revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredIncomeClassifiedNoncurrent" xlink:to="forty_DeferredIncomeClassifiedNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Liability in respect of business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Put options of non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Employee benefit liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentAndContingencies" xlink:href="forty-20211231.xsd#forty_CommitmentAndContingencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CommitmentAndContingencies_lbl" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentAndContingencies" xlink:to="forty_CommitmentAndContingencies_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaSystems1985LtdShareholdersEquityAbstract" xlink:href="forty-20211231.xsd#forty_FormulaSystems1985LtdShareholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FormulaSystems1985LtdShareholdersEquityAbstract_lbl" xml:lang="en-US">Formula Systems (1985) Ltd. shareholders&#8217; equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaSystems1985LtdShareholdersEquityAbstract" xlink:to="forty_FormulaSystems1985LtdShareholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ShareCapitalAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShareCapitalAbstract_lbl" xml:lang="en-US">Share capital:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareCapitalAbstract" xlink:to="forty_ShareCapitalAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Ordinary shares of NIS 1 par value - Authorized: 25,000,000 shares as of December 31, 2020 and 2021; Issued: 15,862,887 as of December 31, 2020 and 2021; Outstanding: 15,294,267 as of December 31, 2020 and 2021</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesAuthorised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl" xml:lang="en-US">Ordinary shares, authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl0" xml:lang="en-US">Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Ordinary shares, issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl0" xml:lang="en-US">Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ParValuePerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US">Outstanding shares, par value (in New Shekels per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl0" xml:lang="en-US">Ordinary shares, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalPaidinCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionalPaidinCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapital" xlink:to="ifrs-full_AdditionalPaidinCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarnings" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Accumulated other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfTreasurySharesOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfTreasurySharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfTreasurySharesOutstanding_lbl" xml:lang="en-US">Treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfTreasurySharesOutstanding" xlink:to="forty_NumberOfTreasurySharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl0" xml:lang="en-US">Non-controlling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US">Revenues:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices_lbl" xml:lang="en-US">Proprietary software products and related services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices_lbl" xml:lang="en-US">Software services and other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CostOfRevenuesAbstract" xlink:href="forty-20211231.xsd#forty_CostOfRevenuesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CostOfRevenuesAbstract_lbl" xml:lang="en-US">Cost of revenues:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostOfRevenuesAbstract" xlink:to="forty_CostOfRevenuesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProprietarySoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareProductsAndRelatedServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProprietarySoftwareProductsAndRelatedServices_lbl" xml:lang="en-US">Proprietary software products and related services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProprietarySoftwareProductsAndRelatedServices" xlink:to="forty_ProprietarySoftwareProductsAndRelatedServices_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherSoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_OtherSoftwareProductsAndRelatedServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherSoftwareProductsAndRelatedServices_lbl" xml:lang="en-US">Other software products and related services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherSoftwareProductsAndRelatedServices" xlink:to="forty_OtherSoftwareProductsAndRelatedServices_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ResearchAndDevelopmentExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ResearchAndDevelopmentExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ResearchAndDevelopmentExpense_lbl" xml:lang="en-US">Research and development expenses, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ResearchAndDevelopmentExpense" xlink:to="ifrs-full_ResearchAndDevelopmentExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, marketing, general and administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceCosts" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US">Financial expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US">Financial income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToAbstract_lbl" xml:lang="en-US">Attributable to:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US">Equity holders of the Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:href="forty-20211231.xsd#forty_ProfitLossAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:to="forty_ProfitLossAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EarningsPerShareAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US">Net earnings per share attributable to equity holders of The Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl" xml:lang="en-US">Basic earnings per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl0" xml:lang="en-US">Basic net earnings per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US">Diluted earnings per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl0" xml:lang="en-US">Diluted net earnings per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract" xlink:href="forty-20211231.xsd#forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract_lbl" xml:lang="en-US">Other comprehensive income (loss) net of tax effect:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract" xlink:to="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Amounts that will not be reclassified subsequently to profit or loss:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Actuarial gain (loss) from defined benefit plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl0" xml:lang="en-US">Actuarial gain from defined benefit plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share in net other comprehensive income (loss) of companies accounted for at equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Share in other comprehensive income of joint venture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl1" xml:lang="en-US">Company&#8217;s share of other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xml:lang="en-US">Adjustments arising from translating financial statements from functional currency to presentation currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax_lbl" xml:lang="en-US">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl" xml:lang="en-US">Foreign exchange differences on translation of foreign operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" xml:lang="en-US">Total comprehensive income attributable to:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US">Equity holders of the Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyTranslation" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ForeignCurrencyTranslation_lbl" xml:lang="en-US">Foreign currency translation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslation" xlink:to="forty_ForeignCurrencyTranslation_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_CostOfSharebasedPayment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CostOfSharebasedPayment_lbl" xml:lang="en-US">Cost of share-based payment (Note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostOfSharebasedPayment" xlink:to="forty_CostOfSharebasedPayment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendToFormulasShareholders" xlink:href="forty-20211231.xsd#forty_DividendToFormulasShareholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendToFormulasShareholders_lbl" xml:lang="en-US">Dividend to Formula&#8217;s shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendToFormulasShareholders" xlink:to="forty_DividendToFormulasShareholders_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl" xml:lang="en-US">Transactions with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:to="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_AcquisitionOfNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfNoncontrollingInterests_lbl" xml:lang="en-US">Acquisition of non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfNoncontrollingInterests" xlink:to="forty_AcquisitionOfNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SettlementOfPutOptionsOverNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_SettlementOfPutOptionsOverNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl" xml:lang="en-US">Settlement of put options over non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SettlementOfPutOptionsOverNoncontrollingInterests" xlink:to="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl" xml:lang="en-US">Non-controlling interests arising from initially consolidated company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:to="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US">Dilution in Formula&#8217;s share in Sapiens due to issuance of Sapiens&#8217; ordinary shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ImpactOfTheAdoptionOfIFRS15" xlink:href="forty-20211231.xsd#forty_ImpactOfTheAdoptionOfIFRS15"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ImpactOfTheAdoptionOfIFRS15_lbl" xml:lang="en-US">Impact of the adoption of IFRS 16</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ImpactOfTheAdoptionOfIFRS15" xlink:to="forty_ImpactOfTheAdoptionOfIFRS15_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EquityIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_EquityIncludingImpactOfAdoptionOfIfrs15"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl" xml:lang="en-US">Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EquityIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl" xml:lang="en-US">Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16) (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl" xml:lang="en-US">Issuance of shares upon conversion of convertible debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl" xml:lang="en-US">Issuance of shares upon conversion of convertible debentures (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Reserve from debt instruments at fair value through other comprehensive income and derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Foreign currency translation reserve arising from translating financial statements of foreign operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:href="forty-20211231.xsd#forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl" xml:lang="en-US">Adjustments arising from translating financial statements from functional currency to presentation currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:to="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl" xml:lang="en-US">Share in other comprehensive loss of companies accounted for at equity, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:to="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:href="forty-20211231.xsd#forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl" xml:lang="en-US">Share of profits of companies accounted for at equity, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:to="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl" xml:lang="en-US">Changes in value of debentures, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US">Increase (decrease) in employee benefit liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Loss (gain) from sale of property, plants and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xml:lang="en-US">Stock-based compensation expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl" xml:lang="en-US">Changes in value of short-term and long-term loans from banks and others and deposits, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForChangesInDeferredTaxesNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl" xml:lang="en-US">Changes in deferred taxes, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:to="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl" xml:lang="en-US">Change in liability in respect of business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:to="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:href="forty-20211231.xsd#forty_AdjustmentsForImpairmentOfRightofuseAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl" xml:lang="en-US">Impairment of right-of-use asset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:to="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:href="forty-20211231.xsd#forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl" xml:lang="en-US">Loss (gain) from sale and increase in value of marketable securities classified as trading</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:to="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:href="forty-20211231.xsd#forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl" xml:lang="en-US">Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:to="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_ChangeInValueOfDividendPreferenceDerivativeInTsg"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl" xml:lang="en-US">Change in value of dividend preference derivative in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:to="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapitalAdjustmentsAbstract" xlink:href="forty-20211231.xsd#forty_WorkingCapitalAdjustmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WorkingCapitalAdjustmentsAbstract_lbl" xml:lang="en-US">Working capital adjustments:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="forty_WorkingCapitalAdjustmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Decrease (increase) in inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US">Decrease (increase) in trade receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xml:lang="en-US">Decrease (increase) in other current and long-term accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US">Increase (decrease) in trade payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xml:lang="en-US">Increase in other accounts payable and employees and payroll accrual</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl" xml:lang="en-US">Increase in deferred revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:to="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Proceeds from maturity and sale net of investment in debt instruments at fair value through other comprehensive income or loss, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds from sale of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:href="forty-20211231.xsd#forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Collection (grant) of short-term loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendFromJointVenture" xlink:href="forty-20211231.xsd#forty_DividendFromJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendFromJointVenture_lbl" xml:lang="en-US">Dividend from companies accounted for at equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendFromJointVenture" xlink:to="forty_DividendFromJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US">Change in short-term and long-term deposits, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromExerciseOfOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions_lbl" xml:lang="en-US">Exercise of employees&#8217; stock options in subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromExerciseOfOptions" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfOrdinarySharesNet" xlink:href="forty-20211231.xsd#forty_IssuanceOfOrdinarySharesNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IssuanceOfOrdinarySharesNet_lbl" xml:lang="en-US">Proceeds from issuance of ordinary shares in subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfOrdinarySharesNet" xlink:to="forty_IssuanceOfOrdinarySharesNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl" xml:lang="en-US">Proceeds from issuance of debentures, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl0" xml:lang="en-US">Debentures amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">A. Supplemental cash flow information:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidReceivedInRespectOfAbstract" xlink:href="forty-20211231.xsd#forty_CashPaidReceivedInRespectOfAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CashPaidReceivedInRespectOfAbstract_lbl" xml:lang="en-US">Cash paid (received) in respect of:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidReceivedInRespectOfAbstract" xlink:to="forty_CashPaidReceivedInRespectOfAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestsPaid" xlink:href="forty-20211231.xsd#forty_InterestsPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestsPaid_lbl" xml:lang="en-US">Interest paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestsPaid" xlink:to="forty_InterestsPaid_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestReceived" xlink:href="forty-20211231.xsd#forty_InterestReceived"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestReceived_lbl" xml:lang="en-US">Interest received</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestReceived" xlink:to="forty_InterestReceived_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TaxesPaidNet" xlink:href="forty-20211231.xsd#forty_TaxesPaidNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TaxesPaidNet_lbl" xml:lang="en-US">Taxes paid (received), net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesPaidNet" xlink:to="forty_TaxesPaidNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BNonCashActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_BNonCashActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BNonCashActivitiesAbstract_lbl" xml:lang="en-US">B. Non-cash activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_BNonCashActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableToShareholders" xlink:href="forty-20211231.xsd#forty_DividendPayableToShareholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPayableToShareholders_lbl" xml:lang="en-US">Dividend payable to Formula&#8217;s shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToShareholders" xlink:to="forty_DividendPayableToShareholders_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfPropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PurchaseOfPropertyAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PurchaseOfPropertyAndEquipment_lbl" xml:lang="en-US">Purchase of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfPropertyAndEquipment" xlink:to="forty_PurchaseOfPropertyAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredPaymentRelatedtoBusinessCombinations" xlink:href="forty-20211231.xsd#forty_DeferredPaymentRelatedtoBusinessCombinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredPaymentRelatedtoBusinessCombinations_lbl" xml:lang="en-US">Deferred and contingent payments related to business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredPaymentRelatedtoBusinessCombinations" xlink:to="forty_DeferredPaymentRelatedtoBusinessCombinations_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableToRedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DividendPayableToRedeemableNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl" xml:lang="en-US">Dividend payable to non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToRedeemableNoncontrollingInterests" xlink:to="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseNonCash" xlink:href="forty-20211231.xsd#forty_OperatingLeaseNonCash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OperatingLeaseNonCash_lbl" xml:lang="en-US">Right-of-use asset recognized with corresponding lease liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseNonCash" xlink:to="forty_OperatingLeaseNonCash_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:href="forty-20211231.xsd#forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl" xml:lang="en-US">Issuance of Formula&#8217;s ordinary shares as a result of conversion of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:to="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract" xlink:href="forty-20211231.xsd#forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract_lbl" xml:lang="en-US">C. Acquisition of newly-consolidated subsidiaries and activities, net of cash acquired:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract" xlink:to="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US">Assets and liabilities of subsidiaries consolidated as of acquisition date:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PropertyAndEquipment_lbl" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipment" xlink:to="forty_PropertyAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GoodwillAndIntangibleAssets" xlink:href="forty-20211231.xsd#forty_GoodwillAndIntangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GoodwillAndIntangibleAssets_lbl" xml:lang="en-US">Goodwill and intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillAndIntangibleAssets" xlink:to="forty_GoodwillAndIntangibleAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_OperatingLeaseRightofuseAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OperatingLeaseRightofuseAssets_lbl" xml:lang="en-US">Right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseRightofuseAssets" xlink:to="forty_OperatingLeaseRightofuseAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherLongTermAssets" xlink:href="forty-20211231.xsd#forty_OtherLongTermAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherLongTermAssets_lbl" xml:lang="en-US">Other long-term assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherLongTermAssets" xlink:to="forty_OtherLongTermAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredPaymentsandContingentConsideration" xlink:href="forty-20211231.xsd#forty_DeferredPaymentsandContingentConsideration"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredPaymentsandContingentConsideration_lbl" xml:lang="en-US">Deferred payments and contingent consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredPaymentsandContingentConsideration" xlink:to="forty_DeferredPaymentsandContingentConsideration_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:href="forty-20211231.xsd#forty_RedeemableNonControllingInterestsAtAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl" xml:lang="en-US">Non-controlling interests at acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:to="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasuryShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasuryShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US">Treasury shares (568,620 shares as of December 31, 2020 and 2021)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl" xml:lang="en-US">Share of profits of companies accounted for at equity, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:to="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests_lbl" xml:lang="en-US">Dividend to non-controlling interests in subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Payments for business acquisitions, net of cash acquired (Appendix C)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:href="forty-20211231.xsd#forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations_lbl" xml:lang="en-US">Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:to="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:href="forty-20211231.xsd#forty_PaymentsToFormerShareholdersOfConsolidatedCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_PaymentsToFormerShareholdersOfConsolidatedCompany_lbl" xml:lang="en-US">Payments to former shareholders of consolidated company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:to="forty_PaymentsToFormerShareholdersOfConsolidatedCompany_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfOtherInvestment" xlink:href="forty-20211231.xsd#forty_PurchaseOfOtherInvestment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_PurchaseOfOtherInvestment_lbl" xml:lang="en-US">Purchase of other investment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfOtherInvestment" xlink:to="forty_PurchaseOfOtherInvestment_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:href="forty-20211231.xsd#forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition_lbl" xml:lang="en-US">Restricted deposit on account of acquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:to="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:href="forty-20211231.xsd#forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl" xml:lang="en-US">Capitalization of software development and other costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:to="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Dividend paid to non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Dividend to Formula&#8217;s shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankCreditNet" xlink:href="forty-20211231.xsd#forty_ShorttermBankCreditNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_ShorttermBankCreditNet_lbl" xml:lang="en-US">Short-term bank credit, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankCreditNet" xlink:to="forty_ShorttermBankCreditNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayment of long-term loans from banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ReceiptOfLongTermLoans" xlink:href="forty-20211231.xsd#forty_ReceiptOfLongTermLoans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_ReceiptOfLongTermLoans_lbl" xml:lang="en-US">Receipt of long-term loans from banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReceiptOfLongTermLoans" xlink:to="forty_ReceiptOfLongTermLoans_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:href="forty-20211231.xsd#forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl" xml:lang="en-US">Repayment of long-term liabilities to office of the chief scientist</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:to="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures_lbl" xml:lang="en-US">Repayment of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:to="ifrs-full_RepaymentsOfBondsNotesAndDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_PurchaseOfNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_PurchaseOfNoncontrollingInterests_lbl" xml:lang="en-US">Purchase of non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfNoncontrollingInterests" xlink:to="forty_PurchaseOfNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayment of lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests_lbl" xml:lang="en-US">Cash paid due to exercise of put option by non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:to="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapital" xlink:href="forty-20211231.xsd#forty_WorkingCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_WorkingCapital_lbl" xml:lang="en-US">Working capital (other than cash and cash equivalents)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapital" xlink:to="forty_WorkingCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesToBanksAndOthers" xlink:href="forty-20211231.xsd#forty_LiabilitiesToBanksAndOthers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_LiabilitiesToBanksAndOthers_lbl" xml:lang="en-US">Liabilities to banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesToBanksAndOthers" xlink:to="forty_LiabilitiesToBanksAndOthers_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_LongTermLiabilities_lbl" xml:lang="en-US">Long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilities" xlink:to="forty_LongTermLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_OperatingLeaseLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_OperatingLeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseLiabilities" xlink:to="forty_OperatingLeaseLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilityNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilityNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_DeferredTaxLiabilityNet_lbl" xml:lang="en-US">Deferred tax liability, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilityNet" xlink:to="forty_DeferredTaxLiabilityNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilityToFormerlyShareholders" xlink:href="forty-20211231.xsd#forty_LiabilityToFormerlyShareholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_LiabilityToFormerlyShareholders_lbl" xml:lang="en-US">Liability to formerly shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFormerlyShareholders" xlink:to="forty_LiabilityToFormerlyShareholders_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_BusinessContactMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_BusinessContactMember_lbl" xml:lang="en-US">Business Contact [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_BusinessContactMember" xlink:to="dei_BusinessContactMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SharePremiumMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremiumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SharePremiumMember_lbl" xml:lang="en-US">Share Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremiumMember" xlink:to="ifrs-full_SharePremiumMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarningsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated other comprehensive Loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasurySharesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasurySharesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US">Treasury shares (cost)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterestsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl" xml:lang="en-US">GENERAL</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl" xml:lang="en-US">Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfOwnershipInterestInInvestees" xlink:href="forty-20211231.xsd#forty_PercentageOfOwnershipInterestInInvestees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfOwnershipInterestInInvestees_lbl" xml:lang="en-US">Percentage of ownership</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfOwnershipInterestInInvestees" xlink:to="forty_PercentageOfOwnershipInterestInInvestees_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">SIGNIFICANT ACCOUNTING POLICIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_lbl" xml:lang="en-US">Schedule of revenue by products and services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:to="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherProductsAndThirdParty" xlink:href="forty-20211231.xsd#forty_OtherProductsAndThirdParty"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherProductsAndThirdParty_lbl" xml:lang="en-US">Other products and third party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherProductsAndThirdParty" xlink:to="forty_OtherProductsAndThirdParty_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ServicesExpense_lbl" xml:lang="en-US">Services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherRevenue_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRevenue" xlink:to="ifrs-full_OtherRevenue_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl" xml:lang="en-US">Schedule of revenue by timing of revenue recognition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsAndServicesTransferredOverTime" xlink:href="forty-20211231.xsd#forty_ProductsAndServicesTransferredOverTime"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProductsAndServicesTransferredOverTime_lbl" xml:lang="en-US">Products and services transferred over time</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsAndServicesTransferredOverTime" xlink:to="forty_ProductsAndServicesTransferredOverTime_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProductsTransferredAtAPointInTime" xlink:href="forty-20211231.xsd#forty_ProductsTransferredAtAPointInTime"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProductsTransferredAtAPointInTime_lbl" xml:lang="en-US">Products transferred at a point in time</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsTransferredAtAPointInTime" xlink:to="forty_ProductsTransferredAtAPointInTime_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_lbl" xml:lang="en-US">Schedule of amortization periods of the right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl" xml:lang="en-US">Land and Buildings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl" xml:lang="en-US">Motor vehicles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:to="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl" xml:lang="en-US">Schedule of useful life of the assets at annual rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:to="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfTheAssetsAtAnnualRates" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfTheAssetsAtAnnualRates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UsefulLifeOfTheAssetsAtAnnualRates_lbl" xml:lang="en-US">Useful life of the assets at annual rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfTheAssetsAtAnnualRates" xlink:to="forty_UsefulLifeOfTheAssetsAtAnnualRates_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfOfficeFurnitureAndEquipment" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOfficeFurnitureAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UsefulLifeOfOfficeFurnitureAndEquipment_lbl" xml:lang="en-US">Useful life of Office furniture and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfOfficeFurnitureAndEquipment" xlink:to="forty_UsefulLifeOfOfficeFurnitureAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfMotorVehicles"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UsefulLifeOfMotorVehicles_lbl" xml:lang="en-US">Useful life of Motor vehicles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfMotorVehicles" xlink:to="forty_UsefulLifeOfMotorVehicles_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:href="forty-20211231.xsd#forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl" xml:lang="en-US">Schedule of useful life of intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:to="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UsefulLifeOfOtherIintangibleAssets" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOtherIintangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UsefulLifeOfOtherIintangibleAssets_lbl" xml:lang="en-US">Useful life of intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfOtherIintangibleAssets" xlink:to="forty_UsefulLifeOfOtherIintangibleAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US">BUSINESS COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfProvisionalEstimatedConsideration" xlink:href="forty-20211231.xsd#forty_DisclosureOfProvisionalEstimatedConsideration"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfProvisionalEstimatedConsideration_lbl" xml:lang="en-US">Schedule of provisional estimated consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfProvisionalEstimatedConsideration" xlink:to="forty_DisclosureOfProvisionalEstimatedConsideration_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashConsideration" xlink:href="forty-20211231.xsd#forty_CashConsideration"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CashConsideration_lbl" xml:lang="en-US">Cash consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsideration" xlink:to="forty_CashConsideration_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US">Acquisition date fair-value of contingent consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl0" xml:lang="en-US">Fair value of total consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsideration" xlink:href="forty-20211231.xsd#forty_TotalConsideration"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalConsideration_lbl" xml:lang="en-US">Total consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsideration" xlink:to="forty_TotalConsideration_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl" xml:lang="en-US">Schedule of provisional estimated consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:to="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US">Other long-term assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentAssets" xlink:to="ifrs-full_OtherNoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Customer relationships</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Trade names</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NoncontrollingInterestsInAcquireesSubsidiary" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsInAcquireesSubsidiary"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NoncontrollingInterestsInAcquireesSubsidiary_lbl" xml:lang="en-US">Non-controlling interests in acquiree&#8217;s subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsInAcquireesSubsidiary" xlink:to="forty_NoncontrollingInterestsInAcquireesSubsidiary_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US">Total assets acquired net of acquired cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl0" xml:lang="en-US">Total assets acquired, net of acquired cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl1" xml:lang="en-US">Total assets acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl2" xml:lang="en-US">Total liabilities acquired net of acquired cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl2"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Net assets excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Net assets, excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl1" xml:lang="en-US">Net assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl2" xml:lang="en-US">Net assets excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl3" xml:lang="en-US">Net liabilities excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl3"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Intangible assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredAssetsDividendPayableToFormerShareholder" xlink:href="forty-20211231.xsd#forty_DeferredAssetsDividendPayableToFormerShareholder"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredAssetsDividendPayableToFormerShareholder_lbl" xml:lang="en-US">Dividend payable to former shareholder</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredAssetsDividendPayableToFormerShareholder" xlink:to="forty_DeferredAssetsDividendPayableToFormerShareholder_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet_lbl" xml:lang="en-US">Deferred tax, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DeferredTaxNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredTaxNoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxNoncontrollingInterests" xlink:to="forty_DeferredTaxNoncontrollingInterests_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetAssetsExcludingCashAcquired_lbl" xml:lang="en-US">Net assets excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetAssetsExcludingCashAcquired" xlink:to="forty_NetAssetsExcludingCashAcquired_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NetAssetsExcludingCashAcquired_lbl0" xml:lang="en-US">Net liabilities excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetAssetsExcludingCashAcquired" xlink:to="forty_NetAssetsExcludingCashAcquired_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_NetAssetsExcludingCashAcquired_lbl1" xml:lang="en-US">Net assets, excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetAssetsExcludingCashAcquired" xlink:to="forty_NetAssetsExcludingCashAcquired_lbl1"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Developed technology</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Backlog</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredRevenues" xlink:href="forty-20211231.xsd#forty_DeferredRevenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredRevenues_lbl" xml:lang="en-US">Deferred revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredRevenues" xlink:to="forty_DeferredRevenues_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl0" xml:lang="en-US">Deferred tax liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl1" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssets" xlink:href="forty-20211231.xsd#forty_IntangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IntangibleAssets_lbl" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntangibleAssets" xlink:to="forty_IntangibleAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetLiabilitiesExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingCashAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetLiabilitiesExcludingCashAcquired_lbl" xml:lang="en-US">Net liabilities excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingCashAcquired" xlink:to="forty_NetLiabilitiesExcludingCashAcquired_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NetLiabilitiesExcludingCashAcquired_lbl0" xml:lang="en-US">Net liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingCashAcquired" xlink:to="forty_NetLiabilitiesExcludingCashAcquired_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl" xml:lang="en-US">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl0" xml:lang="en-US">Schedule of other accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US">Other long-term assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory_lbl" xml:lang="en-US">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetLiabilitiesExcludingAcquiredCash" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingAcquiredCash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetLiabilitiesExcludingAcquiredCash_lbl" xml:lang="en-US">Net liabilities excluding cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingAcquiredCash" xlink:to="forty_NetLiabilitiesExcludingAcquiredCash_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl" xml:lang="en-US">Deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl0" xml:lang="en-US">Deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RedeemableNoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_RedeemableNoncontrollingInterests_lbl0" xml:lang="en-US">Redeemable non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_RedeemableNoncontrollingInterests_lbl1" xml:lang="en-US">Non-controlling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_RedeemableNoncontrollingInterests_lbl2" xml:lang="en-US">Redeemable non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="forty_RedeemableNoncontrollingInterests_lbl3" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl3"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl" xml:lang="en-US">MARKETABLE SECURITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMarketableSecuritiesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl" xml:lang="en-US">Schedule of marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMarketableSecuritiesTableTextBlock" xlink:to="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Convertible bonds designated at fair value through profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialAssetsAvailableforsale" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialAssetsAvailableforsale"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinancialAssetsAvailableforsale_lbl" xml:lang="en-US">Total marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAvailableforsale" xlink:to="ifrs-full_CurrentFinancialAssetsAvailableforsale_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl" xml:lang="en-US">PREPAID EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:to="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl" xml:lang="en-US">Schedule of prepaid expenses, other accounts receivable and other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:to="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:href="forty-20211231.xsd#forty_CurrentPrepaidExpensesAndAdvancesToSuppliers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl" xml:lang="en-US">Prepaid expenses and advances to suppliers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:to="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentGovernmentDepartments" xlink:href="forty-20211231.xsd#forty_CurrentGovernmentDepartments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentGovernmentDepartments_lbl" xml:lang="en-US">Government departments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentGovernmentDepartments" xlink:to="forty_CurrentGovernmentDepartments_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentEmployees" xlink:href="forty-20211231.xsd#forty_CurrentEmployees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentEmployees_lbl" xml:lang="en-US">Employees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentEmployees" xlink:to="forty_CurrentEmployees_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentRelatedParties" xlink:href="forty-20211231.xsd#forty_CurrentRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentRelatedParties_lbl" xml:lang="en-US">Related Parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentRelatedParties" xlink:to="forty_CurrentRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OthersCurrentAccountsReceivable" xlink:href="forty-20211231.xsd#forty_OthersCurrentAccountsReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OthersCurrentAccountsReceivable_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OthersCurrentAccountsReceivable" xlink:to="forty_OthersCurrentAccountsReceivable_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US">Total prepaid expenses, other accounts receivable and other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl" xml:lang="en-US">FAIR VALUE MEASUREMENT</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock_lbl" xml:lang="en-US">Schedule of financial assets and liabilities measured at fair value on a recurring basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" xlink:to="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsAtFairValueThroughProfitOrLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Convertible bonds at fair value through profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyDerivativeContract" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyDerivativeContract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ForeignCurrencyDerivativeContract_lbl" xml:lang="en-US">Foreign currency derivative contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyDerivativeContract" xlink:to="forty_ForeignCurrencyDerivativeContract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPreferenceDerivativeInTSG" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTSG"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPreferenceDerivativeInTSG_lbl" xml:lang="en-US">Dividend preference derivative in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTSG" xlink:to="forty_DividendPreferenceDerivativeInTSG_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_Asste" xlink:href="forty-20211231.xsd#forty_Asste"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_Asste_lbl" xml:lang="en-US">Asstes, total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_Asste" xlink:to="forty_Asste_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ContingentConsiderationInRespectOfBusinessCombination" xlink:href="forty-20211231.xsd#forty_ContingentConsiderationInRespectOfBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl" xml:lang="en-US">Contingent consideration in respect of business combination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentConsiderationInRespectOfBusinessCombination" xlink:to="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:href="forty-20211231.xsd#forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl" xml:lang="en-US">Liabilities from acquisition of non-controlling interests (put options)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:to="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_Liabilitiy" xlink:href="forty-20211231.xsd#forty_Liabilitiy"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_Liabilitiy_lbl" xml:lang="en-US">Liabilities, total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_Liabilitiy" xlink:to="forty_Liabilitiy_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAbstract0" xlink:href="forty-20211231.xsd#forty_AssetsAbstract0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AssetsAbstract0_lbl" xml:lang="en-US">Assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAbstract0" xlink:to="forty_AssetsAbstract0_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilitiesAbstract0" xlink:href="forty-20211231.xsd#forty_LiabilitiesAbstract0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiabilitiesAbstract0_lbl" xml:lang="en-US">Liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesAbstract0" xlink:to="forty_LiabilitiesAbstract0_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SummaryOfFormulasInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfFormulasInvestmentsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl" xml:lang="en-US">Schedule of changes in the carrying amount of the company&#8217;s investment in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SummaryOfFormulasInvestmentsTableTextBlock" xlink:to="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">TSG (Joint venture)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_lbl" xml:lang="en-US">Other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock_lbl" xml:lang="en-US">Schedule of investment in TSG equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" xlink:to="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract_lbl" xml:lang="en-US">Investment in companies accounted for at equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SharesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_SharesInvestmentInJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SharesInvestmentInJointVenture_lbl" xml:lang="en-US">Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SharesInvestmentInJointVenture" xlink:to="forty_SharesInvestmentInJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CapitalNotesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_CapitalNotesInvestmentInJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CapitalNotesInvestmentInJointVenture_lbl" xml:lang="en-US">Capital note</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CapitalNotesInvestmentInJointVenture" xlink:to="forty_CapitalNotesInvestmentInJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_TotalInvestmentInJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalInvestmentInJointVenture_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalInvestmentInJointVenture" xlink:to="forty_TotalInvestmentInJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract_lbl" xml:lang="en-US">Long-term prepaid expenses, other accounts, and other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:to="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTsg"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPreferenceDerivativeInTsg_lbl" xml:lang="en-US">Dividend preference derivative at fair value through profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTsg" xlink:to="forty_DividendPreferenceDerivativeInTsg_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl" xml:lang="en-US">Schedule of fair value of TSG&apos;s dividend preference derivative</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:to="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised_lbl" xml:lang="en-US">Increase in fair value recognized in profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" xlink:to="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrencyExchangeRateInOtherComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_CurrencyExchangeRateInOtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrencyExchangeRateInOtherComprehensiveIncome_lbl" xml:lang="en-US">Currency exchange rate in other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrencyExchangeRateInOtherComprehensiveIncome" xlink:to="forty_CurrencyExchangeRateInOtherComprehensiveIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock_lbl" xml:lang="en-US">Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock" xlink:to="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CompanysShareOfEarningsLossesOfJointVenture" xlink:href="forty-20211231.xsd#forty_CompanysShareOfEarningsLossesOfJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl" xml:lang="en-US">Company&#8217;s share of profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareOfEarningsLossesOfJointVenture" xlink:to="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:href="forty-20211231.xsd#forty_ShareOfOtherComprehensiveIncomeOfJointVenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl" xml:lang="en-US">Company&#8217;s share of other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:to="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CompanysShareInDividendDeclaredByTsg" xlink:href="forty-20211231.xsd#forty_CompanysShareInDividendDeclaredByTsg"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CompanysShareInDividendDeclaredByTsg_lbl" xml:lang="en-US">Company&#8217;s Share in dividend declared by TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareInDividendDeclaredByTsg" xlink:to="forty_CompanysShareInDividendDeclaredByTsg_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock_lbl" xml:lang="en-US">Schedule of statement of financial position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" xlink:to="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Noncurrent assets excluding goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedCostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_AccumulatedCostOfSharebasedPayment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AccumulatedCostOfSharebasedPayment_lbl" xml:lang="en-US">Accumulated cost of share-based payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedCostOfSharebasedPayment" xlink:to="forty_AccumulatedCostOfSharebasedPayment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WorkingCapitalForAssetsAndLiabilities" xlink:href="forty-20211231.xsd#forty_WorkingCapitalForAssetsAndLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WorkingCapitalForAssetsAndLiabilities_lbl" xml:lang="en-US">Working capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapitalForAssetsAndLiabilities" xlink:to="forty_WorkingCapitalForAssetsAndLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareInEquity" xlink:href="forty-20211231.xsd#forty_PercentageOfShareInEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfShareInEquity_lbl" xml:lang="en-US">Company&#8217;s share in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareInEquity" xlink:to="forty_PercentageOfShareInEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US">Working capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl" xml:lang="en-US">Excess cost of intangible assets net of deferred tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:to="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock_lbl" xml:lang="en-US">Schedule of highlights of TSG profit or loss in accordance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" xlink:to="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherInvestmentComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_OtherInvestmentComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherInvestmentComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherInvestmentComprehensiveIncome" xlink:to="forty_OtherInvestmentComprehensiveIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherComprehensiveIncomeOtherNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeOtherNetOfTax_lbl" xml:lang="en-US">Total comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeOtherNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareProfit" xlink:href="forty-20211231.xsd#forty_PercentageOfShareProfit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfShareProfit_lbl" xml:lang="en-US">Company&#8217;s share in TSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareProfit" xlink:to="forty_PercentageOfShareProfit_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl" xml:lang="en-US">Company&apos;s share of total comprehensive income before amortization of excess cost of intangible assets net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:href="forty-20211231.xsd#forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl" xml:lang="en-US">Amortization of excess cost of intangible assets net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:to="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl" xml:lang="en-US">Company&#8217;s share of total comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Company&#8217;s share of profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Group&#8217;s share of profits of companies accounted for at equity, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingResultsTotal" xlink:href="forty-20211231.xsd#forty_OperatingResultsTotal"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OperatingResultsTotal_lbl" xml:lang="en-US">Operating results total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingResultsTotal" xlink:to="forty_OperatingResultsTotal_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">PROPERTY, PLANTS AND EQUIPMENT, NET</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Schedule of property, plants and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CostAbstract" xlink:href="forty-20211231.xsd#forty_CostAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CostAbstract_lbl" xml:lang="en-US">Cost:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostAbstract" xlink:to="forty_CostAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantAndEquipmentsGross" xlink:href="forty-20211231.xsd#forty_PropertyPlantAndEquipmentsGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PropertyPlantAndEquipmentsGross_lbl" xml:lang="en-US">Cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantAndEquipmentsGross" xlink:to="forty_PropertyPlantAndEquipmentsGross_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedDepreciationAbstract" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AccumulatedDepreciationAbstract_lbl" xml:lang="en-US">Accumulated depreciation:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedDepreciationAbstract" xlink:to="forty_AccumulatedDepreciationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl" xml:lang="en-US">Accumulated depreciation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:to="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated_lbl" xml:lang="en-US">Depreciated cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" xlink:to="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US">INTANGIBLE ASSETS, NET</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIntangibleAssetsNetTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl" xml:lang="en-US">Schedule of intangible assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:to="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OriginalAmountsAbstract" xlink:href="forty-20211231.xsd#forty_OriginalAmountsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OriginalAmountsAbstract_lbl" xml:lang="en-US">Original amounts:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OriginalAmountsAbstract" xlink:to="forty_OriginalAmountsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OriginalAmountsOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_OriginalAmountsOfIntangibleAssetsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OriginalAmountsOfIntangibleAssetsNet_lbl" xml:lang="en-US">Original amounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OriginalAmountsOfIntangibleAssetsNet" xlink:to="forty_OriginalAmountsOfIntangibleAssetsNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedAmortizationAbstract" xlink:href="forty-20211231.xsd#forty_AccumulatedAmortizationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AccumulatedAmortizationAbstract_lbl" xml:lang="en-US">Accumulated amortization:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedAmortizationAbstract" xlink:to="forty_AccumulatedAmortizationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AccumulatedAmortizationOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_AccumulatedAmortizationOfIntangibleAssetsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl" xml:lang="en-US">Accumulated amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedAmortizationOfIntangibleAssetsNet" xlink:to="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGoodwillExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory_lbl" xml:lang="en-US">GOODWILL</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfGoodwillExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl" xml:lang="en-US">Schedule of carrying amount of goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:to="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination_lbl" xml:lang="en-US">Acquisition of subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" xlink:to="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ClassificationsAboutGoodwill" xlink:href="forty-20211231.xsd#forty_ClassificationsAboutGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ClassificationsAboutGoodwill_lbl" xml:lang="en-US">Classifications</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ClassificationsAboutGoodwill" xlink:to="forty_ClassificationsAboutGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslationAdjustmentsForGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl" xml:lang="en-US">Foreign currency translation adjustments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:to="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US">SHORT TERM LIABILITIES TO BANKS AND OTHERS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl" xml:lang="en-US">Schedule of short term liabilities to banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRateBasis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Interest rate %</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsOriginalCurrency" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsOriginalCurrency"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsOriginalCurrency_lbl" xml:lang="en-US">Currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsOriginalCurrency" xlink:to="ifrs-full_BorrowingsOriginalCurrency_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract_lbl" xml:lang="en-US">Current maturities of long-term loans from banks and</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" xlink:to="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract" xlink:href="forty-20211231.xsd#forty_ShortTermInterestOnLongTermLoansFromOtherAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract_lbl" xml:lang="en-US">Short-term interest on long-term loans from other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract" xlink:to="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherAccountsPayableTextBlock" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherAccountsPayableTextBlock_lbl" xml:lang="en-US">OTHER ACCOUNTS PAYABLE</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherAccountsPayableTextBlock" xlink:to="forty_OtherAccountsPayableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GovernmentInstitution" xlink:href="forty-20211231.xsd#forty_GovernmentInstitution"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GovernmentInstitution_lbl" xml:lang="en-US">Government institutions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GovernmentInstitution" xlink:to="forty_GovernmentInstitution_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Accrued expenses and other current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US">LONG TERM LIABILITIES TO BANKS AND OTHERS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl" xml:lang="en-US">Schedule of long term liabilities to banks and others composition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestRatePercentage" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestRatePercentage_lbl" xml:lang="en-US">Interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage" xlink:to="forty_InterestRatePercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisDescription" xlink:href="forty-20211231.xsd#forty_LinkageBasisDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LinkageBasisDescription_lbl" xml:lang="en-US">Currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisDescription" xlink:to="forty_LinkageBasisDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl" xml:lang="en-US">Long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl0" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl" xml:lang="en-US">Current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:to="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongtermLiabilitiesNetOfCurrentMaturities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongtermLiabilitiesNetOfCurrentMaturities_lbl" xml:lang="en-US">Long-term liabilities net of current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongtermLiabilitiesNetOfCurrentMaturities" xlink:to="forty_LongtermLiabilitiesNetOfCurrentMaturities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_TotalLongtermLiabilitiesNetOfCurrentMaturities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities_lbl" xml:lang="en-US">Total long-term liabilities net of current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities" xlink:to="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl" xml:lang="en-US">Schedule of long term liabilities to banks and others maturity dates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl" xml:lang="en-US">First year (current maturities)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl" xml:lang="en-US">Second year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl" xml:lang="en-US">Third year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl" xml:lang="en-US">Fourth year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl" xml:lang="en-US">Fifth year and thereafter</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDebenturesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDebenturesTextBlock_lbl" xml:lang="en-US">DEBENTURES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDebenturesTextBlock" xlink:to="forty_DisclosureOfDebenturesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl" xml:lang="en-US">Schedule of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US">Effective Interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl0" xml:lang="en-US">Interest rate, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl1" xml:lang="en-US">Fixed interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_ParValueInIssuanceCurrencies" xlink:href="forty-20211231.xsd#forty_ParValueInIssuanceCurrencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ParValueInIssuanceCurrencies_lbl" xml:lang="en-US">Par value in issuance currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ParValueInIssuanceCurrencies" xlink:to="forty_ParValueInIssuanceCurrencies_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotionalAmount" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotionalAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US">Par Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet" xlink:href="forty-20211231.xsd#forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet_lbl" xml:lang="en-US">Unamortized debt premium (discount) and issuance costs, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet" xlink:to="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturities" xlink:href="forty-20211231.xsd#forty_CurrentMaturities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentMaturities_lbl" xml:lang="en-US">Current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturities" xlink:to="forty_CurrentMaturities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermAccruedInterest" xlink:href="forty-20211231.xsd#forty_ShorttermAccruedInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShorttermAccruedInterest_lbl" xml:lang="en-US">Short-term accrued interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermAccruedInterest" xlink:to="forty_ShorttermAccruedInterest_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotesAndDebenturesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotesAndDebenturesIssued_lbl" xml:lang="en-US">Total short-term and long-term debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotesAndDebenturesIssued" xlink:to="ifrs-full_NotesAndDebenturesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl" xml:lang="en-US">Schedule of aggregate principal annual payments of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFinancialYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl" xml:lang="en-US">2022</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextSecondFinancialYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl" xml:lang="en-US">2023</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextThirdFinancialYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl" xml:lang="en-US">2024</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFourthFinancialYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl" xml:lang="en-US">2025</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl" xml:lang="en-US">2026</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US">RELATED PARTIES TRANSACTIONS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfLeasesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory_lbl" xml:lang="en-US">LEASES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfLeasesExplanatory" xlink:to="ifrs-full_DisclosureOfLeasesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" xlink:href="forty-20211231.xsd#forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease_lbl" xml:lang="en-US">Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" xlink:to="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" xlink:href="forty-20211231.xsd#forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases_lbl" xml:lang="en-US">Total undiscounted cash flows</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" xlink:to="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LessImputedInterest" xlink:href="forty-20211231.xsd#forty_LessImputedInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LessImputedInterest_lbl" xml:lang="en-US">Less imputed interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LessImputedInterest" xlink:to="forty_LessImputedInterest_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PresentValueOfLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_PresentValueOfLeaseLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PresentValueOfLeaseLiabilities_lbl" xml:lang="en-US">Present value of lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PresentValueOfLeaseLiabilities" xlink:to="forty_PresentValueOfLeaseLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl" xml:lang="en-US">EMPLOYEE OPTION PLANS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:to="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_lbl" xml:lang="en-US">Schedule of stock-based compensation expense resulting from stock options grants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:to="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" xml:lang="en-US">Total stock-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdministrativeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Total stock-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl" xml:lang="en-US">Schedule of Matrix stock-based compensation activity (and not Magic software)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of options, Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Amount of options, Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Weighted average exercise price, Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Exercised (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl" xml:lang="en-US">Weighted average remaining contractual term, Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisedShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl" xml:lang="en-US">Aggregate intrinsic value, Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisedShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of options, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Amount of options, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Weighted average exercise price, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Weighted average exercise price, Exercisable at end of year (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl" xml:lang="en-US">Weighted average remaining contractual term, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl0" xml:lang="en-US">Weighted average remaining contractual life, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl" xml:lang="en-US">Aggregate intrinsic value, Exercisable at end of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl0" xml:lang="en-US">Aggregate intrinsic value, Exercisable at end of year (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl" xml:lang="en-US">Schedule of Sapiens stock-based compensation activity (and not Magic software)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Amount of options, Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Weighted average exercise price, Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Granted (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Amount of options, Expired and forfeited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Weighted average exercise price, Expired and forfeited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockOptionPlansTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock_lbl" xml:lang="en-US">Schedule of Sapiens&#8217; stock option plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock" xlink:to="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl" xml:lang="en-US">Ranges of exercise price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptions" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionOutstanding_lbl" xml:lang="en-US">Options outstanding (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstanding" xlink:to="forty_NumberOfShareOptionOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NumberOfShareOptionOutstanding_lbl0" xml:lang="en-US">Options outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstanding" xlink:to="forty_NumberOfShareOptionOutstanding_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl" xml:lang="en-US">Weighted Average remaining contractual Term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl0" xml:lang="en-US">Weighted average remaining contractual term, Outstanding at beginning of year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements_lbl" xml:lang="en-US">Weighted average exercise price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl" xml:lang="en-US">Ranges of exercise price, lower limit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl" xml:lang="en-US">Ranges of exercise price, upper limit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl" xml:lang="en-US">Options Exercisable (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl0" xml:lang="en-US">Options exercisable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl" xml:lang="en-US">Weighted Average Exercise price of Options Exercisable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl0" xml:lang="en-US">Weighted average exercise price of exercisable options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_lbl" xml:lang="en-US">Schedule of the RSU activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:to="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsGranted" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmountOfOptionsGranted_lbl" xml:lang="en-US">Amount of options, Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsGranted" xlink:to="forty_AmountOfOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueGranted" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageGrantDateFairValueGranted_lbl" xml:lang="en-US">Weighted Average Grant-Date Fair value, Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueGranted" xlink:to="forty_WeightedAverageGrantDateFairValueGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsVested" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsVested"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmountOfOptionsVested_lbl" xml:lang="en-US">Amount of options, Vested</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsVested" xlink:to="forty_AmountOfOptionsVested_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueVested" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueVested"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageGrantDateFairValueVested_lbl" xml:lang="en-US">Weighted Average Grant-Date Fair value, Vested</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueVested" xlink:to="forty_WeightedAverageGrantDateFairValueVested_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountOfOptionsExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsExpiredAndForfeiture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmountOfOptionsExpiredAndForfeiture_lbl" xml:lang="en-US">Amount of options, Expired and forfeiture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsExpiredAndForfeiture" xlink:to="forty_AmountOfOptionsExpiredAndForfeiture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl" xml:lang="en-US">Weighted Average Grant-Date Fair value, Expired and forfeiture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:to="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Forfeited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Forfeited (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_lbl" xml:lang="en-US">Schedule of Sapiens&#8217; stock option plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" xlink:to="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangesOfExercisePrice" xlink:href="forty-20211231.xsd#forty_RangesOfExercisePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangesOfExercisePrice_lbl" xml:lang="en-US">Ranges of Exercise price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesOfExercisePrice" xlink:to="forty_RangesOfExercisePrice_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl" xml:lang="en-US">Weighted average remaining contractual life (Years)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US">EMPLOYEE BENEFIT LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_lbl" xml:lang="en-US">Schedule of defined benefit plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Defined benefit obligation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PlanAssetsAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsAtFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Fair value of plan assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan_lbl" xml:lang="en-US">Net defined benefit liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" xlink:to="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_lbl" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl" xml:lang="en-US">Schedule of composition of pledged shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialInstitutionCreditAgreement" xlink:href="forty-20211231.xsd#forty_FinancialInstitutionCreditAgreement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialInstitutionCreditAgreement_lbl" xml:lang="en-US">Formula&#8217;s series A secured Debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialInstitutionCreditAgreement" xlink:to="forty_FinancialInstitutionCreditAgreement_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebentures" xlink:href="forty-20211231.xsd#forty_SecuredDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SecuredDebentures_lbl" xml:lang="en-US">Formula&#8217;s series C secured debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebentures" xlink:to="forty_SecuredDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xml:lang="en-US">EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US">Schedule of share capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfSharesOutstanding1" xlink:href="forty-20211231.xsd#forty_NumberOfSharesOutstanding1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfSharesOutstanding1_lbl" xml:lang="en-US">Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesOutstanding1" xlink:to="forty_NumberOfSharesOutstanding1_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xml:lang="en-US">INCOME TAX</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl" xml:lang="en-US">Schedule of deferred tax liabilities, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl" xml:lang="en-US">Deferred taxes assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxLiabilities" xlink:to="ifrs-full_NetDeferredTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCompositionOfGroupExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCompositionOfGroupExplanatory_lbl" xml:lang="en-US">Schedule of composition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" xlink:to="ifrs-full_DisclosureOfCompositionOfGroupExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_lbl" xml:lang="en-US">Net operating losses carried forward</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Intangibles, fixed asset and right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossLeaseLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossLeaseLiabilities_lbl" xml:lang="en-US">Lease liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossLeaseLiabilities" xlink:to="ifrs-full_GrossLeaseLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Differences in measurement basis (cash basis for tax purposes)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl" xml:lang="en-US">Schedule of pre-tax income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:to="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProfitLossesBeforeTax" xlink:href="forty-20211231.xsd#forty_ProfitLossesBeforeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProfitLossesBeforeTax_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProfitLossesBeforeTax" xlink:to="forty_ProfitLossesBeforeTax_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock_lbl" xml:lang="en-US">Schedule of taxes on income (tax benefit)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" xlink:to="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Current taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl" xml:lang="en-US">Schedule of theoretical tax expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:to="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" xlink:href="forty-20211231.xsd#forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations_lbl" xml:lang="en-US">Income before income taxes, as per the statement of operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" xlink:to="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl" xml:lang="en-US">Statutory tax rate in Israel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US">Tax computed at the statutory tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl" xml:lang="en-US">Non-deductible expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectFromChangeInTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxEffectFromChangeInTaxRate_lbl" xml:lang="en-US">Effect of different tax rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectFromChangeInTaxRate" xlink:to="ifrs-full_TaxEffectFromChangeInTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ReleaseOfTrappedEarningsseeNote21a2" xlink:href="forty-20211231.xsd#forty_ReleaseOfTrappedEarningsseeNote21a2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl" xml:lang="en-US">Release of trapped earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReleaseOfTrappedEarningsseeNote21a2" xlink:to="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:href="forty-20211231.xsd#forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl" xml:lang="en-US">Effect of &#8220;Approved, Beneficiary or Preferred Enterprise&#8221; status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:to="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DeferredTaxesOnCurrentLosses" xlink:href="forty-20211231.xsd#forty_DeferredTaxesOnCurrentLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DeferredTaxesOnCurrentLosses_lbl" xml:lang="en-US">Deferred taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was provided, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxesOnCurrentLosses" xlink:to="forty_DeferredTaxesOnCurrentLosses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TaxesInRespectOfPriorYears" xlink:href="forty-20211231.xsd#forty_TaxesInRespectOfPriorYears"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TaxesInRespectOfPriorYears_lbl" xml:lang="en-US">Taxes in respect of prior years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesInRespectOfPriorYears" xlink:to="forty_TaxesInRespectOfPriorYears_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NonRefundableWithholdingTaxAndTaxAdvances" xlink:href="forty-20211231.xsd#forty_NonRefundableWithholdingTaxAndTaxAdvances"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl" xml:lang="en-US">Uncertain tax positions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonRefundableWithholdingTaxAndTaxAdvances" xlink:to="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForOtherTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForOtherTaxes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsForOtherTaxes_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOtherTaxes" xlink:to="us-gaap_PaymentsForOtherTaxes_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl" xml:lang="en-US">Schedule of total unrecognized tax benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:to="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DecreaseRelatedToPriorYearsTaxPositions" xlink:href="forty-20211231.xsd#forty_DecreaseRelatedToPriorYearsTaxPositions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl" xml:lang="en-US">Decrease related to prior years&apos; tax positions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DecreaseRelatedToPriorYearsTaxPositions" xlink:to="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncreaseRelatedToCurrentYearTaxPositions" xlink:href="forty-20211231.xsd#forty_IncreaseRelatedToCurrentYearTaxPositions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl" xml:lang="en-US">Increase related to current year tax positions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncreaseRelatedToCurrentYearTaxPositions" xlink:to="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSubsidiaries" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSubsidiaries"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfSubsidiaries_lbl" xml:lang="en-US">Acquisition of subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSubsidiaries" xlink:to="forty_AcquisitionOfSubsidiaries_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationTextBlock" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SupplementaryFinancialStatementInformationTextBlock_lbl" xml:lang="en-US">SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationTextBlock" xlink:to="forty_SupplementaryFinancialStatementInformationTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl" xml:lang="en-US">Schedule of non-controlling interest in material partially owned subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncomeAndExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAndExpensesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialIncomeAndExpensesTableTextBlock_lbl" xml:lang="en-US">Schedule of financial income and expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncomeAndExpensesTableTextBlock" xlink:to="forty_FinancialIncomeAndExpensesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpensesAbstract" xlink:href="forty-20211231.xsd#forty_FinancialExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialExpensesAbstract_lbl" xml:lang="en-US">Financial expenses:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_FinancialExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl" xml:lang="en-US">Financial expenses related to liabilities in respect of business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpensesOnShortTermAndLongTermLoans" xlink:href="forty-20211231.xsd#forty_InterestExpensesOnShortTermAndLongTermLoans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl" xml:lang="en-US">Interest expenses on loans and borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesOnShortTermAndLongTermLoans" xlink:to="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialCostsRelatedToDebentures" xlink:href="forty-20211231.xsd#forty_FinancialCostsRelatedToDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialCostsRelatedToDebentures_lbl" xml:lang="en-US">Financial costs related to Debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialCostsRelatedToDebentures" xlink:to="forty_FinancialCostsRelatedToDebentures_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpensesAttributedToIfrs" xlink:href="forty-20211231.xsd#forty_InterestExpensesAttributedToIfrs"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestExpensesAttributedToIfrs_lbl" xml:lang="en-US">Interest expenses attributed to IFRS 16</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesAttributedToIfrs" xlink:to="forty_InterestExpensesAttributedToIfrs_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BankChargesInterestAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_BankChargesInterestAndForeignExchangeDifferences"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BankChargesInterestAndForeignExchangeDifferences_lbl" xml:lang="en-US">Bank charges, negative foreign exchange differences and other financial expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankChargesInterestAndForeignExchangeDifferences" xlink:to="forty_BankChargesInterestAndForeignExchangeDifferences_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialExpenses" xlink:href="forty-20211231.xsd#forty_FinancialExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialExpenses_lbl" xml:lang="en-US">Financial expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpenses" xlink:to="forty_FinancialExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncomeAbstract" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialIncomeAbstract_lbl" xml:lang="en-US">Financial income:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncomeAbstract" xlink:to="forty_FinancialIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_IncomeFromMarketableSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IncomeFromMarketableSecurities_lbl" xml:lang="en-US">Income from marketable securities and embedded derivative</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeFromMarketableSecurities" xlink:to="forty_IncomeFromMarketableSecurities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_InterestIncomeFromDepositsAndForeignExchangeDifferences"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl" xml:lang="en-US">Interest income from deposits, positive foreign exchange differences and other financial income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:to="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinancialIncome" xlink:href="forty-20211231.xsd#forty_FinancialIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinancialIncome_lbl" xml:lang="en-US">Financial income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncome" xlink:to="forty_FinancialIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherTradingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherTradingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherTradingIncomeExpense_lbl" xml:lang="en-US">Financial expenses, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTradingIncomeExpense" xlink:to="ifrs-full_OtherTradingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyAndEquipmentTableTextBlock" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipmentTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PropertyAndEquipmentTableTextBlock_lbl" xml:lang="en-US">Schedule of property and equipment located</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipmentTableTextBlock" xlink:to="forty_PropertyAndEquipmentTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:href="forty-20211231.xsd#forty_RevenuesClassifiedByGeographicAreaTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl" xml:lang="en-US">Schedule of revenues classified by geographic area (based on the location of customers)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:to="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InternationalAbstract" xlink:href="forty-20211231.xsd#forty_InternationalAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InternationalAbstract_lbl" xml:lang="en-US">International:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InternationalAbstract" xlink:to="forty_InternationalAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:href="forty-20211231.xsd#forty_BasicAndDilutedNetEarningsPerShareTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl" xml:lang="en-US">Schedule of computation basic and diluted net earnings per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:to="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumeratorAbstract" xlink:href="forty-20211231.xsd#forty_NumeratorAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumeratorAbstract_lbl" xml:lang="en-US">Numerator:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumeratorAbstract" xlink:to="forty_NumeratorAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl" xml:lang="en-US">Basic earnings per share &#8211; net income attributable to equity holders of the Company (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl" xml:lang="en-US">Diluted earnings per share &#8211; net income attributable to equity holders of the Company (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorAbstract" xlink:href="forty-20211231.xsd#forty_DenominatorAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DenominatorAbstract_lbl" xml:lang="en-US">Denominator:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorAbstract" xlink:to="forty_DenominatorAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorForBasicNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForBasicNetEarningsPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DenominatorForBasicNetEarningsPerShare_lbl" xml:lang="en-US">Basic earnings per share &#8211; weighted average shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForBasicNetEarningsPerShare" xlink:to="forty_DenominatorForBasicNetEarningsPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EffectOfDilutiveSecurities" xlink:href="forty-20211231.xsd#forty_EffectOfDilutiveSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EffectOfDilutiveSecurities_lbl" xml:lang="en-US">Effect of dilutive securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfDilutiveSecurities" xlink:to="forty_EffectOfDilutiveSecurities_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DenominatorForDilutedNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForDilutedNetEarningsPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DenominatorForDilutedNetEarningsPerShare_lbl" xml:lang="en-US">Diluted earnings per share &#8211; adjusted weighted average shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForDilutedNetEarningsPerShare" xlink:to="forty_DenominatorForDilutedNetEarningsPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xml:lang="en-US">OPERATING SEGMENTS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl" xml:lang="en-US">Schedule of goodwill in material partially owned subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US">Schedule of reporting on operating segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromContractsWithCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromContractsWithCustomers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US">Revenues from external customers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromContractsWithCustomers" xlink:to="ifrs-full_RevenueFromContractsWithCustomers_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IntersegmentRevenues" xlink:href="forty-20211231.xsd#forty_IntersegmentRevenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IntersegmentRevenues_lbl" xml:lang="en-US">Inter-segment revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntersegmentRevenues" xlink:to="forty_IntersegmentRevenues_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherOperatingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherOperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US">Segment operating income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UnallocatedCorporateExpenses" xlink:href="forty-20211231.xsd#forty_UnallocatedCorporateExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UnallocatedCorporateExpenses_lbl" xml:lang="en-US">Unallocated corporate expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnallocatedCorporateExpenses" xlink:to="forty_UnallocatedCorporateExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAndOperatingIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAndOperatingIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US">Total operating income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncomeCost" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncomeCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinanceIncomeCost_lbl" xml:lang="en-US">Financial expenses, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US">SUBSEQUENT EVENTS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProprietarySoftwareAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareAndRelatedServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_ProprietarySoftwareAndRelatedServices_lbl" xml:lang="en-US">Proprietary software and related services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProprietarySoftwareAndRelatedServices" xlink:to="forty_ProprietarySoftwareAndRelatedServices_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl0" xml:lang="en-US">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl" xml:lang="en-US">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:to="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:to="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xml:lang="en-US">Short-term bank credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Liabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">Liability to acquire non-controlling interests (put option)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl" xml:lang="en-US">Contingent liability in respect of business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:to="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepositsFromBanks" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepositsFromBanks"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepositsFromBanks_lbl" xml:lang="en-US">Credit from banks and others</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepositsFromBanks" xlink:to="ifrs-full_DepositsFromBanks_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RevenuesByProductServices" xlink:href="forty-20211231.xsd#forty_RevenuesByProductServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="forty_RevenuesByProductServices_lbl" xml:lang="en-US">Total revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesByProductServices" xlink:to="forty_RevenuesByProductServices_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MatrixMember_lbl" xml:lang="en-US">Matrix [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MatrixMember" xlink:to="forty_MatrixMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_MatrixMember_lbl0" xml:lang="en-US">Matrix and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MatrixMember" xlink:to="forty_MatrixMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensMember_lbl" xml:lang="en-US">Sapiens [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensMember" xlink:to="forty_SapiensMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_SapiensMember_lbl0" xml:lang="en-US">Exercise Price Range 1.12 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensMember" xlink:to="forty_SapiensMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_SapiensMember_lbl1" xml:lang="en-US">Sapiens and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensMember" xlink:to="forty_SapiensMember_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MagicSoftwareMember_lbl" xml:lang="en-US">Magic Software [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicSoftwareMember" xlink:to="forty_MagicSoftwareMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_MagicSoftwareMember_lbl0" xml:lang="en-US">Magic Software and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicSoftwareMember" xlink:to="forty_MagicSoftwareMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_InsyncMember" xlink:href="forty-20211231.xsd#forty_InsyncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InsyncMember_lbl" xml:lang="en-US">Insync [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InsyncMember" xlink:to="forty_InsyncMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MichpalMember_lbl" xml:lang="en-US">Michpal [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MichpalMember" xlink:to="forty_MichpalMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TsgMember_lbl" xml:lang="en-US">TSG [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TsgMember" xlink:to="forty_TsgMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OfekMember_lbl" xml:lang="en-US">Ofek [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfekMember" xlink:to="forty_OfekMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ZAPGroupMember_lbl" xml:lang="en-US">ZAP Group [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPGroupMember" xlink:to="forty_ZAPGroupMember_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LandAndBuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LandAndBuildingsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LandAndBuildingsMember_lbl" xml:lang="en-US">Land and buildings [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandAndBuildingsMember" xlink:to="ifrs-full_LandAndBuildingsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ComputersSoftwareAndPeripheralEquipmentMember" xlink:href="forty-20211231.xsd#forty_ComputersSoftwareAndPeripheralEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ComputersSoftwareAndPeripheralEquipmentMember_lbl" xml:lang="en-US">Computers, software, and peripheral equipment [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ComputersSoftwareAndPeripheralEquipmentMember" xlink:to="forty_ComputersSoftwareAndPeripheralEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OfficeFurnitureAndEquipmentMember" xlink:href="forty-20211231.xsd#forty_OfficeFurnitureAndEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OfficeFurnitureAndEquipmentMember_lbl" xml:lang="en-US">Office furniture and equipment [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfficeFurnitureAndEquipmentMember" xlink:to="forty_OfficeFurnitureAndEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MotorVehiclesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MotorVehiclesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MotorVehiclesMember_lbl" xml:lang="en-US">Motor vehicles [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MotorVehiclesMember" xlink:to="ifrs-full_MotorVehiclesMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MotorVehiclesMember_lbl0" xml:lang="en-US">Motor vehicles [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MotorVehiclesMember" xlink:to="ifrs-full_MotorVehiclesMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US">Bottom of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BottomOfRangeMember_lbl0" xml:lang="en-US">Minimum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US">Top of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TopOfRangeMember_lbl0" xml:lang="en-US">Maximum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_CustomerRelationshipAndBacklogMember" xlink:href="forty-20211231.xsd#forty_CustomerRelationshipAndBacklogMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CustomerRelationshipAndBacklogMember_lbl" xml:lang="en-US">Customer relationship, backlog and distribution rights [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CustomerRelationshipAndBacklogMember" xlink:to="forty_CustomerRelationshipAndBacklogMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BrandNamesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BrandNamesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BrandNamesMember_lbl" xml:lang="en-US">Brand names [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredTechnologyMember" xlink:href="forty-20211231.xsd#forty_AcquiredTechnologyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquiredTechnologyMember_lbl" xml:lang="en-US">Acquired technology [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredTechnologyMember" xlink:to="forty_AcquiredTechnologyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BrandNamesAndPatentsMember" xlink:href="forty-20211231.xsd#forty_BrandNamesAndPatentsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BrandNamesAndPatentsMember_lbl" xml:lang="en-US">Patents [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BrandNamesAndPatentsMember" xlink:to="forty_BrandNamesAndPatentsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ZAPGroupLtdMember_lbl" xml:lang="en-US">ZAP Group Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPGroupLtdMember" xlink:to="forty_ZAPGroupLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_OfekAerialPhotographyLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OfekAerialPhotographyLtdMember_lbl" xml:lang="en-US">Ofek Aerial Photography Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfekAerialPhotographyLtdMember" xlink:to="forty_OfekAerialPhotographyLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_OfekAerialPhotographyLtdMember_lbl0" xml:lang="en-US">Ofek Aerial Photography Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfekAerialPhotographyLtdMember" xlink:to="forty_OfekAerialPhotographyLtdMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl" xml:lang="en-US">Ofek [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl0" xml:lang="en-US">Acquisition of Thor Denmark Holding ApS and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfSumcumoGmbHMember_lbl" xml:lang="en-US">Acquisition of sum.cumo GmbH (&#8220;sum.cumo&#8221;) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSumcumoGmbHMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AcquisitionOfSumcumoGmbHMember_lbl0" xml:lang="en-US">Acquisition of sum.cumo GmbH [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSumcumoGmbHMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_AcquisitionOfSumcumoGmbHMember_lbl1" xml:lang="en-US">Knowledge Price [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSumcumoGmbHMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember_lbl" xml:lang="en-US">Delphi Technology Inc. and its subsidiary [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CalculoSAUMember_lbl" xml:lang="en-US">Calculo S.A.U [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CalculoSAUMember" xlink:to="forty_CalculoSAUMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EnableITLLCMember" xlink:href="forty-20211231.xsd#forty_EnableITLLCMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EnableITLLCMember_lbl" xml:lang="en-US">EnableIT, LLC [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EnableITLLCMember" xlink:to="forty_EnableITLLCMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MenarvaLtdMember" xlink:href="forty-20211231.xsd#forty_MenarvaLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MenarvaLtdMember_lbl" xml:lang="en-US">Menarva Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MenarvaLtdMember" xlink:to="forty_MenarvaLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MenravaMember" xlink:href="forty-20211231.xsd#forty_MenravaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MenravaMember_lbl" xml:lang="en-US">Menrava [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MenravaMember" xlink:to="forty_MenravaMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SoftITLtdMember" xlink:href="forty-20211231.xsd#forty_SoftITLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SoftITLtdMember_lbl" xml:lang="en-US">Soft IT Ltd.[Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftITLtdMember" xlink:to="forty_SoftITLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AptonetIncMember_lbl" xml:lang="en-US">Aptonet Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AptonetIncMember" xlink:to="forty_AptonetIncMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AptonetIncMember_lbl0" xml:lang="en-US">NetEffects Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AptonetIncMember" xlink:to="forty_AptonetIncMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_StockellInformationSystemsIncMember_lbl" xml:lang="en-US">Stockell Information Systems, Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_StockellInformationSystemsIncMember" xlink:to="forty_StockellInformationSystemsIncMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfMobisoftMagicHandsMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfMobisoftMagicHandsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfMobisoftMagicHandsMember_lbl" xml:lang="en-US">Acquisition of Mobisoft Magic Hands [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfMobisoftMagicHandsMember" xlink:to="forty_AcquisitionOfMobisoftMagicHandsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MobisoftAndMagicHandsMember" xlink:href="forty-20211231.xsd#forty_MobisoftAndMagicHandsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MobisoftAndMagicHandsMember_lbl" xml:lang="en-US">Mobisoft and Magic Hands [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MobisoftAndMagicHandsMember" xlink:to="forty_MobisoftAndMagicHandsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetEffectsMember" xlink:href="forty-20211231.xsd#forty_NetEffectsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetEffectsMember_lbl" xml:lang="en-US">NetEffects [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetEffectsMember" xlink:to="forty_NetEffectsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NetEffectsIncMember" xlink:href="forty-20211231.xsd#forty_NetEffectsIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NetEffectsIncMember_lbl" xml:lang="en-US">NetEffects Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetEffectsIncMember" xlink:to="forty_NetEffectsIncMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PowWowIncMember_lbl" xml:lang="en-US">PowWow Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PowWowIncMember" xlink:to="forty_PowWowIncMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OnTargetGroupIncMember_lbl" xml:lang="en-US">OnTarget Group Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OnTargetGroupIncMember" xlink:to="forty_OnTargetGroupIncMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AVBTechnologiesLtdMember_lbl" xml:lang="en-US">AVB Technologies Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AVBTechnologiesLtdMember" xlink:to="forty_AVBTechnologiesLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ITDGroupLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ITDGroupLtdMember_lbl" xml:lang="en-US">I.T.D. Group Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ITDGroupLtdMember" xlink:to="forty_ITDGroupLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ITDGroupsMember" xlink:href="forty-20211231.xsd#forty_ITDGroupsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ITDGroupsMember_lbl" xml:lang="en-US">I.T.D Group&#8217;s [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ITDGroupsMember" xlink:to="forty_ITDGroupsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SQServiceQualityLtdMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualityLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SQServiceQualityLtdMember_lbl" xml:lang="en-US">SQ Service Quality Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SQServiceQualityLtdMember" xlink:to="forty_SQServiceQualityLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SQServiceQualitysMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualitysMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SQServiceQualitysMember_lbl" xml:lang="en-US">SQ Service Quality&#8217;s [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SQServiceQualitysMember" xlink:to="forty_SQServiceQualitysMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AAEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AAEngineeringLtdMember_lbl" xml:lang="en-US">A.A Engineering Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AAEngineeringLtdMember" xlink:to="forty_AAEngineeringLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AAEngineeringsMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AAEngineeringsMember_lbl" xml:lang="en-US">A.A Engineering&#8217;s [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AAEngineeringsMember" xlink:to="forty_AAEngineeringsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GestetnertecLtdMember_lbl" xml:lang="en-US">Gestetnertec Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GestetnertecLtdMember" xlink:to="forty_GestetnertecLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RightStarIncMember_lbl" xml:lang="en-US">RightStar Inc. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RightStarIncMember" xlink:to="forty_RightStarIncMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_RightStarIncMember_lbl0" xml:lang="en-US">Knowledge Price [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RightStarIncMember" xlink:to="forty_RightStarIncMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MedatechInformationTechnologiesLtdMember_lbl" xml:lang="en-US">Acquisition of Medatech Information Technologies Ltd. (&#8220;Medatech Technologies&#8221;) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MedatechInformationTechnologiesLtdMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_MedatechInformationTechnologiesLtdMember_lbl0" xml:lang="en-US">Medatech Information Technologies Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MedatechInformationTechnologiesLtdMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_TechtopLtdMember" xlink:href="forty-20211231.xsd#forty_TechtopLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TechtopLtdMember_lbl" xml:lang="en-US">Techtop Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TechtopLtdMember" xlink:to="forty_TechtopLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_TechtopLtdMember_lbl0" xml:lang="en-US">Medatech Information Technologies Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TechtopLtdMember" xlink:to="forty_TechtopLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="forty_TechtopLtdMember_lbl1" xml:lang="en-US">Techtop Ltd.[Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TechtopLtdMember" xlink:to="forty_TechtopLtdMember_lbl1"/>
    <loc xlink:type="locator" xlink:label="forty_DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DanaEngineeringLtdMember_lbl" xml:lang="en-US">Dana Engineering Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DanaEngineeringLtdMember" xlink:to="forty_DanaEngineeringLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiramFinancialSoftwareLtdMember_lbl" xml:lang="en-US">Liram Financial Software Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiramFinancialSoftwareLtdMember" xlink:to="forty_LiramFinancialSoftwareLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UniqueSoftwareIndustriesLtdMember_lbl" xml:lang="en-US">Unique Software Industries Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UniqueSoftwareIndustriesLtdMember" xlink:to="forty_UniqueSoftwareIndustriesLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level2OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 2 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level3OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 3 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xml:lang="en-US">Computers, software, furniture, and equipment [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerEquipmentMember" xlink:to="ifrs-full_ComputerEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BuildingsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US">Buildings [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LeaseholdImprovementsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseholdImprovementsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US">Leasehold improvements [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerSoftwareMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerSoftwareMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xml:lang="en-US">Capitalized Software costs [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerSoftwareMember" xlink:to="ifrs-full_ComputerSoftwareMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US">Customer relationship [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsMember_lbl" xml:lang="en-US">Acquired technology [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TechnologybasedIntangibleAssetsMember" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BacklogAndNonCompeteAgreementMember" xlink:href="forty-20211231.xsd#forty_BacklogAndNonCompeteAgreementMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BacklogAndNonCompeteAgreementMember_lbl" xml:lang="en-US">Backlog [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BacklogAndNonCompeteAgreementMember" xlink:to="forty_BacklogAndNonCompeteAgreementMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PatentMember" xlink:href="forty-20211231.xsd#forty_PatentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PatentMember_lbl" xml:lang="en-US">Patent [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PatentMember" xlink:to="forty_PatentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIntangibleAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xml:lang="en-US">Other intangibles [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIntangibleAssetsMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankLoansMember" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoansMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShorttermBankLoansMember_lbl" xml:lang="en-US">Short-term bank loans [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankLoansMember" xlink:to="forty_ShorttermBankLoansMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShorttermBankLoans1Member" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoans1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShorttermBankLoans1Member_lbl" xml:lang="en-US">Short-term bank loans 1 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankLoans1Member" xlink:to="forty_ShorttermBankLoans1Member_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommercialSecuritiesNotListedMember" xlink:href="forty-20211231.xsd#forty_CommercialSecuritiesNotListedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CommercialSecuritiesNotListedMember_lbl" xml:lang="en-US">Commercial securities not listed [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommercialSecuritiesNotListedMember" xlink:to="forty_CommercialSecuritiesNotListedMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_otherFinancialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_otherFinancialInstitutionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_otherFinancialInstitutionsMember_lbl" xml:lang="en-US">other financial institutions [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_otherFinancialInstitutionsMember" xlink:to="forty_otherFinancialInstitutionsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongtermLoansFromBanksMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember_lbl" xml:lang="en-US">Current maturities of long-term loans from banks [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember" xlink:to="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_financialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_financialInstitutionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_financialInstitutionsMember_lbl" xml:lang="en-US">financial institutions [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_financialInstitutionsMember" xlink:to="forty_financialInstitutionsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisCurrencyMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LinkageBasisCurrencyMember_lbl" xml:lang="en-US">NIS (Unlinked) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisCurrencyMember" xlink:to="forty_LinkageBasisCurrencyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LinkageBasisCurrencyOneMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyOneMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LinkageBasisCurrencyOneMember_lbl" xml:lang="en-US">NIS (Linked to USD) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisCurrencyOneMember" xlink:to="forty_LinkageBasisCurrencyOneMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SecuredDebenturesMember_lbl" xml:lang="en-US">Formula&#8217;s Series A Secured Debentures (2.8%) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebenturesMember" xlink:to="forty_SecuredDebenturesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebentureOneMember" xlink:href="forty-20211231.xsd#forty_SecuredDebentureOneMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SecuredDebentureOneMember_lbl" xml:lang="en-US">Formula&#8217;s Series C Secured Debentures (2.3%) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebentureOneMember" xlink:to="forty_SecuredDebentureOneMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SecuredDebenturesTwoMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesTwoMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SecuredDebenturesTwoMember_lbl" xml:lang="en-US">Sapiens&#8217; Series B Debentures (3.37%) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebenturesTwoMember" xlink:to="forty_SecuredDebenturesTwoMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotLaterThanOneYearMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">2022 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US">2023 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US">2024 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" xml:lang="en-US">2025 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">2026 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US">2027 and thereafter [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SellingAndMarketingExpensesMember" xlink:href="forty-20211231.xsd#forty_SellingAndMarketingExpensesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SellingAndMarketingExpensesMember_lbl" xml:lang="en-US">Selling and marketing expenses [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SellingAndMarketingExpensesMember" xlink:to="forty_SellingAndMarketingExpensesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpensesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesMember_lbl" xml:lang="en-US">General and administrative expenses [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpensesMember" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpensesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensOneMember" xlink:href="forty-20211231.xsd#forty_SapiensOneMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensOneMember_lbl" xml:lang="en-US">Exercise Price Range 8.31-10.07 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensOneMember" xlink:to="forty_SapiensOneMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensTwoMember" xlink:href="forty-20211231.xsd#forty_SapiensTwoMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensTwoMember_lbl" xml:lang="en-US">Exercise Price Range 11.07-11.09 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensTwoMember" xlink:to="forty_SapiensTwoMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensThreeMember" xlink:href="forty-20211231.xsd#forty_SapiensThreeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensThreeMember_lbl" xml:lang="en-US">Exercise Price Range 11.85-15.46 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensThreeMember" xlink:to="forty_SapiensThreeMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensFourMember" xlink:href="forty-20211231.xsd#forty_SapiensFourMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensFourMember_lbl" xml:lang="en-US">Exercise Price Range 24.29-25.4 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensFourMember" xlink:to="forty_SapiensFourMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensFiveMember" xlink:href="forty-20211231.xsd#forty_SapiensFiveMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensFiveMember_lbl" xml:lang="en-US">Exercise Price Range 31.96 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensFiveMember" xlink:to="forty_SapiensFiveMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MagicMember_lbl" xml:lang="en-US">Magic [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicMember" xlink:to="forty_MagicMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_MagicMember_lbl0" xml:lang="en-US">Magic Software [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicMember" xlink:to="forty_MagicMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePriceZeroMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceZeroMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangeOfExercisePriceZeroMember_lbl" xml:lang="en-US">Ranges of Exercise price 0 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePriceZeroMember" xlink:to="forty_RangeOfExercisePriceZeroMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangeOfExercisePriceFourthreeTwoMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceFourthreeTwoMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangeOfExercisePriceFourthreeTwoMember_lbl" xml:lang="en-US">Ranges of Exercise price 4.32 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePriceFourthreeTwoMember" xlink:to="forty_RangeOfExercisePriceFourthreeTwoMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CountryOfDomicileMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfDomicileMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US">Domestic (Israel) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfDomicileMember" xlink:to="ifrs-full_CountryOfDomicileMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ForeignCountriesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ForeignCountriesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US">Foreign [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherMember_lbl" xml:lang="en-US">Other [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherMember" xlink:to="forty_OtherMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IsraelCountryMember_lbl" xml:lang="en-US">Israel [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IsraelCountryMember" xlink:to="forty_IsraelCountryMember_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_AmericasMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_AmericasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_AmericasMember_lbl" xml:lang="en-US">United States [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_AmericasMember" xlink:to="srt_AmericasMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EuropeanMember" xlink:href="forty-20211231.xsd#forty_EuropeanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EuropeanMember_lbl" xml:lang="en-US">Europe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EuropeanMember" xlink:to="forty_EuropeanMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_JapanCountryMember" xlink:href="forty-20211231.xsd#forty_JapanCountryMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_JapanCountryMember_lbl" xml:lang="en-US">Japan [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_JapanCountryMember" xlink:to="forty_JapanCountryMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AmericaMember" xlink:href="forty-20211231.xsd#forty_AmericaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AmericaMember_lbl" xml:lang="en-US">United States [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmericaMember" xlink:to="forty_AmericaMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AfricaianMember" xlink:href="forty-20211231.xsd#forty_AfricaianMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AfricaianMember_lbl" xml:lang="en-US">Africa [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AfricaianMember" xlink:to="forty_AfricaianMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OtherMainlyAsiaPacificMember" xlink:href="forty-20211231.xsd#forty_OtherMainlyAsiaPacificMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OtherMainlyAsiaPacificMember_lbl" xml:lang="en-US">Other (mainly Asia pacific) [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherMainlyAsiaPacificMember" xlink:to="forty_OtherMainlyAsiaPacificMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MichpalAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_MichpalAndItsSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MichpalAndItsSubsidiariesMember_lbl" xml:lang="en-US">Michpal and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MichpalAndItsSubsidiariesMember" xlink:to="forty_MichpalAndItsSubsidiariesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ZAPAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ZAPAndItsSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ZAPAndItsSubsidiariesMember_lbl" xml:lang="en-US">ZAP and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPAndItsSubsidiariesMember" xlink:to="forty_ZAPAndItsSubsidiariesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdjustmentsMember" xlink:href="forty-20211231.xsd#forty_AdjustmentsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdjustmentsMember_lbl" xml:lang="en-US">Adjustments [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsMember" xlink:to="forty_AdjustmentsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangesAxis" xlink:href="forty-20211231.xsd#forty_RangesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RangesAxis_lbl" xml:lang="en-US">Ranges [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesAxis" xlink:to="forty_RangesAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_CurrencyAxis_lbl" xml:lang="en-US">Currency [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CurrencyAxis" xlink:to="srt_CurrencyAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US">Non-adjusting events after reporting period [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfSeriesDebentureAxis" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TypeOfSeriesDebentureAxis_lbl" xml:lang="en-US">Type Of Series Debenture [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfSeriesDebentureAxis" xlink:to="forty_TypeOfSeriesDebentureAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansAxis" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EmployeeOptionPlansAxis_lbl" xml:lang="en-US">Employee Option Plans [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansAxis" xlink:to="forty_EmployeeOptionPlansAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CreditFacilityAgreementsAxis" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CreditFacilityAgreementsAxis_lbl" xml:lang="en-US">Credit Facility Agreements [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CreditFacilityAgreementsAxis" xlink:to="forty_CreditFacilityAgreementsAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US">Sale of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US">Subsequent Event Type [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfGoverningBodies" xlink:href="forty-20211231.xsd#forty_DescriptionOfGoverningBodies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfGoverningBodies_lbl" xml:lang="en-US">Description of governing bodies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfGoverningBodies" xlink:to="forty_DescriptionOfGoverningBodies_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower_lbl" xml:lang="en-US">Description of voting rights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" xlink:to="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareProduct" xlink:href="forty-20211231.xsd#forty_SoftwareProduct"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SoftwareProduct_lbl" xml:lang="en-US">Software product</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareProduct" xlink:to="forty_SoftwareProduct_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SeveranceExpenses" xlink:href="forty-20211231.xsd#forty_SeveranceExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SeveranceExpenses_lbl" xml:lang="en-US">Severance expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeveranceExpenses" xlink:to="forty_SeveranceExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:href="forty-20211231.xsd#forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl" xml:lang="en-US">Bad debt expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:to="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfShareCapital" xlink:href="forty-20211231.xsd#forty_PercentageOfShareCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfShareCapital_lbl" xml:lang="en-US">Percentage of share capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareCapital" xlink:to="forty_PercentageOfShareCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfCustomer" xlink:href="forty-20211231.xsd#forty_NumberOfCustomer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfCustomer_lbl" xml:lang="en-US">Number of customer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfCustomer" xlink:to="forty_NumberOfCustomer_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashConsiderationAmount" xlink:href="forty-20211231.xsd#forty_CashConsiderationAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CashConsiderationAmount_lbl" xml:lang="en-US">Cash consideration amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsiderationAmount" xlink:to="forty_CashConsiderationAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Net of cash acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Contingent consideration payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueOfContingentConsideration" xlink:href="forty-20211231.xsd#forty_FairValueOfContingentConsideration"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FairValueOfContingentConsideration_lbl" xml:lang="en-US">Fair value consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfContingentConsideration" xlink:to="forty_FairValueOfContingentConsideration_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShareCapitalPercentage" xlink:href="forty-20211231.xsd#forty_ShareCapitalPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ShareCapitalPercentage_lbl" xml:lang="en-US">Share capital percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareCapitalPercentage" xlink:to="forty_ShareCapitalPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PurchasePriceAmount" xlink:href="forty-20211231.xsd#forty_PurchasePriceAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PurchasePriceAmount_lbl" xml:lang="en-US">Purchase price amount in cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchasePriceAmount" xlink:to="forty_PurchasePriceAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredCash" xlink:href="forty-20211231.xsd#forty_AcquiredCash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquiredCash_lbl" xml:lang="en-US">Acquired cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredCash" xlink:to="forty_AcquiredCash_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationAcquisitionsRelatedCosts" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAcquisitionsRelatedCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl" xml:lang="en-US">Acquisition related costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationAcquisitionsRelatedCosts" xlink:to="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CapitalPayment" xlink:href="forty-20211231.xsd#forty_CapitalPayment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CapitalPayment_lbl" xml:lang="en-US">Capital payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CapitalPayment" xlink:to="forty_CapitalPayment_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination_lbl" xml:lang="en-US">Description of business combination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" xlink:to="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PPPLoanAmount" xlink:href="forty-20211231.xsd#forty_PPPLoanAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PPPLoanAmount_lbl" xml:lang="en-US">PPP loan amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PPPLoanAmount" xlink:to="forty_PPPLoanAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1_lbl" xml:lang="en-US">Maturity date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" xlink:to="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfSubsidiaryOutstandingShares" xlink:href="forty-20211231.xsd#forty_PercentageOfSubsidiaryOutstandingShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfSubsidiaryOutstandingShares_lbl" xml:lang="en-US">Percentage of subsidiary outstanding shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfSubsidiaryOutstandingShares" xlink:to="forty_PercentageOfSubsidiaryOutstandingShares_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashTransferred"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US">Total cash consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashTransferred" xlink:to="ifrs-full_CashTransferred_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AdditionalOfTheOutstandingSharesPercentage" xlink:href="forty-20211231.xsd#forty_AdditionalOfTheOutstandingSharesPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AdditionalOfTheOutstandingSharesPercentage_lbl" xml:lang="en-US">Additional of outstanding shares, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdditionalOfTheOutstandingSharesPercentage" xlink:to="forty_AdditionalOfTheOutstandingSharesPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsiderationAmounts" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmounts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalConsiderationAmounts_lbl" xml:lang="en-US">Total consideration amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsiderationAmounts" xlink:to="forty_TotalConsiderationAmounts_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PaidUpAmount" xlink:href="forty-20211231.xsd#forty_PaidUpAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PaidUpAmount_lbl" xml:lang="en-US">Paid up amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaidUpAmount" xlink:to="forty_PaidUpAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_MinorityShareholdersDescription" xlink:href="forty-20211231.xsd#forty_MinorityShareholdersDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MinorityShareholdersDescription_lbl" xml:lang="en-US">Minority shareholders description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MinorityShareholdersDescription" xlink:to="forty_MinorityShareholdersDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ConsiderationPaidReceived" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ConsiderationPaidReceived"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConsiderationPaidReceived_lbl" xml:lang="en-US">Consideration paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsiderationPaidReceived" xlink:to="ifrs-full_ConsiderationPaidReceived_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AssetsAcquiredRemainingBalance" xlink:href="forty-20211231.xsd#forty_AssetsAcquiredRemainingBalance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AssetsAcquiredRemainingBalance_lbl" xml:lang="en-US">Assets acquired remaining balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAcquiredRemainingBalance" xlink:to="forty_AssetsAcquiredRemainingBalance_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalConsiderationAmount_lbl" xml:lang="en-US">Total consideration amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsiderationAmount" xlink:to="forty_TotalConsiderationAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FinalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_FinalConsiderationAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FinalConsiderationAmount_lbl" xml:lang="en-US">Final consideration amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinalConsiderationAmount" xlink:to="forty_FinalConsiderationAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AggregateSecurityAmount" xlink:href="forty-20211231.xsd#forty_AggregateSecurityAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AggregateSecurityAmount_lbl" xml:lang="en-US">Aggregate amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateSecurityAmount" xlink:to="forty_AggregateSecurityAmount_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AggregateSecurityAmount_lbl0" xml:lang="en-US">Aggregate security amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateSecurityAmount" xlink:to="forty_AggregateSecurityAmount_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AcquiredCost" xlink:href="forty-20211231.xsd#forty_AcquiredCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquiredCost_lbl" xml:lang="en-US">Contingent consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredCost" xlink:to="forty_AcquiredCost_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TotalCashConsiderationNetOfAcquiredCash" xlink:href="forty-20211231.xsd#forty_TotalCashConsiderationNetOfAcquiredCash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TotalCashConsiderationNetOfAcquiredCash_lbl" xml:lang="en-US">Total cash consideration net of acquired cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalCashConsiderationNetOfAcquiredCash" xlink:to="forty_TotalCashConsiderationNetOfAcquiredCash_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity_lbl" xml:lang="en-US">Business acquisition description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" xlink:to="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IssuedAndOutstandingPercentage" xlink:href="forty-20211231.xsd#forty_IssuedAndOutstandingPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IssuedAndOutstandingPercentage_lbl" xml:lang="en-US">Issued and outstanding, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuedAndOutstandingPercentage" xlink:to="forty_IssuedAndOutstandingPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestRatePercentage1" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestRatePercentage1_lbl" xml:lang="en-US">Interest Rate percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage1" xlink:to="forty_InterestRatePercentage1_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RemainingInterestRate" xlink:href="forty-20211231.xsd#forty_RemainingInterestRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RemainingInterestRate_lbl" xml:lang="en-US">Remaining interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RemainingInterestRate" xlink:to="forty_RemainingInterestRate_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GainsLossesFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_GainsLossesFromMarketableSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GainsLossesFromMarketableSecurities_lbl" xml:lang="en-US">Gains (losses) from marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GainsLossesFromMarketableSecurities" xlink:to="forty_GainsLossesFromMarketableSecurities_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US">Percentage of share interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets_lbl" xml:lang="en-US">Acquisition amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DepreciationExpense_lbl" xml:lang="en-US">Depreciation expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmortisationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US">Amortized expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InterestExpenses" xlink:href="forty-20211231.xsd#forty_InterestExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_InterestExpenses_lbl" xml:lang="en-US">Interest expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpenses" xlink:to="forty_InterestExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DiscountAndIssuanceCostsAmortization" xlink:href="forty-20211231.xsd#forty_DiscountAndIssuanceCostsAmortization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DiscountAndIssuanceCostsAmortization_lbl" xml:lang="en-US">Amortization of debt premium, discount and issuance costs, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DiscountAndIssuanceCostsAmortization" xlink:to="forty_DiscountAndIssuanceCostsAmortization_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ProceedsFromIssueOfBondsNotesAndDebenture" xlink:href="forty-20211231.xsd#forty_ProceedsFromIssueOfBondsNotesAndDebenture"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl" xml:lang="en-US">Debentures amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProceedsFromIssueOfBondsNotesAndDebenture" xlink:to="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction_lbl" xml:lang="en-US">Purchase price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" xlink:to="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse_lbl" xml:lang="en-US">Public offering, description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" xlink:to="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDescription" xlink:href="forty-20211231.xsd#forty_DebenturesDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DebenturesDescription_lbl" xml:lang="en-US">Description of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDescription" xlink:to="forty_DebenturesDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfConvertibleInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfConvertibleInstruments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssueOfConvertibleInstruments_lbl" xml:lang="en-US">Fair value of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfConvertibleInstruments" xlink:to="ifrs-full_IssueOfConvertibleInstruments_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherFeeAndCommissionExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFeeAndCommissionExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherFeeAndCommissionExpense_lbl" xml:lang="en-US">Commitment commission expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFeeAndCommissionExpense" xlink:to="ifrs-full_OtherFeeAndCommissionExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtInstrumentDescription" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentDescription_lbl" xml:lang="en-US">Description of debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescription" xlink:to="us-gaap_DebtInstrumentDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xml:lang="en-US">Services obtained from Asseco</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PerformedServicesSubcontractor" xlink:href="forty-20211231.xsd#forty_PerformedServicesSubcontractor"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PerformedServicesSubcontractor_lbl" xml:lang="en-US">Performed services sub-contractor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PerformedServicesSubcontractor" xlink:to="forty_PerformedServicesSubcontractor_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DueFromItsTransactionsWithAsseco" xlink:href="forty-20211231.xsd#forty_DueFromItsTransactionsWithAsseco"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DueFromItsTransactionsWithAsseco_lbl" xml:lang="en-US">Due from its transactions with Asseco</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DueFromItsTransactionsWithAsseco" xlink:to="forty_DueFromItsTransactionsWithAsseco_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US">Trade receivables balances due from related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DirectorsRemunerationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DirectorsRemunerationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US">Fees paid for board services in affiliates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BackOfficeAndProfessionalServicesExpense" xlink:href="forty-20211231.xsd#forty_BackOfficeAndProfessionalServicesExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BackOfficeAndProfessionalServicesExpense_lbl" xml:lang="en-US">Back office services amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackOfficeAndProfessionalServicesExpense" xlink:to="forty_BackOfficeAndProfessionalServicesExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LeasePeriodsExpiringTerm" xlink:href="forty-20211231.xsd#forty_LeasePeriodsExpiringTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LeasePeriodsExpiringTerm_lbl" xml:lang="en-US">Lease periods expiring term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LeasePeriodsExpiringTerm" xlink:to="forty_LeasePeriodsExpiringTerm_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets_lbl" xml:lang="en-US">Depreciation expenses of operating lease right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets" xlink:to="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RestrictedShares" xlink:href="forty-20211231.xsd#forty_RestrictedShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_RestrictedShares_lbl" xml:lang="en-US">Number of restricted shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RestrictedShares" xlink:to="forty_RestrictedShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_RestrictedShares_lbl0" xml:lang="en-US">Restricted shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RestrictedShares" xlink:to="forty_RestrictedShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_lbl" xml:lang="en-US">Description of options vest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:to="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl" xml:lang="en-US">Total fair value of grant</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueOfGrantSharePricePerShare" xlink:href="forty-20211231.xsd#forty_FairValueOfGrantSharePricePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FairValueOfGrantSharePricePerShare_lbl" xml:lang="en-US">Fair value of grant share price per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfGrantSharePricePerShare" xlink:to="forty_FairValueOfGrantSharePricePerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US">Total equity-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl" xml:lang="en-US">EBITDA, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl" xml:lang="en-US">EBITDA percentage, description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage_lbl" xml:lang="en-US">EBITDA decreasing, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PrecedingYears" xlink:href="forty-20211231.xsd#forty_PrecedingYears"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PrecedingYears_lbl" xml:lang="en-US">Preceding years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PrecedingYears" xlink:to="forty_PrecedingYears_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfVestedPercentage" xlink:href="forty-20211231.xsd#forty_NumberOfVestedPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfVestedPercentage_lbl" xml:lang="en-US">Number of vested percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfVestedPercentage" xlink:to="forty_NumberOfVestedPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedCompensationCosts" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UnrecognizedCompensationCosts_lbl" xml:lang="en-US">Unrecognized compensation costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCosts" xlink:to="forty_UnrecognizedCompensationCosts_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl" xml:lang="en-US">Fair value options, risk-free interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfExerciseShareOptionsGranted" xlink:href="forty-20211231.xsd#forty_DescriptionOfExerciseShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfExerciseShareOptionsGranted_lbl" xml:lang="en-US">Fair value options, exercise factor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfExerciseShareOptionsGranted" xlink:to="forty_DescriptionOfExerciseShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl" xml:lang="en-US">Fair value options, expected volatility</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OptionsExpirePeriods" xlink:href="forty-20211231.xsd#forty_OptionsExpirePeriods"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_OptionsExpirePeriods_lbl" xml:lang="en-US">Options expire periods</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OptionsExpirePeriods" xlink:to="forty_OptionsExpirePeriods_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements_lbl" xml:lang="en-US">Employees and directors to purchase shares description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAverageGrantDateFairValuesOfOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesOfOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl" xml:lang="en-US">Weighted average grant date fair values of options (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesOfOptions" xlink:to="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IntrinsicValueOfOptionsExercised" xlink:href="forty-20211231.xsd#forty_IntrinsicValueOfOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IntrinsicValueOfOptionsExercised_lbl" xml:lang="en-US">Intrinsic value of options exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntrinsicValueOfOptionsExercised" xlink:to="forty_IntrinsicValueOfOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UnrecognizedCompensationCost" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UnrecognizedCompensationCost_lbl" xml:lang="en-US">Unrecognized compensation cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCost" xlink:to="forty_UnrecognizedCompensationCost_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_WeightedAveragePeriod" xlink:href="forty-20211231.xsd#forty_WeightedAveragePeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_WeightedAveragePeriod_lbl" xml:lang="en-US">Weighted average period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAveragePeriod" xlink:to="forty_WeightedAveragePeriod_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BankGuaranteesAmount" xlink:href="forty-20211231.xsd#forty_BankGuaranteesAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_BankGuaranteesAmount_lbl" xml:lang="en-US">Bank guarantees amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankGuaranteesAmount" xlink:to="forty_BankGuaranteesAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BalancesOnOtherDepositsFromCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BalancesOnOtherDepositsFromCustomers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BalancesOnOtherDepositsFromCustomers_lbl" xml:lang="en-US">Restricted bank deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesOnOtherDepositsFromCustomers" xlink:to="ifrs-full_BalancesOnOtherDepositsFromCustomers_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary_lbl" xml:lang="en-US">Royalty commitments, description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" xlink:to="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LiabilityToFinancialInstitutionDescription" xlink:href="forty-20211231.xsd#forty_LiabilityToFinancialInstitutionDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LiabilityToFinancialInstitutionDescription_lbl" xml:lang="en-US">Description of liability to financial institution</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFinancialInstitutionDescription" xlink:to="forty_LiabilityToFinancialInstitutionDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfFinancialCovenants" xlink:href="forty-20211231.xsd#forty_DescriptionOfFinancialCovenants"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfFinancialCovenants_lbl" xml:lang="en-US">Description of financial covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfFinancialCovenants" xlink:to="forty_DescriptionOfFinancialCovenants_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DamagesAmount" xlink:href="forty-20211231.xsd#forty_DamagesAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DamagesAmount_lbl" xml:lang="en-US">Damages amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DamagesAmount" xlink:to="forty_DamagesAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ArbitrationExpenses" xlink:href="forty-20211231.xsd#forty_ArbitrationExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ArbitrationExpenses_lbl" xml:lang="en-US">Arbitration expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ArbitrationExpenses" xlink:to="forty_ArbitrationExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ContingentLiability" xlink:href="forty-20211231.xsd#forty_ContingentLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ContingentLiability_lbl" xml:lang="en-US">Contingent liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentLiability" xlink:to="forty_ContingentLiability_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_lawsuitSeekingDamages" xlink:href="forty-20211231.xsd#forty_lawsuitSeekingDamages"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_lawsuitSeekingDamages_lbl" xml:lang="en-US">Lawsuit seeking damages (in New Shekels)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_lawsuitSeekingDamages" xlink:to="forty_lawsuitSeekingDamages_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaHoldShares" xlink:href="forty-20211231.xsd#forty_FormulaHoldShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FormulaHoldShares_lbl" xml:lang="en-US">Ordinary shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaHoldShares" xlink:to="forty_FormulaHoldShares_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendPayables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US">Dividend payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableAmountPerShare" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPayableAmountPerShare_lbl" xml:lang="en-US">Dividend per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShare" xlink:to="forty_DividendPayableAmountPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsPayable_lbl" xml:lang="en-US">Dividends payable, non-cash assets distributions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPayable" xlink:to="ifrs-full_DividendsPayable_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOtherSharesPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare_lbl" xml:lang="en-US">Dividends paid, other shares per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:to="ifrs-full_DividendsPaidOtherSharesPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfNewAmendmentTaxRate" xlink:href="forty-20211231.xsd#forty_DescriptionOfNewAmendmentTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfNewAmendmentTaxRate_lbl" xml:lang="en-US">Description of new amendment tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfNewAmendmentTaxRate" xlink:to="forty_DescriptionOfNewAmendmentTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AverageEffectiveTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageEffectiveTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US">Minimum tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011_lbl" xml:lang="en-US">Accumulated tax exempt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:to="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances_lbl" xml:lang="en-US">Deferred tax liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" xlink:to="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTax" xlink:href="forty-20211231.xsd#forty_IncomeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IncomeTax_lbl" xml:lang="en-US">Income tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTax" xlink:to="forty_IncomeTax_lbl"/>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ3LkDAg2Q7Vt6hdJ4v/OfXY=] CSR-->
    <loc xlink:type="locator" xlink:label="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:href="forty-20211231.xsd#forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl" xml:lang="en-US">Undistributed earnings of foreign subsidiaries and affiliates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:to="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:href="forty-20211231.xsd#forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl" xml:lang="en-US">Cash and cash equivalents held by the Group&apos;s investees outside of Israel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:to="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FederalCorporateIncomeTaxRateDescription" xlink:href="forty-20211231.xsd#forty_FederalCorporateIncomeTaxRateDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FederalCorporateIncomeTaxRateDescription_lbl" xml:lang="en-US">Federal corporate income tax rate, description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FederalCorporateIncomeTaxRateDescription" xlink:to="forty_FederalCorporateIncomeTaxRateDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CumulativeLossesForTaxPurpose" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurpose"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CumulativeLossesForTaxPurpose_lbl" xml:lang="en-US">Cumulative losses for tax purposes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CumulativeLossesForTaxPurpose" xlink:to="forty_CumulativeLossesForTaxPurpose_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CumulativeLossesForTaxPurposes" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurposes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_CumulativeLossesForTaxPurposes_lbl" xml:lang="en-US">Cumulative losses for tax purposes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CumulativeLossesForTaxPurposes" xlink:to="forty_CumulativeLossesForTaxPurposes_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfTaxLosses" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfTaxLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxEffectOfTaxLosses_lbl" xml:lang="en-US">Carry-forward tax losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfTaxLosses" xlink:to="ifrs-full_TaxEffectOfTaxLosses_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxAssessmentsDescription" xlink:href="forty-20211231.xsd#forty_IncomeTaxAssessmentsDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IncomeTaxAssessmentsDescription_lbl" xml:lang="en-US">Income tax assessments, description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxAssessmentsDescription" xlink:to="forty_IncomeTaxAssessmentsDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments_lbl" xml:lang="en-US">Description of factors used to segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" xlink:to="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PercentageOfEstimatedOnlinePurchaseVolume" xlink:href="forty-20211231.xsd#forty_PercentageOfEstimatedOnlinePurchaseVolume"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PercentageOfEstimatedOnlinePurchaseVolume_lbl" xml:lang="en-US">Percentage of estimated online purchase volume</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfEstimatedOnlinePurchaseVolume" xlink:to="forty_PercentageOfEstimatedOnlinePurchaseVolume_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl" xml:lang="en-US">Cash dividend</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DividendPayableAmountPerShares" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DividendPayableAmountPerShares_lbl" xml:lang="en-US">Dividend per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShares" xlink:to="forty_DividendPayableAmountPerShares_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PurchaseAgreement" xlink:href="forty-20211231.xsd#forty_PurchaseAgreement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PurchaseAgreement_lbl" xml:lang="en-US">Description of purchase agreement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseAgreement" xlink:to="forty_PurchaseAgreement_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms_lbl" xml:lang="en-US">Description of bank loan</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" xlink:to="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl" xml:lang="en-US">Basis of presentation of the financial statements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_UseOfEstimatesAndJudgmentsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl" xml:lang="en-US">Use of estimates, judgments and assumptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:to="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl" xml:lang="en-US">Consolidated financial statements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory_lbl" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory_lbl" xml:lang="en-US">Business combinations and goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl" xml:lang="en-US">Investment in joint arrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_lbl" xml:lang="en-US">Investments in associates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl" xml:lang="en-US">Investments accounted for using the equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:to="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US">Functional currency, presentation currency and foreign currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl" xml:lang="en-US">Cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl" xml:lang="en-US">Short-term and restricted deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US">Revenue recognition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_lbl" xml:lang="en-US">Government grants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl" xml:lang="en-US">Debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory_lbl" xml:lang="en-US">Income tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US">Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Property, plant and equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xml:lang="en-US">Impairment of non-financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US">Financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl" xml:lang="en-US">Fair value measurement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xml:lang="en-US">Treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US">Provisions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory_lbl" xml:lang="en-US">Derivative financial instruments and hedging</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xml:lang="en-US">Employee benefit liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl" xml:lang="en-US">Share-based payment transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xml:lang="en-US">Earnings per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl" xml:lang="en-US">Concentration of credit risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DisclosureOfLiquidityRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfLiquidityRiskPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DisclosureOfLiquidityRiskPolicyTextBlock_lbl" xml:lang="en-US">Liquidity risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfLiquidityRiskPolicyTextBlock" xlink:to="forty_DisclosureOfLiquidityRiskPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory_lbl" xml:lang="en-US">Changes in accounting policies - initial adoption of new financial reporting and accounting standards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" xlink:to="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory_lbl" xml:lang="en-US">Financial statements have been reclassified</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" xlink:to="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ZapGroupAcquisitionMember" xlink:href="forty-20211231.xsd#forty_ZapGroupAcquisitionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ZapGroupAcquisitionMember_lbl" xml:lang="en-US">Zap Group acquisition [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZapGroupAcquisitionMember" xlink:to="forty_ZapGroupAcquisitionMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfOfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfOfekAerialPhotographyLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl" xml:lang="en-US">Michpal Micro Computers (1983) Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfOfekAerialPhotographyLtdMember" xlink:to="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl0" xml:lang="en-US">Ofek Aerial Photography Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfOfekAerialPhotographyLtdMember" xlink:to="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_ThorDenmarkHoldingApSAndSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ThorDenmarkHoldingApSAndSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ThorDenmarkHoldingApSAndSubsidiariesMember_lbl" xml:lang="en-US">Thor Denmark Holding ApS and subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ThorDenmarkHoldingApSAndSubsidiariesMember" xlink:to="forty_ThorDenmarkHoldingApSAndSubsidiariesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TifulGemelLtdMember" xlink:href="forty-20211231.xsd#forty_TifulGemelLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TifulGemelLtdMember_lbl" xml:lang="en-US">Tiful Gemel Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TifulGemelLtdMember" xlink:to="forty_TifulGemelLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOf9540YGSoftITLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOf9540YGSoftITLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOf9540YGSoftITLtdMember_lbl" xml:lang="en-US">Acquisition of 9540 Y.G. Soft IT Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOf9540YGSoftITLtdMember" xlink:to="forty_AcquisitionOf9540YGSoftITLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_AcquisitionOf9540YGSoftITLtdMember_lbl0" xml:lang="en-US">Magic Software [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOf9540YGSoftITLtdMember" xlink:to="forty_AcquisitionOf9540YGSoftITLtdMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_MobisoftLtdMember" xlink:href="forty-20211231.xsd#forty_MobisoftLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_MobisoftLtdMember_lbl" xml:lang="en-US">Pleasant Valley Business Solutions, LLC [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MobisoftLtdMember" xlink:to="forty_MobisoftLtdMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="forty_MobisoftLtdMember_lbl0" xml:lang="en-US">Magic Software [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MobisoftLtdMember" xlink:to="forty_MobisoftLtdMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="forty_AcquisitionOfITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfITDGroupLtdMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_AcquisitionOfITDGroupLtdMember_lbl" xml:lang="en-US">Acquisition of I.T.D. Group Ltd. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfITDGroupLtdMember" xlink:to="forty_AcquisitionOfITDGroupLtdMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EventsAfterReportingPeriodMember" xlink:href="forty-20211231.xsd#forty_EventsAfterReportingPeriodMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_EventsAfterReportingPeriodMember_lbl" xml:lang="en-US">Events After Reporting Period [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EventsAfterReportingPeriodMember" xlink:to="forty_EventsAfterReportingPeriodMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SeriesASecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesASecuredDebenturesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SeriesASecuredDebenturesMember_lbl" xml:lang="en-US">Series A Secured Debentures [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeriesASecuredDebenturesMember" xlink:to="forty_SeriesASecuredDebenturesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SeriesCSecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesCSecuredDebenturesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SeriesCSecuredDebenturesMember_lbl" xml:lang="en-US">Series C Secured Debentures [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeriesCSecuredDebenturesMember" xlink:to="forty_SeriesCSecuredDebenturesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SapiensSeriesBDebenturesMember" xlink:href="forty-20211231.xsd#forty_SapiensSeriesBDebenturesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SapiensSeriesBDebenturesMember_lbl" xml:lang="en-US">Sapiens&apos; Series B Debentures [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensSeriesBDebenturesMember" xlink:to="forty_SapiensSeriesBDebenturesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TwoThousandElevenPlanMember" xlink:href="forty-20211231.xsd#forty_TwoThousandElevenPlanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_TwoThousandElevenPlanMember_lbl" xml:lang="en-US">2011 Plan [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TwoThousandElevenPlanMember" xlink:to="forty_TwoThousandElevenPlanMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GutmanMember" xlink:href="forty-20211231.xsd#forty_GutmanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GutmanMember_lbl" xml:lang="en-US">Mr. Moti Gutman [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GutmanMember" xlink:to="forty_GutmanMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GeneralAssemblyMember" xlink:href="forty-20211231.xsd#forty_GeneralAssemblyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_GeneralAssemblyMember_lbl" xml:lang="en-US">General Assembly [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GeneralAssemblyMember" xlink:to="forty_GeneralAssemblyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FormulaMember" xlink:href="forty-20211231.xsd#forty_FormulaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_FormulaMember_lbl" xml:lang="en-US">Formula [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaMember" xlink:to="forty_FormulaMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_lbl" xml:lang="en-US">CEO [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:to="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PreferredTechnologyEnterpriseMember" xlink:href="forty-20211231.xsd#forty_PreferredTechnologyEnterpriseMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_PreferredTechnologyEnterpriseMember_lbl" xml:lang="en-US">Preferred Technology Enterprise [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PreferredTechnologyEnterpriseMember" xlink:to="forty_PreferredTechnologyEnterpriseMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IsraeliSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_IsraeliSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_IsraeliSubsidiariesMember_lbl" xml:lang="en-US">Israeli subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IsraeliSubsidiariesMember" xlink:to="forty_IsraeliSubsidiariesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="currency_ILS" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_ILS"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_ILS_lbl" xml:lang="en-US">Israel, New Shekels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ILS" xlink:to="currency_ILS_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ZapMember" xlink:href="forty-20211231.xsd#forty_ZapMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ZapMember_lbl" xml:lang="en-US">Zap [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZapMember" xlink:to="forty_ZapMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareSolutionsAndServicesInIsraelMember" xlink:href="forty-20211231.xsd#forty_SoftwareSolutionsAndServicesInIsraelMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SoftwareSolutionsAndServicesInIsraelMember_lbl" xml:lang="en-US">Information Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareSolutionsAndServicesInIsraelMember" xlink:to="forty_SoftwareSolutionsAndServicesInIsraelMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LearningAndIntegrationMember" xlink:href="forty-20211231.xsd#forty_LearningAndIntegrationMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_LearningAndIntegrationMember_lbl" xml:lang="en-US">Training and integration [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LearningAndIntegrationMember" xlink:to="forty_LearningAndIntegrationMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ComputerInfrastructureAndIntegrationSolutionsMember" xlink:href="forty-20211231.xsd#forty_ComputerInfrastructureAndIntegrationSolutionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_ComputerInfrastructureAndIntegrationSolutionsMember_lbl" xml:lang="en-US">Computer infrastructure and integration solutions [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ComputerInfrastructureAndIntegrationSolutionsMember" xlink:to="forty_ComputerInfrastructureAndIntegrationSolutionsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SoftwareProductMarketingAndSupportMember" xlink:href="forty-20211231.xsd#forty_SoftwareProductMarketingAndSupportMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="forty_SoftwareProductMarketingAndSupportMember_lbl" xml:lang="en-US">Software Product Marketing And Support [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareProductMarketingAndSupportMember" xlink:to="forty_SoftwareProductMarketingAndSupportMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US">Subsequent Event [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US">Equity [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US">Entity&apos;s total for business combinations [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Tables) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvesteeNameDomain_lbl" xml:lang="en-US">InvesteeName [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvesteeNameDomain" xlink:to="forty_InvesteeNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansTablesTable_lbl" xml:lang="en-US">Employee Option Plans (Tables) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansTablesTable" xlink:to="forty_EmployeeOptionPlansTablesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansTablesLineItems_lbl" xml:lang="en-US">Employee Option Plans (Tables) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansTablesLineItems" xlink:to="forty_EmployeeOptionPlansTablesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeBenefitLiabilitiesTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeBenefitLiabilitiesTablesTable_lbl" xml:lang="en-US">Employee Benefit Liabilities (Tables) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeBenefitLiabilitiesTablesTable" xlink:to="forty_EmployeeBenefitLiabilitiesTablesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeBenefitLiabilitiesTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeBenefitLiabilitiesTablesLineItems_lbl" xml:lang="en-US">Employee Benefit Liabilities (Tables) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeBenefitLiabilitiesTablesLineItems" xlink:to="forty_EmployeeBenefitLiabilitiesTablesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable_lbl" xml:lang="en-US">General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:to="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems_lbl" xml:lang="en-US">General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:to="forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeMember_lbl" xml:lang="en-US">Statistical Measurement [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Property, plant and equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US">Ranges [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_RangesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US">Intangible assets and goodwill [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems_lbl" xml:lang="en-US">Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationDomain" xlink:href="forty-20211231.xsd#forty_BusinessCombinationDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationDomain_lbl" xml:lang="en-US">BusinessCombination [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationDomain" xlink:to="forty_BusinessCombinationDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US">All levels of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable_lbl" xml:lang="en-US">Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:to="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems_lbl" xml:lang="en-US">Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentPropertyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentPropertyMember_lbl" xml:lang="en-US">Investment property [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentPropertyMember" xlink:to="ifrs-full_InvestmentPropertyMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable_lbl" xml:lang="en-US">Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems_lbl" xml:lang="en-US">Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US">Intangible assets other than goodwill [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable_lbl" xml:lang="en-US">Intangible Assets, Net (Details) - Schedule of intangible assets, net [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:to="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems_lbl" xml:lang="en-US">Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US">Borrowings by name [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="ifrs-full_BorrowingsByNameMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable_lbl" xml:lang="en-US">Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:to="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems_lbl" xml:lang="en-US">Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable_lbl" xml:lang="en-US">Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems_lbl" xml:lang="en-US">Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsScheduleofdebenturesTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DebenturesDetailsScheduleofdebenturesTable_lbl" xml:lang="en-US">Debentures (Details) - Schedule of debentures [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDetailsScheduleofdebenturesTable" xlink:to="forty_DebenturesDetailsScheduleofdebenturesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DebenturesDetailsScheduleofdebenturesLineItems_lbl" xml:lang="en-US">Debentures (Details) - Schedule of debentures [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="forty_DebenturesDetailsScheduleofdebenturesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AggregatedTimeBandsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US">Aggregated time bands [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_AggregatedTimeBandsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable_lbl" xml:lang="en-US">Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:to="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems_lbl" xml:lang="en-US">Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_LocationOfIncomeStatementDomain" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LocationOfIncomeStatementDomain_lbl" xml:lang="en-US">LocationOfIncomeStatement [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LocationOfIncomeStatementDomain" xlink:to="forty_LocationOfIncomeStatementDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PlanOfNameDomain" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PlanOfNameDomain_lbl" xml:lang="en-US">PlanOfName [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanOfNameDomain" xlink:to="forty_PlanOfNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PlanNamesDomain" xlink:href="forty-20211231.xsd#forty_PlanNamesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PlanNamesDomain_lbl" xml:lang="en-US">PlanNames [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanNamesDomain" xlink:to="forty_PlanNamesDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember_lbl" xml:lang="en-US">Ranges of exercise prices for outstanding share options [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PledgeDomain" xlink:href="forty-20211231.xsd#forty_PledgeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PledgeDomain_lbl" xml:lang="en-US">Pledge [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PledgeDomain" xlink:to="forty_PledgeDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable_lbl" xml:lang="en-US">Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:to="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems_lbl" xml:lang="en-US">Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US">Geographical areas [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_GeographicalAreasMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeTable_lbl" xml:lang="en-US">Income Tax (Details) - Schedule of pre-tax income [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:to="forty_IncomeTaxDetailsScheduleofpretaxincomeTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems_lbl" xml:lang="en-US">Income Tax (Details) - Schedule of pre-tax income [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:to="forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_ValuationtechniquesDomain" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ValuationtechniquesDomain_lbl" xml:lang="en-US">Valuationtechniques [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ValuationtechniquesDomain" xlink:to="forty_ValuationtechniquesDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfCountryDomain" xlink:href="forty-20211231.xsd#forty_TypeOfCountryDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TypeOfCountryDomain_lbl" xml:lang="en-US">TypeOfCountry [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfCountryDomain" xlink:to="forty_TypeOfCountryDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems_lbl" xml:lang="en-US">Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:to="forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US">Entity&apos;s total for related parties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable_lbl" xml:lang="en-US">Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:to="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems_lbl" xml:lang="en-US">Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US">Products and services [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="ifrs-full_ProductsAndServicesMember_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable_lbl" xml:lang="en-US">Operating Segments (Details) - Schedule of reporting on operating segments [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:to="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems_lbl" xml:lang="en-US">Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsTable_lbl" xml:lang="en-US">Significant Accounting Policies (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsTable" xlink:to="forty_SignificantAccountingPoliciesDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SignificantAccountingPoliciesDetailsLineItems_lbl" xml:lang="en-US">Significant Accounting Policies (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SignificantAccountingPoliciesDetailsLineItems" xlink:to="forty_SignificantAccountingPoliciesDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RangesDomain" xlink:href="forty-20211231.xsd#forty_RangesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangesDomain_lbl" xml:lang="en-US">Ranges [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesDomain" xlink:to="forty_RangesDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US">Non-adjusting events after reporting period [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="ifrs-full_NonadjustingEventsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US">All Currencies [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_AllCurrenciesDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US">Related Party [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems_lbl" xml:lang="en-US">Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems_lbl" xml:lang="en-US">Investments in Companies Accounted for at Equity Method (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsTable_lbl" xml:lang="en-US">Property, Plants and Equipment, Net (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsTable" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyPlantsandEquipmentNetDetailsLineItems_lbl" xml:lang="en-US">Disclosure of property, plant and equipment [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantsandEquipmentNetDetailsLineItems" xlink:to="forty_PropertyPlantsandEquipmentNetDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_TypeOfSeriesDebentureDomain" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TypeOfSeriesDebentureDomain_lbl" xml:lang="en-US">TypeOfSeriesDebenture [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfSeriesDebentureDomain" xlink:to="forty_TypeOfSeriesDebentureDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DebenturesDetailsTable_lbl" xml:lang="en-US">Debentures (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDetailsTable" xlink:to="forty_DebenturesDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_DebenturesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DebenturesDetailsLineItems_lbl" xml:lang="en-US">Debentures (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDetailsLineItems" xlink:to="forty_DebenturesDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RelatedPartiesTransactionsDetailsTable" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RelatedPartiesTransactionsDetailsTable_lbl" xml:lang="en-US">Related Parties Transactions (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RelatedPartiesTransactionsDetailsTable" xlink:to="forty_RelatedPartiesTransactionsDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RelatedPartiesTransactionsDetailsLineItems_lbl" xml:lang="en-US">Related Parties Transactions (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RelatedPartiesTransactionsDetailsLineItems" xlink:to="forty_RelatedPartiesTransactionsDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDomain" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDomain_lbl" xml:lang="en-US">EmployeeOptionPlans [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDomain" xlink:to="forty_EmployeeOptionPlansDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsTable_lbl" xml:lang="en-US">Employee Option Plans (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsTable" xlink:to="forty_EmployeeOptionPlansDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EmployeeOptionPlansDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansDetailsLineItems_lbl" xml:lang="en-US">Employee Option Plans (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansDetailsLineItems" xlink:to="forty_EmployeeOptionPlansDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CreditFacilityAgreementsDomain" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CreditFacilityAgreementsDomain_lbl" xml:lang="en-US">CreditFacilityAgreements [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CreditFacilityAgreementsDomain" xlink:to="forty_CreditFacilityAgreementsDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommitmentsandContingenciesDetailsTable_lbl" xml:lang="en-US">Commitments and Contingencies (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentsandContingenciesDetailsTable" xlink:to="forty_CommitmentsandContingenciesDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_CommitmentsandContingenciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommitmentsandContingenciesDetailsLineItems_lbl" xml:lang="en-US">Commitments and Contingencies (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentsandContingenciesDetailsLineItems" xlink:to="forty_CommitmentsandContingenciesDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EquityDetailsTable" xlink:href="forty-20211231.xsd#forty_EquityDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EquityDetailsTable_lbl" xml:lang="en-US">Equity (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EquityDetailsTable" xlink:to="forty_EquityDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_EquityDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EquityDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EquityDetailsLineItems_lbl" xml:lang="en-US">Equity (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EquityDetailsLineItems" xlink:to="forty_EquityDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xml:lang="en-US">Sale of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTaxDetailsTable_lbl" xml:lang="en-US">Income Tax (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxDetailsTable" xlink:to="forty_IncomeTaxDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_IncomeTaxDetailsLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTaxDetailsLineItems_lbl" xml:lang="en-US">Income Tax (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxDetailsLineItems" xlink:to="forty_IncomeTaxDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsTable_lbl" xml:lang="en-US">Operating Segments (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsTable" xlink:to="forty_OperatingSegmentsDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_OperatingSegmentsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingSegmentsDetailsLineItems_lbl" xml:lang="en-US">Operating Segments (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingSegmentsDetailsLineItems" xlink:to="forty_OperatingSegmentsDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US">Subsequent Event Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SubsequentEventsDetailsTable" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SubsequentEventsDetailsTable_lbl" xml:lang="en-US">Subsequent Events (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SubsequentEventsDetailsTable" xlink:to="forty_SubsequentEventsDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="forty_SubsequentEventsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SubsequentEventsDetailsLineItems_lbl" xml:lang="en-US">Subsequent Events (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SubsequentEventsDetailsLineItems" xlink:to="forty_SubsequentEventsDetailsLineItems_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl0" xml:lang="en-US">Accumulated amortization of Intangible assets, net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedAmortizationOfIntangibleAssetsNet" xlink:to="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AccumulatedCostOfSharebasedPayment_lbl0" xml:lang="en-US">Accumulated cost of share-based payment.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedCostOfSharebasedPayment" xlink:to="forty_AccumulatedCostOfSharebasedPayment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl0" xml:lang="en-US">Property, plants and equipment, net accumulated depreciation.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:to="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss_lbl0" xml:lang="en-US">The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income].</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="forty_AccumulatedOtherComprehensiveIncomeloss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AcquisitionOfNoncontrollingInterests_lbl0" xml:lang="en-US">The amount of acquisition of non-controlling interests.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfNoncontrollingInterests" xlink:to="forty_AcquisitionOfNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdditionalOfTheOutstandingSharesPercentage_lbl0" xml:lang="en-US">Additional of the outstanding shares percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdditionalOfTheOutstandingSharesPercentage" xlink:to="forty_AdditionalOfTheOutstandingSharesPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl0" xml:lang="en-US">Adjustments arising from translating financial statements from functional currency to presentation.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:to="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl0" xml:lang="en-US">Adjustments for amortization of premium and accrued interest on marketable securities to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:to="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl0" xml:lang="en-US">Adjustments for deferred taxes net to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:to="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl0" xml:lang="en-US">Adjustments for equity in losses (gains) of companies accounted for at equity to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:to="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl0" xml:lang="en-US">Adjustments for gain from sale and increase in value of marketable securities classified as trading to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:to="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl0" xml:lang="en-US">Impairment of right-of-use asset.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:to="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl0" xml:lang="en-US">Increase in deferred revenues.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:to="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in liability in respect of business combinations to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:to="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in value of debentures to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in value of short-term and long term loans from banks and others and deposits, net to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl0" xml:lang="en-US">After amortization of excess cost of intangible assets net of tax.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl1" xml:lang="en-US">Aggregate intrinsic value of exercisable share options in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl0" xml:lang="en-US">Aggregate intrinsic value of exercised share options in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisedShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl1" xml:lang="en-US">Aggregate intrinsic value of outstanding share options in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl0" xml:lang="en-US">Aggregate principal annual payments of debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AggregateSecurityAmount_lbl1" xml:lang="en-US">Aggregate security amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateSecurityAmount" xlink:to="forty_AggregateSecurityAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl0" xml:lang="en-US">Amortization of excess cost of intangible assets net of deferred tax.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:to="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl0" xml:lang="en-US">The explanation of the adjustments made to the numerator in the calculation of diluted earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountOfOptionsExpiredAndForfeiture_lbl0" xml:lang="en-US">The amount of options expired and forfeiture.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsExpiredAndForfeiture" xlink:to="forty_AmountOfOptionsExpiredAndForfeiture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountOfOptionsGranted_lbl0" xml:lang="en-US">The amount of options granted.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsGranted" xlink:to="forty_AmountOfOptionsGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl1" xml:lang="en-US">The number of share options outstanding in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:to="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountOfOptionsUnvestedBeginning_lbl1" xml:lang="en-US">Outstanding at beginning of year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsUnvestedBeginning" xlink:to="forty_AmountOfOptionsUnvestedBeginning_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AmountOfOptionsVested_lbl0" xml:lang="en-US">The amount of options vested.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsVested" xlink:to="forty_AmountOfOptionsVested_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ArbitrationExpenses_lbl0" xml:lang="en-US">The financial results of operations of 2021 included a net impact of arbitration expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ArbitrationExpenses" xlink:to="forty_ArbitrationExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AssetsAcquiredRemainingBalance_lbl0" xml:lang="en-US">Assets acquired remaining balance.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAcquiredRemainingBalance" xlink:to="forty_AssetsAcquiredRemainingBalance_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Assets and liabilities of subsidiaries consolidated as of acquisition date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BackOfficeAndProfessionalServicesExpense_lbl0" xml:lang="en-US">Professional and back office,others service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackOfficeAndProfessionalServicesExpense" xlink:to="forty_BackOfficeAndProfessionalServicesExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">The amount recognized as of the acquisition date for backlog based intangible assets acquired in a business combination.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BankChargesInterestAndForeignExchangeDifferences_lbl0" xml:lang="en-US">Bank charges, interest and foreign exchange differences.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankChargesInterestAndForeignExchangeDifferences" xlink:to="forty_BankChargesInterestAndForeignExchangeDifferences_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BankGuaranteesAmount_lbl0" xml:lang="en-US">Amount of bank guarantees in an aggregate for the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankGuaranteesAmount" xlink:to="forty_BankGuaranteesAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl0" xml:lang="en-US">Basic and diluted net earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:to="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl0" xml:lang="en-US">Before amortization of excess cost of intangible assets net of tax.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl0" xml:lang="en-US">This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationAcquisitionsRelatedCosts" xlink:to="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CapitalNotesInvestmentInJointVenture_lbl0" xml:lang="en-US">The equity method of corporate accounting is used to value a company&apos;s investment in a joint venture when it holds significant influence over the company it is investing in.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CapitalNotesInvestmentInJointVenture" xlink:to="forty_CapitalNotesInvestmentInJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl0" xml:lang="en-US">Cash and cash equivalents held by the Group&apos;s investees outside of Israel.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:to="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CashConsideration_lbl0" xml:lang="en-US">Cash consideration.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsideration" xlink:to="forty_CashConsideration_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CashConsiderationAmount_lbl0" xml:lang="en-US">Cash consideration amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsiderationAmount" xlink:to="forty_CashConsiderationAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl0" xml:lang="en-US">The cash inflow from the repayment of advances and loans made to other parties (other than advances and loans of a financial institution), classified as investing activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl0" xml:lang="en-US">Amount of change in value of dividend preference derivative in TSG.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:to="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ClassificationsAboutGoodwill_lbl0" xml:lang="en-US">Classifications about goodwill.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ClassificationsAboutGoodwill" xlink:to="forty_ClassificationsAboutGoodwill_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CommitmentAndContingencies_lbl0" xml:lang="en-US">Commitment and Contingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentAndContingencies" xlink:to="forty_CommitmentAndContingencies_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CompanysShareInDividendDeclaredByTsg_lbl0" xml:lang="en-US">Company&apos;s Share in dividend declared by TSG.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareInDividendDeclaredByTsg" xlink:to="forty_CompanysShareInDividendDeclaredByTsg_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl0" xml:lang="en-US">It represents company&apos;s share of earnings (losses) of joint venture.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareOfEarningsLossesOfJointVenture" xlink:to="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl0" xml:lang="en-US">It represents of contingent consideration in respect of business combination.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentConsiderationInRespectOfBusinessCombination" xlink:to="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ContingentLiability_lbl0" xml:lang="en-US">Contingent liability.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentLiability" xlink:to="forty_ContingentLiability_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl0" xml:lang="en-US">&#8220;Fair value through profit or loss&#8221; means that at each balance sheet date the asset or liability is re-measured to fair value and any movement in that fair value is taken directly to the income statement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl0" xml:lang="en-US">Convertible bonds designated at fair value through profit or loss.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CumulativeLossesForTaxPurposes_lbl0" xml:lang="en-US">Cumulative losses for tax purposes.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CumulativeLossesForTaxPurposes" xlink:to="forty_CumulativeLossesForTaxPurposes_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CurrentEmployees_lbl0" xml:lang="en-US">Current Employee means any individual who is employed by any Seller or any Affiliate of any Seller immediately prior to the Closing Date primarily in connection with the Business, including any such individual on leave of absence, maternity or paternity leave, vacation, sick leave, short term or long term disability.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentEmployees" xlink:to="forty_CurrentEmployees_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CurrentGovernmentDepartments_lbl0" xml:lang="en-US">The amount of current government departments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentGovernmentDepartments" xlink:to="forty_CurrentGovernmentDepartments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl0" xml:lang="en-US">Other long-term liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:to="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl0" xml:lang="en-US">The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:to="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_CurrentRelatedParties_lbl0" xml:lang="en-US">Related parties include parent companies, subsidiaries, associate firms, joint ventures, or a company or entity that is controlled or significantly influenced or managed by a person who is a related party.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentRelatedParties" xlink:to="forty_CurrentRelatedParties_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DamagesAmount_lbl0" xml:lang="en-US">Damages amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DamagesAmount" xlink:to="forty_DamagesAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DebenturesDescription_lbl0" xml:lang="en-US">Description of debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDescription" xlink:to="forty_DebenturesDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl0" xml:lang="en-US">Decrease related to prior years&apos; tax positions.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DecreaseRelatedToPriorYearsTaxPositions" xlink:to="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DeferredTaxLiabilityNet_lbl0" xml:lang="en-US">Net amount of deferred tax liability.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilityNet" xlink:to="forty_DeferredTaxLiabilityNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DeferredTaxNoncontrollingInterests_lbl0" xml:lang="en-US">Non-controlling interests.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxNoncontrollingInterests" xlink:to="forty_DeferredTaxNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DeferredTaxesOnCurrentLosses_lbl0" xml:lang="en-US">Deferred taxes on current losses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxesOnCurrentLosses" xlink:to="forty_DeferredTaxesOnCurrentLosses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DenominatorForBasicNetEarningsPerShare_lbl0" xml:lang="en-US">Denominator for basic net earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForBasicNetEarningsPerShare" xlink:to="forty_DenominatorForBasicNetEarningsPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DenominatorForDilutedNetEarningsPerShare_lbl0" xml:lang="en-US">Denominator for diluted net earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForDilutedNetEarningsPerShare" xlink:to="forty_DenominatorForDilutedNetEarningsPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy for concentration of credit risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy basis of presentation of the financial statements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy for consolidated financial statements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy for debentures policy.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy for short-term and restricted deposits.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfExerciseShareOptionsGranted_lbl0" xml:lang="en-US">The expected excercise of the share price used to calculate the fair value of the share options granted.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfExerciseShareOptionsGranted" xlink:to="forty_DescriptionOfExerciseShareOptionsGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfFinancialCovenants_lbl0" xml:lang="en-US">Description of financial covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfFinancialCovenants" xlink:to="forty_DescriptionOfFinancialCovenants_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfGoverningBodies_lbl0" xml:lang="en-US">Description of governing bodies of board of directors and members.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfGoverningBodies" xlink:to="forty_DescriptionOfGoverningBodies_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy for investments accounted for the using method.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:to="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DescriptionOfNewAmendmentTaxRate_lbl0" xml:lang="en-US">Description of new amendment tax rate.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfNewAmendmentTaxRate" xlink:to="forty_DescriptionOfNewAmendmentTaxRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl0" xml:lang="en-US">The disclosure of other accounts receivable and prepaid expense.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:to="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDebenturesTextBlock_lbl0" xml:lang="en-US">The entire disclosure for all or part of the information related to debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDebenturesTextBlock" xlink:to="forty_DisclosureOfDebenturesTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about annual payments of debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about composition of pledged shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about deferred tax assets (liabilities), net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about name of investee.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl0" xml:lang="en-US">The disclosure of detailed information about marketable securities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl0" xml:lang="en-US">The disclosure of employee option plans.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:to="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl0" xml:lang="en-US">Disclosure of estimated fair values of the assets acquired and liabilities at the date of acquisition.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:to="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl0" xml:lang="en-US">The entire disclosure for other accounts receivable and prepaid expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:to="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl0" xml:lang="en-US">Disclosure of useful life of the assets at annual rates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:to="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl0" xml:lang="en-US">Disclosure of useful life of intangible assets rates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:to="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DiscountAndIssuanceCostsAmortization_lbl0" xml:lang="en-US">The amount of discount and issuance costs amortization.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DiscountAndIssuanceCostsAmortization" xlink:to="forty_DiscountAndIssuanceCostsAmortization_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendFromJointVenture_lbl0" xml:lang="en-US">Dividend from joint venture.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendFromJointVenture" xlink:to="forty_DividendFromJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPayableAmountPerShare_lbl0" xml:lang="en-US">Dividends payable, amount per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShare" xlink:to="forty_DividendPayableAmountPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPayableAmountPerShares_lbl0" xml:lang="en-US">Dividends payable, amount per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShares" xlink:to="forty_DividendPayableAmountPerShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl0" xml:lang="en-US">Dividend payable to redeemable non-controlling interests.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToRedeemableNoncontrollingInterests" xlink:to="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPayableToShareholders_lbl0" xml:lang="en-US">Dividend payable to Formula&apos;s shareholders.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToShareholders" xlink:to="forty_DividendPayableToShareholders_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPreferenceDerivativeInTSG_lbl0" xml:lang="en-US">Current dividend preference means preferred shareholders are entitled to receive dividends before common shareholders. Preferred shareholders have a higher ranking (than common share holders) in terms of receiving money owed to them, but they don&apos;t typically have voting rights.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTSG" xlink:to="forty_DividendPreferenceDerivativeInTSG_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendPreferenceDerivativeInTsg_lbl0" xml:lang="en-US">It represents dividend preference derivative in TSG.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTsg" xlink:to="forty_DividendPreferenceDerivativeInTsg_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_DividendToFormulasShareholders_lbl0" xml:lang="en-US">The amount of dividend to formula&apos;s shareholders.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendToFormulasShareholders" xlink:to="forty_DividendToFormulasShareholders_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl0" xml:lang="en-US">Earnings before interest, taxes, depreciation, and amortization, percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl0" xml:lang="en-US">Earnings before interest, taxes, depreciation and amortization percentage, description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl0" xml:lang="en-US">Effect of &quot;Approved, Beneficiary or Preferred Enterprise&quot; status.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:to="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EffectOfDilutiveSecurities_lbl0" xml:lang="en-US">Effect of dilutive securities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfDilutiveSecurities" xlink:to="forty_EffectOfDilutiveSecurities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl0" xml:lang="en-US">Equity including the impact of the adoption of IFRS 15.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EquityIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl0" xml:lang="en-US">It represents Excess cost of intangible assets net of deferred tax liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:to="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl0" xml:lang="en-US">The amount of expense recognised during the period in respect of bad or doubtful debts.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:to="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FairValueOfContingentConsideration_lbl0" xml:lang="en-US">Fair value of contingent consideration.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfContingentConsideration" xlink:to="forty_FairValueOfContingentConsideration_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FairValueOfGrantSharePricePerShare_lbl0" xml:lang="en-US">Fair value of grant share price per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfGrantSharePricePerShare" xlink:to="forty_FairValueOfGrantSharePricePerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FederalCorporateIncomeTaxRateDescription_lbl0" xml:lang="en-US">Federal corporate income tax rate description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FederalCorporateIncomeTaxRateDescription" xlink:to="forty_FederalCorporateIncomeTaxRateDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinalConsiderationAmount_lbl0" xml:lang="en-US">Final consideration amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinalConsiderationAmount" xlink:to="forty_FinalConsiderationAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialCostsRelatedToDebentures_lbl0" xml:lang="en-US">Financial costs related to debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialCostsRelatedToDebentures" xlink:to="forty_FinancialCostsRelatedToDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialExpenses_lbl0" xml:lang="en-US">Financial expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpenses" xlink:to="forty_FinancialExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl0" xml:lang="en-US">inancial expenses related to liabilities in respect of business combinations.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialIncome_lbl0" xml:lang="en-US">Financial income.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncome" xlink:to="forty_FinancialIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialIncomeAndExpensesTableTextBlock_lbl0" xml:lang="en-US">Financial income and expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncomeAndExpensesTableTextBlock" xlink:to="forty_FinancialIncomeAndExpensesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_FinancialInstitutionCreditAgreement_lbl0" xml:lang="en-US">Share of financial institution credit agreement for the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialInstitutionCreditAgreement" xlink:to="forty_FinancialInstitutionCreditAgreement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ForeignCurrencyDerivativeContract_lbl0" xml:lang="en-US">A foreign exchange derivative is a financial derivative whose payoff depends on the foreign exchange rates of two currencies. These instruments are commonly used for currency speculation and arbitrage or for hedging foreign exchange risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyDerivativeContract" xlink:to="forty_ForeignCurrencyDerivativeContract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ForeignCurrencyTranslation_lbl0" xml:lang="en-US">The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax, before reclassification adjustments. [Refer: Other comprehensive income]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslation" xlink:to="forty_ForeignCurrencyTranslation_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl0" xml:lang="en-US">Foreign currency translation adjustments for good will.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:to="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_GainsLossesFromMarketableSecurities_lbl0" xml:lang="en-US">Gains (losses) from marketable securities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GainsLossesFromMarketableSecurities" xlink:to="forty_GainsLossesFromMarketableSecurities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_GoodwillAndIntangibleAssets_lbl0" xml:lang="en-US">Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillAndIntangibleAssets" xlink:to="forty_GoodwillAndIntangibleAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_GoodwillBusinessCombination_lbl1" xml:lang="en-US">Goodwill business  combination.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillBusinessCombination" xlink:to="forty_GoodwillBusinessCombination_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_GovernmentInstitution_lbl0" xml:lang="en-US">Government institution.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GovernmentInstitution" xlink:to="forty_GovernmentInstitution_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ImpactOfTheAdoptionOfIFRS15_lbl0" xml:lang="en-US">Impact of the adoption of IFRS 15.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ImpactOfTheAdoptionOfIFRS15" xlink:to="forty_ImpactOfTheAdoptionOfIFRS15_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IncomeFromMarketableSecurities_lbl0" xml:lang="en-US">Income from marketable securities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeFromMarketableSecurities" xlink:to="forty_IncomeFromMarketableSecurities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IncomeTaxAssessmentsDescription_lbl0" xml:lang="en-US">Income tax assessments, description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxAssessmentsDescription" xlink:to="forty_IncomeTaxAssessmentsDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl0" xml:lang="en-US">Increase related to current year tax positions.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncreaseRelatedToCurrentYearTaxPositions" xlink:to="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IntangibleAssets_lbl0" xml:lang="en-US">Intangible assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntangibleAssets" xlink:to="forty_IntangibleAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestExpenses_lbl0" xml:lang="en-US">The amount of interest expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpenses" xlink:to="forty_InterestExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestExpensesAttributedToIfrs_lbl0" xml:lang="en-US">Interest expenses attributed to IFRS 16.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesAttributedToIfrs" xlink:to="forty_InterestExpensesAttributedToIfrs_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl0" xml:lang="en-US">Interest expenses on short-term and long-term loans.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesOnShortTermAndLongTermLoans" xlink:to="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl0" xml:lang="en-US">Interest income from deposits and foreign exchange differences.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:to="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestRatePercentage_lbl0" xml:lang="en-US">Interest rate percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage" xlink:to="forty_InterestRatePercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestRatePercentage1_lbl0" xml:lang="en-US">Interest Rate percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage1" xlink:to="forty_InterestRatePercentage1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestReceived_lbl0" xml:lang="en-US">Interest received on loans and other debt instruments during the current period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestReceived" xlink:to="forty_InterestReceived_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InterestsPaid_lbl0" xml:lang="en-US">Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestsPaid" xlink:to="forty_InterestsPaid_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IntersegmentRevenues_lbl0" xml:lang="en-US">Inter-segment revenues.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntersegmentRevenues" xlink:to="forty_IntersegmentRevenues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IntrinsicValueOfOptionsExercised_lbl0" xml:lang="en-US">Intrinsic value of options exercised.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntrinsicValueOfOptionsExercised" xlink:to="forty_IntrinsicValueOfOptionsExercised_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod_lbl1" xml:lang="en-US">The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor&apos;s share of net assets of the investee. The investor&apos;s profit or loss includes its share of the profit or loss of the investee. The investor&apos;s other comprehensive income includes its share of the other comprehensive income of the investee.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsAccountedForUsingEquityMethod" xlink:to="forty_InvestmentsAccountedForUsingEquityMethod_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl0" xml:lang="en-US">Issuance of Formula&#8217;s ordinary shares as a result of conversion of debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:to="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl0" xml:lang="en-US">Issuance of shares upon conversion of convertible debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl0" xml:lang="en-US">Issuance of shares upon conversion of convertible debentures, shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_IssuedAndOutstandingPercentage_lbl0" xml:lang="en-US">Issued and outstanding, percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuedAndOutstandingPercentage" xlink:to="forty_IssuedAndOutstandingPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl0" xml:lang="en-US">It represents of liabilities from acquisition of non controlling interests put options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:to="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations_lbl0" xml:lang="en-US">Liabilities in respect of business combinations.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_LiabilitiesInRespectOfBusinessCombinations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LiabilitiesToBanksAndOthers_lbl0" xml:lang="en-US">The total amount of liabilities to banks and others.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesToBanksAndOthers" xlink:to="forty_LiabilitiesToBanksAndOthers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_Liabilitiy_lbl0" xml:lang="en-US">Total liabilities are the combined debts and obligations that an individual or company owes to outside parties. Everything the company owns is classified as an asset and all amounts the company owes for future obligations are recorded as liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_Liabilitiy" xlink:to="forty_Liabilitiy_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LiabilityToFinancialInstitutionDescription_lbl0" xml:lang="en-US">Description of liability to financial institution.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFinancialInstitutionDescription" xlink:to="forty_LiabilityToFinancialInstitutionDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LiabilityToFormerlyShareholders_lbl0" xml:lang="en-US">The total amount of liability to formerly shareholders.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFormerlyShareholders" xlink:to="forty_LiabilityToFormerlyShareholders_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LinkageBasisDescription_lbl0" xml:lang="en-US">Linkage basis description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisDescription" xlink:to="forty_LinkageBasisDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl0" xml:lang="en-US">The amount of long term debt maturities year five and thereafter.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl0" xml:lang="en-US">The amount of long term debt maturities year four.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl0" xml:lang="en-US">It represents first year (current maturities).</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl0" xml:lang="en-US">The amount of long term debt maturities year three.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl0" xml:lang="en-US">The amount of long term debt maturities year two.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermDebtTotal_lbl0" xml:lang="en-US">The amount of long term debt maturities total.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtTotal_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermLiabilities_lbl0" xml:lang="en-US">The total amount of long term liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilities" xlink:to="forty_LongTermLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl1" xml:lang="en-US">Long-term liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl0" xml:lang="en-US">Current maturities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:to="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_MinorityShareholdersDescription_lbl0" xml:lang="en-US">Minority shareholders description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MinorityShareholdersDescription" xlink:to="forty_MinorityShareholdersDescription_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NetAssetsExcludingCashAcquired_lbl2" xml:lang="en-US">Net assets excluding cash acquired.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetAssetsExcludingCashAcquired" xlink:to="forty_NetAssetsExcludingCashAcquired_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl0" xml:lang="en-US">The explanation of the adjustments made to the numerator in the calculation of the basic earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NetLiabilitiesExcludingAcquiredCash_lbl0" xml:lang="en-US">Net liabilities excluding cash acquired.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingAcquiredCash" xlink:to="forty_NetLiabilitiesExcludingAcquiredCash_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NetLiabilitiesExcludingCashAcquired_lbl1" xml:lang="en-US">Net liabilities excluding cash acquired.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingCashAcquired" xlink:to="forty_NetLiabilitiesExcludingCashAcquired_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl0" xml:lang="en-US">Non-controlling interest in material partially owned subsidiaries.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl0" xml:lang="en-US">Uncertain tax positions.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonRefundableWithholdingTaxAndTaxAdvances" xlink:to="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl0" xml:lang="en-US">The amount of non-controlling interests arising from initially consolidated companies.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:to="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl0" xml:lang="en-US">The amount of non-controlling interests changes due to holding changes, including exercise of employees stock options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:to="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfCustomer_lbl0" xml:lang="en-US">Number of customer.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfCustomer" xlink:to="forty_NumberOfCustomer_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The number of share options exercisable in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">The number of share options exercised in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">The number of share options expired and forfeited in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">The number of share options forfeited in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The number of share options granted in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl0" xml:lang="en-US">Outstanding at beginning of year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:to="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfShareOptionsOutstanding_lbl1" xml:lang="en-US">The number of share options outstanding in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionsOutstanding" xlink:to="forty_NumberOfShareOptionsOutstanding_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl0" xml:lang="en-US">Number of shares including the impact of the adoption of IFRS 15.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfSharesOutstanding1_lbl0" xml:lang="en-US">The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesOutstanding1" xlink:to="forty_NumberOfSharesOutstanding1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfTreasurySharesOutstanding_lbl0" xml:lang="en-US">Number Of Treasury Shares Outstanding.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfTreasurySharesOutstanding" xlink:to="forty_NumberOfTreasurySharesOutstanding_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_NumberOfVestedPercentage_lbl0" xml:lang="en-US">Number of vested percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfVestedPercentage" xlink:to="forty_NumberOfVestedPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OptionsExpirePeriods_lbl0" xml:lang="en-US">Options expire periods.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OptionsExpirePeriods" xlink:to="forty_OptionsExpirePeriods_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OriginalAmountsOfIntangibleAssetsNet_lbl0" xml:lang="en-US">Original amounts of Intangible assets, net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OriginalAmountsOfIntangibleAssetsNet" xlink:to="forty_OriginalAmountsOfIntangibleAssetsNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OtherAccountsPayableTextBlock_lbl0" xml:lang="en-US">Disclosure of other accounts payable.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherAccountsPayableTextBlock" xlink:to="forty_OtherAccountsPayableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OtherInvestmentComprehensiveIncome_lbl0" xml:lang="en-US">Other comprehensive income.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherInvestmentComprehensiveIncome" xlink:to="forty_OtherInvestmentComprehensiveIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OtherLongTermAssets_lbl0" xml:lang="en-US">The total amount of other long term assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherLongTermAssets" xlink:to="forty_OtherLongTermAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OtherProductsAndThirdParty_lbl0" xml:lang="en-US">The amount of revenue arising from the sale of products. [Refer: Revenue]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherProductsAndThirdParty" xlink:to="forty_OtherProductsAndThirdParty_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_OthersCurrentAccountsReceivable_lbl0" xml:lang="en-US">Other current receivables normally include Advance, Prepayment, Prepaid Insurance, and other non-trade receivables that are subject to receiving within 12 months from the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OthersCurrentAccountsReceivable" xlink:to="forty_OthersCurrentAccountsReceivable_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PPPLoanAmount_lbl0" xml:lang="en-US">Amount of paycheck protection program to be issued.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PPPLoanAmount" xlink:to="forty_PPPLoanAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PaidUpAmount_lbl0" xml:lang="en-US">Paid up amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaidUpAmount" xlink:to="forty_PaidUpAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl0" xml:lang="en-US">The cash outflow for capitalization of software development and other costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:to="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PercentageOfOwnershipInterestInInvestees_lbl0" xml:lang="en-US">The percentage of ownership interest in investees for the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfOwnershipInterestInInvestees" xlink:to="forty_PercentageOfOwnershipInterestInInvestees_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PercentageOfShareCapital_lbl0" xml:lang="en-US">Percentage of share capital.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareCapital" xlink:to="forty_PercentageOfShareCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PercentageOfShareInEquity_lbl0" xml:lang="en-US">Percentage of share in equity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareInEquity" xlink:to="forty_PercentageOfShareInEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PercentageOfShareProfit_lbl0" xml:lang="en-US">Percentage of share profit.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareProfit" xlink:to="forty_PercentageOfShareProfit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PercentageOfSubsidiaryOutstandingShares_lbl0" xml:lang="en-US">Percentage of subsidiary outstanding shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfSubsidiaryOutstandingShares" xlink:to="forty_PercentageOfSubsidiaryOutstandingShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PerformedServicesSubcontractor_lbl0" xml:lang="en-US">Performed services sub-contractor.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PerformedServicesSubcontractor" xlink:to="forty_PerformedServicesSubcontractor_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PrecedingYears_lbl0" xml:lang="en-US">Preceding years.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PrecedingYears" xlink:to="forty_PrecedingYears_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl0" xml:lang="en-US">Pre-tax income before share of profits of companies accounted for at equity, net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:to="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl0" xml:lang="en-US">Debentures amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProceedsFromIssueOfBondsNotesAndDebenture" xlink:to="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ProductsAndServicesTransferredOverTime_lbl0" xml:lang="en-US">Products and services transferred over time.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsAndServicesTransferredOverTime" xlink:to="forty_ProductsAndServicesTransferredOverTime_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ProductsTransferredAtAPointInTime_lbl0" xml:lang="en-US">Products transferred at a point in time.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsTransferredAtAPointInTime" xlink:to="forty_ProductsTransferredAtAPointInTime_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest_lbl0" xml:lang="en-US">The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:to="forty_ProfitLossAttributableToNoncontrollingInterest_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PropertyAndEquipment_lbl0" xml:lang="en-US">The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipment" xlink:to="forty_PropertyAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PropertyAndEquipmentTableTextBlock_lbl0" xml:lang="en-US">Non current assets are located.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipmentTableTextBlock" xlink:to="forty_PropertyAndEquipmentTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PropertyPlantAndEquipmentsGross_lbl0" xml:lang="en-US">Property plant and equipment gross.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantAndEquipmentsGross" xlink:to="forty_PropertyPlantAndEquipmentsGross_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ProprietarySoftwareAndRelatedServices_lbl0" xml:lang="en-US">The amount of proprietary software and related services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProprietarySoftwareAndRelatedServices" xlink:to="forty_ProprietarySoftwareAndRelatedServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PurchaseAgreement_lbl0" xml:lang="en-US">Purchase agreement ,description.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseAgreement" xlink:to="forty_PurchaseAgreement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PurchaseOfNoncontrollingInterests_lbl0" xml:lang="en-US">Purchase of non-controlling interests.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfNoncontrollingInterests" xlink:to="forty_PurchaseOfNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PurchaseOfPropertyAndEquipment_lbl0" xml:lang="en-US">The cash outflow for the purchases of property, plant and equipment, classified as investing activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfPropertyAndEquipment" xlink:to="forty_PurchaseOfPropertyAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_PurchasePriceAmount_lbl0" xml:lang="en-US">Purchase price amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchasePriceAmount" xlink:to="forty_PurchasePriceAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl0" xml:lang="en-US">The range of exercise price of outstanding share options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptions" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl0" xml:lang="en-US">The range of exercise price of outstanding share options lower limit.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl0" xml:lang="en-US">The range of exercise price of outstanding share options upper limit.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RangesOfExercisePrice_lbl0" xml:lang="en-US">The range of exercise price of outstanding share options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesOfExercisePrice" xlink:to="forty_RangesOfExercisePrice_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ReceiptOfLongTermLoans_lbl0" xml:lang="en-US">Receipt of long term loans.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReceiptOfLongTermLoans" xlink:to="forty_ReceiptOfLongTermLoans_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl0" xml:lang="en-US">Redeemable non-controlling interests at acquisition date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:to="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RedeemableNoncontrollingInterests_lbl4" xml:lang="en-US">The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl4"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl0" xml:lang="en-US">Release of trapped earnings.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReleaseOfTrappedEarningsseeNote21a2" xlink:to="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RemainingInterestRate_lbl0" xml:lang="en-US">Remaining interest rate.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RemainingInterestRate" xlink:to="forty_RemainingInterestRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl0" xml:lang="en-US">Repayment of long-term liabilities to office of the chief scientist.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:to="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl0" xml:lang="en-US">The amount of repayments of bonds within next fifth and thereafter financial year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl0" xml:lang="en-US">The amount of repayments of bonds within next financial year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl0" xml:lang="en-US">The amount of repayments of bonds within next fourth financial year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl0" xml:lang="en-US">The amount of repayments of bonds within next second financial year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl0" xml:lang="en-US">The amount of repayments of bonds within next third financial year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RestrictedShares_lbl1" xml:lang="en-US">Number of restricted shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RestrictedShares" xlink:to="forty_RestrictedShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RevenuesByProductServices_lbl0" xml:lang="en-US">Revenues by product services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesByProductServices" xlink:to="forty_RevenuesByProductServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl0" xml:lang="en-US">Revenues classified by geographic area.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:to="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl0" xml:lang="en-US">The disclosure of carrying amount of goowill forthe period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:to="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl0" xml:lang="en-US">Schedule of fair value of TSG&apos;s dividend preference derivative.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:to="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl0" xml:lang="en-US">Schedule of goodwill in material partially owned subsidiaries.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl0" xml:lang="en-US">Schedule of income before taxes on income.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:to="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl0" xml:lang="en-US">Shedule of intangible assets net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:to="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl0" xml:lang="en-US">Tabular of maturity dates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl0" xml:lang="en-US">Tabular of composition.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl0" xml:lang="en-US">Tabular disclosure of summary of marketable securities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMarketableSecuritiesTableTextBlock" xlink:to="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl0" xml:lang="en-US">The disclosure of the Matrix stock-based compensation activity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl0" xml:lang="en-US">The disclosure of the Sapiens stock-based compensation activity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl0" xml:lang="en-US">Schedule of theoretical tax expense.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:to="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl0" xml:lang="en-US">Schedule of unrecognized tax benefits.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:to="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SecuredDebentures_lbl0" xml:lang="en-US">Shares of secured debenture of series for the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebentures" xlink:to="forty_SecuredDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl0" xml:lang="en-US">Amount of settlement of put options over non-controlling interests.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SettlementOfPutOptionsOverNoncontrollingInterests" xlink:to="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SeveranceExpenses_lbl0" xml:lang="en-US">Amount of severance expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeveranceExpenses" xlink:to="forty_SeveranceExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShareCapitalPercentage_lbl0" xml:lang="en-US">Pecentage of share capital.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareCapitalPercentage" xlink:to="forty_ShareCapitalPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl0" xml:lang="en-US">The amount recognized in other comprehensive income loss in investment that measured on equity method net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:to="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl0" xml:lang="en-US">Share of other comprehensive income of joint venture.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:to="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SharesInvestmentInJointVenture_lbl0" xml:lang="en-US">A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a JV, each of the participants is responsible for profits, losses, and costs associated with it.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SharesInvestmentInJointVenture" xlink:to="forty_SharesInvestmentInJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl0" xml:lang="en-US">Schedule of short term liabilities to banks and others.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShorttermAccruedInterest_lbl0" xml:lang="en-US">Short-term accrued interest.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermAccruedInterest" xlink:to="forty_ShorttermAccruedInterest_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_ShorttermBankCreditNet_lbl0" xml:lang="en-US">Amount of short-term bank credit, net.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankCreditNet" xlink:to="forty_ShorttermBankCreditNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl0" xml:lang="en-US">Tabular of summary of formulas&apos;s investments in companies accounted for at equity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SummaryOfFormulasInvestmentsTableTextBlock" xlink:to="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SupplementaryFinancialStatementInformationTextBlock_lbl0" xml:lang="en-US">Disclosure of supplementary financial statement information.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationTextBlock" xlink:to="forty_SupplementaryFinancialStatementInformationTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TaxesInRespectOfPriorYears_lbl0" xml:lang="en-US">Taxes in respect of prior years.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesInRespectOfPriorYears" xlink:to="forty_TaxesInRespectOfPriorYears_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TaxesPaidNet_lbl0" xml:lang="en-US">The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesPaidNet" xlink:to="forty_TaxesPaidNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TotalCashConsiderationNetOfAcquiredCash_lbl0" xml:lang="en-US">Total cash consideration net of acquired cash.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalCashConsiderationNetOfAcquiredCash" xlink:to="forty_TotalCashConsiderationNetOfAcquiredCash_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TotalConsideration_lbl0" xml:lang="en-US">Total consideration.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsideration" xlink:to="forty_TotalConsideration_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TotalConsiderationAmount_lbl0" xml:lang="en-US">Total consideration amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsiderationAmount" xlink:to="forty_TotalConsiderationAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TotalInvestmentInJointVenture_lbl0" xml:lang="en-US">A Joint Venture can be termed as a contractual arrangement between two companies, aiming to undertake a specific task. In a partnership, partners agree to share the profits and take the burden of loss incurred. However, in joint venture, it is not just profit that binds the parties together.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalInvestmentInJointVenture" xlink:to="forty_TotalInvestmentInJointVenture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TotalOtherLongtermAssets_lbl0" xml:lang="en-US">Long-term assets that the entity does not separately disclose in the same statement or note.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalOtherLongtermAssets" xlink:to="forty_TotalOtherLongtermAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">The amount recognized as of the acquisition date for trade names based intangible assets acquired in a business combination.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UnallocatedCorporateExpenses_lbl0" xml:lang="en-US">Unallocated corporate expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnallocatedCorporateExpenses" xlink:to="forty_UnallocatedCorporateExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl0" xml:lang="en-US">Undistributed earnings of foreign subsidiaries and affiliates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:to="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UnrecognizedCompensationCost_lbl0" xml:lang="en-US">Unrecognized compensation cost.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCost" xlink:to="forty_UnrecognizedCompensationCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UnrecognizedCompensationCosts_lbl0" xml:lang="en-US">Unrecognized compensation costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCosts" xlink:to="forty_UnrecognizedCompensationCosts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits_lbl1" xml:lang="en-US">Unrecognized tax benefits.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedTaxOnIncomeBenefits" xlink:to="forty_UnrecognizedTaxOnIncomeBenefits_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl0" xml:lang="en-US">The description of the entity&apos;s accounting policy use of estimates anf judgments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:to="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UsefulLifeOfOtherIintangibleAssets_lbl0" xml:lang="en-US">Useful life of other intangible assets, in &apos;PnYnMnDTnHnMnS&apos; format, for example, &apos;P1Y5M13D&apos; represents the reported fact of one year, five months, and thirteen days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfOtherIintangibleAssets" xlink:to="forty_UsefulLifeOfOtherIintangibleAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl0" xml:lang="en-US">The useful life of the assets at annual rates of motor vehicles.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:to="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The weighted average exercise price of share options exercisable in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The weighted average exercise price of share options exercised in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">The weighted average exercise price of share options expired and forfeited in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl0" xml:lang="en-US">The weighted average exercise price of share options forfeited in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The weighted average exercise price of share options granted in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">The weighted average exercise price of share options outstanding in a share-based payment arrangement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl0" xml:lang="en-US">Weighted average exercise price outstanding at end of year.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl0" xml:lang="en-US">Weighted Average Grant-Date Fair value, Expired and forfeiture.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:to="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageGrantDateFairValueGranted_lbl0" xml:lang="en-US">Weighted Average Grant-Date Fair value, Granted.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueGranted" xlink:to="forty_WeightedAverageGrantDateFairValueGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageGrantDateFairValueVested_lbl0" xml:lang="en-US">Weighted Average Grant-Date Fair value, Vested.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueVested" xlink:to="forty_WeightedAverageGrantDateFairValueVested_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl0" xml:lang="en-US">Weighted average grant date fair values of options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesOfOptions" xlink:to="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl1" xml:lang="en-US">Weighted Average Grant-Date Fair value, Unvested ending.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:to="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl1" xml:lang="en-US">The weighted average remaining contractual life of exercisable share options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl0" xml:lang="en-US">The weighted average remaining contractual term of exercised share options.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl1" xml:lang="en-US">The weighted average remaining contractual term of outstanding share option.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl0" xml:lang="en-US">Weighted average remaining contractual life.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl1" xml:lang="en-US">The weighted average remaining contractual term of outstanding share option.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WorkingCapital_lbl0" xml:lang="en-US">The amount of working capital.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapital" xlink:to="forty_WorkingCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_WorkingCapitalForAssetsAndLiabilities_lbl0" xml:lang="en-US">Working capital for assets and liabilites.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapitalForAssetsAndLiabilities" xlink:to="forty_WorkingCapitalForAssetsAndLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_TypeOfSeriesDebentureAxis_lbl0" xml:lang="en-US">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfSeriesDebentureAxis" xlink:to="forty_TypeOfSeriesDebentureAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AcquisitionOfMobisoftMagicHandsMember_lbl0" xml:lang="en-US">Acquisition of Mobisoft Magic Hands [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfMobisoftMagicHandsMember" xlink:to="forty_AcquisitionOfMobisoftMagicHandsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl1" xml:lang="en-US">Acquisition of Thor Denmark Holding ApS and its subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_EuropeanMember_lbl0" xml:lang="en-US">Europe member.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EuropeanMember" xlink:to="forty_EuropeanMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="forty_SeriesASecuredDebenturesMember_lbl0" xml:lang="en-US">This member stands for series A secured debentures.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeriesASecuredDebenturesMember" xlink:to="forty_SeriesASecuredDebenturesMember_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_AddressTypeDomain" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AddressTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AddressTypeDomain_lbl" xml:lang="en-US">Address Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AddressTypeDomain" xlink:to="dei_AddressTypeDomain_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock_lbl0" xml:lang="en-US">SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" xlink:to="forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MagicMember_lbl1" xml:lang="en-US">MagicMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicMember" xlink:to="forty_MagicMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl1" xml:lang="en-US">DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialExpenses_lbl1" xml:lang="en-US">FinancialExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpenses" xlink:to="forty_FinancialExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl1" xml:lang="en-US">DisclosureOfEmployeeOptionPlansExplanatoryTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:to="forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ITDGroupLtdMember_lbl0" xml:lang="en-US">ITDGroupLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ITDGroupLtdMember" xlink:to="forty_ITDGroupLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl1" xml:lang="en-US">RepaymentsOfBondsWithinNextSecondFinancialYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextSecondFinancialYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxesOnCurrentLosses_lbl1" xml:lang="en-US">DeferredTaxesOnCurrentLosses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxesOnCurrentLosses" xlink:to="forty_DeferredTaxesOnCurrentLosses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DelphiTechnologyIncAndItsSubsidiaryMember_lbl0" xml:lang="en-US">DelphiTechnologyIncAndItsSubsidiaryMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DelphiTechnologyIncAndItsSubsidiaryMember" xlink:to="forty_DelphiTechnologyIncAndItsSubsidiaryMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl1" xml:lang="en-US">DecreaseRelatedToPriorYearsTaxPositions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DecreaseRelatedToPriorYearsTaxPositions" xlink:to="forty_DecreaseRelatedToPriorYearsTaxPositions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestRatePercentage_lbl1" xml:lang="en-US">InterestRatePercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage" xlink:to="forty_InterestRatePercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalOtherLongtermAssets_lbl1" xml:lang="en-US">TotalOtherLongtermAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalOtherLongtermAssets" xlink:to="forty_TotalOtherLongtermAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProductsTransferredAtAPointInTime_lbl1" xml:lang="en-US">ProductsTransferredAtAPointInTime</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsTransferredAtAPointInTime" xlink:to="forty_ProductsTransferredAtAPointInTime_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl1" xml:lang="en-US">NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EnableITLLCMember_lbl0" xml:lang="en-US">EnableITLLCMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EnableITLLCMember" xlink:to="forty_EnableITLLCMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MobisoftAndMagicHandsMember_lbl0" xml:lang="en-US">MobisoftAndMagicHandsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MobisoftAndMagicHandsMember" xlink:to="forty_MobisoftAndMagicHandsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangeOfExercisePriceFourthreeTwoMember_lbl0" xml:lang="en-US">RangeOfExercisePriceFourthreeTwoMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePriceFourthreeTwoMember" xlink:to="forty_RangeOfExercisePriceFourthreeTwoMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl1" xml:lang="en-US">ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:to="forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl1" xml:lang="en-US">IncreaseRelatedToCurrentYearTaxPositions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncreaseRelatedToCurrentYearTaxPositions" xlink:to="forty_IncreaseRelatedToCurrentYearTaxPositions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl1" xml:lang="en-US">ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:to="forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionOutstandingAtEndOfYear_lbl0" xml:lang="en-US">NumberOfShareOptionOutstandingAtEndOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstandingAtEndOfYear" xlink:to="forty_NumberOfShareOptionOutstandingAtEndOfYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MenravaMember_lbl0" xml:lang="en-US">MenravaMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MenravaMember" xlink:to="forty_MenravaMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialInstitutionCreditAgreement_lbl1" xml:lang="en-US">FinancialInstitutionCreditAgreement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialInstitutionCreditAgreement" xlink:to="forty_FinancialInstitutionCreditAgreement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl2" xml:lang="en-US">AggregateIntrinsicValueOfOutstandingShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingShareOptions" xlink:to="forty_AggregateIntrinsicValueOfOutstandingShareOptions_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl1" xml:lang="en-US">BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MagicSoftwareMember_lbl1" xml:lang="en-US">MagicSoftwareMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MagicSoftwareMember" xlink:to="forty_MagicSoftwareMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ValuationtechniquesAxis_lbl0" xml:lang="en-US">ValuationtechniquesAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ValuationtechniquesAxis" xlink:to="forty_ValuationtechniquesAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl1" xml:lang="en-US">ShareOfOtherComprehensiveIncomeOfJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:to="forty_ShareOfOtherComprehensiveIncomeOfJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfShareProfit_lbl1" xml:lang="en-US">PercentageOfShareProfit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareProfit" xlink:to="forty_PercentageOfShareProfit_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensFourMember_lbl0" xml:lang="en-US">SapiensFourMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensFourMember" xlink:to="forty_SapiensFourMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProductsAndServicesTransferredOverTime_lbl1" xml:lang="en-US">ProductsAndServicesTransferredOverTime</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProductsAndServicesTransferredOverTime" xlink:to="forty_ProductsAndServicesTransferredOverTime_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PlanOfNameAxis_lbl0" xml:lang="en-US">PlanOfNameAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanOfNameAxis" xlink:to="forty_PlanOfNameAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PaidUpAmount_lbl1" xml:lang="en-US">PaidUpAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaidUpAmount" xlink:to="forty_PaidUpAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestExpensesAttributedToIfrs_lbl1" xml:lang="en-US">InterestExpensesAttributedToIfrs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesAttributedToIfrs" xlink:to="forty_InterestExpensesAttributedToIfrs_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract_lbl0" xml:lang="en-US">CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" xlink:to="forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl1" xml:lang="en-US">InterestIncomeFromDepositsAndForeignExchangeDifferences</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:to="forty_InterestIncomeFromDepositsAndForeignExchangeDifferences_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:to="forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPreferenceDerivativeInTSG_lbl1" xml:lang="en-US">DividendPreferenceDerivativeInTSG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTSG" xlink:to="forty_DividendPreferenceDerivativeInTSG_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPreferenceDerivativeInTsg_lbl1" xml:lang="en-US">DividendPreferenceDerivativeInTsg</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPreferenceDerivativeInTsg" xlink:to="forty_DividendPreferenceDerivativeInTsg_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedDepreciationAbstract_lbl0" xml:lang="en-US">AccumulatedDepreciationAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedDepreciationAbstract" xlink:to="forty_AccumulatedDepreciationAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOf9540YGSoftITLtdMember_lbl1" xml:lang="en-US">AcquisitionOf9540YGSoftITLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOf9540YGSoftITLtdMember" xlink:to="forty_AcquisitionOf9540YGSoftITLtdMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl1" xml:lang="en-US">DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:to="forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyAndEquipment_lbl1" xml:lang="en-US">PropertyAndEquipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipment" xlink:to="forty_PropertyAndEquipment_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IntersegmentRevenues_lbl1" xml:lang="en-US">IntersegmentRevenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntersegmentRevenues" xlink:to="forty_IntersegmentRevenues_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock_lbl0" xml:lang="en-US">DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" xlink:to="forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShorttermBankLoans1Member_lbl0" xml:lang="en-US">ShorttermBankLoans1Member</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankLoans1Member" xlink:to="forty_ShorttermBankLoans1Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfTreasurySharesOutstanding_lbl1" xml:lang="en-US">NumberOfTreasurySharesOutstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfTreasurySharesOutstanding" xlink:to="forty_NumberOfTreasurySharesOutstanding_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_Asste_lbl0" xml:lang="en-US">Asste</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_Asste" xlink:to="forty_Asste_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl1" xml:lang="en-US">DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SoftwareProductMarketingAndSupportMember_lbl0" xml:lang="en-US">SoftwareProductMarketingAndSupportMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareProductMarketingAndSupportMember" xlink:to="forty_SoftwareProductMarketingAndSupportMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestReceived_lbl1" xml:lang="en-US">InterestReceived</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestReceived" xlink:to="forty_InterestReceived_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl1" xml:lang="en-US">ChangeInValueOfDividendPreferenceDerivativeInTsg</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:to="forty_ChangeInValueOfDividendPreferenceDerivativeInTsg_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquiredCost_lbl0" xml:lang="en-US">AcquiredCost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredCost" xlink:to="forty_AcquiredCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl1" xml:lang="en-US">AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:to="forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FairValueOfContingentConsideration_lbl1" xml:lang="en-US">FairValueOfContingentConsideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfContingentConsideration" xlink:to="forty_FairValueOfContingentConsideration_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl1" xml:lang="en-US">AdjustmentsForIncreaseDecreaseInValueOfDebentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmericaMember_lbl0" xml:lang="en-US">AmericaMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmericaMember" xlink:to="forty_AmericaMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfShareInEquity_lbl1" xml:lang="en-US">PercentageOfShareInEquity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareInEquity" xlink:to="forty_PercentageOfShareInEquity_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentsAccountedForUsingEquityMethod_lbl2" xml:lang="en-US">InvestmentsAccountedForUsingEquityMethod</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentsAccountedForUsingEquityMethod" xlink:to="forty_InvestmentsAccountedForUsingEquityMethod_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AVBTechnologiesLtdMember_lbl0" xml:lang="en-US">AVBTechnologiesLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AVBTechnologiesLtdMember" xlink:to="forty_AVBTechnologiesLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GutmanMember_lbl0" xml:lang="en-US">GutmanMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GutmanMember" xlink:to="forty_GutmanMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl1" xml:lang="en-US">WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:to="forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory_lbl0" xml:lang="en-US">DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" xlink:to="forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfCarryingAmountOfGoodwillTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:to="forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl1" xml:lang="en-US">LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:to="forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl1" xml:lang="en-US">CompanysShareOfEarningsLossesOfJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareOfEarningsLossesOfJointVenture" xlink:to="forty_CompanysShareOfEarningsLossesOfJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember_lbl0" xml:lang="en-US">CurrentMaturitiesOfLongtermLoansFromBanksMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember" xlink:to="forty_CurrentMaturitiesOfLongtermLoansFromBanksMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GoodwillBusinessCombination_lbl2" xml:lang="en-US">GoodwillBusinessCombination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillBusinessCombination" xlink:to="forty_GoodwillBusinessCombination_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialIncomeAndExpensesTableTextBlock_lbl1" xml:lang="en-US">FinancialIncomeAndExpensesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncomeAndExpensesTableTextBlock" xlink:to="forty_FinancialIncomeAndExpensesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl1" xml:lang="en-US">AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:to="forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfSubsidiaries_lbl0" xml:lang="en-US">AcquisitionOfSubsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSubsidiaries" xlink:to="forty_AcquisitionOfSubsidiaries_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageGrantDateFairValueVested_lbl1" xml:lang="en-US">WeightedAverageGrantDateFairValueVested</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueVested" xlink:to="forty_WeightedAverageGrantDateFairValueVested_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EffectOfDilutiveSecurities_lbl1" xml:lang="en-US">EffectOfDilutiveSecurities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfDilutiveSecurities" xlink:to="forty_EffectOfDilutiveSecurities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LeasePeriodsExpiringTerm_lbl0" xml:lang="en-US">LeasePeriodsExpiringTerm</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LeasePeriodsExpiringTerm" xlink:to="forty_LeasePeriodsExpiringTerm_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SeriesCSecuredDebenturesMember_lbl0" xml:lang="en-US">SeriesCSecuredDebenturesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeriesCSecuredDebenturesMember" xlink:to="forty_SeriesCSecuredDebenturesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">NumberOfShareOptionGrantedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl1" xml:lang="en-US">LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SecuredDebentures_lbl1" xml:lang="en-US">SecuredDebentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebentures" xlink:to="forty_SecuredDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashConsiderationAmount_lbl1" xml:lang="en-US">CashConsiderationAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsiderationAmount" xlink:to="forty_CashConsiderationAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfOwnershipInterestInInvestees_lbl1" xml:lang="en-US">PercentageOfOwnershipInterestInInvestees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfOwnershipInterestInInvestees" xlink:to="forty_PercentageOfOwnershipInterestInInvestees_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendFromJointVenture_lbl1" xml:lang="en-US">DividendFromJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendFromJointVenture" xlink:to="forty_DividendFromJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl1" xml:lang="en-US">NumberOfShareOptionOutstandingAtBeginningOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:to="forty_NumberOfShareOptionOutstandingAtBeginningOfYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SQServiceQualityLtdMember_lbl0" xml:lang="en-US">SQServiceQualityLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SQServiceQualityLtdMember" xlink:to="forty_SQServiceQualityLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IsraelCountryMember_lbl0" xml:lang="en-US">IsraelCountryMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IsraelCountryMember" xlink:to="forty_IsraelCountryMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl1" xml:lang="en-US">DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongtermOperatingLeaseLiabilities_lbl0" xml:lang="en-US">LongtermOperatingLeaseLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongtermOperatingLeaseLiabilities" xlink:to="forty_LongtermOperatingLeaseLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl1" xml:lang="en-US">IssuanceOfSharesUponConversionOfConvertibleDebentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GestetnertecLtdMember_lbl0" xml:lang="en-US">GestetnertecLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GestetnertecLtdMember" xlink:to="forty_GestetnertecLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl1" xml:lang="en-US">ShortTermLiabilitiesToBanksAndOthersTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:to="forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalConsiderationAmounts_lbl0" xml:lang="en-US">TotalConsiderationAmounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsiderationAmounts" xlink:to="forty_TotalConsiderationAmounts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalRevenueOfProductsandServices_lbl0" xml:lang="en-US">TotalRevenueOfProductsandServices</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalRevenueOfProductsandServices" xlink:to="forty_TotalRevenueOfProductsandServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PurchaseAgreement_lbl1" xml:lang="en-US">PurchaseAgreement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseAgreement" xlink:to="forty_PurchaseAgreement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets_lbl0" xml:lang="en-US">DepreciationExpensesOfOperatingLeaseRightofuseAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets" xlink:to="forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_otherFinancialInstitutionsMember_lbl0" xml:lang="en-US">otherFinancialInstitutionsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_otherFinancialInstitutionsMember" xlink:to="forty_otherFinancialInstitutionsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfSumcumoGmbHMember_lbl2" xml:lang="en-US">AcquisitionOfSumcumoGmbHMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfSumcumoGmbHMember" xlink:to="forty_AcquisitionOfSumcumoGmbHMember_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UsefulLifeOfTheAssetsAtAnnualRates_lbl0" xml:lang="en-US">UsefulLifeOfTheAssetsAtAnnualRates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfTheAssetsAtAnnualRates" xlink:to="forty_UsefulLifeOfTheAssetsAtAnnualRates_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OriginalAmountsAbstract_lbl0" xml:lang="en-US">OriginalAmountsAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OriginalAmountsAbstract" xlink:to="forty_OriginalAmountsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SeveranceExpenses_lbl1" xml:lang="en-US">SeveranceExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeveranceExpenses" xlink:to="forty_SeveranceExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations_lbl0" xml:lang="en-US">IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" xlink:to="forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract_lbl0" xml:lang="en-US">LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:to="forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfMarketableSecuritiesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMarketableSecuritiesTableTextBlock" xlink:to="forty_ScheduleOfMarketableSecuritiesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredIncomeClassifiedCurrent_lbl0" xml:lang="en-US">DeferredIncomeClassifiedCurrent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredIncomeClassifiedCurrent" xlink:to="forty_DeferredIncomeClassifiedCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EmployeeOptionPlansAxis_lbl0" xml:lang="en-US">EmployeeOptionPlansAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EmployeeOptionPlansAxis" xlink:to="forty_EmployeeOptionPlansAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TechtopLtdMember_lbl2" xml:lang="en-US">TechtopLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TechtopLtdMember" xlink:to="forty_TechtopLtdMember_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CumulativeLossesForTaxPurposes_lbl1" xml:lang="en-US">CumulativeLossesForTaxPurposes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CumulativeLossesForTaxPurposes" xlink:to="forty_CumulativeLossesForTaxPurposes_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl1" xml:lang="en-US">BusinessCombinationAcquisitionsRelatedCosts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationAcquisitionsRelatedCosts" xlink:to="forty_BusinessCombinationAcquisitionsRelatedCosts_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CumulativeLossesForTaxPurpose_lbl0" xml:lang="en-US">CumulativeLossesForTaxPurpose</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CumulativeLossesForTaxPurpose" xlink:to="forty_CumulativeLossesForTaxPurpose_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfVestedPercentage_lbl1" xml:lang="en-US">NumberOfVestedPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfVestedPercentage" xlink:to="forty_NumberOfVestedPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTax_lbl0" xml:lang="en-US">IncomeTax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTax" xlink:to="forty_IncomeTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl1" xml:lang="en-US">WeightedAverageRemainingContractualTermOfExercisedShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl1" xml:lang="en-US">NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:to="forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ReceiptOfLongTermLoans_lbl1" xml:lang="en-US">ReceiptOfLongTermLoans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReceiptOfLongTermLoans" xlink:to="forty_ReceiptOfLongTermLoans_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PresentValueOfLeaseLiabilities_lbl0" xml:lang="en-US">PresentValueOfLeaseLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PresentValueOfLeaseLiabilities" xlink:to="forty_PresentValueOfLeaseLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CreditFacilityAgreementsAxis_lbl0" xml:lang="en-US">CreditFacilityAgreementsAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CreditFacilityAgreementsAxis" xlink:to="forty_CreditFacilityAgreementsAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SupplementaryFinancialStatementInformationTextBlock_lbl1" xml:lang="en-US">SupplementaryFinancialStatementInformationTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SupplementaryFinancialStatementInformationTextBlock" xlink:to="forty_SupplementaryFinancialStatementInformationTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilitiesAbstract0_lbl0" xml:lang="en-US">LiabilitiesAbstract0</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesAbstract0" xlink:to="forty_LiabilitiesAbstract0_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl1" xml:lang="en-US">DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract_lbl0" xml:lang="en-US">AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RemainingInterestRate_lbl1" xml:lang="en-US">RemainingInterestRate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RemainingInterestRate" xlink:to="forty_RemainingInterestRate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilityToFinancialInstitutionDescription_lbl1" xml:lang="en-US">LiabilityToFinancialInstitutionDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFinancialInstitutionDescription" xlink:to="forty_LiabilityToFinancialInstitutionDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SellingAndMarketingExpensesMember_lbl0" xml:lang="en-US">SellingAndMarketingExpensesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SellingAndMarketingExpensesMember" xlink:to="forty_SellingAndMarketingExpensesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentMaturities_lbl0" xml:lang="en-US">CurrentMaturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentMaturities" xlink:to="forty_CurrentMaturities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FormulaMember_lbl0" xml:lang="en-US">FormulaMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaMember" xlink:to="forty_FormulaMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialExpensesAbstract_lbl0" xml:lang="en-US">FinancialExpensesAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpensesAbstract" xlink:to="forty_FinancialExpensesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UnrecognizedCompensationCosts_lbl1" xml:lang="en-US">UnrecognizedCompensationCosts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCosts" xlink:to="forty_UnrecognizedCompensationCosts_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InsyncMember_lbl0" xml:lang="en-US">InsyncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InsyncMember" xlink:to="forty_InsyncMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredPaymentRelatedtoBusinessCombinations_lbl0" xml:lang="en-US">DeferredPaymentRelatedtoBusinessCombinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredPaymentRelatedtoBusinessCombinations" xlink:to="forty_DeferredPaymentRelatedtoBusinessCombinations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UsefulLifeOfOtherIintangibleAssets_lbl1" xml:lang="en-US">UsefulLifeOfOtherIintangibleAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfOtherIintangibleAssets" xlink:to="forty_UsefulLifeOfOtherIintangibleAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountOfOptionsGranted_lbl1" xml:lang="en-US">AmountOfOptionsGranted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsGranted" xlink:to="forty_AmountOfOptionsGranted_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ComputersSoftwareAndPeripheralEquipmentMember_lbl0" xml:lang="en-US">ComputersSoftwareAndPeripheralEquipmentMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ComputersSoftwareAndPeripheralEquipmentMember" xlink:to="forty_ComputersSoftwareAndPeripheralEquipmentMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl1" xml:lang="en-US">UseOfEstimatesAndJudgmentsPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:to="forty_UseOfEstimatesAndJudgmentsPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SoftwareProduct_lbl0" xml:lang="en-US">SoftwareProduct</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareProduct" xlink:to="forty_SoftwareProduct_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PledgeAxis_lbl0" xml:lang="en-US">PledgeAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PledgeAxis" xlink:to="forty_PledgeAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl1" xml:lang="en-US">DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:to="forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases_lbl0" xml:lang="en-US">UndiscountedFutureLeasePaymentsReceivableForOperatingLeases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" xlink:to="forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DamagesAmount_lbl1" xml:lang="en-US">DamagesAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DamagesAmount" xlink:to="forty_DamagesAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl1" xml:lang="en-US">SettlementOfPutOptionsOverNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SettlementOfPutOptionsOverNoncontrollingInterests" xlink:to="forty_SettlementOfPutOptionsOverNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ContingentLiability_lbl1" xml:lang="en-US">ContingentLiability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentLiability" xlink:to="forty_ContingentLiability_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProprietarySoftwareProductsAndRelatedServices_lbl0" xml:lang="en-US">ProprietarySoftwareProductsAndRelatedServices</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProprietarySoftwareProductsAndRelatedServices" xlink:to="forty_ProprietarySoftwareProductsAndRelatedServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ClassificationsAboutGoodwill_lbl1" xml:lang="en-US">ClassificationsAboutGoodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ClassificationsAboutGoodwill" xlink:to="forty_ClassificationsAboutGoodwill_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InternationalAbstract_lbl0" xml:lang="en-US">InternationalAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InternationalAbstract" xlink:to="forty_InternationalAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl1" xml:lang="en-US">SummaryOfFormulasInvestmentsTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SummaryOfFormulasInvestmentsTableTextBlock" xlink:to="forty_SummaryOfFormulasInvestmentsTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangesOfExercisePrice_lbl1" xml:lang="en-US">RangesOfExercisePrice</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesOfExercisePrice" xlink:to="forty_RangesOfExercisePrice_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProfitLossesBeforeTax_lbl0" xml:lang="en-US">ProfitLossesBeforeTax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProfitLossesBeforeTax" xlink:to="forty_ProfitLossesBeforeTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NoncontrollingInterestsInAcquireesSubsidiary_lbl0" xml:lang="en-US">NoncontrollingInterestsInAcquireesSubsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsInAcquireesSubsidiary" xlink:to="forty_NoncontrollingInterestsInAcquireesSubsidiary_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DenominatorForDilutedNetEarningsPerShare_lbl1" xml:lang="en-US">DenominatorForDilutedNetEarningsPerShare</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForDilutedNetEarningsPerShare" xlink:to="forty_DenominatorForDilutedNetEarningsPerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CalculoSAUMember_lbl0" xml:lang="en-US">CalculoSAUMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CalculoSAUMember" xlink:to="forty_CalculoSAUMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ZAPAndItsSubsidiariesMember_lbl0" xml:lang="en-US">ZAPAndItsSubsidiariesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPAndItsSubsidiariesMember" xlink:to="forty_ZAPAndItsSubsidiariesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetEffectsMember_lbl0" xml:lang="en-US">NetEffectsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetEffectsMember" xlink:to="forty_NetEffectsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl1" xml:lang="en-US">AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:to="forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PaymentsToFormerShareholdersOfConsolidatedCompany_lbl0" xml:lang="en-US">PaymentsToFormerShareholdersOfConsolidatedCompany</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:to="forty_PaymentsToFormerShareholdersOfConsolidatedCompany_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl1" xml:lang="en-US">BasicAndDilutedNetEarningsPerShareTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:to="forty_BasicAndDilutedNetEarningsPerShareTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl1" xml:lang="en-US">FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EventsAfterReportingPeriodMember_lbl0" xml:lang="en-US">EventsAfterReportingPeriodMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EventsAfterReportingPeriodMember" xlink:to="forty_EventsAfterReportingPeriodMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl2" xml:lang="en-US">WeightedAverageRemainingContractualTermOfExercisableShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetLiabilitiesExcludingCashAcquired_lbl2" xml:lang="en-US">NetLiabilitiesExcludingCashAcquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingCashAcquired" xlink:to="forty_NetLiabilitiesExcludingCashAcquired_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentRelatedParties_lbl1" xml:lang="en-US">CurrentRelatedParties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentRelatedParties" xlink:to="forty_CurrentRelatedParties_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShorttermAccruedInterest_lbl1" xml:lang="en-US">ShorttermAccruedInterest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermAccruedInterest" xlink:to="forty_ShorttermAccruedInterest_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LocationOfIncomeStatementAxis_lbl0" xml:lang="en-US">LocationOfIncomeStatementAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LocationOfIncomeStatementAxis" xlink:to="forty_LocationOfIncomeStatementAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensOneMember_lbl0" xml:lang="en-US">SapiensOneMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensOneMember" xlink:to="forty_SapiensOneMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestRatePercentage1_lbl1" xml:lang="en-US">InterestRatePercentage1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestRatePercentage1" xlink:to="forty_InterestRatePercentage1_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements_lbl0" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease_lbl0" xml:lang="en-US">ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" xlink:to="forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingLeaseLiabilities_lbl0" xml:lang="en-US">OperatingLeaseLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseLiabilities" xlink:to="forty_OperatingLeaseLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfSubsidiaryOutstandingShares_lbl1" xml:lang="en-US">PercentageOfSubsidiaryOutstandingShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfSubsidiaryOutstandingShares" xlink:to="forty_PercentageOfSubsidiaryOutstandingShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl1" xml:lang="en-US">RepaymentsOfBondsWithinNextFourthFinancialYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFourthFinancialYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IsraeliSubsidiariesMember_lbl0" xml:lang="en-US">IsraeliSubsidiariesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IsraeliSubsidiariesMember" xlink:to="forty_IsraeliSubsidiariesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPayableAmountPerShare_lbl1" xml:lang="en-US">DividendPayableAmountPerShare</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShare" xlink:to="forty_DividendPayableAmountPerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FormulaSystems1985LtdShareholdersEquityAbstract_lbl0" xml:lang="en-US">FormulaSystems1985LtdShareholdersEquityAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaSystems1985LtdShareholdersEquityAbstract" xlink:to="forty_FormulaSystems1985LtdShareholdersEquityAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet_lbl0" xml:lang="en-US">DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl1" xml:lang="en-US">RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TwoThousandElevenPlanMember_lbl0" xml:lang="en-US">TwoThousandElevenPlanMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TwoThousandElevenPlanMember" xlink:to="forty_TwoThousandElevenPlanMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RevenuesByProductServices_lbl1" xml:lang="en-US">RevenuesByProductServices</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesByProductServices" xlink:to="forty_RevenuesByProductServices_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl1" xml:lang="en-US">LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IssuanceOfOrdinarySharesNet_lbl0" xml:lang="en-US">IssuanceOfOrdinarySharesNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfOrdinarySharesNet" xlink:to="forty_IssuanceOfOrdinarySharesNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedCostOfSharebasedPayment_lbl1" xml:lang="en-US">AccumulatedCostOfSharebasedPayment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedCostOfSharebasedPayment" xlink:to="forty_AccumulatedCostOfSharebasedPayment_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfIntangibleAssetsNetTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:to="forty_ScheduleOfIntangibleAssetsNetTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredPaymentsandContingentConsideration_lbl0" xml:lang="en-US">DeferredPaymentsandContingentConsideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredPaymentsandContingentConsideration" xlink:to="forty_DeferredPaymentsandContingentConsideration_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet_lbl0" xml:lang="en-US">UnamortizedDebtPremiumDiscountAndIssuanceCostNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet" xlink:to="forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfShareCapital_lbl1" xml:lang="en-US">PercentageOfShareCapital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfShareCapital" xlink:to="forty_PercentageOfShareCapital_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GovernmentInstitution_lbl1" xml:lang="en-US">GovernmentInstitution</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GovernmentInstitution" xlink:to="forty_GovernmentInstitution_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PercentageOfEstimatedOnlinePurchaseVolume_lbl0" xml:lang="en-US">PercentageOfEstimatedOnlinePurchaseVolume</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PercentageOfEstimatedOnlinePurchaseVolume" xlink:to="forty_PercentageOfEstimatedOnlinePurchaseVolume_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TypeOfSeriesDebentureAxis_lbl1" xml:lang="en-US">TypeOfSeriesDebentureAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfSeriesDebentureAxis" xlink:to="forty_TypeOfSeriesDebentureAxis_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredAssetsDividendPayableToFormerShareholder_lbl0" xml:lang="en-US">DeferredAssetsDividendPayableToFormerShareholder</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredAssetsDividendPayableToFormerShareholder" xlink:to="forty_DeferredAssetsDividendPayableToFormerShareholder_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl2" xml:lang="en-US">WeightedAverageRemainingContractualTermOfOutstandingShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MatrixMember_lbl1" xml:lang="en-US">MatrixMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MatrixMember" xlink:to="forty_MatrixMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EuropeanMember_lbl1" xml:lang="en-US">EuropeanMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EuropeanMember" xlink:to="forty_EuropeanMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrencyExchangeRateInOtherComprehensiveIncome_lbl0" xml:lang="en-US">CurrencyExchangeRateInOtherComprehensiveIncome</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrencyExchangeRateInOtherComprehensiveIncome" xlink:to="forty_CurrencyExchangeRateInOtherComprehensiveIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherProductsAndThirdParty_lbl1" xml:lang="en-US">OtherProductsAndThirdParty</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherProductsAndThirdParty" xlink:to="forty_OtherProductsAndThirdParty_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherMember_lbl0" xml:lang="en-US">OtherMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherMember" xlink:to="forty_OtherMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear_lbl0" xml:lang="en-US">WeightedAverageExercisePriceOutstandingAtBeginningOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ParValueInIssuanceCurrencies_lbl0" xml:lang="en-US">ParValueInIssuanceCurrencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ParValueInIssuanceCurrencies" xlink:to="forty_ParValueInIssuanceCurrencies_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl1" xml:lang="en-US">IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:to="forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialCostsRelatedToDebentures_lbl1" xml:lang="en-US">FinancialCostsRelatedToDebentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialCostsRelatedToDebentures" xlink:to="forty_FinancialCostsRelatedToDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl1" xml:lang="en-US">CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:to="forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl2" xml:lang="en-US">AggregateIntrinsicValueOfExercisableShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisableShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisableShareOptions_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ForeignCurrencyDerivativeContract_lbl1" xml:lang="en-US">ForeignCurrencyDerivativeContract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyDerivativeContract" xlink:to="forty_ForeignCurrencyDerivativeContract_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl1" xml:lang="en-US">LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OfekMember_lbl0" xml:lang="en-US">OfekMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfekMember" xlink:to="forty_OfekMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxNoncontrollingInterests_lbl1" xml:lang="en-US">DeferredTaxNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxNoncontrollingInterests" xlink:to="forty_DeferredTaxNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SQServiceQualitysMember_lbl0" xml:lang="en-US">SQServiceQualitysMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SQServiceQualitysMember" xlink:to="forty_SQServiceQualitysMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermLiabilities_lbl1" xml:lang="en-US">LongTermLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilities" xlink:to="forty_LongTermLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_JapanCountryMember_lbl0" xml:lang="en-US">JapanCountryMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_JapanCountryMember" xlink:to="forty_JapanCountryMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OfficeFurnitureAndEquipmentMember_lbl0" xml:lang="en-US">OfficeFurnitureAndEquipmentMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfficeFurnitureAndEquipmentMember" xlink:to="forty_OfficeFurnitureAndEquipmentMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl1" xml:lang="en-US">ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:to="forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl1" xml:lang="en-US">InterestExpensesOnShortTermAndLongTermLoans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpensesOnShortTermAndLongTermLoans" xlink:to="forty_InterestExpensesOnShortTermAndLongTermLoans_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SoftITLtdMember_lbl0" xml:lang="en-US">SoftITLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftITLtdMember" xlink:to="forty_SoftITLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DiscountAndIssuanceCostsAmortization_lbl1" xml:lang="en-US">DiscountAndIssuanceCostsAmortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DiscountAndIssuanceCostsAmortization" xlink:to="forty_DiscountAndIssuanceCostsAmortization_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars_lbl0" xml:lang="en-US">AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" xlink:to="forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CostAbstract_lbl0" xml:lang="en-US">CostAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostAbstract" xlink:to="forty_CostAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl1" xml:lang="en-US">LongTermLiabilitiesToBanksAndOthersCurrentMaturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:to="forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ArbitrationExpenses_lbl1" xml:lang="en-US">ArbitrationExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ArbitrationExpenses" xlink:to="forty_ArbitrationExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinalConsiderationAmount_lbl1" xml:lang="en-US">FinalConsiderationAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinalConsiderationAmount" xlink:to="forty_FinalConsiderationAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UnrecognizedCompensationCost_lbl1" xml:lang="en-US">UnrecognizedCompensationCost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedCompensationCost" xlink:to="forty_UnrecognizedCompensationCost_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl2" xml:lang="en-US">AmountOfOptionsOutstandingAtBeginningOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsOutstandingAtBeginningOfYear" xlink:to="forty_AmountOfOptionsOutstandingAtBeginningOfYear_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl1" xml:lang="en-US">LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetLiabilitiesExcludingAcquiredCash_lbl1" xml:lang="en-US">NetLiabilitiesExcludingAcquiredCash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetLiabilitiesExcludingAcquiredCash" xlink:to="forty_NetLiabilitiesExcludingAcquiredCash_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl1" xml:lang="en-US">NonRefundableWithholdingTaxAndTaxAdvances</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NonRefundableWithholdingTaxAndTaxAdvances" xlink:to="forty_NonRefundableWithholdingTaxAndTaxAdvances_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CompanysShareInDividendDeclaredByTsg_lbl1" xml:lang="en-US">CompanysShareInDividendDeclaredByTsg</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CompanysShareInDividendDeclaredByTsg" xlink:to="forty_CompanysShareInDividendDeclaredByTsg_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl1" xml:lang="en-US">UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:to="forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutInvesteesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingResultsTotal_lbl0" xml:lang="en-US">OperatingResultsTotal</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingResultsTotal" xlink:to="forty_OperatingResultsTotal_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WorkingCapitalForAssetsAndLiabilities_lbl1" xml:lang="en-US">WorkingCapitalForAssetsAndLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapitalForAssetsAndLiabilities" xlink:to="forty_WorkingCapitalForAssetsAndLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfNoncontrollingInterests_lbl1" xml:lang="en-US">AcquisitionOfNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfNoncontrollingInterests" xlink:to="forty_AcquisitionOfNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquiredCash_lbl0" xml:lang="en-US">AcquiredCash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredCash" xlink:to="forty_AcquiredCash_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract_lbl0" xml:lang="en-US">OtherComprehensiveIncomeLossNetOfTaxEffectAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract" xlink:to="forty_OtherComprehensiveIncomeLossNetOfTaxEffectAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_StockellInformationSystemsIncMember_lbl0" xml:lang="en-US">StockellInformationSystemsIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_StockellInformationSystemsIncMember" xlink:to="forty_StockellInformationSystemsIncMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl2" xml:lang="en-US">DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:to="forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MedatechInformationTechnologiesLtdMember_lbl1" xml:lang="en-US">MedatechInformationTechnologiesLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MedatechInformationTechnologiesLtdMember" xlink:to="forty_MedatechInformationTechnologiesLtdMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl1" xml:lang="en-US">EquityIncludingImpactOfAdoptionOfIfrs15</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EquityIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_EquityIncludingImpactOfAdoptionOfIfrs15_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfCustomer_lbl1" xml:lang="en-US">NumberOfCustomer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfCustomer" xlink:to="forty_NumberOfCustomer_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LessImputedInterest_lbl0" xml:lang="en-US">LessImputedInterest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LessImputedInterest" xlink:to="forty_LessImputedInterest_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeFromMarketableSecurities_lbl1" xml:lang="en-US">IncomeFromMarketableSecurities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeFromMarketableSecurities" xlink:to="forty_IncomeFromMarketableSecurities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AAEngineeringLtdMember_lbl0" xml:lang="en-US">AAEngineeringLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AAEngineeringLtdMember" xlink:to="forty_AAEngineeringLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AfricaianMember_lbl0" xml:lang="en-US">AfricaianMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AfricaianMember" xlink:to="forty_AfricaianMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ThorDenmarkHoldingApSAndSubsidiariesMember_lbl0" xml:lang="en-US">ThorDenmarkHoldingApSAndSubsidiariesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ThorDenmarkHoldingApSAndSubsidiariesMember" xlink:to="forty_ThorDenmarkHoldingApSAndSubsidiariesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UnallocatedCorporateExpenses_lbl1" xml:lang="en-US">UnallocatedCorporateExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnallocatedCorporateExpenses" xlink:to="forty_UnallocatedCorporateExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IncomeTaxAssessmentsDescription_lbl1" xml:lang="en-US">IncomeTaxAssessmentsDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IncomeTaxAssessmentsDescription" xlink:to="forty_IncomeTaxAssessmentsDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LinkageBasisCurrencyOneMember_lbl0" xml:lang="en-US">LinkageBasisCurrencyOneMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisCurrencyOneMember" xlink:to="forty_LinkageBasisCurrencyOneMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentGovernmentDepartments_lbl1" xml:lang="en-US">CurrentGovernmentDepartments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentGovernmentDepartments" xlink:to="forty_CurrentGovernmentDepartments_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDebenturesTextBlock_lbl1" xml:lang="en-US">DisclosureOfDebenturesTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDebenturesTextBlock" xlink:to="forty_DisclosureOfDebenturesTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl1" xml:lang="en-US">RangeOfExercisePricesOfOutstandingShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptions" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfProvisionalEstimatedConsideration_lbl0" xml:lang="en-US">DisclosureOfProvisionalEstimatedConsideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfProvisionalEstimatedConsideration" xlink:to="forty_DisclosureOfProvisionalEstimatedConsideration_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RestrictedShares_lbl2" xml:lang="en-US">RestrictedShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RestrictedShares" xlink:to="forty_RestrictedShares_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">NumberOfShareOptionForfeitedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SecuredDebenturesTwoMember_lbl0" xml:lang="en-US">SecuredDebenturesTwoMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebenturesTwoMember" xlink:to="forty_SecuredDebenturesTwoMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GeneralAssemblyMember_lbl0" xml:lang="en-US">GeneralAssemblyMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GeneralAssemblyMember" xlink:to="forty_GeneralAssemblyMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CapitalPayment_lbl0" xml:lang="en-US">CapitalPayment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CapitalPayment" xlink:to="forty_CapitalPayment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShorttermBankCreditNet_lbl1" xml:lang="en-US">ShorttermBankCreditNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankCreditNet" xlink:to="forty_ShorttermBankCreditNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountOfOptionsExpiredAndForfeiture_lbl1" xml:lang="en-US">AmountOfOptionsExpiredAndForfeiture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsExpiredAndForfeiture" xlink:to="forty_AmountOfOptionsExpiredAndForfeiture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfNewAmendmentTaxRate_lbl1" xml:lang="en-US">DescriptionOfNewAmendmentTaxRate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfNewAmendmentTaxRate" xlink:to="forty_DescriptionOfNewAmendmentTaxRate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ForeignCurrencyTranslation_lbl1" xml:lang="en-US">ForeignCurrencyTranslation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslation" xlink:to="forty_ForeignCurrencyTranslation_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl1" xml:lang="en-US">AggregateIntrinsicValueOfExercisedShareOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOfExercisedShareOptions" xlink:to="forty_AggregateIntrinsicValueOfExercisedShareOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountOfOptionsUnvestedBeginning_lbl2" xml:lang="en-US">AmountOfOptionsUnvestedBeginning</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsUnvestedBeginning" xlink:to="forty_AmountOfOptionsUnvestedBeginning_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl1" xml:lang="en-US">BackogIntangibleAssetsRecognisedAsOfAcquisitionDate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensFiveMember_lbl0" xml:lang="en-US">SapiensFiveMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensFiveMember" xlink:to="forty_SapiensFiveMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_lawsuitSeekingDamages_lbl0" xml:lang="en-US">lawsuitSeekingDamages</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_lawsuitSeekingDamages" xlink:to="forty_lawsuitSeekingDamages_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl1" xml:lang="en-US">LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:to="forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LearningAndIntegrationMember_lbl0" xml:lang="en-US">LearningAndIntegrationMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LearningAndIntegrationMember" xlink:to="forty_LearningAndIntegrationMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl1" xml:lang="en-US">RepaymentsOfBondsWithinNextFinancialYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFinancialYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl1" xml:lang="en-US">RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:to="forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl1" xml:lang="en-US">AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:to="forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl1" xml:lang="en-US">UndistributedEarningsOfForeignSubsidiariesAndAffiliates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:to="forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CostOfRevenuesAbstract_lbl0" xml:lang="en-US">CostOfRevenuesAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostOfRevenuesAbstract" xlink:to="forty_CostOfRevenuesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl1" xml:lang="en-US">AdjustmentsForChangesInDeferredTaxesNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForChangesInDeferredTaxesNet" xlink:to="forty_AdjustmentsForChangesInDeferredTaxesNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyAndEquipmentTableTextBlock_lbl1" xml:lang="en-US">PropertyAndEquipmentTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyAndEquipmentTableTextBlock" xlink:to="forty_PropertyAndEquipmentTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MichpalMember_lbl0" xml:lang="en-US">MichpalMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MichpalMember" xlink:to="forty_MichpalMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ZAPGroupLtdMember_lbl0" xml:lang="en-US">ZAPGroupLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPGroupLtdMember" xlink:to="forty_ZAPGroupLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SecuredDebenturesMember_lbl0" xml:lang="en-US">SecuredDebenturesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebenturesMember" xlink:to="forty_SecuredDebenturesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements_lbl0" xml:lang="en-US">NumberOfShareOptionGrantedInSharebasedPaymentArrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements" xlink:to="forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DueFromItsTransactionsWithAsseco_lbl0" xml:lang="en-US">DueFromItsTransactionsWithAsseco</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DueFromItsTransactionsWithAsseco" xlink:to="forty_DueFromItsTransactionsWithAsseco_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredIncomeClassifiedNoncurrent_lbl0" xml:lang="en-US">DeferredIncomeClassifiedNoncurrent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredIncomeClassifiedNoncurrent" xlink:to="forty_DeferredIncomeClassifiedNoncurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionOutstanding_lbl1" xml:lang="en-US">NumberOfShareOptionOutstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionOutstanding" xlink:to="forty_NumberOfShareOptionOutstanding_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommercialSecuritiesNotListedMember_lbl0" xml:lang="en-US">CommercialSecuritiesNotListedMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommercialSecuritiesNotListedMember" xlink:to="forty_CommercialSecuritiesNotListedMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl1" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetAssetsExcludingCashAcquired_lbl3" xml:lang="en-US">NetAssetsExcludingCashAcquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetAssetsExcludingCashAcquired" xlink:to="forty_NetAssetsExcludingCashAcquired_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherLongTermAssets_lbl1" xml:lang="en-US">OtherLongTermAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherLongTermAssets" xlink:to="forty_OtherLongTermAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl1" xml:lang="en-US">AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:to="forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl1" xml:lang="en-US">ReleaseOfTrappedEarningsseeNote21a2</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ReleaseOfTrappedEarningsseeNote21a2" xlink:to="forty_ReleaseOfTrappedEarningsseeNote21a2_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangeOfExercisePriceZeroMember_lbl0" xml:lang="en-US">RangeOfExercisePriceZeroMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangeOfExercisePriceZeroMember" xlink:to="forty_RangeOfExercisePriceZeroMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CostOfSharebasedPayment_lbl0" xml:lang="en-US">CostOfSharebasedPayment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CostOfSharebasedPayment" xlink:to="forty_CostOfSharebasedPayment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl1" xml:lang="en-US">TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:to="forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermDebtTotal_lbl1" xml:lang="en-US">LongTermDebtTotal</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermDebtTotal" xlink:to="forty_LongTermDebtTotal_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LinkageBasisDescription_lbl1" xml:lang="en-US">LinkageBasisDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisDescription" xlink:to="forty_LinkageBasisDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DenominatorForBasicNetEarningsPerShare_lbl1" xml:lang="en-US">DenominatorForBasicNetEarningsPerShare</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorForBasicNetEarningsPerShare" xlink:to="forty_DenominatorForBasicNetEarningsPerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract_lbl0" xml:lang="en-US">ShortTermInterestOnLongTermLoansFromOtherAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract" xlink:to="forty_ShortTermInterestOnLongTermLoansFromOtherAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PowWowIncMember_lbl0" xml:lang="en-US">PowWowIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PowWowIncMember" xlink:to="forty_PowWowIncMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilitiesAndEquityAbstract_lbl0" xml:lang="en-US">LiabilitiesAndEquityAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesAndEquityAbstract" xlink:to="forty_LiabilitiesAndEquityAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfTheoreticalTaxExpenseTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:to="forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl2" xml:lang="en-US">WeightedAverageRemainingContractualTermOfOutstandingSharesOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxLiabilityNet_lbl1" xml:lang="en-US">DeferredTaxLiabilityNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxLiabilityNet" xlink:to="forty_DeferredTaxLiabilityNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ComputerInfrastructureAndIntegrationSolutionsMember_lbl0" xml:lang="en-US">ComputerInfrastructureAndIntegrationSolutionsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ComputerInfrastructureAndIntegrationSolutionsMember" xlink:to="forty_ComputerInfrastructureAndIntegrationSolutionsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CustomerRelationshipAndBacklogMember_lbl0" xml:lang="en-US">CustomerRelationshipAndBacklogMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CustomerRelationshipAndBacklogMember" xlink:to="forty_CustomerRelationshipAndBacklogMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BusinessCombinationAxis_lbl0" xml:lang="en-US">BusinessCombinationAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BusinessCombinationAxis" xlink:to="forty_BusinessCombinationAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BNonCashActivitiesAbstract_lbl0" xml:lang="en-US">BNonCashActivitiesAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BNonCashActivitiesAbstract" xlink:to="forty_BNonCashActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountOfOptionsVested_lbl1" xml:lang="en-US">AmountOfOptionsVested</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountOfOptionsVested" xlink:to="forty_AmountOfOptionsVested_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl1" xml:lang="en-US">ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:to="forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl1" xml:lang="en-US">EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MenarvaLtdMember_lbl0" xml:lang="en-US">MenarvaLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MenarvaLtdMember" xlink:to="forty_MenarvaLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UniqueSoftwareIndustriesLtdMember_lbl0" xml:lang="en-US">UniqueSoftwareIndustriesLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UniqueSoftwareIndustriesLtdMember" xlink:to="forty_UniqueSoftwareIndustriesLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl1" xml:lang="en-US">NumberOfSharesIncludingImpactOfAdoptionOfIfrs15</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:to="forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OfekAerialPhotographyLtdMember_lbl1" xml:lang="en-US">OfekAerialPhotographyLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OfekAerialPhotographyLtdMember" xlink:to="forty_OfekAerialPhotographyLtdMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateSecurityAmount_lbl2" xml:lang="en-US">AggregateSecurityAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateSecurityAmount" xlink:to="forty_AggregateSecurityAmount_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PurchaseOfPropertyAndEquipment_lbl1" xml:lang="en-US">PurchaseOfPropertyAndEquipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfPropertyAndEquipment" xlink:to="forty_PurchaseOfPropertyAndEquipment_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumeratorAbstract_lbl0" xml:lang="en-US">NumeratorAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumeratorAbstract" xlink:to="forty_NumeratorAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WorkingCapitalAdjustmentsAbstract_lbl0" xml:lang="en-US">WorkingCapitalAdjustmentsAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapitalAdjustmentsAbstract" xlink:to="forty_WorkingCapitalAdjustmentsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl1" xml:lang="en-US">DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:to="forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MobisoftLtdMember_lbl1" xml:lang="en-US">MobisoftLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MobisoftLtdMember" xlink:to="forty_MobisoftLtdMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests_lbl0" xml:lang="en-US">CashPaidDueToExerciseofPutOptionByNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:to="forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:to="forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensSeriesBDebenturesMember_lbl0" xml:lang="en-US">SapiensSeriesBDebenturesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensSeriesBDebenturesMember" xlink:to="forty_SapiensSeriesBDebenturesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShareCapitalAbstract_lbl0" xml:lang="en-US">ShareCapitalAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareCapitalAbstract" xlink:to="forty_ShareCapitalAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPayableToShareholders_lbl1" xml:lang="en-US">DividendPayableToShareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToShareholders" xlink:to="forty_DividendPayableToShareholders_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TaxesInRespectOfPriorYears_lbl1" xml:lang="en-US">TaxesInRespectOfPriorYears</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesInRespectOfPriorYears" xlink:to="forty_TaxesInRespectOfPriorYears_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities_lbl0" xml:lang="en-US">TotalLongtermLiabilitiesNetOfCurrentMaturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities" xlink:to="forty_TotalLongtermLiabilitiesNetOfCurrentMaturities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl1" xml:lang="en-US">DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:to="forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl1" xml:lang="en-US">AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:to="forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl1" xml:lang="en-US">AccumulatedAmortizationOfIntangibleAssetsNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedAmortizationOfIntangibleAssetsNet" xlink:to="forty_AccumulatedAmortizationOfIntangibleAssetsNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongtermLiabilitiesNetOfCurrentMaturities_lbl0" xml:lang="en-US">LongtermLiabilitiesNetOfCurrentMaturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongtermLiabilitiesNetOfCurrentMaturities" xlink:to="forty_LongtermLiabilitiesNetOfCurrentMaturities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquiredTechnologyMember_lbl0" xml:lang="en-US">AcquiredTechnologyMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquiredTechnologyMember" xlink:to="forty_AcquiredTechnologyMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl1" xml:lang="en-US">RepaymentsOfBondsWithinNextThirdFinancialYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextThirdFinancialYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BacklogAndNonCompeteAgreementMember_lbl0" xml:lang="en-US">BacklogAndNonCompeteAgreementMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BacklogAndNonCompeteAgreementMember" xlink:to="forty_BacklogAndNonCompeteAgreementMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl1" xml:lang="en-US">AggregatePrincipalAnnualPaymentsOfDebentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregatePrincipalAnnualPaymentsOfDebentures" xlink:to="forty_AggregatePrincipalAnnualPaymentsOfDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:to="forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl1" xml:lang="en-US">AcquisitionOfOfekAerialPhotographyLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfOfekAerialPhotographyLtdMember" xlink:to="forty_AcquisitionOfOfekAerialPhotographyLtdMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MichpalAndItsSubsidiariesMember_lbl0" xml:lang="en-US">MichpalAndItsSubsidiariesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MichpalAndItsSubsidiariesMember" xlink:to="forty_MichpalAndItsSubsidiariesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfITDGroupLtdMember_lbl0" xml:lang="en-US">AcquisitionOfITDGroupLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfITDGroupLtdMember" xlink:to="forty_AcquisitionOfITDGroupLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock_lbl0" xml:lang="en-US">ScheduleOfActivityOfInvestmentInTSGTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock" xlink:to="forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionsOutstanding_lbl2" xml:lang="en-US">NumberOfShareOptionsOutstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionsOutstanding" xlink:to="forty_NumberOfShareOptionsOutstanding_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfSharesOutstanding1_lbl1" xml:lang="en-US">NumberOfSharesOutstanding1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfSharesOutstanding1" xlink:to="forty_NumberOfSharesOutstanding1_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShorttermBankLoansMember_lbl0" xml:lang="en-US">ShorttermBankLoansMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShorttermBankLoansMember" xlink:to="forty_ShorttermBankLoansMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DanaEngineeringLtdMember_lbl0" xml:lang="en-US">DanaEngineeringLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DanaEngineeringLtdMember" xlink:to="forty_DanaEngineeringLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FormulaHoldShares_lbl0" xml:lang="en-US">FormulaHoldShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FormulaHoldShares" xlink:to="forty_FormulaHoldShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations_lbl0" xml:lang="en-US">CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:to="forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl2" xml:lang="en-US">LongTermLiabilitiesAndOthersLongtermLiabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:to="forty_LongTermLiabilitiesAndOthersLongtermLiabilities_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl1" xml:lang="en-US">ContingentConsiderationInRespectOfBusinessCombination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ContingentConsiderationInRespectOfBusinessCombination" xlink:to="forty_ContingentConsiderationInRespectOfBusinessCombination_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SeriesASecuredDebenturesMember_lbl1" xml:lang="en-US">SeriesASecuredDebenturesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SeriesASecuredDebenturesMember" xlink:to="forty_SeriesASecuredDebenturesMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DeferredRevenues_lbl0" xml:lang="en-US">DeferredRevenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DeferredRevenues" xlink:to="forty_DeferredRevenues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl1" xml:lang="en-US">WeightedAverageGrantDateFairValueExpiredAndForfeiture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:to="forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BankChargesInterestAndForeignExchangeDifferences_lbl1" xml:lang="en-US">BankChargesInterestAndForeignExchangeDifferences</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankChargesInterestAndForeignExchangeDifferences" xlink:to="forty_BankChargesInterestAndForeignExchangeDifferences_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BackOfficeAndProfessionalServicesExpense_lbl1" xml:lang="en-US">BackOfficeAndProfessionalServicesExpense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BackOfficeAndProfessionalServicesExpense" xlink:to="forty_BackOfficeAndProfessionalServicesExpense_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetEffectsIncMember_lbl0" xml:lang="en-US">NetEffectsIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetEffectsIncMember" xlink:to="forty_NetEffectsIncMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RedeemableNoncontrollingInterests_lbl5" xml:lang="en-US">RedeemableNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNoncontrollingInterests" xlink:to="forty_RedeemableNoncontrollingInterests_lbl5"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ITDGroupsMember_lbl0" xml:lang="en-US">ITDGroupsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ITDGroupsMember" xlink:to="forty_ITDGroupsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvesteeNameAxis_lbl0" xml:lang="en-US">InvesteeNameAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvesteeNameAxis" xlink:to="forty_InvesteeNameAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PlanNamesAxis_lbl0" xml:lang="en-US">PlanNamesAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PlanNamesAxis" xlink:to="forty_PlanNamesAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ShareCapitalPercentage_lbl1" xml:lang="en-US">ShareCapitalPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ShareCapitalPercentage" xlink:to="forty_ShareCapitalPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_MinorityShareholdersDescription_lbl1" xml:lang="en-US">MinorityShareholdersDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_MinorityShareholdersDescription" xlink:to="forty_MinorityShareholdersDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock_lbl0" xml:lang="en-US">ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" xlink:to="forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalConsideration_lbl1" xml:lang="en-US">TotalConsideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsideration" xlink:to="forty_TotalConsideration_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedAmortizationAbstract_lbl0" xml:lang="en-US">AccumulatedAmortizationAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedAmortizationAbstract" xlink:to="forty_AccumulatedAmortizationAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingLeaseRightofuseAssets_lbl0" xml:lang="en-US">OperatingLeaseRightofuseAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseRightofuseAssets" xlink:to="forty_OperatingLeaseRightofuseAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BankGuaranteesAmount_lbl1" xml:lang="en-US">BankGuaranteesAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BankGuaranteesAmount" xlink:to="forty_BankGuaranteesAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TifulGemelLtdMember_lbl0" xml:lang="en-US">TifulGemelLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TifulGemelLtdMember" xlink:to="forty_TifulGemelLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RightStarIncMember_lbl1" xml:lang="en-US">RightStarIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RightStarIncMember" xlink:to="forty_RightStarIncMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilitiesInRespectOfBusinessCombinations_lbl1" xml:lang="en-US">LiabilitiesInRespectOfBusinessCombinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesInRespectOfBusinessCombinations" xlink:to="forty_LiabilitiesInRespectOfBusinessCombinations_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfUnrecognizedTaxBenefitsTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:to="forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsMember_lbl0" xml:lang="en-US">AdjustmentsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsMember" xlink:to="forty_AdjustmentsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl2" xml:lang="en-US">WeightedAverageGrantDateFairValuesUnvestedEnding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:to="forty_WeightedAverageGrantDateFairValuesUnvestedEnding_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilitiesToBanksAndOthers_lbl1" xml:lang="en-US">LiabilitiesToBanksAndOthers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilitiesToBanksAndOthers" xlink:to="forty_LiabilitiesToBanksAndOthers_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdditionalOfTheOutstandingSharesPercentage_lbl1" xml:lang="en-US">AdditionalOfTheOutstandingSharesPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdditionalOfTheOutstandingSharesPercentage" xlink:to="forty_AdditionalOfTheOutstandingSharesPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAveragePeriod_lbl0" xml:lang="en-US">WeightedAveragePeriod</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAveragePeriod" xlink:to="forty_WeightedAveragePeriod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WorkingCapital_lbl1" xml:lang="en-US">WorkingCapital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WorkingCapital" xlink:to="forty_WorkingCapital_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl1" xml:lang="en-US">WeightedAverageGrantDateFairValuesOfOptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValuesOfOptions" xlink:to="forty_WeightedAverageGrantDateFairValuesOfOptions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl1" xml:lang="en-US">IssuanceOfSharesUponConversionOfConvertibleDebenturesShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:to="forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfMobisoftMagicHandsMember_lbl1" xml:lang="en-US">AcquisitionOfMobisoftMagicHandsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfMobisoftMagicHandsMember" xlink:to="forty_AcquisitionOfMobisoftMagicHandsMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AssetsAcquiredRemainingBalance_lbl1" xml:lang="en-US">AssetsAcquiredRemainingBalance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAcquiredRemainingBalance" xlink:to="forty_AssetsAcquiredRemainingBalance_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SecuredDebentureOneMember_lbl0" xml:lang="en-US">SecuredDebentureOneMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SecuredDebentureOneMember" xlink:to="forty_SecuredDebentureOneMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherMainlyAsiaPacificMember_lbl0" xml:lang="en-US">OtherMainlyAsiaPacificMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherMainlyAsiaPacificMember" xlink:to="forty_OtherMainlyAsiaPacificMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl1" xml:lang="en-US">RevenuesClassifiedByGeographicAreaTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:to="forty_RevenuesClassifiedByGeographicAreaTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfLiquidityRiskPolicyTextBlock_lbl0" xml:lang="en-US">DisclosureOfLiquidityRiskPolicyTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfLiquidityRiskPolicyTextBlock" xlink:to="forty_DisclosureOfLiquidityRiskPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RangesAxis_lbl0" xml:lang="en-US">RangesAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RangesAxis" xlink:to="forty_RangesAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PPPLoanAmount_lbl1" xml:lang="en-US">PPPLoanAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PPPLoanAmount" xlink:to="forty_PPPLoanAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl1" xml:lang="en-US">NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:to="forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProprietarySoftwareAndRelatedServices_lbl1" xml:lang="en-US">ProprietarySoftwareAndRelatedServices</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProprietarySoftwareAndRelatedServices" xlink:to="forty_ProprietarySoftwareAndRelatedServices_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TypeOfCountryAxis_lbl0" xml:lang="en-US">TypeOfCountryAxis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TypeOfCountryAxis" xlink:to="forty_TypeOfCountryAxis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TsgMember_lbl0" xml:lang="en-US">TsgMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TsgMember" xlink:to="forty_TsgMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LinkageBasisCurrencyMember_lbl0" xml:lang="en-US">LinkageBasisCurrencyMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LinkageBasisCurrencyMember" xlink:to="forty_LinkageBasisCurrencyMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedOtherComprehensiveIncomeloss_lbl1" xml:lang="en-US">AccumulatedOtherComprehensiveIncomeloss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedOtherComprehensiveIncomeloss" xlink:to="forty_AccumulatedOtherComprehensiveIncomeloss_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract_lbl0" xml:lang="en-US">CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract" xlink:to="forty_CAcquisitionOfNewlyConsolidatedSubsidiariesAndActivitiesNetOfCashAcquiredAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl1" xml:lang="en-US">RedeemableNonControllingInterestsAtAcquisitionDate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RedeemableNonControllingInterestsAtAcquisitionDate" xlink:to="forty_RedeemableNonControllingInterestsAtAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OnTargetGroupIncMember_lbl0" xml:lang="en-US">OnTargetGroupIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OnTargetGroupIncMember" xlink:to="forty_OnTargetGroupIncMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl1" xml:lang="en-US">DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:to="forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl1" xml:lang="en-US">AdjustmentsForIncreaseDecreaseInDeferredIncomes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:to="forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherInvestmentComprehensiveIncome_lbl1" xml:lang="en-US">OtherInvestmentComprehensiveIncome</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherInvestmentComprehensiveIncome" xlink:to="forty_OtherInvestmentComprehensiveIncome_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_financialInstitutionsMember_lbl0" xml:lang="en-US">financialInstitutionsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_financialInstitutionsMember" xlink:to="forty_financialInstitutionsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CapitalNotesInvestmentInJointVenture_lbl1" xml:lang="en-US">CapitalNotesInvestmentInJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CapitalNotesInvestmentInJointVenture" xlink:to="forty_CapitalNotesInvestmentInJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPayableAmountPerShares_lbl1" xml:lang="en-US">DividendPayableAmountPerShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableAmountPerShares" xlink:to="forty_DividendPayableAmountPerShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl1" xml:lang="en-US">ForeignCurrencyTranslationAdjustmentsForGoodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:to="forty_ForeignCurrencyTranslationAdjustmentsForGoodwill_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensTwoMember_lbl0" xml:lang="en-US">SapiensTwoMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensTwoMember" xlink:to="forty_SapiensTwoMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensThreeMember_lbl0" xml:lang="en-US">SapiensThreeMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensThreeMember" xlink:to="forty_SapiensThreeMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SharesInvestmentInJointVenture_lbl1" xml:lang="en-US">SharesInvestmentInJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SharesInvestmentInJointVenture" xlink:to="forty_SharesInvestmentInJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl1" xml:lang="en-US">ProceedsFromIssueOfBondsNotesAndDebenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProceedsFromIssueOfBondsNotesAndDebenture" xlink:to="forty_ProceedsFromIssueOfBondsNotesAndDebenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock_lbl0" xml:lang="en-US">ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" xlink:to="forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PurchasePriceAmount_lbl1" xml:lang="en-US">PurchasePriceAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchasePriceAmount" xlink:to="forty_PurchasePriceAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PurchaseOfNoncontrollingInterests_lbl1" xml:lang="en-US">PurchaseOfNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfNoncontrollingInterests" xlink:to="forty_PurchaseOfNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UnrecognizedTaxOnIncomeBenefits_lbl2" xml:lang="en-US">UnrecognizedTaxOnIncomeBenefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UnrecognizedTaxOnIncomeBenefits" xlink:to="forty_UnrecognizedTaxOnIncomeBenefits_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl1" xml:lang="en-US">CurrentPrepaidExpensesAndAdvancesToSuppliers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:to="forty_CurrentPrepaidExpensesAndAdvancesToSuppliers_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition_lbl0" xml:lang="en-US">InvestmentInRestrictedDepositOnAccountOfFutureAcquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:to="forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl1" xml:lang="en-US">AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:to="forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OperatingLeaseNonCash_lbl0" xml:lang="en-US">OperatingLeaseNonCash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OperatingLeaseNonCash" xlink:to="forty_OperatingLeaseNonCash_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestExpenses_lbl1" xml:lang="en-US">InterestExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestExpenses" xlink:to="forty_InterestExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:to="forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PerformedServicesSubcontractor_lbl1" xml:lang="en-US">PerformedServicesSubcontractor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PerformedServicesSubcontractor" xlink:to="forty_PerformedServicesSubcontractor_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ProfitLossAttributableToNoncontrollingInterest_lbl1" xml:lang="en-US">ProfitLossAttributableToNoncontrollingInterest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ProfitLossAttributableToNoncontrollingInterest" xlink:to="forty_ProfitLossAttributableToNoncontrollingInterest_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageGrantDateFairValueGranted_lbl1" xml:lang="en-US">WeightedAverageGrantDateFairValueGranted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageGrantDateFairValueGranted" xlink:to="forty_WeightedAverageGrantDateFairValueGranted_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock_lbl0" xml:lang="en-US">ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" xlink:to="forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl1" xml:lang="en-US">CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ZAPGroupMember_lbl0" xml:lang="en-US">ZAPGroupMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZAPGroupMember" xlink:to="forty_ZAPGroupMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl2" xml:lang="en-US">AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:to="forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfGoverningBodies_lbl1" xml:lang="en-US">DescriptionOfGoverningBodies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfGoverningBodies" xlink:to="forty_DescriptionOfGoverningBodies_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SapiensMember_lbl2" xml:lang="en-US">SapiensMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SapiensMember" xlink:to="forty_SapiensMember_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl1" xml:lang="en-US">CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:to="forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl1" xml:lang="en-US">WeightedAverageRemainingContractualTermOfOutstandingShareOptions1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:to="forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PreferredTechnologyEnterpriseMember_lbl0" xml:lang="en-US">PreferredTechnologyEnterpriseMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PreferredTechnologyEnterpriseMember" xlink:to="forty_PreferredTechnologyEnterpriseMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UsefulLifeOfMotorVehicles_lbl0" xml:lang="en-US">UsefulLifeOfMotorVehicles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfMotorVehicles" xlink:to="forty_UsefulLifeOfMotorVehicles_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ZapMember_lbl0" xml:lang="en-US">ZapMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZapMember" xlink:to="forty_ZapMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AAEngineeringsMember_lbl0" xml:lang="en-US">AAEngineeringsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AAEngineeringsMember" xlink:to="forty_AAEngineeringsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl1" xml:lang="en-US">EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_SoftwareSolutionsAndServicesInIsraelMember_lbl0" xml:lang="en-US">SoftwareSolutionsAndServicesInIsraelMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_SoftwareSolutionsAndServicesInIsraelMember" xlink:to="forty_SoftwareSolutionsAndServicesInIsraelMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendToFormulasShareholders_lbl1" xml:lang="en-US">DividendToFormulasShareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendToFormulasShareholders" xlink:to="forty_DividendToFormulasShareholders_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IntrinsicValueOfOptionsExercised_lbl1" xml:lang="en-US">IntrinsicValueOfOptionsExercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntrinsicValueOfOptionsExercised" xlink:to="forty_IntrinsicValueOfOptionsExercised_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl1" xml:lang="en-US">NumberOfShareOptionExercisableInSharebasedPaymentArrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GoodwillAndIntangibleAssets_lbl1" xml:lang="en-US">GoodwillAndIntangibleAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GoodwillAndIntangibleAssets" xlink:to="forty_GoodwillAndIntangibleAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl1" xml:lang="en-US">EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:to="forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ZapGroupAcquisitionMember_lbl0" xml:lang="en-US">ZapGroupAcquisitionMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ZapGroupAcquisitionMember" xlink:to="forty_ZapGroupAcquisitionMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl1" xml:lang="en-US">ConvertibleBondsAtFairValueThroughProfitOrLoss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:to="forty_ConvertibleBondsAtFairValueThroughProfitOrLoss_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">NumberOfShareOptionExercisableInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl2" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AssetsAbstract0_lbl0" xml:lang="en-US">AssetsAbstract0</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AssetsAbstract0" xlink:to="forty_AssetsAbstract0_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OriginalAmountsOfIntangibleAssetsNet_lbl1" xml:lang="en-US">OriginalAmountsOfIntangibleAssetsNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OriginalAmountsOfIntangibleAssetsNet" xlink:to="forty_OriginalAmountsOfIntangibleAssetsNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalInvestmentInJointVenture_lbl1" xml:lang="en-US">TotalInvestmentInJointVenture</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalInvestmentInJointVenture" xlink:to="forty_TotalInvestmentInJointVenture_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AptonetIncMember_lbl1" xml:lang="en-US">AptonetIncMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AptonetIncMember" xlink:to="forty_AptonetIncMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InterestsPaid_lbl1" xml:lang="en-US">InterestsPaid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InterestsPaid" xlink:to="forty_InterestsPaid_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentAccountedForUsingEquityMethods_lbl1" xml:lang="en-US">InvestmentAccountedForUsingEquityMethods</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentAccountedForUsingEquityMethods" xlink:to="forty_InvestmentAccountedForUsingEquityMethods_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashConsideration_lbl1" xml:lang="en-US">CashConsideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashConsideration" xlink:to="forty_CashConsideration_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CashPaidReceivedInRespectOfAbstract_lbl0" xml:lang="en-US">CashPaidReceivedInRespectOfAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CashPaidReceivedInRespectOfAbstract" xlink:to="forty_CashPaidReceivedInRespectOfAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl1" xml:lang="en-US">AmountForDilutedEarningsPerShareIncomeAvailableToShareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DenominatorAbstract_lbl0" xml:lang="en-US">DenominatorAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DenominatorAbstract" xlink:to="forty_DenominatorAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OptionsExpirePeriods_lbl1" xml:lang="en-US">OptionsExpirePeriods</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OptionsExpirePeriods" xlink:to="forty_OptionsExpirePeriods_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_Liabilitiy_lbl1" xml:lang="en-US">Liabilitiy</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_Liabilitiy" xlink:to="forty_Liabilitiy_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IntangibleAssets_lbl1" xml:lang="en-US">IntangibleAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IntangibleAssets" xlink:to="forty_IntangibleAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PropertyPlantAndEquipmentsGross_lbl1" xml:lang="en-US">PropertyPlantAndEquipmentsGross</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PropertyPlantAndEquipmentsGross" xlink:to="forty_PropertyPlantAndEquipmentsGross_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherSoftwareProductsAndRelatedServices_lbl0" xml:lang="en-US">OtherSoftwareProductsAndRelatedServices</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherSoftwareProductsAndRelatedServices" xlink:to="forty_OtherSoftwareProductsAndRelatedServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_GainsLossesFromMarketableSecurities_lbl1" xml:lang="en-US">GainsLossesFromMarketableSecurities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_GainsLossesFromMarketableSecurities" xlink:to="forty_GainsLossesFromMarketableSecurities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl1" xml:lang="en-US">AdjustmentsForImpairmentOfRightofuseAsset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForImpairmentOfRightofuseAsset" xlink:to="forty_AdjustmentsForImpairmentOfRightofuseAsset_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl1" xml:lang="en-US">NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:to="forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CommitmentAndContingencies_lbl1" xml:lang="en-US">CommitmentAndContingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CommitmentAndContingencies" xlink:to="forty_CommitmentAndContingencies_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TaxesPaidNet_lbl1" xml:lang="en-US">TaxesPaidNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TaxesPaidNet" xlink:to="forty_TaxesPaidNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_IssuedAndOutstandingPercentage_lbl1" xml:lang="en-US">IssuedAndOutstandingPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_IssuedAndOutstandingPercentage" xlink:to="forty_IssuedAndOutstandingPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl1" xml:lang="en-US">WeightedAverageExercisePriceOutstandingAtEndOfYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:to="forty_WeightedAverageExercisePriceOutstandingAtEndOfYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PrecedingYears_lbl1" xml:lang="en-US">PrecedingYears</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PrecedingYears" xlink:to="forty_PrecedingYears_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfExerciseShareOptionsGranted_lbl1" xml:lang="en-US">DescriptionOfExerciseShareOptionsGranted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfExerciseShareOptionsGranted" xlink:to="forty_DescriptionOfExerciseShareOptionsGranted_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfFinancialCovenants_lbl1" xml:lang="en-US">DescriptionOfFinancialCovenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfFinancialCovenants" xlink:to="forty_DescriptionOfFinancialCovenants_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_CurrentEmployees_lbl1" xml:lang="en-US">CurrentEmployees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_CurrentEmployees" xlink:to="forty_CurrentEmployees_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OtherAccountsPayableTextBlock_lbl1" xml:lang="en-US">OtherAccountsPayableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OtherAccountsPayableTextBlock" xlink:to="forty_OtherAccountsPayableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_OthersCurrentAccountsReceivable_lbl1" xml:lang="en-US">OthersCurrentAccountsReceivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_OthersCurrentAccountsReceivable" xlink:to="forty_OthersCurrentAccountsReceivable_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl1" xml:lang="en-US">AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:to="forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_BrandNamesAndPatentsMember_lbl0" xml:lang="en-US">BrandNamesAndPatentsMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_BrandNamesAndPatentsMember" xlink:to="forty_BrandNamesAndPatentsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiabilityToFormerlyShareholders_lbl1" xml:lang="en-US">LiabilityToFormerlyShareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiabilityToFormerlyShareholders" xlink:to="forty_LiabilityToFormerlyShareholders_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalCashConsiderationNetOfAcquiredCash_lbl1" xml:lang="en-US">TotalCashConsiderationNetOfAcquiredCash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalCashConsiderationNetOfAcquiredCash" xlink:to="forty_TotalCashConsiderationNetOfAcquiredCash_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl1" xml:lang="en-US">DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:to="forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock_lbl0" xml:lang="en-US">ScheduleOfSapiensStockOptionPlansTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock" xlink:to="forty_ScheduleOfSapiensStockOptionPlansTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl1" xml:lang="en-US">AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:to="forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl1" xml:lang="en-US">PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:to="forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl1" xml:lang="en-US">RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:to="forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialIncome_lbl1" xml:lang="en-US">FinancialIncome</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncome" xlink:to="forty_FinancialIncome_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PatentMember_lbl0" xml:lang="en-US">PatentMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PatentMember" xlink:to="forty_PatentMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars_lbl0" xml:lang="en-US">AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" xlink:to="forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract_lbl0" xml:lang="en-US">InvestmentInCompaniesAccountedForAtEquityMethodAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FederalCorporateIncomeTaxRateDescription_lbl1" xml:lang="en-US">FederalCorporateIncomeTaxRateDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FederalCorporateIncomeTaxRateDescription" xlink:to="forty_FederalCorporateIncomeTaxRateDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PurchaseOfOtherInvestment_lbl0" xml:lang="en-US">PurchaseOfOtherInvestment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PurchaseOfOtherInvestment" xlink:to="forty_PurchaseOfOtherInvestment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl1" xml:lang="en-US">PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:to="forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FairValueOfGrantSharePricePerShare_lbl1" xml:lang="en-US">FairValueOfGrantSharePricePerShare</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FairValueOfGrantSharePricePerShare" xlink:to="forty_FairValueOfGrantSharePricePerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory_lbl0" xml:lang="en-US">DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" xlink:to="forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_FinancialIncomeAbstract_lbl0" xml:lang="en-US">FinancialIncomeAbstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_FinancialIncomeAbstract" xlink:to="forty_FinancialIncomeAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_LiramFinancialSoftwareLtdMember_lbl0" xml:lang="en-US">LiramFinancialSoftwareLtdMember</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_LiramFinancialSoftwareLtdMember" xlink:to="forty_LiramFinancialSoftwareLtdMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ImpactOfTheAdoptionOfIFRS15_lbl1" xml:lang="en-US">ImpactOfTheAdoptionOfIFRS15</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ImpactOfTheAdoptionOfIFRS15" xlink:to="forty_ImpactOfTheAdoptionOfIFRS15_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl1" xml:lang="en-US">AccumulatedDepreciationPropertyPlantsAndEquipmentNet</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:to="forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl1" xml:lang="en-US">RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:to="forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl1" xml:lang="en-US">ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:to="forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl3" xml:lang="en-US">NumberOfShareOptionExercisedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:to="forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl1" xml:lang="en-US">WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:to="forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DebenturesDescription_lbl1" xml:lang="en-US">DebenturesDescription</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DebenturesDescription" xlink:to="forty_DebenturesDescription_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_UsefulLifeOfOfficeFurnitureAndEquipment_lbl0" xml:lang="en-US">UsefulLifeOfOfficeFurnitureAndEquipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_UsefulLifeOfOfficeFurnitureAndEquipment" xlink:to="forty_UsefulLifeOfOfficeFurnitureAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage_lbl0" xml:lang="en-US">EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" xlink:to="forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_TotalConsiderationAmount_lbl1" xml:lang="en-US">TotalConsiderationAmount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_TotalConsiderationAmount" xlink:to="forty_TotalConsiderationAmount_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl1" xml:lang="en-US">DividendPayableToRedeemableNoncontrollingInterests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="forty_DividendPayableToRedeemableNoncontrollingInterests" xlink:to="forty_DividendPayableToRedeemableNoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationExpense_lbl0" xml:lang="en-US">Amortisation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures_lbl0" xml:lang="en-US">Repayments of bonds, notes and debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:to="ifrs-full_RepaymentsOfBondsNotesAndDebentures_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterests_lbl1" xml:lang="en-US">Non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl0" xml:lang="en-US">Revenue and other operating income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_IcfrAuditorAttestationFlag_lbl0" xml:lang="en-US">ICFR Auditor Attestation Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl0" xml:lang="en-US">Additional Paid-in Capital [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_lbl0" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl0" xml:lang="en-US">Other non-current non-financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl0" xml:lang="en-US">Disclosure of income tax [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised_lbl0" xml:lang="en-US">Increase (decrease) through amounts recognised in profit or loss, aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" xlink:to="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsiderationPaidReceived_lbl0" xml:lang="en-US">Consideration paid (received)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsiderationPaidReceived" xlink:to="ifrs-full_ConsiderationPaidReceived_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl0" xml:lang="en-US">Other operating income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl0" xml:lang="en-US">Cash flows from (used in) decrease (increase) in short-term deposits and investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_lbl0" xml:lang="en-US">Treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl0" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_ILS_lbl0" xml:lang="en-US">Israel, New Shekels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ILS" xlink:to="currency_ILS_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity_lbl0" xml:lang="en-US">Business Acquisition, Description of Acquired Entity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" xlink:to="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl0" xml:lang="en-US">Later than four years and not later than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl1" xml:lang="en-US">Top of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl0" xml:lang="en-US">Retained earnings [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl0" xml:lang="en-US">Net deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxLiabilities" xlink:to="ifrs-full_NetDeferredTaxLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl0" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServicesExpense_lbl0" xml:lang="en-US">Services expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl0" xml:lang="en-US">Tax rate effect from change in tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl1" xml:lang="en-US">Basic earnings (loss) per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl0" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl1" xml:lang="en-US">Assets [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent_lbl0" xml:lang="en-US">Accruals classified as current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl1" xml:lang="en-US">Comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl1" xml:lang="en-US">Share of profit (loss) of joint ventures accounted for using equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_lbl1" xml:lang="en-US">Current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl0" xml:lang="en-US">Later than three years and not later than four years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl0" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for leases [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl0" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl0" xml:lang="en-US">Profit (loss), attributable to non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in employee benefit liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl0" xml:lang="en-US">Disclosure of classes of share capital [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl0" xml:lang="en-US">Repayments of borrowings, classified as financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherRevenue_lbl0" xml:lang="en-US">Other revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRevenue" xlink:to="ifrs-full_OtherRevenue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Goodwill_lbl1" xml:lang="en-US">Goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl0" xml:lang="en-US">Adjustments for decrease (increase) in trade accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities_lbl0" xml:lang="en-US">Other Accounts Payable and Accrued Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_OtherAccountsPayableAndAccruedLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl0" xml:lang="en-US">Profit (loss), attributable to owners of parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl1" xml:lang="en-US">Bottom of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl0" xml:lang="en-US">Deferred tax expense (income) recognised in profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl0" xml:lang="en-US">Disclosure of share capital, reserves and other equity interest [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan_lbl0" xml:lang="en-US">Net defined benefit liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" xlink:to="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl0" xml:lang="en-US">Other non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentAssets" xlink:to="ifrs-full_OtherNoncurrentAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl0" xml:lang="en-US">Non-current liabilities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices_lbl0" xml:lang="en-US">Revenue from rendering of information technology maintenance and support services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl0" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl0" xml:lang="en-US">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl0" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxEffectFromChangeInTaxRate_lbl0" xml:lang="en-US">Tax effect from change in tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectFromChangeInTaxRate" xlink:to="ifrs-full_TaxEffectFromChangeInTaxRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl1" xml:lang="en-US">Number of shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl0" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms_lbl0" xml:lang="en-US">Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, General Description of Terms</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" xlink:to="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_lbl0" xml:lang="en-US">Non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl0" xml:lang="en-US">Disclosure of significant accounting policies [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossLeaseLiabilities_lbl0" xml:lang="en-US">Gross lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossLeaseLiabilities" xlink:to="ifrs-full_GrossLeaseLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower_lbl0" xml:lang="en-US">Description of significant judgements and assumptions made in determining that entity controls another entity even though it holds less than half of voting rights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" xlink:to="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl0" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl0" xml:lang="en-US">Increase (decrease) in cash and cash equivalents after effect of exchange rate changes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl0" xml:lang="en-US">Revenue [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MaximumMember_lbl0" xml:lang="en-US">Maximum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ParValuePerShare_lbl1" xml:lang="en-US">Par value per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl0" xml:lang="en-US">Comprehensive income attributable to [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorFirmId_lbl0" xml:lang="en-US">Auditor Firm ID</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl0" xml:lang="en-US">Net deferred tax assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl0" xml:lang="en-US">Expected volatility, share options granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl0" xml:lang="en-US">Disclosure of operating segments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MinimumMember_lbl0" xml:lang="en-US">Minimum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationExpense_lbl0" xml:lang="en-US">Depreciation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl0" xml:lang="en-US">Expense from share-based payment transactions with employees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl0" xml:lang="en-US">Proceeds from sales of property, plant and equipment, classified as investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeOtherNetOfTax_lbl0" xml:lang="en-US">Other Comprehensive Income, Other, Net of Tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeOtherNetOfTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComputerEquipmentMember_lbl0" xml:lang="en-US">Computer equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerEquipmentMember" xlink:to="ifrs-full_ComputerEquipmentMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl0" xml:lang="en-US">Revenue from contracts with customers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromContractsWithCustomers" xlink:to="ifrs-full_RevenueFromContractsWithCustomers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for treasury shares [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl0" xml:lang="en-US">Entity Emerging Growth Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl0" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for business combinations and goodwill [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialAssetsAvailableforsale_lbl0" xml:lang="en-US">Current financial assets available-for-sale</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAvailableforsale" xlink:to="ifrs-full_CurrentFinancialAssetsAvailableforsale_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl0" xml:lang="en-US">Deferred tax assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction_lbl0" xml:lang="en-US">Provisions for doubtful debts related to outstanding balances of related party transaction</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" xlink:to="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_lbl0" xml:lang="en-US">Disclosure of number and weighted average exercise prices of share options [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:to="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl0" xml:lang="en-US">Amounts receivable, related party transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Goodwill recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl0" xml:lang="en-US">Average effective tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotesAndDebenturesIssued_lbl0" xml:lang="en-US">Notes and debentures issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotesAndDebenturesIssued" xlink:to="ifrs-full_NotesAndDebenturesIssued_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction_lbl0" xml:lang="en-US">Sale of Stock, Percentage of Ownership before Transaction</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" xlink:to="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl0" xml:lang="en-US">Current lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl0" xml:lang="en-US">Document Transition Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl0" xml:lang="en-US">Non-current assets [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl2" xml:lang="en-US">Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl0" xml:lang="en-US">Description of accounting policy for determining components of cash and cash equivalents [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare_lbl0" xml:lang="en-US">Dividends paid, other shares per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:to="ifrs-full_DividendsPaidOtherSharesPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl0" xml:lang="en-US">Other non-current financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl0" xml:lang="en-US">Current trade payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets_lbl0" xml:lang="en-US">Other current non-financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl0" xml:lang="en-US">Later than one year and not later than two years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for financial liabilities [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl0" xml:lang="en-US">Purchase of intangible assets, classified as investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl0" xml:lang="en-US">Customer-related intangible assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl0" xml:lang="en-US">Disclosure of entity&apos;s operating segments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl0" xml:lang="en-US">Document Annual Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl0" xml:lang="en-US">Reserve of exchange differences on translation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl0" xml:lang="en-US">Current notes and debentures issued and current portion of non-current notes and debentures issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl0" xml:lang="en-US">Liabilities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax_lbl0" xml:lang="en-US">Gains (losses) on remeasuring available-for-sale financial assets, net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory_lbl0" xml:lang="en-US">Disclosure of goodwill [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfGoodwillExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets_lbl0" xml:lang="en-US">Reserve of gains and losses on remeasuring available-for-sale financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl0" xml:lang="en-US">Current inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl1" xml:lang="en-US">Non-current portion of non-current notes and debentures issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl2" xml:lang="en-US">Investments accounted for using equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl0" xml:lang="en-US">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl0" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ForeignCountriesMember_lbl0" xml:lang="en-US">Foreign countries [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl2" xml:lang="en-US">Number of shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl0" xml:lang="en-US">Accumulated other comprehensive income [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl0" xml:lang="en-US">Disclosure of business combinations [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests_lbl0" xml:lang="en-US">Dividends paid to non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl0" xml:lang="en-US">Dividends paid to equity holders of parent, classified as financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl0" xml:lang="en-US">Entity Address, City or Town</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse_lbl0" xml:lang="en-US">Name of entity whose consolidated financial statements have been produced for public use</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" xlink:to="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesOnOtherDepositsFromCustomers_lbl0" xml:lang="en-US">Balances on other deposits from customers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesOnOtherDepositsFromCustomers" xlink:to="ifrs-full_BalancesOnOtherDepositsFromCustomers_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl0" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Contingent consideration recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl0" xml:lang="en-US">Non-current provisions for employee benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl0" xml:lang="en-US">Gains (losses) on exchange differences on translation of foreign operations, net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotionalAmount_lbl0" xml:lang="en-US">Notional amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashTransferred_lbl0" xml:lang="en-US">Cash transferred</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashTransferred" xlink:to="ifrs-full_CashTransferred_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl0" xml:lang="en-US">Dividends paid to non-controlling interests, classified as financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances_lbl0" xml:lang="en-US">Deferred tax liability associated with regulatory deferral account balances</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" xlink:to="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorLocation_lbl0" xml:lang="en-US">Auditor Location</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl0" xml:lang="en-US">Cash flows from (used in) operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl0" xml:lang="en-US">Entity Address, Country</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl0" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl0" xml:lang="en-US">Current net defined benefit liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:to="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Non-current liabilities recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_lbl0" xml:lang="en-US">Disclosure of defined benefit plans [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxEffectOfTaxLosses_lbl0" xml:lang="en-US">Tax effect of tax losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfTaxLosses" xlink:to="ifrs-full_TaxEffectOfTaxLosses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl0" xml:lang="en-US">Equity [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl0" xml:lang="en-US">Services received, related party transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for earnings per share [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl0" xml:lang="en-US">Non-controlling interests [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Deferred tax liabilities recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTradingIncomeExpense_lbl0" xml:lang="en-US">Other trading income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTradingIncomeExpense" xlink:to="ifrs-full_OtherTradingIncomeExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl0" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl0" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_lbl0" xml:lang="en-US">Administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl0" xml:lang="en-US">City Area Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory_lbl0" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_lbl0" xml:lang="en-US">Disclosure of range of exercise prices of outstanding share options [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" xlink:to="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentAssets_lbl0" xml:lang="en-US">Other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011_lbl0" xml:lang="en-US">Tax effect of revenues exempt from taxation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:to="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1_lbl0" xml:lang="en-US">Business Acquisition, Date of Acquisition Agreement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" xlink:to="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl0" xml:lang="en-US">Entity Shell Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl1" xml:lang="en-US">Disclosure of fair value measurement of assets [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl0" xml:lang="en-US">Directors&apos; remuneration expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Investments in joint ventures accounted for using equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl0" xml:lang="en-US">Cash flows from (used in) investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPayable_lbl0" xml:lang="en-US">Dividends payable, non-cash assets distributions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPayable" xlink:to="ifrs-full_DividendsPayable_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl0" xml:lang="en-US">Current liabilities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for investment in associates and joint ventures [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl0" xml:lang="en-US">Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandAndBuildingsMember_lbl0" xml:lang="en-US">Land and buildings [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandAndBuildingsMember" xlink:to="ifrs-full_LandAndBuildingsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities_lbl0" xml:lang="en-US">Other current non-financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:to="ifrs-full_OtherCurrentNonfinancialLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions_lbl0" xml:lang="en-US">Proceeds from exercise of options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromExerciseOfOptions" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl0" xml:lang="en-US">Current assets [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_lbl0" xml:lang="en-US">Later than one year and not later than three years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl0" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl1" xml:lang="en-US">Intangible assets other than goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Share of profit (loss) of associates and joint ventures accounted for using equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_lbl0" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl0" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl1" xml:lang="en-US">Profit (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl0" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl0" xml:lang="en-US">Dividend payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_BusinessContactMember_lbl0" xml:lang="en-US">Business Contact [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_BusinessContactMember" xlink:to="dei_BusinessContactMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl0" xml:lang="en-US">Tax expense (income) at applicable tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for provisions [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl3" xml:lang="en-US">Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for employee benefits [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl0" xml:lang="en-US">Adjustments for depreciation and amortisation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl0" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Customer-related intangible assets recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_lbl0" xml:lang="en-US">Investments in subsidiaries, joint ventures and associates reported in separate financial statements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for intangible assets other than goodwill [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_lbl0" xml:lang="en-US">Other receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl0" xml:lang="en-US">Finance income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember_lbl0" xml:lang="en-US">Level 3 of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl0" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl0" xml:lang="en-US">Level 2 of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl0" xml:lang="en-US">Operating Income (Loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ResearchAndDevelopmentExpense_lbl0" xml:lang="en-US">Research and development expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ResearchAndDevelopmentExpense" xlink:to="ifrs-full_ResearchAndDevelopmentExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl0" xml:lang="en-US">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_lbl0" xml:lang="en-US">Description of accounting policy for government grants [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in trade accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for transactions with non-controlling interests [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfSales_lbl0" xml:lang="en-US">Cost of sales</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl1" xml:lang="en-US">Consideration transferred, acquisition-date fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0" xml:lang="en-US">Technology-based intangible assets recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl0" xml:lang="en-US">Equity attributable to owners of parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfEquity_lbl0" xml:lang="en-US">Issue of equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl0" xml:lang="en-US">Disclosure of events after reporting period [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl0" xml:lang="en-US">Subsequent Event [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl0" xml:lang="en-US">Deferred tax liability (asset)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl0" xml:lang="en-US">Disclosure of employee benefits [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncomeCost_lbl0" xml:lang="en-US">Finance income (cost)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFeeAndCommissionExpense_lbl0" xml:lang="en-US">Other fee and commission expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFeeAndCommissionExpense" xlink:to="ifrs-full_OtherFeeAndCommissionExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelFaxNumber_lbl0" xml:lang="en-US">Contact Personnel Fax Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelFaxNumber" xlink:to="dei_ContactPersonnelFaxNumber_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_lbl0" xml:lang="en-US">Disclosure of share-based payment arrangements [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:to="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl0" xml:lang="en-US">Proportion of ownership interest in associate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for functional currency [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for derivative financial instruments and hedging [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl0" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsOriginalCurrency_lbl0" xml:lang="en-US">Borrowings, original currency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsOriginalCurrency" xlink:to="ifrs-full_BorrowingsOriginalCurrency_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for taxes other than income tax [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl1" xml:lang="en-US">Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl0" xml:lang="en-US">Other non-current non-financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments_lbl0" xml:lang="en-US">Description of factors used to identify entity&apos;s reportable segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" xlink:to="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl0" xml:lang="en-US">Increase (decrease) in working capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination_lbl0" xml:lang="en-US">Description of primary reasons for business combination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" xlink:to="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl0" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl1" xml:lang="en-US">Property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl0" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl1" xml:lang="en-US">Diluted earnings (loss) per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_lbl0" xml:lang="en-US">Description of accounting policy for investment in associates [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl0" xml:lang="en-US">Leasehold improvements [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToAbstract_lbl0" xml:lang="en-US">Profit (loss), attributable to [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl0" xml:lang="en-US">Deferred tax expense (income)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl0" xml:lang="en-US">Other intangible assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIntangibleAssetsMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_lbl0" xml:lang="en-US">Description of vesting requirements for share-based payment arrangement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:to="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl0" xml:lang="en-US">Key management personnel compensation, share-based payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl0" xml:lang="en-US">Adjustments for decrease (increase) in inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for share-based payment transactions [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl0" xml:lang="en-US">Short-term deposits, not classified as cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl0" xml:lang="en-US">Disclosure of other liabilities [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl0" xml:lang="en-US">Short-term deposits, classified as cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_lbl0" xml:lang="en-US">Key management personnel of entity or parent [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:to="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl0" xml:lang="en-US">Disclosure of intangible assets [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl0" xml:lang="en-US">Entity Interactive Data Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl1" xml:lang="en-US">Other non-current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl1" xml:lang="en-US">Number of shares authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl1" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl0" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl1" xml:lang="en-US">Proceeds from issue of bonds, notes and debentures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets_lbl0" xml:lang="en-US">Contractual commitments for acquisition of intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfDomicileMember_lbl0" xml:lang="en-US">Country of domicile [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfDomicileMember" xlink:to="ifrs-full_CountryOfDomicileMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl0" xml:lang="en-US">Disclosure of fair value measurement [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl0" xml:lang="en-US">Entity Address, Postal Zip Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialLiabilities_lbl1" xml:lang="en-US">Current financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialLiabilities" xlink:to="ifrs-full_CurrentFinancialLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl0" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl0" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl0" xml:lang="en-US">Weighted average fair value at measurement date, share options granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl0" xml:lang="en-US">Depreciation and amortisation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl0" xml:lang="en-US">Risk free interest rate, share options granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl0" xml:lang="en-US">Local Phone Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl0" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for impairment of non-financial assets [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl0" xml:lang="en-US">Disclosure of related party [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharePremiumMember_lbl0" xml:lang="en-US">Share premium [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremiumMember" xlink:to="ifrs-full_SharePremiumMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl0" xml:lang="en-US">Comprehensive income, attributable to owners of parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl1" xml:lang="en-US">Identifiable intangible assets recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl0" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentReceivables_lbl0" xml:lang="en-US">Other current receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory_lbl0" xml:lang="en-US">Disclosure of leases [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfLeasesExplanatory" xlink:to="ifrs-full_DisclosureOfLeasesExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl0" xml:lang="en-US">Earnings per share [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl1" xml:lang="en-US">Other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for fair value measurement [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_lbl0" xml:lang="en-US">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl0" xml:lang="en-US">Borrowings, interest rate basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl0" xml:lang="en-US">Payments to Acquire Businesses, Net of Cash Acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated_lbl0" xml:lang="en-US">Property, plant and equipment, gross carrying amount of fully depreciated assets still in use</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" xlink:to="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl4" xml:lang="en-US">Financial assets recognised as of acquisition date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl4"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl0" xml:lang="en-US">Document Registration Statement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl0" xml:lang="en-US">Adjustments for decrease (increase) in trade and other receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCompositionOfGroupExplanatory_lbl0" xml:lang="en-US">Disclosure of composition of group [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" xlink:to="ifrs-full_DisclosureOfCompositionOfGroupExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl0" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl0" xml:lang="en-US">Defined benefit obligation, at present value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl0" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossProfit_lbl0" xml:lang="en-US">Gross profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl0" xml:lang="en-US">Plan assets, at fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl0" xml:lang="en-US">Issued capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInvestments_lbl0" xml:lang="en-US">Current investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl0" xml:lang="en-US">Equity and liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl0" xml:lang="en-US">Not later than one year [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapital_lbl0" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapital" xlink:to="ifrs-full_AdditionalPaidinCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination_lbl0" xml:lang="en-US">Amounts recognised for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" xlink:to="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl2" xml:lang="en-US">Borrowings, interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for financial instruments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl0" xml:lang="en-US">Proceeds from sales of investments accounted for using equity method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForOtherTaxes_lbl0" xml:lang="en-US">Payments for Other Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOtherTaxes" xlink:to="us-gaap_PaymentsForOtherTaxes_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MotorVehiclesMember_lbl1" xml:lang="en-US">Motor vehicles [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MotorVehiclesMember" xlink:to="ifrs-full_MotorVehiclesMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_lbl0" xml:lang="en-US">Revenue from External Customers by Products and Services [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:to="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RightofuseAssets_lbl0" xml:lang="en-US">Right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl0" xml:lang="en-US">Selling, general and administrative expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfConvertibleInstruments_lbl0" xml:lang="en-US">Issue of convertible instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfConvertibleInstruments" xlink:to="ifrs-full_IssueOfConvertibleInstruments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl0" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl0" xml:lang="en-US">Current trade receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl0" xml:lang="en-US">Entity File Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_lbl0" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorName_lbl0" xml:lang="en-US">Auditor Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl0" xml:lang="en-US">Document Accounting Standard</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl0" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsMember_lbl0" xml:lang="en-US">Technology-based intangible assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TechnologybasedIntangibleAssetsMember" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl0" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl2" xml:lang="en-US">Tax expense (income)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl0" xml:lang="en-US">Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary_lbl0" xml:lang="en-US">Description of current commitments or intentions to provide support to subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" xlink:to="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl0" xml:lang="en-US">Current tax expense (income)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl0" xml:lang="en-US">Additional liabilities, contingent liabilities recognised in business combination</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:to="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_lbl0" xml:lang="en-US">Non-current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelName_lbl0" xml:lang="en-US">Contact Personnel Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Cash_lbl0" xml:lang="en-US">Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Cash" xlink:to="ifrs-full_Cash_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceCosts_lbl0" xml:lang="en-US">Finance costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl0" xml:lang="en-US">Disclosure of general information about financial statements [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_AmericasMember_lbl0" xml:lang="en-US">Americas [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_AmericasMember" xlink:to="srt_AmericasMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_lbl0" xml:lang="en-US">Other comprehensive income that will not be reclassified to profit or loss, before tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl1" xml:lang="en-US">Other current financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialLiabilities" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices_lbl0" xml:lang="en-US">Revenue from rendering of information technology consulting services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl0" xml:lang="en-US">Cash flows from (used in) financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl0" xml:lang="en-US">Document Shell Company Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesMember_lbl0" xml:lang="en-US">Selling, General and Administrative Expenses [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpensesMember" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpensesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl0" xml:lang="en-US">Entity Address, Address Line One</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl0" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl0" xml:lang="en-US">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComputerSoftwareMember_lbl0" xml:lang="en-US">Computer software [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerSoftwareMember" xlink:to="ifrs-full_ComputerSoftwareMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentFinancialLiabilities_lbl0" xml:lang="en-US">Non-current financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialLiabilities" xlink:to="ifrs-full_NoncurrentFinancialLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl0" xml:lang="en-US">Current accrued expenses and other current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl0" xml:lang="en-US">Adjustments for gain (loss) on disposals, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BrandNamesMember_lbl0" xml:lang="en-US">Brand names [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl0" xml:lang="en-US">Other comprehensive income, net of tax, gains (losses) from investments in equity instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for investments other than investments accounted for using equity method [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl0" xml:lang="en-US">Adjustments for increase (decrease) in trade and other payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepositsFromBanks_lbl0" xml:lang="en-US">Deposits from banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepositsFromBanks" xlink:to="ifrs-full_DepositsFromBanks_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BuildingsMember_lbl0" xml:lang="en-US">Buildings [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl0" xml:lang="en-US">Adjustments for share-based payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl0" xml:lang="en-US">Title of 12(b) Security</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl1" xml:lang="en-US">Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl0" xml:lang="en-US">Later than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl0" xml:lang="en-US">Accumulated other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl0" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasurySharesMember_lbl0" xml:lang="en-US">Treasury shares [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl1" xml:lang="en-US">Other current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentDescription_lbl0" xml:lang="en-US">Debt Instrument, Description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescription" xlink:to="us-gaap_DebtInstrumentDescription_lbl0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SegmentsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsAxis_lbl" xml:lang="en-US">Segments [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsAxis" xlink:to="ifrs-full_SegmentsAxis_lbl"/>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>17
<FILENAME>forty-20211231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 16 17:34:55 UTC 2022 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedBalanceSheet" roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedBalanceSheet_Parentheticals" roleURI="http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedIncomeStatement" roleURI="http://formulasystems.com/role/ConsolidatedIncomeStatement"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedComprehensiveIncome" roleURI="http://formulasystems.com/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShareholdersEquityType2or3" roleURI="http://formulasystems.com/role/ShareholdersEquityType2or3"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ConsolidatedCashFlow0" roleURI="http://formulasystems.com/role/ConsolidatedCashFlow0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_General" roleURI="http://formulasystems.com/role/General"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPolicies" roleURI="http://formulasystems.com/role/SignificantAccountingPolicies"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusiness" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecurities" roleURI="http://formulasystems.com/role/MarketableSecurities"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PrepaidExpesnesandOtherAccountsReceivavable" roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_FairValueMeasurement" roleURI="http://formulasystems.com/role/FairValueMeasurement"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethod" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNet" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNet" roleURI="http://formulasystems.com/role/IntangibleAssetsNet"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Goodwill" roleURI="http://formulasystems.com/role/Goodwill"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShortTermLiabilitiestoBanksandOthers" roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OtherAccountsPayable" roleURI="http://formulasystems.com/role/OtherAccountsPayable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LongTermLiabilitiestoBanksandOthers" roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Debentures" roleURI="http://formulasystems.com/role/Debentures"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_RelatedPartiesTransactions" roleURI="http://formulasystems.com/role/RelatedPartiesTransactions"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Leases" roleURI="http://formulasystems.com/role/Leases"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlans" roleURI="http://formulasystems.com/role/EmployeeOptionPlans"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeBenefitLiabilities" roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilities"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingencies" roleURI="http://formulasystems.com/role/CommitmentsandContingencies"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_Equity" roleURI="http://formulasystems.com/role/Equity"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTax" roleURI="http://formulasystems.com/role/IncomeTax"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SupplementaryFinancialStatementInformation" roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformation"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegments" roleURI="http://formulasystems.com/role/OperatingSegments"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SubsequentEvents" roleURI="http://formulasystems.com/role/SubsequentEvents"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_AccountingPoliciesByPolicy" roleURI="http://formulasystems.com/role/AccountingPoliciesByPolicy"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GeneralTables" roleURI="http://formulasystems.com/role/GeneralTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPoliciesTables" roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessTables" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecuritiesTables" roleURI="http://formulasystems.com/role/MarketableSecuritiesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PrepaidExpesnesandOtherAccountsReceivavableTables" roleURI="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_FairValueMeasurementTables" roleURI="http://formulasystems.com/role/FairValueMeasurementTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethodTables" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNetTables" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNetTables" roleURI="http://formulasystems.com/role/IntangibleAssetsNetTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GoodwillTables" roleURI="http://formulasystems.com/role/GoodwillTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ShortTermLiabilitiestoBanksandOthersTables" roleURI="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OtherAccountsPayableTables" roleURI="http://formulasystems.com/role/OtherAccountsPayableTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LongTermLiabilitiestoBanksandOthersTables" roleURI="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_DebenturesTables" roleURI="http://formulasystems.com/role/DebenturesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LeasesTables" roleURI="http://formulasystems.com/role/LeasesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlansTables" roleURI="http://formulasystems.com/role/EmployeeOptionPlansTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeBenefitLiabilitiesTables" roleURI="http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingenciesTables" roleURI="http://formulasystems.com/role/CommitmentsandContingenciesTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EquityTables" roleURI="http://formulasystems.com/role/EquityTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTaxTables" roleURI="http://formulasystems.com/role/IncomeTaxTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SupplementaryFinancialStatementInformationTables" roleURI="http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegmentsTables" roleURI="http://formulasystems.com/role/OperatingSegmentsTables"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuebyproductsandservicesTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuebytimingofrevenuerecognitionTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofamortizationperiodsoftherightofuseassetsTable" roleURI="http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofusefullifeoftheassetsatannualratesTable" roleURI="http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofusefullifeofintangibleassetsTable" roleURI="http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofprovisionalestimatedconsiderationTable" roleURI="http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000" roleURI="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmarketablesecuritiesTable" roleURI="http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable" roleURI="http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" roleURI="http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable" roleURI="http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofinvestmentinTSGequitymethodTable" roleURI="http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffairvalueofTSGsdividendpreferencederivativeTable" roleURI="http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable" roleURI="http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofstatementoffinancialpositionTable" roleURI="http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofhighlightsofTSGprofitorlossinaccordanceTable" roleURI="http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpropertyplantsandequipmentTable" roleURI="http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofintangibleassetsnetTable" roleURI="http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcarryingamountofgoodwillTable" roleURI="http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofshorttermliabilitiestobanksandothersTable" roleURI="http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofotheraccountspayableTable" roleURI="http://formulasystems.com/role/ScheduleofotheraccountspayableTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoflongtermliabilitiestobanksandotherscompositionTable" roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable" roleURI="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdebenturesTable" roleURI="http://formulasystems.com/role/ScheduleofdebenturesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofaggregateprincipalannualpaymentsofdebenturesTable" roleURI="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" roleURI="http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" roleURI="http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" roleURI="http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" roleURI="http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofSapiensstockoptionplansTable" roleURI="http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftheRSUactivitiesTable" roleURI="http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofmagicSoftwarestockbasedcompensationactivityTable" roleURI="http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" roleURI="http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdefinedbenefitplansTable" roleURI="http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcompositionofpledgedsharesTable" roleURI="http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofsharecapitalTable" roleURI="http://formulasystems.com/role/ScheduleofsharecapitalTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofdeferredtaxliabilitiesnetTable" roleURI="http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcompositionTable" roleURI="http://formulasystems.com/role/ScheduleofcompositionTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpretaxincomeTable" roleURI="http://formulasystems.com/role/ScheduleofpretaxincomeTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftaxesonincometaxbenefitTable" roleURI="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftheoreticaltaxexpenseTable" roleURI="http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoftotalunrecognizedtaxbenefitsTable" roleURI="http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" roleURI="http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleoffinancialincomeandexpensesTable" roleURI="http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofpropertyandequipmentlocatedTable" roleURI="http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" roleURI="http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofcomputationbasicanddilutednetearningspershareTable" roleURI="http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" roleURI="http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_ScheduleofreportingonoperatingsegmentsTable" roleURI="http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_GeneralDetails" roleURI="http://formulasystems.com/role/GeneralDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SignificantAccountingPoliciesDetails" roleURI="http://formulasystems.com/role/SignificantAccountingPoliciesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_BusinessCombinationSignificantTransactionandSaleofBusinessDetails" roleURI="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_MarketableSecuritiesDetails" roleURI="http://formulasystems.com/role/MarketableSecuritiesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_InvestmentsinCompaniesAccountedforatEquityMethodDetails" roleURI="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_PropertyPlantsandEquipmentNetDetails" roleURI="http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IntangibleAssetsNetDetails" roleURI="http://formulasystems.com/role/IntangibleAssetsNetDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_DebenturesDetails" roleURI="http://formulasystems.com/role/DebenturesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_RelatedPartiesTransactionsDetails" roleURI="http://formulasystems.com/role/RelatedPartiesTransactionsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_LeasesDetails" roleURI="http://formulasystems.com/role/LeasesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EmployeeOptionPlansDetails" roleURI="http://formulasystems.com/role/EmployeeOptionPlansDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_CommitmentsandContingenciesDetails" roleURI="http://formulasystems.com/role/CommitmentsandContingenciesDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_EquityDetails" roleURI="http://formulasystems.com/role/EquityDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_IncomeTaxDetails" roleURI="http://formulasystems.com/role/IncomeTaxDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_OperatingSegmentsDetails" roleURI="http://formulasystems.com/role/OperatingSegmentsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#forty_r_SubsequentEventsDetails" roleURI="http://formulasystems.com/role/SubsequentEventsDetails"/>
  <roleRef xlink:type="simple" xlink:href="forty-20211231.xsd#DocumentAndEntityInformation" roleURI="http://formulasystems.com/role/DocumentAndEntityInformation"/>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssetsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Cash" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_Cash" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInvestments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentInvestments" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTradeReceivables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentTradeReceivables" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Inventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Inventories"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_Inventories" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssets" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_DeferredTaxAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalOtherLongtermAssets" xlink:href="forty-20211231.xsd#forty_TotalOtherLongtermAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="TotalOtherLongtermAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RightofuseAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_RightofuseAssets" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_PropertyPlantAndEquipment" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_Goodwill" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Assets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Assets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentFinancialLiabilities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLeaseLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredIncomeClassifiedCurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="DeferredIncomeClassifiedCurrent" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccrualsClassifiedAsCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_AccrualsClassifiedAsCurrent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherCurrentNonfinancialLiabilities" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_LiabilitiesInRespectOfBusinessCombinations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="LiabilitiesInRespectOfBusinessCombinations" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilities" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentFinancialLiabilities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongtermOperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_LongtermOperatingLeaseLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="LongtermOperatingLeaseLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherNoncurrentLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredIncomeClassifiedNoncurrent" xlink:href="forty-20211231.xsd#forty_DeferredIncomeClassifiedNoncurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="DeferredIncomeClassifiedNoncurrent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilities" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="CommitmentAndContingencies" xlink:href="forty-20211231.xsd#forty_CommitmentAndContingencies"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="CommitmentAndContingencies" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_EquityAbstract" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ShareCapitalAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ShareCapitalAbstract" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_IssuedCapital" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalPaidinCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_AdditionalPaidinCapital" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarnings" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_RetainedEarnings" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasuryShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasuryShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_TreasuryShares" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_NoncontrollingInterests" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_Equity" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityAndLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareCapitalAbstract" xlink:to="ifrs-full_EquityAndLiabilities" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesAuthorised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesAuthorised" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesIssued" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_NumberOfSharesOutstanding" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ParValuePerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_ParValuePerShare" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfTreasurySharesOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfTreasurySharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="NumberOfTreasurySharesOutstanding" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedIncomeStatement">
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeStatementAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_RevenueAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_Revenue" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="CostOfRevenuesAbstract" xlink:href="forty-20211231.xsd#forty_CostOfRevenuesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RevenueAbstract" xlink:to="CostOfRevenuesAbstract" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ProprietarySoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareProductsAndRelatedServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostOfRevenuesAbstract" xlink:to="ProprietarySoftwareProductsAndRelatedServices" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherSoftwareProductsAndRelatedServices" xlink:href="forty-20211231.xsd#forty_OtherSoftwareProductsAndRelatedServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostOfRevenuesAbstract" xlink:to="OtherSoftwareProductsAndRelatedServices" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CostOfSales" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostOfRevenuesAbstract" xlink:to="ifrs-full_CostOfSales" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossProfit" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossProfit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_GrossProfit" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ResearchAndDevelopmentExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ResearchAndDevelopmentExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_ResearchAndDevelopmentExpense" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="us-gaap_OperatingIncomeLoss" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceCosts" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceCosts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_FinanceCosts" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_FinanceIncome" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProfitLoss" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ProfitLossAttributableToNoncontrollingInterest" xlink:href="forty-20211231.xsd#forty_ProfitLossAttributableToNoncontrollingInterest"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ProfitLossAttributableToNoncontrollingInterest" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLoss_0" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EarningsPerShareAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_BasicEarningsLossPerShare" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_DilutedEarningsLossPerShare" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:href="forty-20211231.xsd#forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ProfitLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncome" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShareholdersEquityType2or3">
    <loc xlink:type="locator" xlink:label="ConsolidatedStatementsOfChangesInEquityAbstract" xlink:href="forty-20211231.xsd#forty_ConsolidatedStatementsOfChangesInEquityAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComponentsOfEquityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_ComponentsOfEquityAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SharePremiumMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremiumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_SharePremiumMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="us-gaap_AdditionalPaidInCapitalMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RetainedEarningsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_RetainedEarningsMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TreasurySharesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasurySharesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_TreasurySharesMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterestsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_NoncontrollingInterestsMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EquityMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_EquityMember" order="6.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_Equity" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_NumberOfSharesOutstanding" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="ImpactOfTheAdoptionOfIFRS15" xlink:href="forty-20211231.xsd#forty_ImpactOfTheAdoptionOfIFRS15"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ImpactOfTheAdoptionOfIFRS15" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EquityIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_EquityIncludingImpactOfAdoptionOfIfrs15"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="EquityIncludingImpactOfAdoptionOfIfrs15" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" xlink:href="forty-20211231.xsd#forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="NumberOfSharesIncludingImpactOfAdoptionOfIfrs15" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ForeignCurrencyTranslation" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslation"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ForeignCurrencyTranslation" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_OtherComprehensiveIncome" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_ComprehensiveIncome" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IssuanceOfSharesUponConversionOfConvertibleDebentures" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="IssuanceOfSharesUponConversionOfConvertibleDebentures" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" xlink:href="forty-20211231.xsd#forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="IssuanceOfSharesUponConversionOfConvertibleDebenturesShares" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_CostOfSharebasedPayment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="CostOfSharebasedPayment" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendToFormulasShareholders" xlink:href="forty-20211231.xsd#forty_DividendToFormulasShareholders"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="DividendToFormulasShareholders" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterests" order="16.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_AcquisitionOfNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="AcquisitionOfNoncontrollingInterests" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfEquity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_IssueOfEquity" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SettlementOfPutOptionsOverNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_SettlementOfPutOptionsOverNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="SettlementOfPutOptionsOverNoncontrollingInterests" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_Equity_0" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesOutstanding_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_NumberOfSharesOutstanding_0" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" xlink:href="forty-20211231.xsd#forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" xlink:href="forty-20211231.xsd#forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AccumulatedOtherComprehensiveIncomeloss" xlink:href="forty-20211231.xsd#forty_AccumulatedOtherComprehensiveIncomeloss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="AccumulatedOtherComprehensiveIncomeloss" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ConsolidatedCashFlow0">
    <loc xlink:type="locator" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_ProfitLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" xlink:href="forty-20211231.xsd#forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForIncreaseDecreaseInValueOfDebentures" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForIncreaseDecreaseInValueOfDebentures" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForChangesInDeferredTaxesNet" xlink:href="forty-20211231.xsd#forty_AdjustmentsForChangesInDeferredTaxesNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForChangesInDeferredTaxesNet" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForImpairmentOfRightofuseAsset" xlink:href="forty-20211231.xsd#forty_AdjustmentsForImpairmentOfRightofuseAsset"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForImpairmentOfRightofuseAsset" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" xlink:href="forty-20211231.xsd#forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" xlink:href="forty-20211231.xsd#forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ChangeInValueOfDividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_ChangeInValueOfDividendPreferenceDerivativeInTsg"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ChangeInValueOfDividendPreferenceDerivativeInTsg" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WorkingCapitalAdjustmentsAbstract" xlink:href="forty-20211231.xsd#forty_WorkingCapitalAdjustmentsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="WorkingCapitalAdjustmentsAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsForIncreaseDecreaseInDeferredIncomes" xlink:href="forty-20211231.xsd#forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WorkingCapitalAdjustmentsAbstract" xlink:to="AdjustmentsForIncreaseDecreaseInDeferredIncomes" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" xlink:href="forty-20211231.xsd#forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="PaymentsToFormerShareholdersOfConsolidatedCompany" xlink:href="forty-20211231.xsd#forty_PaymentsToFormerShareholdersOfConsolidatedCompany"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="PaymentsToFormerShareholdersOfConsolidatedCompany" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="PurchaseOfOtherInvestment" xlink:href="forty-20211231.xsd#forty_PurchaseOfOtherInvestment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="PurchaseOfOtherInvestment" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:href="forty-20211231.xsd#forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" xlink:href="forty-20211231.xsd#forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="InvestmentInRestrictedDepositOnAccountOfFutureAcquisition" order="9.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="DividendFromJointVenture" xlink:href="forty-20211231.xsd#forty_DividendFromJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="DividendFromJointVenture" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" xlink:href="forty-20211231.xsd#forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts" order="12.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromExerciseOfOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IssuanceOfOrdinarySharesNet" xlink:href="forty-20211231.xsd#forty_IssuanceOfOrdinarySharesNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="IssuanceOfOrdinarySharesNet" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ShorttermBankCreditNet" xlink:href="forty-20211231.xsd#forty_ShorttermBankCreditNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ShorttermBankCreditNet" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ReceiptOfLongTermLoans" xlink:href="forty-20211231.xsd#forty_ReceiptOfLongTermLoans"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ReceiptOfLongTermLoans" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" xlink:href="forty-20211231.xsd#forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist" order="8.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_RepaymentsOfBondsNotesAndDebentures" order="9.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="PurchaseOfNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_PurchaseOfNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="PurchaseOfNoncontrollingInterests" order="10.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" order="11.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="CashPaidDueToExerciseofPutOptionByNoncontrollingInterests" order="12.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashAndCashEquivalents" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashAndCashEquivalents_0" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_CashAndCashEquivalents_0" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CashPaidReceivedInRespectOfAbstract" xlink:href="forty-20211231.xsd#forty_CashPaidReceivedInRespectOfAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="CashPaidReceivedInRespectOfAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestsPaid" xlink:href="forty-20211231.xsd#forty_InterestsPaid"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashPaidReceivedInRespectOfAbstract" xlink:to="InterestsPaid" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestReceived" xlink:href="forty-20211231.xsd#forty_InterestReceived"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashPaidReceivedInRespectOfAbstract" xlink:to="InterestReceived" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TaxesPaidNet" xlink:href="forty-20211231.xsd#forty_TaxesPaidNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashPaidReceivedInRespectOfAbstract" xlink:to="TaxesPaidNet" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BNonCashActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_BNonCashActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="BNonCashActivitiesAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPayableToShareholders" xlink:href="forty-20211231.xsd#forty_DividendPayableToShareholders"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="DividendPayableToShareholders" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PurchaseOfPropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PurchaseOfPropertyAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="PurchaseOfPropertyAndEquipment" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredPaymentRelatedtoBusinessCombinations" xlink:href="forty-20211231.xsd#forty_DeferredPaymentRelatedtoBusinessCombinations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="DeferredPaymentRelatedtoBusinessCombinations" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPayableToRedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DividendPayableToRedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="DividendPayableToRedeemableNoncontrollingInterests" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OperatingLeaseNonCash" xlink:href="forty-20211231.xsd#forty_OperatingLeaseNonCash"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="OperatingLeaseNonCash" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" xlink:href="forty-20211231.xsd#forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BNonCashActivitiesAbstract" xlink:to="IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WorkingCapital" xlink:href="forty-20211231.xsd#forty_WorkingCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="WorkingCapital" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="PropertyAndEquipment" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="PropertyAndEquipment" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="GoodwillAndIntangibleAssets" xlink:href="forty-20211231.xsd#forty_GoodwillAndIntangibleAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="GoodwillAndIntangibleAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_OperatingLeaseRightofuseAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="OperatingLeaseRightofuseAssets" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherLongTermAssets" xlink:href="forty-20211231.xsd#forty_OtherLongTermAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="OtherLongTermAssets" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilitiesToBanksAndOthers" xlink:href="forty-20211231.xsd#forty_LiabilitiesToBanksAndOthers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="LiabilitiesToBanksAndOthers" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="LongTermLiabilities" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="OperatingLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_OperatingLeaseLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="OperatingLeaseLiabilities" order="7.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilityNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilityNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="DeferredTaxLiabilityNet" order="8.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilityToFormerlyShareholders" xlink:href="forty-20211231.xsd#forty_LiabilityToFormerlyShareholders"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="LiabilityToFormerlyShareholders" order="9.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredPaymentsandContingentConsideration" xlink:href="forty-20211231.xsd#forty_DeferredPaymentsandContingentConsideration"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="DeferredPaymentsandContingentConsideration" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNonControllingInterestsAtAcquisitionDate" xlink:href="forty-20211231.xsd#forty_RedeemableNonControllingInterestsAtAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="RedeemableNonControllingInterestsAtAcquisitionDate" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract" xlink:to="AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/General">
    <loc xlink:type="locator" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPolicies">
    <loc xlink:type="locator" xlink:label="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness">
    <loc xlink:type="locator" xlink:label="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecurities">
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable">
    <loc xlink:type="locator" xlink:label="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:to="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/FairValueMeasurement">
    <loc xlink:type="locator" xlink:label="DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod">
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNet">
    <loc xlink:type="locator" xlink:label="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNet">
    <loc xlink:type="locator" xlink:label="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Goodwill">
    <loc xlink:type="locator" xlink:label="DisclosureOfGoodwillTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGoodwillTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGoodwillExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfGoodwillTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfGoodwillExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers">
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OtherAccountsPayable">
    <loc xlink:type="locator" xlink:label="OtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="OtherAccountsPayableTextBlock" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAccountsPayableAbstract" xlink:to="OtherAccountsPayableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers">
    <loc xlink:type="locator" xlink:label="DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Debentures">
    <loc xlink:type="locator" xlink:label="DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDebenturesTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDebenturesAbstract" xlink:to="DisclosureOfDebenturesTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/RelatedPartiesTransactions">
    <loc xlink:type="locator" xlink:label="DisclosureOfRelatedPartyTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfRelatedPartyTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfRelatedPartyTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Leases">
    <loc xlink:type="locator" xlink:label="DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfLeasesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfLeasesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfLeasesExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlans">
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:to="DisclosureOfEmployeeOptionPlansExplanatoryTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeBenefitLiabilities">
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeBenefitsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingencies">
    <loc xlink:type="locator" xlink:label="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/Equity">
    <loc xlink:type="locator" xlink:label="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTax">
    <loc xlink:type="locator" xlink:label="DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SupplementaryFinancialStatementInformation">
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationAbstract" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationTextBlock" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="SupplementaryFinancialStatementInformationTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegments">
    <loc xlink:type="locator" xlink:label="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SubsequentEvents">
    <loc xlink:type="locator" xlink:label="DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/AccountingPoliciesByPolicy">
    <loc xlink:type="locator" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UseOfEstimatesAndJudgmentsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_UseOfEstimatesAndJudgmentsPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="UseOfEstimatesAndJudgmentsPolicyTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock" order="28.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfLiquidityRiskPolicyTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfLiquidityRiskPolicyTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DisclosureOfLiquidityRiskPolicyTextBlock" order="29.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory" order="30.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory" order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GeneralTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="DisclosureOfDetailedInformationAboutInvesteesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPoliciesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" xlink:href="forty-20211231.xsd#forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ZAPGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ZAPGroupLtdMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_OfekAerialPhotographyLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="OfekAerialPhotographyLtdMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfSumcumoGmbHMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DelphiTechnologyIncAndItsSubsidiaryMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="CalculoSAUMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EnableITLLCMember" xlink:href="forty-20211231.xsd#forty_EnableITLLCMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="EnableITLLCMember" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MenarvaLtdMember" xlink:href="forty-20211231.xsd#forty_MenarvaLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MenarvaLtdMember" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SoftITLtdMember" xlink:href="forty-20211231.xsd#forty_SoftITLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="SoftITLtdMember" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AptonetIncMember" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="StockellInformationSystemsIncMember" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfMobisoftMagicHandsMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfMobisoftMagicHandsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfMobisoftMagicHandsMember" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NetEffectsMember" xlink:href="forty-20211231.xsd#forty_NetEffectsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="NetEffectsMember" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="PowWowIncMember" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="OnTargetGroupIncMember" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AVBTechnologiesLtdMember" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ITDGroupLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ITDGroupLtdMember" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SQServiceQualityLtdMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualityLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="SQServiceQualityLtdMember" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AAEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AAEngineeringLtdMember" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="GestetnertecLtdMember" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="RightStarIncMember" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MedatechInformationTechnologiesLtdMember" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DanaEngineeringLtdMember" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="LiramFinancialSoftwareLtdMember" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="UniqueSoftwareIndustriesLtdMember" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfProvisionalEstimatedConsideration" xlink:href="forty-20211231.xsd#forty_DisclosureOfProvisionalEstimatedConsideration"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="DisclosureOfProvisionalEstimatedConsideration" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecuritiesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfMarketableSecuritiesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="ScheduleOfMarketableSecuritiesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract" xlink:to="DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/FairValueMeasurementTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueMeasurementTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfFairValueMeasurementTextBlockAbstract" xlink:to="DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables">
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="SummaryOfFormulasInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfFormulasInvestmentsTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="SummaryOfFormulasInvestmentsTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfActivityOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ScheduleOfActivityOfInvestmentInTSGTableTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" xlink:href="forty-20211231.xsd#forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNetTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfIntangibleAssetsNetTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIntangibleAssetsNetTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="ScheduleOfIntangibleAssetsNetTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GoodwillTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfGoodwillTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGoodwillTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfCarryingAmountOfGoodwillTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfGoodwillTextBlockAbstract" xlink:to="ScheduleOfCarryingAmountOfGoodwillTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables">
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ShortTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract" xlink:to="ShortTermLiabilitiesToBanksAndOthersTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OtherAccountsPayableTables">
    <loc xlink:type="locator" xlink:label="OtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_OtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAccountsPayableAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfOtherLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfOtherLiabilitiesTextBlockAbstract" xlink:to="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DebenturesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDebenturesAbstract" xlink:to="DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDebenturesAbstract" xlink:to="DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LeasesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" xlink:href="forty-20211231.xsd#forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfLeasesTextBlockAbstract" xlink:to="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlansTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansTablesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:to="EmployeeOptionPlansTablesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesTable" xlink:to="InvesteeNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="InvesteeNameDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MagicSoftwareMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesTable" xlink:to="EmployeeOptionPlansTablesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfSapiensStockOptionPlansTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockOptionPlansTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ScheduleOfSapiensStockOptionPlansTableTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansTablesLineItems" xlink:to="ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeBenefitsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeBenefitLiabilitiesTablesTable" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeBenefitLiabilitiesTablesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeBenefitLiabilitiesTablesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEmployeeBenefitsTextBlockAbstract" xlink:to="EmployeeBenefitLiabilitiesTablesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeBenefitLiabilitiesTablesTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="MatrixMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeBenefitLiabilitiesTablesTable" xlink:to="EmployeeBenefitLiabilitiesTablesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeBenefitLiabilitiesTablesLineItems" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingenciesTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EquityTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTaxTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCompositionOfGroupExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfCompositionOfGroupExplanatory" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfTheoreticalTaxExpenseTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ScheduleOfTheoreticalTaxExpenseTableTextBlock" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="ScheduleOfUnrecognizedTaxBenefitsTableTextBlock" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables">
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationAbstract" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialIncomeAndExpensesTableTextBlock" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAndExpensesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="FinancialIncomeAndExpensesTableTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PropertyAndEquipmentTableTextBlock" xlink:href="forty-20211231.xsd#forty_PropertyAndEquipmentTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="PropertyAndEquipmentTableTextBlock" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RevenuesClassifiedByGeographicAreaTableTextBlock" xlink:href="forty-20211231.xsd#forty_RevenuesClassifiedByGeographicAreaTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="RevenuesClassifiedByGeographicAreaTableTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BasicAndDilutedNetEarningsPerShareTableTextBlock" xlink:href="forty-20211231.xsd#forty_BasicAndDilutedNetEarningsPerShareTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationAbstract" xlink:to="BasicAndDilutedNetEarningsPerShareTableTextBlock" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegmentsTables">
    <loc xlink:type="locator" xlink:label="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" xlink:href="forty-20211231.xsd#forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract"/>
    <loc xlink:type="locator" xlink:label="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"/>
    <loc xlink:type="locator" xlink:label="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:href="forty-20211231.xsd#forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract" xlink:to="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:to="InvesteeNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MatrixMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="SapiensMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MagicSoftwareMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InsyncMember" xlink:href="forty-20211231.xsd#forty_InsyncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="InsyncMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MichpalMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="TsgMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="OfekMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ZAPGroupMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="ZAPGroupMember" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable" xlink:to="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="PercentageOfOwnershipInterestInInvestees" xlink:href="forty-20211231.xsd#forty_PercentageOfOwnershipInterestInInvestees"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems" xlink:to="PercentageOfOwnershipInterestInInvestees" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfRevenueByProductsAndServicesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByProductsAndServicesAbstract"/>
    <loc xlink:type="locator" xlink:label="ProprietarySoftwareAndRelatedServices" xlink:href="forty-20211231.xsd#forty_ProprietarySoftwareAndRelatedServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="ProprietarySoftwareAndRelatedServices" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="OtherProductsAndThirdParty" xlink:href="forty-20211231.xsd#forty_OtherProductsAndThirdParty"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="OtherProductsAndThirdParty" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="ifrs-full_ServicesExpense" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherRevenue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByProductsAndServicesAbstract" xlink:to="ifrs-full_OtherRevenue" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract"/>
    <loc xlink:type="locator" xlink:label="ProductsAndServicesTransferredOverTime" xlink:href="forty-20211231.xsd#forty_ProductsAndServicesTransferredOverTime"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="ProductsAndServicesTransferredOverTime" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ProductsTransferredAtAPointInTime" xlink:href="forty-20211231.xsd#forty_ProductsTransferredAtAPointInTime"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="ProductsTransferredAtAPointInTime" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalRevenueOfProductsandServices" xlink:href="forty-20211231.xsd#forty_TotalRevenueOfProductsandServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract" xlink:to="TotalRevenueOfProductsandServices" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract" xlink:to="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:to="srt_RangeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MinimumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MaximumMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable" xlink:to="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems" xlink:to="UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract" xlink:to="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LandAndBuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LandAndBuildingsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_LandAndBuildingsMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ComputersSoftwareAndPeripheralEquipmentMember" xlink:href="forty-20211231.xsd#forty_ComputersSoftwareAndPeripheralEquipmentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ComputersSoftwareAndPeripheralEquipmentMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OfficeFurnitureAndEquipmentMember" xlink:href="forty-20211231.xsd#forty_OfficeFurnitureAndEquipmentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="OfficeFurnitureAndEquipmentMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MotorVehiclesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MotorVehiclesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_MotorVehiclesMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="ifrs-full_RangeAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_BottomOfRangeMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_TopOfRangeMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable" xlink:to="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="UsefulLifeOfTheAssetsAtAnnualRates" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfTheAssetsAtAnnualRates"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="UsefulLifeOfTheAssetsAtAnnualRates" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UsefulLifeOfOfficeFurnitureAndEquipment" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOfficeFurnitureAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="UsefulLifeOfOfficeFurnitureAndEquipment" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UsefulLifeOfMotorVehicles" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfMotorVehicles"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems" xlink:to="UsefulLifeOfMotorVehicles" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfUsefulLifeOfIntangibleAssetsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfUsefulLifeOfIntangibleAssetsAbstract" xlink:to="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="CustomerRelationshipAndBacklogMember" xlink:href="forty-20211231.xsd#forty_CustomerRelationshipAndBacklogMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="CustomerRelationshipAndBacklogMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BrandNamesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BrandNamesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_BrandNamesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquiredTechnologyMember" xlink:href="forty-20211231.xsd#forty_AcquiredTechnologyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="AcquiredTechnologyMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BrandNamesAndPatentsMember" xlink:href="forty-20211231.xsd#forty_BrandNamesAndPatentsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="BrandNamesAndPatentsMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="ifrs-full_RangeAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_TopOfRangeMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable" xlink:to="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="UsefulLifeOfOtherIintangibleAssets" xlink:href="forty-20211231.xsd#forty_UsefulLifeOfOtherIintangibleAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems" xlink:to="UsefulLifeOfOtherIintangibleAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfProvisionalEstimatedConsiderationAbstract"/>
    <loc xlink:type="locator" xlink:label="CashConsideration" xlink:href="forty-20211231.xsd#forty_CashConsideration"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="CashConsideration" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalConsideration" xlink:href="forty-20211231.xsd#forty_TotalConsideration"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfProvisionalEstimatedConsiderationAbstract" xlink:to="TotalConsideration" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ZAPGroupLtdMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="ZAPGroupLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="NoncontrollingInterestsInAcquireesSubsidiary" xlink:href="forty-20211231.xsd#forty_NoncontrollingInterestsInAcquireesSubsidiary"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NoncontrollingInterestsInAcquireesSubsidiary" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="OfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_OfekAerialPhotographyLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="OfekAerialPhotographyLtdMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="OfekMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredAssetsDividendPayableToFormerShareholder" xlink:href="forty-20211231.xsd#forty_DeferredAssetsDividendPayableToFormerShareholder"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredAssetsDividendPayableToFormerShareholder" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_DeferredTaxNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="SapiensMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="forty-20211231.xsd#forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="BackogIntangibleAssetsRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredRevenues" xlink:href="forty-20211231.xsd#forty_DeferredRevenues"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredRevenues" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="LongTermLiabilitiesAndOthersLongtermLiabilities" order="9.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfSumcumoGmbHMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IntangibleAssets" xlink:href="forty-20211231.xsd#forty_IntangibleAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="IntangibleAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="DelphiTechnologyIncAndItsSubsidiaryMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="DelphiTechnologyIncAndItsSubsidiaryMember_0" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DelphiTechnologyIncAndItsSubsidiaryMember_0" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="NetLiabilitiesExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetLiabilitiesExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="CalculoSAUMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="EnableITLLCMember" xlink:href="forty-20211231.xsd#forty_EnableITLLCMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="EnableITLLCMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="MenravaMember" xlink:href="forty-20211231.xsd#forty_MenravaMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MenravaMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="SoftITLtdMember" xlink:href="forty-20211231.xsd#forty_SoftITLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="SoftITLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="us-gaap_BusinessAcquisitionAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="AptonetIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AptonetIncMember_0" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AptonetIncMember_0" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="StockellInformationSystemsIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="MobisoftAndMagicHandsMember" xlink:href="forty-20211231.xsd#forty_MobisoftAndMagicHandsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MobisoftAndMagicHandsMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="NetEffectsIncMember" xlink:href="forty-20211231.xsd#forty_NetEffectsIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="NetEffectsIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="PowWowIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetLiabilitiesExcludingAcquiredCash" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingAcquiredCash"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetLiabilitiesExcludingAcquiredCash" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="OnTargetGroupIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AVBTechnologiesLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ITDGroupsMember" xlink:href="forty-20211231.xsd#forty_ITDGroupsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ITDGroupsMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="SQServiceQualitysMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualitysMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="SQServiceQualitysMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AAEngineeringsMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AAEngineeringsMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="GestetnertecLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_NoncontrollingInterests" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Liabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Liabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_Liabilities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="RightStarIncMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MedatechInformationTechnologiesLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationAxis" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TechtopLtdMember" xlink:href="forty-20211231.xsd#forty_TechtopLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationAxis" xlink:to="TechtopLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepositsFromBanks" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepositsFromBanks"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_DepositsFromBanks" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrakR7/5x0TdqKdKB7R0Oxxhxkz9Zr0VhyW9K+5dGC9jReVmqnMUzSorJvFvN7/vmmLEf+N+A9HwW797qaXI83B0zRen9fLrOfBfwc+IrSY5uTygMIJ6UkRNWav1xbyc/Jo8/7Y+XRnmnFtCVSk0pHx3p0Z2Yifh7eDTZJRLA841WQyv6vMqwPS41dYTYDM30mjGurRdv4PBZ6rq6ezPtjooDmhiOrHMERI=] CSR-->
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DanaEngineeringLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" xlink:href="forty-20211231.xsd#forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="LiramFinancialSoftwareLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetLiabilitiesExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetLiabilitiesExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetLiabilitiesExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="RedeemableNoncontrollingInterests" xlink:href="forty-20211231.xsd#forty_RedeemableNoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="RedeemableNoncontrollingInterests" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000">
    <loc xlink:type="locator" xlink:label="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="UniqueSoftwareIndustriesLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NetAssetsExcludingCashAcquired" xlink:href="forty-20211231.xsd#forty_NetAssetsExcludingCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="NetAssetsExcludingCashAcquired" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfMarketableSecuritiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMarketableSecuritiesAbstract"/>
    <loc xlink:type="locator" xlink:label="ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfMarketableSecuritiesAbstract" xlink:to="ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialAssetsAvailableforsale" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialAssetsAvailableforsale"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialAssetsAvailableforsale" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract"/>
    <loc xlink:type="locator" xlink:label="CurrentPrepaidExpensesAndAdvancesToSuppliers" xlink:href="forty-20211231.xsd#forty_CurrentPrepaidExpensesAndAdvancesToSuppliers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="CurrentPrepaidExpensesAndAdvancesToSuppliers" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentGovernmentDepartments" xlink:href="forty-20211231.xsd#forty_CurrentGovernmentDepartments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="CurrentGovernmentDepartments" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentEmployees" xlink:href="forty-20211231.xsd#forty_CurrentEmployees"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="CurrentEmployees" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentRelatedParties" xlink:href="forty-20211231.xsd#forty_CurrentRelatedParties"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="CurrentRelatedParties" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OthersCurrentAccountsReceivable" xlink:href="forty-20211231.xsd#forty_OthersCurrentAccountsReceivable"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="OthersCurrentAccountsReceivable" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentReceivables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract" xlink:to="ifrs-full_OtherCurrentReceivables" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract"/>
    <loc xlink:type="locator" xlink:label="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"/>
    <loc xlink:type="locator" xlink:label="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:href="forty-20211231.xsd#forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract" xlink:to="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level2OfFairValueHierarchyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level3OfFairValueHierarchyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable" xlink:to="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="ifrs-full_AssetsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ConvertibleBondsAtFairValueThroughProfitOrLoss" xlink:href="forty-20211231.xsd#forty_ConvertibleBondsAtFairValueThroughProfitOrLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ConvertibleBondsAtFairValueThroughProfitOrLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ForeignCurrencyDerivativeContract" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyDerivativeContract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ForeignCurrencyDerivativeContract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPreferenceDerivativeInTSG" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTSG"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AssetsAbstract" xlink:to="DividendPreferenceDerivativeInTSG" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="Asste" xlink:href="forty-20211231.xsd#forty_Asste"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_AssetsAbstract" xlink:to="Asste" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilitiesAbstract0" xlink:href="forty-20211231.xsd#forty_LiabilitiesAbstract0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="LiabilitiesAbstract0" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems" xlink:to="ifrs-full_LiabilitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ContingentConsiderationInRespectOfBusinessCombination" xlink:href="forty-20211231.xsd#forty_ContingentConsiderationInRespectOfBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ContingentConsiderationInRespectOfBusinessCombination" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" xlink:href="forty-20211231.xsd#forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="Liabilitiy" xlink:href="forty-20211231.xsd#forty_Liabilitiy"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="Liabilitiy" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfInvestmentInTsgEquityMethodAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:href="forty-20211231.xsd#forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="InvestmentInCompaniesAccountedForAtEquityMethodAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SharesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_SharesInvestmentInJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="SharesInvestmentInJointVenture" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CapitalNotesInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_CapitalNotesInvestmentInJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentInCompaniesAccountedForAtEquityMethodAbstract" xlink:to="CapitalNotesInvestmentInJointVenture" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalInvestmentInJointVenture" xlink:href="forty-20211231.xsd#forty_TotalInvestmentInJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="TotalInvestmentInJointVenture" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:href="forty-20211231.xsd#forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfInvestmentInTsgEquityMethodAbstract" xlink:to="LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPreferenceDerivativeInTsg" xlink:href="forty-20211231.xsd#forty_DividendPreferenceDerivativeInTsg"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract" xlink:to="DividendPreferenceDerivativeInTsg" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentsAccountedForUsingEquityMethod" xlink:href="forty-20211231.xsd#forty_InvestmentsAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="InvestmentsAccountedForUsingEquityMethod" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrencyExchangeRateInOtherComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_CurrencyExchangeRateInOtherComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="CurrencyExchangeRateInOtherComprehensiveIncome" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvestmentsAccountedForUsingEquityMethod_0" xlink:href="forty-20211231.xsd#forty_InvestmentsAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract" xlink:to="InvestmentsAccountedForUsingEquityMethod_0" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentAccountedForUsingEquityMethods" xlink:href="forty-20211231.xsd#forty_InvestmentAccountedForUsingEquityMethods"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="InvestmentAccountedForUsingEquityMethods" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="CompanysShareOfEarningsLossesOfJointVenture" xlink:href="forty-20211231.xsd#forty_CompanysShareOfEarningsLossesOfJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="CompanysShareOfEarningsLossesOfJointVenture" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ShareOfOtherComprehensiveIncomeOfJointVenture" xlink:href="forty-20211231.xsd#forty_ShareOfOtherComprehensiveIncomeOfJointVenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="ShareOfOtherComprehensiveIncomeOfJointVenture" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CompanysShareInDividendDeclaredByTsg" xlink:href="forty-20211231.xsd#forty_CompanysShareInDividendDeclaredByTsg"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="CompanysShareInDividendDeclaredByTsg" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvestmentAccountedForUsingEquityMethods_0" xlink:href="forty-20211231.xsd#forty_InvestmentAccountedForUsingEquityMethods"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract" xlink:to="InvestmentAccountedForUsingEquityMethods_0" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfStatementOfFinancialPositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfStatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfStatementOfFinancialPositionAbstract" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="TsgMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_CurrentAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_NoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_OtherCurrentLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_OtherNoncurrentLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_Equity" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AccumulatedCostOfSharebasedPayment" xlink:href="forty-20211231.xsd#forty_AccumulatedCostOfSharebasedPayment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="AccumulatedCostOfSharebasedPayment" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WorkingCapitalForAssetsAndLiabilities" xlink:href="forty-20211231.xsd#forty_WorkingCapitalForAssetsAndLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="WorkingCapitalForAssetsAndLiabilities" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PercentageOfShareInEquity" xlink:href="forty-20211231.xsd#forty_PercentageOfShareInEquity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="PercentageOfShareInEquity" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_IncreaseDecreaseInWorkingCapital" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" xlink:href="forty-20211231.xsd#forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_Goodwill" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod" order="11.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="TsgMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_Revenue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ProfitLoss" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherInvestmentComprehensiveIncome" xlink:href="forty-20211231.xsd#forty_OtherInvestmentComprehensiveIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="OtherInvestmentComprehensiveIncome" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherComprehensiveIncomeOtherNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="us-gaap_OtherComprehensiveIncomeOtherNetOfTax" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PercentageOfShareProfit" xlink:href="forty-20211231.xsd#forty_PercentageOfShareProfit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="PercentageOfShareProfit" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" xlink:href="forty-20211231.xsd#forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" xlink:href="forty-20211231.xsd#forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" order="8.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OperatingResultsTotal" xlink:href="forty-20211231.xsd#forty_OperatingResultsTotal"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems" xlink:to="OperatingResultsTotal" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfPropertyPlantsAndEquipmentAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPropertyPlantsAndEquipmentAbstract"/>
    <loc xlink:type="locator" xlink:label="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable"/>
    <loc xlink:type="locator" xlink:label="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantsAndEquipmentAbstract" xlink:to="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerEquipmentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ComputerEquipmentMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MotorVehiclesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MotorVehiclesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_MotorVehiclesMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BuildingsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_BuildingsMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LeaseholdImprovementsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseholdImprovementsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_LeaseholdImprovementsMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable" xlink:to="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="CostAbstract" xlink:href="forty-20211231.xsd#forty_CostAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="CostAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PropertyPlantAndEquipmentsGross" xlink:href="forty-20211231.xsd#forty_PropertyPlantAndEquipmentsGross"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostAbstract" xlink:to="PropertyPlantAndEquipmentsGross" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AccumulatedDepreciationAbstract" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="AccumulatedDepreciationAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AccumulatedDepreciationPropertyPlantsAndEquipmentNet" xlink:href="forty-20211231.xsd#forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccumulatedDepreciationAbstract" xlink:to="AccumulatedDepreciationPropertyPlantsAndEquipmentNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems" xlink:to="ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofintangibleassetsnetTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfIntangibleAssetsNetAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfIntangibleAssetsNetAbstract"/>
    <loc xlink:type="locator" xlink:label="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable"/>
    <loc xlink:type="locator" xlink:label="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:href="forty-20211231.xsd#forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfIntangibleAssetsNetAbstract" xlink:to="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ComputerSoftwareMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ComputerSoftwareMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TechnologybasedIntangibleAssetsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BacklogAndNonCompeteAgreementMember" xlink:href="forty-20211231.xsd#forty_BacklogAndNonCompeteAgreementMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="BacklogAndNonCompeteAgreementMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PatentMember" xlink:href="forty-20211231.xsd#forty_PatentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="PatentMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIntangibleAssetsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_OtherIntangibleAssetsMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable" xlink:to="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="OriginalAmountsOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_OriginalAmountsOfIntangibleAssetsNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="OriginalAmountsOfIntangibleAssetsNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AccumulatedAmortizationOfIntangibleAssetsNet" xlink:href="forty-20211231.xsd#forty_AccumulatedAmortizationOfIntangibleAssetsNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="AccumulatedAmortizationOfIntangibleAssetsNet" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCarryingAmountOfGoodwillAbstract"/>
    <loc xlink:type="locator" xlink:label="GoodwillBusinessCombination" xlink:href="forty-20211231.xsd#forty_GoodwillBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="GoodwillBusinessCombination" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ClassificationsAboutGoodwill" xlink:href="forty-20211231.xsd#forty_ClassificationsAboutGoodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="ClassificationsAboutGoodwill" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ForeignCurrencyTranslationAdjustmentsForGoodwill" xlink:href="forty-20211231.xsd#forty_ForeignCurrencyTranslationAdjustmentsForGoodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="ForeignCurrencyTranslationAdjustmentsForGoodwill" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="GoodwillBusinessCombination_0" xlink:href="forty-20211231.xsd#forty_GoodwillBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCarryingAmountOfGoodwillAbstract" xlink:to="GoodwillBusinessCombination_0" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract"/>
    <loc xlink:type="locator" xlink:label="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable"/>
    <loc xlink:type="locator" xlink:label="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:href="forty-20211231.xsd#forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract" xlink:to="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ShorttermBankLoansMember" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoansMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ShorttermBankLoansMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ShorttermBankLoans1Member" xlink:href="forty-20211231.xsd#forty_ShorttermBankLoans1Member"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ShorttermBankLoans1Member" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CommercialSecuritiesNotListedMember" xlink:href="forty-20211231.xsd#forty_CommercialSecuritiesNotListedMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="CommercialSecuritiesNotListedMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="otherFinancialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_otherFinancialInstitutionsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="otherFinancialInstitutionsMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentMaturitiesOfLongtermLoansFromBanksMember" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongtermLoansFromBanksMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="CurrentMaturitiesOfLongtermLoansFromBanksMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="financialInstitutionsMember" xlink:href="forty-20211231.xsd#forty_financialInstitutionsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="financialInstitutionsMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable" xlink:to="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRateBasis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_BorrowingsInterestRateBasis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsOriginalCurrency" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsOriginalCurrency"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_BorrowingsOriginalCurrency" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ifrs-full_CurrentFinancialLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ShortTermInterestOnLongTermLoansFromOtherAbstract" xlink:href="forty-20211231.xsd#forty_ShortTermInterestOnLongTermLoansFromOtherAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="ShortTermInterestOnLongTermLoansFromOtherAbstract" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" xlink:href="forty-20211231.xsd#forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems" xlink:to="CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofotheraccountspayableTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfOtherAccountsPayableAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfOtherAccountsPayableAbstract"/>
    <loc xlink:type="locator" xlink:label="GovernmentInstitution" xlink:href="forty-20211231.xsd#forty_GovernmentInstitution"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfOtherAccountsPayableAbstract" xlink:to="GovernmentInstitution" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfOtherAccountsPayableAbstract" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfOtherAccountsPayableAbstract" xlink:to="us-gaap_OtherAccountsPayableAndAccruedLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract" xlink:to="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="LinkageBasisCurrencyMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="LinkageBasisCurrencyMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LinkageBasisCurrencyOneMember" xlink:href="forty-20211231.xsd#forty_LinkageBasisCurrencyOneMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="LinkageBasisCurrencyOneMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="ifrs-full_RangeAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_BottomOfRangeMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_TopOfRangeMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable" xlink:to="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="InterestRatePercentage" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="InterestRatePercentage" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LinkageBasisDescription" xlink:href="forty-20211231.xsd#forty_LinkageBasisDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="LinkageBasisDescription" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilitiesAndOthersLongtermLiabilities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesAndOthersLongtermLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="LongTermLiabilitiesAndOthersLongtermLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermLiabilitiesToBanksAndOthersCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="LongTermLiabilitiesToBanksAndOthersCurrentMaturities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_LongtermLiabilitiesNetOfCurrentMaturities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="LongtermLiabilitiesNetOfCurrentMaturities" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalLongtermLiabilitiesNetOfCurrentMaturities" xlink:href="forty-20211231.xsd#forty_TotalLongtermLiabilitiesNetOfCurrentMaturities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems" xlink:to="TotalLongtermLiabilitiesNetOfCurrentMaturities" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" xlink:href="forty-20211231.xsd#forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LongTermDebtTotal" xlink:href="forty-20211231.xsd#forty_LongTermDebtTotal"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract" xlink:to="LongTermDebtTotal" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdebenturesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="DebenturesDetailsScheduleofdebenturesTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesTable"/>
    <loc xlink:type="locator" xlink:label="DebenturesDetailsScheduleofdebenturesLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsScheduleofdebenturesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDebenturesAbstract" xlink:to="DebenturesDetailsScheduleofdebenturesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesTable" xlink:to="ifrs-full_BorrowingsByNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="SecuredDebenturesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SecuredDebentureOneMember" xlink:href="forty-20211231.xsd#forty_SecuredDebentureOneMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="SecuredDebentureOneMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SecuredDebenturesTwoMember" xlink:href="forty-20211231.xsd#forty_SecuredDebenturesTwoMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="SecuredDebenturesTwoMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesTable" xlink:to="DebenturesDetailsScheduleofdebenturesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LinkageBasisDescription" xlink:href="forty-20211231.xsd#forty_LinkageBasisDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="LinkageBasisDescription" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ParValueInIssuanceCurrencies" xlink:href="forty-20211231.xsd#forty_ParValueInIssuanceCurrencies"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ParValueInIssuanceCurrencies" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotionalAmount" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotionalAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NotionalAmount" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UnamortizedDebtPremiumDiscountAndIssuanceCostNet" xlink:href="forty-20211231.xsd#forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="UnamortizedDebtPremiumDiscountAndIssuanceCostNet" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentMaturities" xlink:href="forty-20211231.xsd#forty_CurrentMaturities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="CurrentMaturities" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ShorttermAccruedInterest" xlink:href="forty-20211231.xsd#forty_ShorttermAccruedInterest"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ShorttermAccruedInterest" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotesAndDebenturesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotesAndDebenturesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsScheduleofdebenturesLineItems" xlink:to="ifrs-full_NotesAndDebenturesIssued" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="RepaymentsOfBondsWithinNextFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFinancialYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="RepaymentsOfBondsWithinNextFinancialYear" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RepaymentsOfBondsWithinNextSecondFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextSecondFinancialYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="RepaymentsOfBondsWithinNextSecondFinancialYear" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RepaymentsOfBondsWithinNextThirdFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextThirdFinancialYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="RepaymentsOfBondsWithinNextThirdFinancialYear" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFourthFinancialYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract" xlink:to="RepaymentsOfBondsWithinNextFourthFinancialYear" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" xlink:href="forty-20211231.xsd#forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregatePrincipalAnnualPaymentsOfDebentures" xlink:href="forty-20211231.xsd#forty_AggregatePrincipalAnnualPaymentsOfDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RepaymentsOfBondsWithinNextFourthFinancialYear" xlink:to="AggregatePrincipalAnnualPaymentsOfDebentures" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract"/>
    <loc xlink:type="locator" xlink:label="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"/>
    <loc xlink:type="locator" xlink:label="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:href="forty-20211231.xsd#forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract" xlink:to="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_MaturityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaturityAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:to="ifrs-full_MaturityAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AggregatedTimeBandsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_AggregatedTimeBandsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NotLaterThanOneYearMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneYearMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_NotLaterThanOneYearMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_LaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_LaterThanFiveYearsMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable" xlink:to="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" xlink:href="forty-20211231.xsd#forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="UndiscountedFutureLeasePaymentsReceivableForOperatingLeases" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LessImputedInterest" xlink:href="forty-20211231.xsd#forty_LessImputedInterest"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="LessImputedInterest" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PresentValueOfLeaseLiabilities" xlink:href="forty-20211231.xsd#forty_PresentValueOfLeaseLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems" xlink:to="PresentValueOfLeaseLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="LocationOfIncomeStatementAxis" xlink:href="forty-20211231.xsd#forty_LocationOfIncomeStatementAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:to="LocationOfIncomeStatementAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SellingAndMarketingExpensesMember" xlink:href="forty-20211231.xsd#forty_SellingAndMarketingExpensesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LocationOfIncomeStatementAxis" xlink:to="SellingAndMarketingExpensesMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpensesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LocationOfIncomeStatementAxis" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpensesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable" xlink:to="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdministrativeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_AdministrativeExpense" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="InvesteeNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MatrixMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionsOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionsOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionsOutstanding" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfOutstandingShareOptions" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOfExercisedShareOptions" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfExercisedShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisedShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfExercisedShareOptions" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionsOutstanding_0" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionsOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionsOutstanding_0" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_0" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_0" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_0" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear_0" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfOutstandingShareOptions_0" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfOutstandingShareOptions_0" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfExercisableShareOptions" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="InvesteeNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="SapiensMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable" xlink:to="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AmountOfOptionsOutstandingAtBeginningOfYear" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOfOutstandingSharesOptions" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfOutstandingShareOptions" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionGrantedInSharebasedPaymentArrangement" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsOutstandingAtBeginningOfYear_0" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AmountOfOptionsOutstandingAtBeginningOfYear_0" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_0" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement_0" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_0" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOfOutstandingSharesOptions_0" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfOutstandingShareOptions_0" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfOutstandingShareOptions_0" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems" xlink:to="AggregateIntrinsicValueOfExercisableShareOptions" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfSapiensStockOptionPlansAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfSapiensStockOptionPlansAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfSapiensStockOptionPlansAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="PlanOfNameAxis" xlink:href="forty-20211231.xsd#forty_PlanOfNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:to="PlanOfNameAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PlanOfNameDomain" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="PlanOfNameDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensOneMember" xlink:href="forty-20211231.xsd#forty_SapiensOneMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensOneMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensTwoMember" xlink:href="forty-20211231.xsd#forty_SapiensTwoMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensTwoMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensThreeMember" xlink:href="forty-20211231.xsd#forty_SapiensThreeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensThreeMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensFourMember" xlink:href="forty-20211231.xsd#forty_SapiensFourMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensFourMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensFiveMember" xlink:href="forty-20211231.xsd#forty_SapiensFiveMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensFiveMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable" xlink:to="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RangeOfExercisePricesOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="RangeOfExercisePricesOfOutstandingShareOptions" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="NumberOfShareOptionOutstanding" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="WeightedAverageRemainingContractualTermOfOutstandingShareOptions" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="NumberOfShareOptionExercisableInSharebasedPaymentArrangements" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTheRsuActivitiesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheRsuActivitiesAbstract"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsUnvestedBeginning" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsUnvestedBeginning"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="AmountOfOptionsUnvestedBeginning" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValuesUnvestedEnding" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesUnvestedEnding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="WeightedAverageGrantDateFairValuesUnvestedEnding" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsGranted" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="AmountOfOptionsGranted" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValueGranted" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="WeightedAverageGrantDateFairValueGranted" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsVested" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsVested"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="AmountOfOptionsVested" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValueVested" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueVested"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="WeightedAverageGrantDateFairValueVested" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsExpiredAndForfeiture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="AmountOfOptionsExpiredAndForfeiture" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValueExpiredAndForfeiture" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="WeightedAverageGrantDateFairValueExpiredAndForfeiture" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmountOfOptionsUnvestedBeginning_0" xlink:href="forty-20211231.xsd#forty_AmountOfOptionsUnvestedBeginning"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="AmountOfOptionsUnvestedBeginning_0" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValuesUnvestedEnding_0" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesUnvestedEnding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheRsuActivitiesAbstract" xlink:to="WeightedAverageGrantDateFairValuesUnvestedEnding_0" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="PlanNamesAxis" xlink:href="forty-20211231.xsd#forty_PlanNamesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:to="PlanNamesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanNamesAxis" xlink:to="MagicMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable" xlink:to="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionOutstandingAtBeginningOfYear" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOutstandingAtBeginningOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOutstandingAtBeginningOfYear" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfOutstandingShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageRemainingContractualTermOfOutstandingShareOptions" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionGrantedInSharebasedPaymentArrangement" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionExercisedInSharebasedPaymentArrangement" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionForfeitedInSharebasedPaymentArrangement" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstandingAtEndOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionOutstandingAtEndOfYear" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOutstandingAtEndOfYear" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOutstandingAtEndOfYear"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOutstandingAtEndOfYear" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="NumberOfShareOptionExercisableInSharebasedPaymentArrangement" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="WeightedAverageRemainingContractualTermOfExercisableShareOptions" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateIntrinsicValueOfExercisableShareOptions" xlink:href="forty-20211231.xsd#forty_AggregateIntrinsicValueOfExercisableShareOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems" xlink:to="AggregateIntrinsicValueOfExercisableShareOptions" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract" xlink:to="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="RangeOfExercisePriceZeroMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceZeroMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="RangeOfExercisePriceZeroMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RangeOfExercisePriceFourthreeTwoMember" xlink:href="forty-20211231.xsd#forty_RangeOfExercisePriceFourthreeTwoMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis" xlink:to="RangeOfExercisePriceFourthreeTwoMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PlanNamesAxis" xlink:href="forty-20211231.xsd#forty_PlanNamesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="PlanNamesAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanNamesAxis" xlink:to="MagicMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable" xlink:to="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="RangesOfExercisePrice" xlink:href="forty-20211231.xsd#forty_RangesOfExercisePrice"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="RangesOfExercisePrice" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionOutstanding" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="NumberOfShareOptionOutstanding" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" xlink:href="forty-20211231.xsd#forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="WeightedAverageRemainingContractualTermOfOutstandingShareOptions1" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="NumberOfShareOptionExercisableInSharebasedPaymentArrangements" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems" xlink:to="WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfDefinedBenefitPlansAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDefinedBenefitPlansAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PlanAssetsAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsAtFairValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_PlanAssetsAtFairValue" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfCompositionOfPledgedSharesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionOfPledgedSharesAbstract"/>
    <loc xlink:type="locator" xlink:label="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable"/>
    <loc xlink:type="locator" xlink:label="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionOfPledgedSharesAbstract" xlink:to="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="PledgeAxis" xlink:href="forty-20211231.xsd#forty_PledgeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:to="PledgeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PledgeAxis" xlink:to="MatrixMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PledgeAxis" xlink:to="MagicSoftwareMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PledgeAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable" xlink:to="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="FinancialInstitutionCreditAgreement" xlink:href="forty-20211231.xsd#forty_FinancialInstitutionCreditAgreement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="FinancialInstitutionCreditAgreement" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SecuredDebentures" xlink:href="forty-20211231.xsd#forty_SecuredDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems" xlink:to="SecuredDebentures" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofsharecapitalTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfShareCapitalAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfShareCapitalAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesAuthorised" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareCapitalAbstract" xlink:to="ifrs-full_NumberOfSharesAuthorised" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareCapitalAbstract" xlink:to="ifrs-full_NumberOfSharesIssued" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfSharesOutstanding1" xlink:href="forty-20211231.xsd#forty_NumberOfSharesOutstanding1"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareCapitalAbstract" xlink:to="NumberOfSharesOutstanding1" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_NetDeferredTaxAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NetDeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfDeferredTaxLiabilitiesNetAbstract" xlink:to="ifrs-full_NetDeferredTaxLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcompositionTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfCompositionAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfCompositionAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAsset"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_DeferredTaxLiabilityAsset" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GrossLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossLeaseLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_GrossLeaseLiabilities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherCurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_OtherCurrentAssets" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReceivables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfCompositionAbstract" xlink:to="ifrs-full_OtherReceivables" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpretaxincomeTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfPreTaxIncomeAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPreTaxIncomeAbstract"/>
    <loc xlink:type="locator" xlink:label="IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeTable"/>
    <loc xlink:type="locator" xlink:label="IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPreTaxIncomeAbstract" xlink:to="IncomeTaxDetailsScheduleofpretaxincomeTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CountryOfDomicileMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfDomicileMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_CountryOfDomicileMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ForeignCountriesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ForeignCountriesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_ForeignCountriesMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsScheduleofpretaxincomeTable" xlink:to="IncomeTaxDetailsScheduleofpretaxincomeLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ProfitLossesBeforeTax" xlink:href="forty-20211231.xsd#forty_ProfitLossesBeforeTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsScheduleofpretaxincomeLineItems" xlink:to="ProfitLossesBeforeTax" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_CurrentTaxExpenseIncome" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncome" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTaxesOnIncomeTaxBenefitAbstract" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTheoreticalTaxExpenseAbstract"/>
    <loc xlink:type="locator" xlink:label="IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" xlink:href="forty-20211231.xsd#forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectFromChangeInTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_TaxEffectFromChangeInTaxRate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ReleaseOfTrappedEarningsseeNote21a2" xlink:href="forty-20211231.xsd#forty_ReleaseOfTrappedEarningsseeNote21a2"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ReleaseOfTrappedEarningsseeNote21a2" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" xlink:href="forty-20211231.xsd#forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DeferredTaxesOnCurrentLosses" xlink:href="forty-20211231.xsd#forty_DeferredTaxesOnCurrentLosses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="DeferredTaxesOnCurrentLosses" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TaxesInRespectOfPriorYears" xlink:href="forty-20211231.xsd#forty_TaxesInRespectOfPriorYears"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="TaxesInRespectOfPriorYears" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NonRefundableWithholdingTaxAndTaxAdvances" xlink:href="forty-20211231.xsd#forty_NonRefundableWithholdingTaxAndTaxAdvances"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="NonRefundableWithholdingTaxAndTaxAdvances" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForOtherTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForOtherTaxes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="us-gaap_PaymentsForOtherTaxes" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTheoreticalTaxExpenseAbstract" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract"/>
    <loc xlink:type="locator" xlink:label="UnrecognizedTaxOnIncomeBenefits" xlink:href="forty-20211231.xsd#forty_UnrecognizedTaxOnIncomeBenefits"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="UnrecognizedTaxOnIncomeBenefits" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfSubsidiaries" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSubsidiaries"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="AcquisitionOfSubsidiaries" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DecreaseRelatedToPriorYearsTaxPositions" xlink:href="forty-20211231.xsd#forty_DecreaseRelatedToPriorYearsTaxPositions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="DecreaseRelatedToPriorYearsTaxPositions" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IncreaseRelatedToCurrentYearTaxPositions" xlink:href="forty-20211231.xsd#forty_IncreaseRelatedToCurrentYearTaxPositions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="IncreaseRelatedToCurrentYearTaxPositions" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UnrecognizedTaxOnIncomeBenefits_0" xlink:href="forty-20211231.xsd#forty_UnrecognizedTaxOnIncomeBenefits"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfTotalUnrecognizedTaxBenefitsAbstract" xlink:to="UnrecognizedTaxOnIncomeBenefits_0" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ValuationtechniquesAxis" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:to="ValuationtechniquesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ValuationtechniquesDomain" xlink:href="forty-20211231.xsd#forty_ValuationtechniquesDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ValuationtechniquesAxis" xlink:to="ValuationtechniquesDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ValuationtechniquesAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ValuationtechniquesAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ValuationtechniquesAxis" xlink:to="MagicSoftwareMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ValuationtechniquesAxis" xlink:to="OtherMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="ifrs-full_NoncontrollingInterests" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfFinancialIncomeAndExpensesAbstract"/>
    <loc xlink:type="locator" xlink:label="FinancialExpensesAbstract" xlink:href="forty-20211231.xsd#forty_FinancialExpensesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:to="FinancialExpensesAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" xlink:href="forty-20211231.xsd#forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestExpensesOnShortTermAndLongTermLoans" xlink:href="forty-20211231.xsd#forty_InterestExpensesOnShortTermAndLongTermLoans"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="InterestExpensesOnShortTermAndLongTermLoans" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialCostsRelatedToDebentures" xlink:href="forty-20211231.xsd#forty_FinancialCostsRelatedToDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="FinancialCostsRelatedToDebentures" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestExpensesAttributedToIfrs" xlink:href="forty-20211231.xsd#forty_InterestExpensesAttributedToIfrs"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="InterestExpensesAttributedToIfrs" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BankChargesInterestAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_BankChargesInterestAndForeignExchangeDifferences"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="BankChargesInterestAndForeignExchangeDifferences" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialExpenses" xlink:href="forty-20211231.xsd#forty_FinancialExpenses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialExpensesAbstract" xlink:to="FinancialExpenses" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialIncomeAbstract" xlink:href="forty-20211231.xsd#forty_FinancialIncomeAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfFinancialIncomeAndExpensesAbstract" xlink:to="FinancialIncomeAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IncomeFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_IncomeFromMarketableSecurities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialIncomeAbstract" xlink:to="IncomeFromMarketableSecurities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestIncomeFromDepositsAndForeignExchangeDifferences" xlink:href="forty-20211231.xsd#forty_InterestIncomeFromDepositsAndForeignExchangeDifferences"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialIncomeAbstract" xlink:to="InterestIncomeFromDepositsAndForeignExchangeDifferences" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinancialIncome" xlink:href="forty-20211231.xsd#forty_FinancialIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialIncomeAbstract" xlink:to="FinancialIncome" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherTradingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherTradingIncomeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialIncomeAbstract" xlink:to="ifrs-full_OtherTradingIncomeExpense" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfPropertyAndEquipmentLocatedAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfPropertyAndEquipmentLocatedAbstract"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyAndEquipmentLocatedAbstract" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="TypeOfCountryAxis" xlink:href="forty-20211231.xsd#forty_TypeOfCountryAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="TypeOfCountryAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TypeOfCountryDomain" xlink:href="forty-20211231.xsd#forty_TypeOfCountryDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfCountryAxis" xlink:to="TypeOfCountryDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="srt_AmericasMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_AmericasMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfCountryAxis" xlink:to="srt_AmericasMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EuropeanMember" xlink:href="forty-20211231.xsd#forty_EuropeanMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfCountryAxis" xlink:to="EuropeanMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="JapanCountryMember" xlink:href="forty-20211231.xsd#forty_JapanCountryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfCountryAxis" xlink:to="JapanCountryMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfCountryAxis" xlink:to="OtherMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="IsraelCountryMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems" xlink:to="ifrs-full_PropertyPlantAndEquipment" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"/>
    <loc xlink:type="locator" xlink:label="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:href="forty-20211231.xsd#forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="IsraelCountryMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmericaMember" xlink:href="forty-20211231.xsd#forty_AmericaMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="AmericaMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EuropeanMember" xlink:href="forty-20211231.xsd#forty_EuropeanMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="EuropeanMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AfricaianMember" xlink:href="forty-20211231.xsd#forty_AfricaianMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="AfricaianMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="JapanCountryMember" xlink:href="forty-20211231.xsd#forty_JapanCountryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="JapanCountryMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherMainlyAsiaPacificMember" xlink:href="forty-20211231.xsd#forty_OtherMainlyAsiaPacificMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="OtherMainlyAsiaPacificMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable" xlink:to="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Revenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems" xlink:to="ifrs-full_Revenue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract"/>
    <loc xlink:type="locator" xlink:label="NumeratorAbstract" xlink:href="forty-20211231.xsd#forty_NumeratorAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:to="NumeratorAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NumeratorAbstract" xlink:to="NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" xlink:href="forty-20211231.xsd#forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NumeratorAbstract" xlink:to="AmountForDilutedEarningsPerShareIncomeAvailableToShareholders" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DenominatorAbstract" xlink:href="forty-20211231.xsd#forty_DenominatorAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract" xlink:to="DenominatorAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DenominatorForBasicNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForBasicNetEarningsPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DenominatorAbstract" xlink:to="DenominatorForBasicNetEarningsPerShare" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EffectOfDilutiveSecurities" xlink:href="forty-20211231.xsd#forty_EffectOfDilutiveSecurities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DenominatorAbstract" xlink:to="EffectOfDilutiveSecurities" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DenominatorForDilutedNetEarningsPerShare" xlink:href="forty-20211231.xsd#forty_DenominatorForDilutedNetEarningsPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DenominatorAbstract" xlink:to="DenominatorForDilutedNetEarningsPerShare" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DenominatorAbstract" xlink:to="ifrs-full_BasicEarningsLossPerShare" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DenominatorAbstract" xlink:to="ifrs-full_DilutedEarningsLossPerShare" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract" xlink:to="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="MagicMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MichpalAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_MichpalAndItsSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="MichpalAndItsSubsidiariesMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ZAPAndItsSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ZAPAndItsSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ZAPAndItsSubsidiariesMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OfekMember" xlink:href="forty-20211231.xsd#forty_OfekMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="OfekMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable" xlink:to="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems" xlink:to="ifrs-full_Goodwill" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable">
    <loc xlink:type="locator" xlink:label="ScheduleOfReportingOnOperatingSegmentsAbstract" xlink:href="forty-20211231.xsd#forty_ScheduleOfReportingOnOperatingSegmentsAbstract"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfReportingOnOperatingSegmentsAbstract" xlink:to="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:to="ifrs-full_ProductsAndServicesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProductsAndServicesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="MagicSoftwareMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="MichpalMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ZAPGroupMember" xlink:href="forty-20211231.xsd#forty_ZAPGroupMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ZAPGroupMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OtherMember" xlink:href="forty-20211231.xsd#forty_OtherMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="OtherMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsMember" xlink:href="forty-20211231.xsd#forty_AdjustmentsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="AdjustmentsMember" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable" xlink:to="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueFromContractsWithCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromContractsWithCustomers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_RevenueFromContractsWithCustomers" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IntersegmentRevenues" xlink:href="forty-20211231.xsd#forty_IntersegmentRevenues"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="IntersegmentRevenues" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RevenuesByProductServices" xlink:href="forty-20211231.xsd#forty_RevenuesByProductServices"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="RevenuesByProductServices" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_DepreciationAndAmortisationExpense" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherOperatingIncomeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherOperatingIncomeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_OtherOperatingIncomeExpense" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UnallocatedCorporateExpenses" xlink:href="forty-20211231.xsd#forty_UnallocatedCorporateExpenses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="UnallocatedCorporateExpenses" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RevenueAndOperatingIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAndOperatingIncome"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_RevenueAndOperatingIncome" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FinanceIncomeCost" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncomeCost"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_FinanceIncomeCost" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations" order="9.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems" xlink:to="us-gaap_ProfitLoss" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/GeneralDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ParValuePerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract" xlink:to="ifrs-full_ParValuePerShare" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SignificantAccountingPoliciesDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsTable" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsTable"/>
    <loc xlink:type="locator" xlink:label="SignificantAccountingPoliciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SignificantAccountingPoliciesDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfSignificantAccountingPoliciesTextBlockAbstract" xlink:to="SignificantAccountingPoliciesDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsTable" xlink:to="srt_RangeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MinimumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MaximumMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsTable" xlink:to="InvesteeNameAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="InvesteeNameDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MagicMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsTable" xlink:to="SignificantAccountingPoliciesDetailsLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfGoverningBodies" xlink:href="forty-20211231.xsd#forty_DescriptionOfGoverningBodies"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsLineItems" xlink:to="DescriptionOfGoverningBodies" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsLineItems" xlink:to="ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SoftwareProduct" xlink:href="forty-20211231.xsd#forty_SoftwareProduct"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsLineItems" xlink:to="SoftwareProduct" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SeveranceExpenses" xlink:href="forty-20211231.xsd#forty_SeveranceExpenses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsLineItems" xlink:to="SeveranceExpenses" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" xlink:href="forty-20211231.xsd#forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SignificantAccountingPoliciesDetailsLineItems" xlink:to="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfBusinessCombinationsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:href="forty-20211231.xsd#forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfBusinessCombinationsTextBlockAbstract" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BusinessCombinationsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="ifrs-full_BusinessCombinationsAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfOfekAerialPhotographyLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfOfekAerialPhotographyLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfOfekAerialPhotographyLtdMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ThorDenmarkHoldingApSAndSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_ThorDenmarkHoldingApSAndSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ThorDenmarkHoldingApSAndSubsidiariesMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfSumcumoGmbHMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfSumcumoGmbHMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfSumcumoGmbHMember" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="DelphiTechnologyIncAndItsSubsidiaryMember" xlink:href="forty-20211231.xsd#forty_DelphiTechnologyIncAndItsSubsidiaryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DelphiTechnologyIncAndItsSubsidiaryMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TifulGemelLtdMember" xlink:href="forty-20211231.xsd#forty_TifulGemelLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="TifulGemelLtdMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CalculoSAUMember" xlink:href="forty-20211231.xsd#forty_CalculoSAUMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="CalculoSAUMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MenarvaLtdMember" xlink:href="forty-20211231.xsd#forty_MenarvaLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MenarvaLtdMember" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOf9540YGSoftITLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOf9540YGSoftITLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOf9540YGSoftITLtdMember" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="AptonetIncMember" xlink:href="forty-20211231.xsd#forty_AptonetIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AptonetIncMember" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MagicSoftwareMember" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="StockellInformationSystemsIncMember" xlink:href="forty-20211231.xsd#forty_StockellInformationSystemsIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="StockellInformationSystemsIncMember" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MobisoftLtdMember" xlink:href="forty-20211231.xsd#forty_MobisoftLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MobisoftLtdMember" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="MobisoftAndMagicHandsMember" xlink:href="forty-20211231.xsd#forty_MobisoftAndMagicHandsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MobisoftAndMagicHandsMember" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NetEffectsIncMember" xlink:href="forty-20211231.xsd#forty_NetEffectsIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="NetEffectsIncMember" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PowWowIncMember" xlink:href="forty-20211231.xsd#forty_PowWowIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="PowWowIncMember" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OnTargetGroupIncMember" xlink:href="forty-20211231.xsd#forty_OnTargetGroupIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="OnTargetGroupIncMember" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AVBTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_AVBTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AVBTechnologiesLtdMember" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquisitionOfITDGroupLtdMember" xlink:href="forty-20211231.xsd#forty_AcquisitionOfITDGroupLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AcquisitionOfITDGroupLtdMember" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SQServiceQualityLtdMember" xlink:href="forty-20211231.xsd#forty_SQServiceQualityLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="SQServiceQualityLtdMember" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AAEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_AAEngineeringLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="AAEngineeringLtdMember" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="GestetnertecLtdMember" xlink:href="forty-20211231.xsd#forty_GestetnertecLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="GestetnertecLtdMember" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RightStarIncMember" xlink:href="forty-20211231.xsd#forty_RightStarIncMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="RightStarIncMember" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TechtopLtdMember" xlink:href="forty-20211231.xsd#forty_TechtopLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="TechtopLtdMember" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MedatechInformationTechnologiesLtdMember" xlink:href="forty-20211231.xsd#forty_MedatechInformationTechnologiesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="MedatechInformationTechnologiesLtdMember" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="DanaEngineeringLtdMember" xlink:href="forty-20211231.xsd#forty_DanaEngineeringLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="DanaEngineeringLtdMember" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiramFinancialSoftwareLtdMember" xlink:href="forty-20211231.xsd#forty_LiramFinancialSoftwareLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="LiramFinancialSoftwareLtdMember" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UniqueSoftwareIndustriesLtdMember" xlink:href="forty-20211231.xsd#forty_UniqueSoftwareIndustriesLtdMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="UniqueSoftwareIndustriesLtdMember" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="srt_RangeAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MinimumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_RangeAxis" xlink:to="srt_MaximumMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RangesAxis" xlink:href="forty-20211231.xsd#forty_RangesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="RangesAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RangesDomain" xlink:href="forty-20211231.xsd#forty_RangesDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangesAxis" xlink:to="RangesDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangesAxis" xlink:to="ifrs-full_BottomOfRangeMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangesAxis" xlink:to="ifrs-full_TopOfRangeMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="EventsAfterReportingPeriodMember" xlink:href="forty-20211231.xsd#forty_EventsAfterReportingPeriodMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="EventsAfterReportingPeriodMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="srt_CurrencyAxis" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="IsraelCountryMember" xlink:href="forty-20211231.xsd#forty_IsraelCountryMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_CurrencyAxis" xlink:to="IsraelCountryMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ZapGroupAcquisitionMember" xlink:href="forty-20211231.xsd#forty_ZapGroupAcquisitionMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="ZapGroupAcquisitionMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable" xlink:to="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" order="7.0"/>
    <loc xlink:type="locator" xlink:label="PercentageOfShareCapital" xlink:href="forty-20211231.xsd#forty_PercentageOfShareCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="PercentageOfShareCapital" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfCustomer" xlink:href="forty-20211231.xsd#forty_NumberOfCustomer"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="NumberOfCustomer" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CashConsiderationAmount" xlink:href="forty-20211231.xsd#forty_CashConsiderationAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="CashConsiderationAmount" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FairValueOfContingentConsideration" xlink:href="forty-20211231.xsd#forty_FairValueOfContingentConsideration"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="FairValueOfContingentConsideration" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ShareCapitalPercentage" xlink:href="forty-20211231.xsd#forty_ShareCapitalPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ShareCapitalPercentage" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PurchasePriceAmount" xlink:href="forty-20211231.xsd#forty_PurchasePriceAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="PurchasePriceAmount" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquiredCash" xlink:href="forty-20211231.xsd#forty_AcquiredCash"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="AcquiredCash" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BusinessCombinationAcquisitionsRelatedCosts" xlink:href="forty-20211231.xsd#forty_BusinessCombinationAcquisitionsRelatedCosts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="BusinessCombinationAcquisitionsRelatedCosts" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CapitalPayment" xlink:href="forty-20211231.xsd#forty_CapitalPayment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="CapitalPayment" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PPPLoanAmount" xlink:href="forty-20211231.xsd#forty_PPPLoanAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="PPPLoanAmount" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="PercentageOfSubsidiaryOutstandingShares" xlink:href="forty-20211231.xsd#forty_PercentageOfSubsidiaryOutstandingShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="PercentageOfSubsidiaryOutstandingShares" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CashTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashTransferred"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_CashTransferred" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AdditionalOfTheOutstandingSharesPercentage" xlink:href="forty-20211231.xsd#forty_AdditionalOfTheOutstandingSharesPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="AdditionalOfTheOutstandingSharesPercentage" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalConsiderationAmounts" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmounts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="TotalConsiderationAmounts" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PaidUpAmount" xlink:href="forty-20211231.xsd#forty_PaidUpAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="PaidUpAmount" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MinorityShareholdersDescription" xlink:href="forty-20211231.xsd#forty_MinorityShareholdersDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="MinorityShareholdersDescription" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ConsiderationPaidReceived" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ConsiderationPaidReceived"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_ConsiderationPaidReceived" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AssetsAcquiredRemainingBalance" xlink:href="forty-20211231.xsd#forty_AssetsAcquiredRemainingBalance"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="AssetsAcquiredRemainingBalance" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_TotalConsiderationAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="TotalConsiderationAmount" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FinalConsiderationAmount" xlink:href="forty-20211231.xsd#forty_FinalConsiderationAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="FinalConsiderationAmount" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="AggregateSecurityAmount" xlink:href="forty-20211231.xsd#forty_AggregateSecurityAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="AggregateSecurityAmount" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="AcquiredCost" xlink:href="forty-20211231.xsd#forty_AcquiredCost"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="AcquiredCost" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TotalCashConsiderationNetOfAcquiredCash" xlink:href="forty-20211231.xsd#forty_TotalCashConsiderationNetOfAcquiredCash"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="TotalCashConsiderationNetOfAcquiredCash" order="28.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity" order="29.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IssuedAndOutstandingPercentage" xlink:href="forty-20211231.xsd#forty_IssuedAndOutstandingPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="IssuedAndOutstandingPercentage" order="30.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InterestRatePercentage1" xlink:href="forty-20211231.xsd#forty_InterestRatePercentage1"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="InterestRatePercentage1" order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RemainingInterestRate" xlink:href="forty-20211231.xsd#forty_RemainingInterestRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems" xlink:to="RemainingInterestRate" order="32.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/MarketableSecuritiesDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="GainsLossesFromMarketableSecurities" xlink:href="forty-20211231.xsd#forty_GainsLossesFromMarketableSecurities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract" xlink:to="GainsLossesFromMarketableSecurities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails">
    <loc xlink:type="locator" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable"/>
    <loc xlink:type="locator" xlink:label="InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:href="forty-20211231.xsd#forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="TsgMember" xlink:href="forty-20211231.xsd#forty_TsgMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="TsgMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable" xlink:to="InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="PropertyPlantsandEquipmentNetDetailsTable" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsTable"/>
    <loc xlink:type="locator" xlink:label="PropertyPlantsandEquipmentNetDetailsLineItems" xlink:href="forty-20211231.xsd#forty_PropertyPlantsandEquipmentNetDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract" xlink:to="PropertyPlantsandEquipmentNetDetailsTable" order="1.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsTable" xlink:to="PropertyPlantsandEquipmentNetDetailsLineItems" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DepreciationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantsandEquipmentNetDetailsLineItems" xlink:to="ifrs-full_DepreciationExpense" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IntangibleAssetsNetDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIntangibleAssetsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmortisationExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIntangibleAssetsTextBlockAbstract" xlink:to="ifrs-full_AmortisationExpense" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DebenturesDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfDebenturesAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfDebenturesAbstract"/>
    <loc xlink:type="locator" xlink:label="DebenturesDetailsTable" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsTable"/>
    <loc xlink:type="locator" xlink:label="DebenturesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_DebenturesDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfDebenturesAbstract" xlink:to="DebenturesDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="TypeOfSeriesDebentureAxis" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsTable" xlink:to="TypeOfSeriesDebentureAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="TypeOfSeriesDebentureDomain" xlink:href="forty-20211231.xsd#forty_TypeOfSeriesDebentureDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfSeriesDebentureAxis" xlink:to="TypeOfSeriesDebentureDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SeriesASecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesASecuredDebenturesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfSeriesDebentureAxis" xlink:to="SeriesASecuredDebenturesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SeriesCSecuredDebenturesMember" xlink:href="forty-20211231.xsd#forty_SeriesCSecuredDebenturesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfSeriesDebentureAxis" xlink:to="SeriesCSecuredDebenturesMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensSeriesBDebenturesMember" xlink:href="forty-20211231.xsd#forty_SapiensSeriesBDebenturesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfSeriesDebentureAxis" xlink:to="SapiensSeriesBDebenturesMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsTable" xlink:to="DebenturesDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="InterestExpenses" xlink:href="forty-20211231.xsd#forty_InterestExpenses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="InterestExpenses" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DiscountAndIssuanceCostsAmortization" xlink:href="forty-20211231.xsd#forty_DiscountAndIssuanceCostsAmortization"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="DiscountAndIssuanceCostsAmortization" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ProceedsFromIssueOfBondsNotesAndDebenture" xlink:href="forty-20211231.xsd#forty_ProceedsFromIssueOfBondsNotesAndDebenture"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ProceedsFromIssueOfBondsNotesAndDebenture" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DebenturesDescription" xlink:href="forty-20211231.xsd#forty_DebenturesDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="DebenturesDescription" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_IssueOfConvertibleInstruments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfConvertibleInstruments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ifrs-full_IssueOfConvertibleInstruments" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ifrs-full_BorrowingsInterestRate" order="8.0" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_OtherFeeAndCommissionExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFeeAndCommissionExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="ifrs-full_OtherFeeAndCommissionExpense" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtInstrumentDescription" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebenturesDetailsLineItems" xlink:to="us-gaap_DebtInstrumentDescription" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/RelatedPartiesTransactionsDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfRelatedPartyTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfRelatedPartyTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="RelatedPartiesTransactionsDetailsTable" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsTable"/>
    <loc xlink:type="locator" xlink:label="RelatedPartiesTransactionsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_RelatedPartiesTransactionsDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfRelatedPartyTextBlockAbstract" xlink:to="RelatedPartiesTransactionsDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="SapiensMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="MatrixMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsTable" xlink:to="RelatedPartiesTransactionsDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PerformedServicesSubcontractor" xlink:href="forty-20211231.xsd#forty_PerformedServicesSubcontractor"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="PerformedServicesSubcontractor" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DueFromItsTransactionsWithAsseco" xlink:href="forty-20211231.xsd#forty_DueFromItsTransactionsWithAsseco"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="DueFromItsTransactionsWithAsseco" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DirectorsRemunerationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DirectorsRemunerationExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="ifrs-full_DirectorsRemunerationExpense" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="BackOfficeAndProfessionalServicesExpense" xlink:href="forty-20211231.xsd#forty_BackOfficeAndProfessionalServicesExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartiesTransactionsDetailsLineItems" xlink:to="BackOfficeAndProfessionalServicesExpense" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/LeasesDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfLeasesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfLeasesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="LeasePeriodsExpiringTerm" xlink:href="forty-20211231.xsd#forty_LeasePeriodsExpiringTerm"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfLeasesTextBlockAbstract" xlink:to="LeasePeriodsExpiringTerm" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DepreciationExpensesOfOperatingLeaseRightofuseAssets" xlink:href="forty-20211231.xsd#forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfLeasesTextBlockAbstract" xlink:to="DepreciationExpensesOfOperatingLeaseRightofuseAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EmployeeOptionPlansDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsTable" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsTable"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEmployeeOptionPlansExplanatoryAbstract" xlink:to="EmployeeOptionPlansDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansAxis" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsTable" xlink:to="EmployeeOptionPlansAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EmployeeOptionPlansDomain" xlink:href="forty-20211231.xsd#forty_EmployeeOptionPlansDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansAxis" xlink:to="EmployeeOptionPlansDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="TwoThousandElevenPlanMember" xlink:href="forty-20211231.xsd#forty_TwoThousandElevenPlanMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansAxis" xlink:to="TwoThousandElevenPlanMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="GutmanMember" xlink:href="forty-20211231.xsd#forty_GutmanMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansAxis" xlink:to="GutmanMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="GeneralAssemblyMember" xlink:href="forty-20211231.xsd#forty_GeneralAssemblyMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="GeneralAssemblyMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangeAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsTable" xlink:to="ifrs-full_RangeAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_RangesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TopOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_TopOfRangeMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_BottomOfRangeMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="PlanOfNameAxis" xlink:href="forty-20211231.xsd#forty_PlanOfNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsTable" xlink:to="PlanOfNameAxis" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PlanOfNameDomain" xlink:href="forty-20211231.xsd#forty_PlanOfNameDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="PlanOfNameDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="MatrixMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="SapiensMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanOfNameAxis" xlink:to="MagicMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsTable" xlink:to="EmployeeOptionPlansDetailsLineItems" order="5.0"/>
    <loc xlink:type="locator" xlink:label="RestrictedShares" xlink:href="forty-20211231.xsd#forty_RestrictedShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="RestrictedShares" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FairValueOfGrantSharePricePerShare" xlink:href="forty-20211231.xsd#forty_FairValueOfGrantSharePricePerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="FairValueOfGrantSharePricePerShare" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" xlink:href="forty-20211231.xsd#forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PrecedingYears" xlink:href="forty-20211231.xsd#forty_PrecedingYears"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="PrecedingYears" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfVestedPercentage" xlink:href="forty-20211231.xsd#forty_NumberOfVestedPercentage"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="NumberOfVestedPercentage" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UnrecognizedCompensationCosts" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCosts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="UnrecognizedCompensationCosts" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfExerciseShareOptionsGranted" xlink:href="forty-20211231.xsd#forty_DescriptionOfExerciseShareOptionsGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="DescriptionOfExerciseShareOptionsGranted" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="OptionsExpirePeriods" xlink:href="forty-20211231.xsd#forty_OptionsExpirePeriods"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="OptionsExpirePeriods" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="NumberOfShareOptionGrantedInSharebasedPaymentArrangements" xlink:href="forty-20211231.xsd#forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="NumberOfShareOptionGrantedInSharebasedPaymentArrangements" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAverageGrantDateFairValuesOfOptions" xlink:href="forty-20211231.xsd#forty_WeightedAverageGrantDateFairValuesOfOptions"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="WeightedAverageGrantDateFairValuesOfOptions" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IntrinsicValueOfOptionsExercised" xlink:href="forty-20211231.xsd#forty_IntrinsicValueOfOptionsExercised"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="IntrinsicValueOfOptionsExercised" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UnrecognizedCompensationCost" xlink:href="forty-20211231.xsd#forty_UnrecognizedCompensationCost"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="UnrecognizedCompensationCost" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="WeightedAveragePeriod" xlink:href="forty-20211231.xsd#forty_WeightedAveragePeriod"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeOptionPlansDetailsLineItems" xlink:to="WeightedAveragePeriod" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/CommitmentsandContingenciesDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="CommitmentsandContingenciesDetailsTable" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsTable"/>
    <loc xlink:type="locator" xlink:label="CommitmentsandContingenciesDetailsLineItems" xlink:href="forty-20211231.xsd#forty_CommitmentsandContingenciesDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract" xlink:to="CommitmentsandContingenciesDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CreditFacilityAgreementsAxis" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsTable" xlink:to="CreditFacilityAgreementsAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CreditFacilityAgreementsDomain" xlink:href="forty-20211231.xsd#forty_CreditFacilityAgreementsDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAgreementsAxis" xlink:to="CreditFacilityAgreementsDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="FormulaMember" xlink:href="forty-20211231.xsd#forty_FormulaMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAgreementsAxis" xlink:to="FormulaMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAgreementsAxis" xlink:to="MatrixMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAgreementsAxis" xlink:to="SapiensMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicSoftwareMember" xlink:href="forty-20211231.xsd#forty_MagicSoftwareMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAgreementsAxis" xlink:to="MagicSoftwareMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsTable" xlink:to="CommitmentsandContingenciesDetailsLineItems" order="3.0"/>
    <loc xlink:type="locator" xlink:label="AggregateSecurityAmount" xlink:href="forty-20211231.xsd#forty_AggregateSecurityAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="AggregateSecurityAmount" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="BankGuaranteesAmount" xlink:href="forty-20211231.xsd#forty_BankGuaranteesAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="BankGuaranteesAmount" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_BalancesOnOtherDepositsFromCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BalancesOnOtherDepositsFromCustomers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="ifrs-full_BalancesOnOtherDepositsFromCustomers" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LiabilityToFinancialInstitutionDescription" xlink:href="forty-20211231.xsd#forty_LiabilityToFinancialInstitutionDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="LiabilityToFinancialInstitutionDescription" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfFinancialCovenants" xlink:href="forty-20211231.xsd#forty_DescriptionOfFinancialCovenants"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="DescriptionOfFinancialCovenants" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DamagesAmount" xlink:href="forty-20211231.xsd#forty_DamagesAmount"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="DamagesAmount" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ArbitrationExpenses" xlink:href="forty-20211231.xsd#forty_ArbitrationExpenses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="ArbitrationExpenses" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="RestrictedShares" xlink:href="forty-20211231.xsd#forty_RestrictedShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="RestrictedShares" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="ContingentLiability" xlink:href="forty-20211231.xsd#forty_ContingentLiability"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="ContingentLiability" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="lawsuitSeekingDamages" xlink:href="forty-20211231.xsd#forty_lawsuitSeekingDamages"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsandContingenciesDetailsLineItems" xlink:to="lawsuitSeekingDamages" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/EquityDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="EquityDetailsTable" xlink:href="forty-20211231.xsd#forty_EquityDetailsTable"/>
    <loc xlink:type="locator" xlink:label="EquityDetailsLineItems" xlink:href="forty-20211231.xsd#forty_EquityDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract" xlink:to="EquityDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsTable" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_NonadjustingEventsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="EventsAfterReportingPeriodMember" xlink:href="forty-20211231.xsd#forty_EventsAfterReportingPeriodMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="EventsAfterReportingPeriodMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsTable" xlink:to="EquityDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="FormulaHoldShares" xlink:href="forty-20211231.xsd#forty_FormulaHoldShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsLineItems" xlink:to="FormulaHoldShares" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendPayables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendPayables"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsLineItems" xlink:to="ifrs-full_DividendPayables" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPayableAmountPerShare" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsLineItems" xlink:to="DividendPayableAmountPerShare" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPayable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPayable"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsLineItems" xlink:to="ifrs-full_DividendsPayable" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOtherSharesPerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityDetailsLineItems" xlink:to="ifrs-full_DividendsPaidOtherSharesPerShare" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/IncomeTaxDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfIncomeTaxTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfIncomeTaxTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="IncomeTaxDetailsTable" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsTable"/>
    <loc xlink:type="locator" xlink:label="IncomeTaxDetailsLineItems" xlink:href="forty-20211231.xsd#forty_IncomeTaxDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfIncomeTaxTextBlockAbstract" xlink:to="IncomeTaxDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsTable" xlink:to="us-gaap_SubsidiarySaleOfStockAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="IsraeliSubsidiariesMember" xlink:href="forty-20211231.xsd#forty_IsraeliSubsidiariesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="IsraeliSubsidiariesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsTable" xlink:to="srt_CurrencyAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_CurrencyAxis" xlink:to="currency_AllCurrenciesDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="currency_ILS" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_ILS"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="srt_CurrencyAxis" xlink:to="currency_ILS" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsTable" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="ZapMember" xlink:href="forty-20211231.xsd#forty_ZapMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ZapMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameAxis" xlink:href="forty-20211231.xsd#forty_InvesteeNameAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsTable" xlink:to="InvesteeNameAxis" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="InvesteeNameDomain" xlink:href="forty-20211231.xsd#forty_InvesteeNameDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="InvesteeNameDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="PreferredTechnologyEnterpriseMember" xlink:href="forty-20211231.xsd#forty_PreferredTechnologyEnterpriseMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="PreferredTechnologyEnterpriseMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FormulaMember" xlink:href="forty-20211231.xsd#forty_FormulaMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="FormulaMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MagicMember" xlink:href="forty-20211231.xsd#forty_MagicMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MagicMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="SapiensMember" xlink:href="forty-20211231.xsd#forty_SapiensMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="SapiensMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MatrixMember" xlink:href="forty-20211231.xsd#forty_MatrixMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvesteeNameAxis" xlink:to="MatrixMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsTable" xlink:to="IncomeTaxDetailsLineItems" order="5.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DescriptionOfNewAmendmentTaxRate" xlink:href="forty-20211231.xsd#forty_DescriptionOfNewAmendmentTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="DescriptionOfNewAmendmentTaxRate" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_AverageEffectiveTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageEffectiveTaxRate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="ifrs-full_AverageEffectiveTaxRate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IncomeTax" xlink:href="forty-20211231.xsd#forty_IncomeTax"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="IncomeTax" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="UndistributedEarningsOfForeignSubsidiariesAndAffiliates" xlink:href="forty-20211231.xsd#forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="UndistributedEarningsOfForeignSubsidiariesAndAffiliates" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" xlink:href="forty-20211231.xsd#forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="FederalCorporateIncomeTaxRateDescription" xlink:href="forty-20211231.xsd#forty_FederalCorporateIncomeTaxRateDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="FederalCorporateIncomeTaxRateDescription" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CumulativeLossesForTaxPurpose" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurpose"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="CumulativeLossesForTaxPurpose" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="CumulativeLossesForTaxPurposes" xlink:href="forty-20211231.xsd#forty_CumulativeLossesForTaxPurposes"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="CumulativeLossesForTaxPurposes" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_TaxEffectOfTaxLosses" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxEffectOfTaxLosses"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="ifrs-full_TaxEffectOfTaxLosses" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="IncomeTaxAssessmentsDescription" xlink:href="forty-20211231.xsd#forty_IncomeTaxAssessmentsDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDetailsLineItems" xlink:to="IncomeTaxAssessmentsDescription" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/OperatingSegmentsDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsTable" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsTable"/>
    <loc xlink:type="locator" xlink:label="OperatingSegmentsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_OperatingSegmentsDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEntitysOperatingSegmentsTextBlockAbstract" xlink:to="OperatingSegmentsDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsTable" xlink:to="ifrs-full_GeographicalAreasAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_GeographicalAreasMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="SoftwareSolutionsAndServicesInIsraelMember" xlink:href="forty-20211231.xsd#forty_SoftwareSolutionsAndServicesInIsraelMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="SoftwareSolutionsAndServicesInIsraelMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="LearningAndIntegrationMember" xlink:href="forty-20211231.xsd#forty_LearningAndIntegrationMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="LearningAndIntegrationMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ComputerInfrastructureAndIntegrationSolutionsMember" xlink:href="forty-20211231.xsd#forty_ComputerInfrastructureAndIntegrationSolutionsMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ComputerInfrastructureAndIntegrationSolutionsMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="SoftwareProductMarketingAndSupportMember" xlink:href="forty-20211231.xsd#forty_SoftwareProductMarketingAndSupportMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="SoftwareProductMarketingAndSupportMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="MichpalMember" xlink:href="forty-20211231.xsd#forty_MichpalMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="MichpalMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsTable" xlink:to="OperatingSegmentsDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsLineItems" xlink:to="ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PercentageOfEstimatedOnlinePurchaseVolume" xlink:href="forty-20211231.xsd#forty_PercentageOfEstimatedOnlinePurchaseVolume"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingSegmentsDetailsLineItems" xlink:to="PercentageOfEstimatedOnlinePurchaseVolume" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/SubsequentEventsDetails">
    <loc xlink:type="locator" xlink:label="DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:href="forty-20211231.xsd#forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="SubsequentEventsDetailsTable" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsTable"/>
    <loc xlink:type="locator" xlink:label="SubsequentEventsDetailsLineItems" xlink:href="forty-20211231.xsd#forty_SubsequentEventsDetailsLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfEventsAfterReportingPeriodTextBlockAbstract" xlink:to="SubsequentEventsDetailsTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsTable" xlink:to="us-gaap_SubsequentEventTypeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsTable" xlink:to="SubsequentEventsDetailsLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsLineItems" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="DividendPayableAmountPerShares" xlink:href="forty-20211231.xsd#forty_DividendPayableAmountPerShares"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsLineItems" xlink:to="DividendPayableAmountPerShares" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PurchaseAgreement" xlink:href="forty-20211231.xsd#forty_PurchaseAgreement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsLineItems" xlink:to="PurchaseAgreement" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsDetailsLineItems" xlink:to="us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://formulasystems.com/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:label="DocumentAndEntityInformationAbstract" xlink:href="forty-20211231.xsd#forty_DocumentAndEntityInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationTable"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentInformationTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressesAddressTypeAxis" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressesAddressTypeAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationTable" xlink:to="dei_EntityAddressesAddressTypeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="dei_AddressTypeDomain" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AddressTypeDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_AddressTypeDomain" order="0.0"/>
    <loc xlink:type="locator" xlink:label="dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_BusinessContactMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_BusinessContactMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityRegistrantName" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_TradingSymbol" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentType" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CurrentFiscalYearEndDate" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCommonStockSharesOutstanding" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AmendmentFlag" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCentralIndexKey" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCurrentReportingStatus" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityVoluntaryFilers" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFilerCategory" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentFiscalYearFocus" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentFiscalPeriodFocus" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityShellCompany" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_IcfrAuditorAttestationFlag"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_IcfrAuditorAttestationFlag" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentRegistrationStatement" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentRegistrationStatement" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentAnnualReport" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentTransitionReport" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentShellCompanyReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentShellCompanyReport" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFileNumber" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCountry" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_ContactPersonnelName" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" order="28.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="29.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_ContactPersonnelFaxNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelFaxNumber"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_ContactPersonnelFaxNumber" order="30.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" order="32.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityInteractiveDataCurrent" order="33.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentAccountingStandard" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentAccountingStandard" order="34.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorFirmId"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorFirmId" order="35.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorName" order="36.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorLocation"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AuditorLocation" order="37.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033737017672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information Line Items</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">FORMULA SYSTEMS (1985) LTD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FORTY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">15,294,267<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001045986<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-29442<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">IL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Yahadut Canada 1 Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Or Yehuda<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">6037501<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">L3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">American Depositary Shares, each representing one Ordinary Share, NIS 1 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">International Financial Reporting Standards<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1281<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">KOST FORER GABBAY & KASIERER<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Tel-Aviv,
Israel<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information Line Items</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">IL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Yahadut Canada 1 Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Or Yehuda<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">6037501<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Asaf Berenstin<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">3 5389389<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ContactPersonnelFaxNumber', window );">Contact Personnel Fax Number</a></td>
<td class="text">972 3 5389300<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelFaxNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fax Number of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelFaxNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735247448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Financial Position - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Cash', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 485,391<span></span>
</td>
<td class="nump">$ 501,650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents', window );">Short-term deposits</a></td>
<td class="nump">25,924<span></span>
</td>
<td class="nump">30,289<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Marketable securities</a></td>
<td class="nump">1,142<span></span>
</td>
<td class="nump">1,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables (net of allowances for doubtful accounts of $9,717 and $12,855 as of December 31, 2020 and 2021, respectively)</a></td>
<td class="nump">696,321<span></span>
</td>
<td class="nump">519,885<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Prepaid expenses and other accounts receivable</a></td>
<td class="nump">72,118<span></span>
</td>
<td class="nump">83,820<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">21,221<span></span>
</td>
<td class="nump">23,988<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">1,302,117<span></span>
</td>
<td class="nump">1,160,870<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>LONG-TERM ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred taxes</a></td>
<td class="nump">46,364<span></span>
</td>
<td class="nump">39,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Prepaid expenses, other accounts receivable and other investments</a></td>
<td class="nump">23,676<span></span>
</td>
<td class="nump">22,872<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalOtherLongtermAssets', window );">Total long-term assets</a></td>
<td class="nump">70,040<span></span>
</td>
<td class="nump">62,622<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD</a></td>
<td class="nump">28,900<span></span>
</td>
<td class="nump">28,311<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">RIGHT-OF-USE ASSETS</a></td>
<td class="nump">115,833<span></span>
</td>
<td class="nump">114,414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PROPERTY, PLANTS AND EQUIPMENT, NET</a></td>
<td class="nump">56,886<span></span>
</td>
<td class="nump">59,176<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">INTANGIBLE ASSETS, NET</a></td>
<td class="nump">241,936<span></span>
</td>
<td class="nump">222,263<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">GOODWILL</a></td>
<td class="nump">932,854<span></span>
</td>
<td class="nump">872,424<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">2,748,566<span></span>
</td>
<td class="nump">2,520,080<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Credit from banks and others</a></td>
<td class="nump">175,696<span></span>
</td>
<td class="nump">120,444<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Debentures</a></td>
<td class="nump">48,455<span></span>
</td>
<td class="nump">41,454<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current maturities of lease liabilities</a></td>
<td class="nump">41,655<span></span>
</td>
<td class="nump">32,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Trade payables</a></td>
<td class="nump">205,835<span></span>
</td>
<td class="nump">153,322<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredIncomeClassifiedCurrent', window );">Deferred revenues</a></td>
<td class="nump">140,660<span></span>
</td>
<td class="nump">128,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsClassifiedAsCurrent', window );">Employees and payroll accrual</a></td>
<td class="nump">207,553<span></span>
</td>
<td class="nump">190,247<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialLiabilities', window );">Other accounts payable</a></td>
<td class="nump">80,411<span></span>
</td>
<td class="nump">68,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilitiesInRespectOfBusinessCombinations', window );">Liabilities in respect of business combinations</a></td>
<td class="nump">7,773<span></span>
</td>
<td class="nump">8,654<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Put options of non-controlling interests</a></td>
<td class="nump">39,558<span></span>
</td>
<td class="nump">35,843<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">947,596<span></span>
</td>
<td class="nump">779,903<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>LONG-TERM LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Loans from banks and others</a></td>
<td class="nump">157,229<span></span>
</td>
<td class="nump">180,316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Debentures</a></td>
<td class="nump">205,035<span></span>
</td>
<td class="nump">203,070<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongtermOperatingLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">84,839<span></span>
</td>
<td class="nump">91,188<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other long-term liabilities</a></td>
<td class="nump">12,183<span></span>
</td>
<td class="nump">12,191<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred taxes</a></td>
<td class="nump">78,135<span></span>
</td>
<td class="nump">68,367<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredIncomeClassifiedNoncurrent', window );">Deferred revenues</a></td>
<td class="nump">17,757<span></span>
</td>
<td class="nump">16,626<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Liability in respect of business combinations</a></td>
<td class="nump">21,644<span></span>
</td>
<td class="nump">16,582<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialLiabilities', window );">Put options of non-controlling interests</a></td>
<td class="nump">31,720<span></span>
</td>
<td class="nump">28,175<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits', window );">Employee benefit liabilities</a></td>
<td class="nump">12,641<span></span>
</td>
<td class="nump">15,119<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total long-term liabilities</a></td>
<td class="nump">621,183<span></span>
</td>
<td class="nump">631,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentAndContingencies', window );">COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShareCapitalAbstract', window );"><strong>Share capital:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Ordinary shares of NIS 1 par value - Authorized: 25,000,000 shares as of December 31, 2020 and 2021; Issued: 15,862,887 as of December 31, 2020 and 2021; Outstanding: 15,294,267 as of December 31, 2020 and 2021</a></td>
<td class="nump">4,340<span></span>
</td>
<td class="nump">4,340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalPaidinCapital', window );">Additional paid-in capital</a></td>
<td class="nump">153,048<span></span>
</td>
<td class="nump">149,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">358,315<span></span>
</td>
<td class="nump">324,358<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Accumulated other comprehensive income</a></td>
<td class="nump">25,516<span></span>
</td>
<td class="nump">25,513<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury shares (568,620 shares as of December 31, 2020 and 2021)</a></td>
<td class="num">(259)<span></span>
</td>
<td class="num">(259)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Total equity attributable to Formula Systems shareholders</a></td>
<td class="nump">540,960<span></span>
</td>
<td class="nump">503,201<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">638,827<span></span>
</td>
<td class="nump">605,342<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">1,179,787<span></span>
</td>
<td class="nump">1,108,543<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and equity</a></td>
<td class="nump">$ 2,748,566<span></span>
</td>
<td class="nump">$ 2,520,080<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CommitmentAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commitment and Contingencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CommitmentAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredIncomeClassifiedCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredIncomeClassifiedCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredIncomeClassifiedNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredIncomeClassifiedNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LiabilitiesInRespectOfBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Liabilities in respect of business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LiabilitiesInRespectOfBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongtermOperatingLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongtermOperatingLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalOtherLongtermAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term assets that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalOtherLongtermAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals classified as current. [Refer: Accruals]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalPaidinCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value and amounts received from other transactions involving the entity's stock or stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalPaidinCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.
Effective 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current notes and debentures issued and the current portion of non-current notes and debentures issued. [Refer: Notes and debentures issued]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2021-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2022-01-01: The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Business combinations [member]]
Effective 2022-01-01: The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Non-current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current notes and debentures issued. [Refer: Notes and debentures issued]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentNonfinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentNonfinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentNonfinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentNonfinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of short-term deposits held by the entity that are not classified as cash equivalents. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2021-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736937800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Financial Position (Parentheticals)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfFinancialPositionAbstract', window );"><strong>Statement of financial position [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction', window );">Allowances for doubtful accounts (in Dollars) | $</a></td>
<td class="nump">$ 12,855<span></span>
</td>
<td class="nump">$ 9,717<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Ordinary shares, authorized</a></td>
<td class="nump">25,000,000<span></span>
</td>
<td class="nump">25,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Ordinary shares, issued</a></td>
<td class="nump">15,862,887<span></span>
</td>
<td class="nump">15,862,887<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Ordinary shares, outstanding</a></td>
<td class="nump">15,294,267<span></span>
</td>
<td class="nump">15,294,267<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfTreasurySharesOutstanding', window );">Treasury shares</a></td>
<td class="nump">568,620<span></span>
</td>
<td class="nump">568,620<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfTreasurySharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of Treasury Shares Outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfTreasurySharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions for doubtful debts related to the amount of outstanding balances in related party transactions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730896744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Profit or Loss - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices', window );">Proprietary software products and related services</a></td>
<td class="nump">$ 632,986<span></span>
</td>
<td class="nump">$ 509,109<span></span>
</td>
<td class="nump">$ 438,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices', window );">Software services and other</a></td>
<td class="nump">1,771,390<span></span>
</td>
<td class="nump">1,424,809<span></span>
</td>
<td class="nump">1,262,859<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total revenues</a></td>
<td class="nump">2,404,376<span></span>
</td>
<td class="nump">1,933,918<span></span>
</td>
<td class="nump">1,701,115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostOfRevenuesAbstract', window );"><strong>Cost of revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProprietarySoftwareProductsAndRelatedServices', window );">Proprietary software products and related services</a></td>
<td class="nump">350,788<span></span>
</td>
<td class="nump">284,325<span></span>
</td>
<td class="nump">248,957<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherSoftwareProductsAndRelatedServices', window );">Other software products and related services</a></td>
<td class="nump">1,489,729<span></span>
</td>
<td class="nump">1,202,160<span></span>
</td>
<td class="nump">1,066,109<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Total cost of revenues</a></td>
<td class="nump">1,840,517<span></span>
</td>
<td class="nump">1,486,485<span></span>
</td>
<td class="nump">1,315,066<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">563,859<span></span>
</td>
<td class="nump">447,433<span></span>
</td>
<td class="nump">386,049<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses, net</a></td>
<td class="nump">65,858<span></span>
</td>
<td class="nump">52,604<span></span>
</td>
<td class="nump">46,690<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Selling, marketing, general and administrative expenses</a></td>
<td class="nump">289,985<span></span>
</td>
<td class="nump">224,188<span></span>
</td>
<td class="nump">200,870<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="nump">208,016<span></span>
</td>
<td class="nump">170,641<span></span>
</td>
<td class="nump">138,489<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="nump">29,994<span></span>
</td>
<td class="nump">29,444<span></span>
</td>
<td class="nump">22,443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="nump">5,989<span></span>
</td>
<td class="nump">2,559<span></span>
</td>
<td class="nump">3,791<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Pre-tax income before share of profits of companies accounted for at equity, net</a></td>
<td class="nump">184,011<span></span>
</td>
<td class="nump">143,756<span></span>
</td>
<td class="nump">119,837<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet', window );">Share of profits of companies accounted for at equity, net</a></td>
<td class="nump">505<span></span>
</td>
<td class="nump">1,535<span></span>
</td>
<td class="nump">1,787<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Taxes on income</a></td>
<td class="nump">42,614<span></span>
</td>
<td class="nump">31,269<span></span>
</td>
<td class="nump">27,201<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">141,902<span></span>
</td>
<td class="nump">114,022<span></span>
</td>
<td class="nump">94,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Equity holders of the Company</a></td>
<td class="nump">54,585<span></span>
</td>
<td class="nump">46,776<span></span>
</td>
<td class="nump">38,820<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProfitLossAttributableToNoncontrollingInterest', window );">Non-controlling interests</a></td>
<td class="nump">87,317<span></span>
</td>
<td class="nump">67,246<span></span>
</td>
<td class="nump">55,603<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">$ 141,902<span></span>
</td>
<td class="nump">$ 114,022<span></span>
</td>
<td class="nump">$ 94,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Net earnings per share attributable to equity holders of The Company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earnings per share (in Dollars per share)</a></td>
<td class="nump">$ 3.57<span></span>
</td>
<td class="nump">$ 3.05<span></span>
</td>
<td class="nump">$ 2.56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted earnings per share (in Dollars per share)</a></td>
<td class="nump">$ 3.5<span></span>
</td>
<td class="nump">$ 3.01<span></span>
</td>
<td class="nump">$ 2.44<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CostOfRevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CostOfRevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherSoftwareProductsAndRelatedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherSoftwareProductsAndRelatedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pre-tax income before share of profits of companies accounted for at equity, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProfitLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProfitLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProprietarySoftwareProductsAndRelatedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProprietarySoftwareProductsAndRelatedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 67<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 67<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2021-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2021-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure directly attributable to research or development activities, recognised in profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Paragraph 126<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of consulting services relating to information technology. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of maintenance and support services relating to information technology. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8924-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8906-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8933-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731065096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract', window );"><strong>Consolidated Statements of Comprehensive Income [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">$ 141,902<span></span>
</td>
<td class="nump">$ 114,022<span></span>
</td>
<td class="nump">$ 94,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Amounts that will not be reclassified subsequently to profit or loss:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gain (loss) from defined benefit plans</a></td>
<td class="nump">3,007<span></span>
</td>
<td class="nump">840<span></span>
</td>
<td class="num">(26)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share in net other comprehensive income (loss) of companies accounted for at equity</a></td>
<td class="nump">128<span></span>
</td>
<td class="num">(169)<span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments', window );">Adjustments arising from translating financial statements from functional currency to presentation currency</a></td>
<td class="nump">10,343<span></span>
</td>
<td class="nump">17,436<span></span>
</td>
<td class="nump">41,116<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax', window );">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="nump">95<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax', window );">Foreign exchange differences on translation of foreign operations</a></td>
<td class="num">(10,580)<span></span>
</td>
<td class="nump">16,670<span></span>
</td>
<td class="num">(18,823)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Total other comprehensive income (loss), net of tax</a></td>
<td class="nump">2,898<span></span>
</td>
<td class="nump">34,775<span></span>
</td>
<td class="nump">22,424<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total Comprehensive income</a></td>
<td class="nump">144,800<span></span>
</td>
<td class="nump">148,797<span></span>
</td>
<td class="nump">116,847<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Total comprehensive income attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Equity holders of the Company</a></td>
<td class="nump">56,048<span></span>
</td>
<td class="nump">61,009<span></span>
</td>
<td class="nump">47,350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">88,752<span></span>
</td>
<td class="nump">87,788<span></span>
</td>
<td class="nump">69,497<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax', window );">Total Comprehensive income</a></td>
<td class="nump">$ 144,800<span></span>
</td>
<td class="nump">$ 148,797<span></span>
</td>
<td class="nump">$ 116,847<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax, before reclassification adjustments. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on remeasuring available-for-sale financial assets, net of tax, before reclassification adjustments. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_91_a&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_20_a_ii&amp;doctype=Standard&amp;book=b<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) from changes in the fair value of investments in equity instruments that the entity has designated at fair value through other comprehensive income applying paragraph 5.7.5 of IFRS 9. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will not be reclassified to profit or loss, before tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2021-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725601672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Share Capital</div></th>
<th class="th"><div>Additional paid-in capital</div></th>
<th class="th"><div>Retained earnings</div></th>
<th class="th"><div>Accumulated other comprehensive Loss</div></th>
<th class="th"><div>Treasury shares (cost)</div></th>
<th class="th"><div>Non-controlling interests</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at beginning at Dec. 31, 2018</a></td>
<td class="nump">$ 4,190<span></span>
</td>
<td class="nump">$ 98,008<span></span>
</td>
<td class="nump">$ 262,557<span></span>
</td>
<td class="nump">$ 3,134<span></span>
</td>
<td class="num">$ (259)<span></span>
</td>
<td class="nump">$ 437,767<span></span>
</td>
<td class="nump">$ 805,397<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance at beginning (in Shares) at Dec. 31, 2018</a></td>
<td class="nump">14,750,338<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ImpactOfTheAdoptionOfIFRS15', window );">Impact of the adoption of IFRS 16</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,187)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,225)<span></span>
</td>
<td class="num">(2,412)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EquityIncludingImpactOfAdoptionOfIfrs15', window );">Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16)</a></td>
<td class="nump">$ 4,190<span></span>
</td>
<td class="nump">98,008<span></span>
</td>
<td class="nump">261,370<span></span>
</td>
<td class="nump">3,134<span></span>
</td>
<td class="num">(259)<span></span>
</td>
<td class="nump">436,542<span></span>
</td>
<td class="nump">802,985<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15', window );">Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16) (in Shares)</a></td>
<td class="nump">14,750,338<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Net income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">38,820<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">55,603<span></span>
</td>
<td class="nump">94,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyTranslation', window );">Foreign currency translation</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">8,437<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">13,856<span></span>
</td>
<td class="nump">22,293<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gain from defined benefit plans</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(14)<span></span>
</td>
<td class="num">(26)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax', window );">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="nump">95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share in other comprehensive income of joint venture</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Total other comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="nump">8,542<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">13,894<span></span>
</td>
<td class="nump">22,424<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">38,808<span></span>
</td>
<td class="nump">8,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69,497<span></span>
</td>
<td class="nump">116,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IssuanceOfSharesUponConversionOfConvertibleDebentures', window );">Issuance of shares upon conversion of convertible debentures</a></td>
<td class="nump">$ 150<span></span>
</td>
<td class="nump">22,321<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">22,471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares', window );">Issuance of shares upon conversion of convertible debentures (in Shares)</a></td>
<td class="nump">543,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostOfSharebasedPayment', window );">Cost of share-based payment (Note 17)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">257<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">3,617<span></span>
</td>
<td class="nump">3,874<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendToFormulasShareholders', window );">Dividend to Formula&#8217;s shareholders</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(15,032)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(15,032)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterests', window );">Dividend to non-controlling interests in subsidiaries</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(38,233)<span></span>
</td>
<td class="num">(38,233)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions', window );">Transactions with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,053<span></span>
</td>
<td class="nump">953<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquisitionOfNoncontrollingInterests', window );">Acquisition of non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(9)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,838)<span></span>
</td>
<td class="num">(3,847)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SettlementOfPutOptionsOverNoncontrollingInterests', window );">Settlement of put options over non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">260<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">5,857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies', window );">Non-controlling interests arising from initially consolidated company</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">459<span></span>
</td>
<td class="nump">459<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at ending at Dec. 31, 2019</a></td>
<td class="nump">$ 4,340<span></span>
</td>
<td class="nump">120,737<span></span>
</td>
<td class="nump">285,146<span></span>
</td>
<td class="nump">11,676<span></span>
</td>
<td class="num">(259)<span></span>
</td>
<td class="nump">474,694<span></span>
</td>
<td class="nump">896,334<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance at ending (in Shares) at Dec. 31, 2019</a></td>
<td class="nump">15,294,267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Net income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">46,776<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">67,246<span></span>
</td>
<td class="nump">114,022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyTranslation', window );">Foreign currency translation</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">14,007<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">20,099<span></span>
</td>
<td class="nump">34,106<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gain from defined benefit plans</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">396<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">444<span></span>
</td>
<td class="nump">840<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax', window );">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share in other comprehensive income of joint venture</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(169)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(169)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Total other comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">396<span></span>
</td>
<td class="nump">13,837<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">20,542<span></span>
</td>
<td class="nump">34,775<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">47,172<span></span>
</td>
<td class="nump">13,837<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">87,788<span></span>
</td>
<td class="nump">148,797<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostOfSharebasedPayment', window );">Cost of share-based payment (Note 17)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,310<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">6,546<span></span>
</td>
<td class="nump">7,856<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendToFormulasShareholders', window );">Dividend to Formula&#8217;s shareholders</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(7,960)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(7,960)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterests', window );">Dividend to non-controlling interests in subsidiaries</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(39,056)<span></span>
</td>
<td class="num">(39,056)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions', window );">Transactions with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">847<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,459<span></span>
</td>
<td class="nump">5,306<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquisitionOfNoncontrollingInterests', window );">Acquisition of non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(6,538)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(13,114)<span></span>
</td>
<td class="num">(19,652)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Dilution in Formula&#8217;s share in Sapiens due to issuance of Sapiens&#8217; ordinary shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,462<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74,275<span></span>
</td>
<td class="nump">108,737<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SettlementOfPutOptionsOverNoncontrollingInterests', window );">Settlement of put options over non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,569)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(4,137)<span></span>
</td>
<td class="num">(5,706)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies', window );">Non-controlling interests arising from initially consolidated company</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">13,887<span></span>
</td>
<td class="nump">13,887<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at ending at Dec. 31, 2020</a></td>
<td class="nump">$ 4,340<span></span>
</td>
<td class="nump">149,249<span></span>
</td>
<td class="nump">324,358<span></span>
</td>
<td class="nump">25,513<span></span>
</td>
<td class="num">(259)<span></span>
</td>
<td class="nump">605,342<span></span>
</td>
<td class="nump">$ 1,108,543<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance at ending (in Shares) at Dec. 31, 2020</a></td>
<td class="nump">15,294,267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,294,267<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Net income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">54,585<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">87,317<span></span>
</td>
<td class="nump">$ 141,902<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyTranslation', window );">Foreign currency translation</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(125)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(112)<span></span>
</td>
<td class="num">(237)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gain from defined benefit plans</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,460<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,547<span></span>
</td>
<td class="nump">3,007<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax', window );">Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share in other comprehensive income of joint venture</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">128<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">128<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Total other comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,460<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,435<span></span>
</td>
<td class="nump">2,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">56,045<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">88,752<span></span>
</td>
<td class="nump">144,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostOfSharebasedPayment', window );">Cost of share-based payment (Note 17)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">7,434<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">7,405<span></span>
</td>
<td class="nump">14,839<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendToFormulasShareholders', window );">Dividend to Formula&#8217;s shareholders</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(22,088)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(22,088)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterests', window );">Dividend to non-controlling interests in subsidiaries</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(62,662)<span></span>
</td>
<td class="num">(62,662)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions', window );">Transactions with non-controlling interests due to holding changes, including exercise of employees&#8217; stock options</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(540)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">3,211<span></span>
</td>
<td class="nump">2,671<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquisitionOfNoncontrollingInterests', window );">Acquisition of non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,005<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(2,705)<span></span>
</td>
<td class="num">(1,700)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SettlementOfPutOptionsOverNoncontrollingInterests', window );">Settlement of put options over non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(4,100)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(4,532)<span></span>
</td>
<td class="num">(8,632)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies', window );">Non-controlling interests arising from initially consolidated company</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,016<span></span>
</td>
<td class="nump">4,016<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at ending at Dec. 31, 2021</a></td>
<td class="nump">$ 4,340<span></span>
</td>
<td class="nump">$ 153,048<span></span>
</td>
<td class="nump">$ 358,315<span></span>
</td>
<td class="nump">$ 25,516<span></span>
</td>
<td class="num">$ (259)<span></span>
</td>
<td class="nump">$ 638,827<span></span>
</td>
<td class="nump">$ 1,179,787<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance at ending (in Shares) at Dec. 31, 2021</a></td>
<td class="nump">15,294,267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,294,267<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AcquisitionOfNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of acquisition of non-controlling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AcquisitionOfNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CostOfSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CostOfSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendToFormulasShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividend to formula's shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendToFormulasShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EquityIncludingImpactOfAdoptionOfIfrs15">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity including the impact of the adoption of IFRS 15.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EquityIncludingImpactOfAdoptionOfIfrs15</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ForeignCurrencyTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax, before reclassification adjustments. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ForeignCurrencyTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ImpactOfTheAdoptionOfIFRS15">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impact of the adoption of IFRS 15.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ImpactOfTheAdoptionOfIFRS15</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IssuanceOfSharesUponConversionOfConvertibleDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of shares upon conversion of convertible debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IssuanceOfSharesUponConversionOfConvertibleDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of shares upon conversion of convertible debentures, shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interests arising from initially consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interests changes due to holding changes, including exercise of employees stock options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares including the impact of the adoption of IFRS 15.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SettlementOfPutOptionsOverNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of settlement of put options over non-controlling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SettlementOfPutOptionsOverNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid to non-controlling interests. [Refer: Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on remeasuring available-for-sale financial assets, net of tax, before reclassification adjustments. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_91_a&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_20_a_ii&amp;doctype=Standard&amp;book=b<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732287160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Other Comprehensive Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfCashFlowsAbstract', window );"><strong>Statement of cash flows [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets', window );">Reserve from debt instruments at fair value through other comprehensive income and derivatives</a></td>
<td class="nump">$ 404<span></span>
</td>
<td class="nump">$ 404<span></span>
</td>
<td class="nump">$ 405<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfExchangeDifferencesOnTranslation', window );">Foreign currency translation reserve arising from translating financial statements of foreign operations</a></td>
<td class="num">(18,494)<span></span>
</td>
<td class="num">(12,964)<span></span>
</td>
<td class="num">(18,897)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation', window );">Adjustments arising from translating financial statements from functional currency to presentation currency</a></td>
<td class="nump">45,642<span></span>
</td>
<td class="nump">40,237<span></span>
</td>
<td class="nump">32,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet', window );">Share in other comprehensive loss of companies accounted for at equity, net</a></td>
<td class="num">(2,036)<span></span>
</td>
<td class="num">(2,164)<span></span>
</td>
<td class="num">(1,995)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedOtherComprehensiveIncomeloss', window );">Accumulated other comprehensive income (loss)</a></td>
<td class="nump">$ 25,516<span></span>
</td>
<td class="nump">$ 25,513<span></span>
</td>
<td class="nump">$ 11,676<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AccumulatedOtherComprehensiveIncomeloss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income].</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AccumulatedOtherComprehensiveIncomeloss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments arising from translating financial statements from functional currency to presentation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognized in other comprehensive income loss in investment that measured on equity method net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing exchange differences on translation of financial statements recognised in other comprehensive income and accumulated in equity. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2021-01-01<br> -Paragraph 52<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_52_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing accumulated gains and losses on remeasuring available-for-sale financial assets. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_78_e&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725741928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">$ 141,902<span></span>
</td>
<td class="nump">$ 114,022<span></span>
</td>
<td class="nump">$ 94,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity', window );">Share of profits of companies accounted for at equity, net</a></td>
<td class="num">(505)<span></span>
</td>
<td class="num">(1,535)<span></span>
</td>
<td class="num">(1,787)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">122,184<span></span>
</td>
<td class="nump">95,507<span></span>
</td>
<td class="nump">86,932<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures', window );">Changes in value of debentures, net</a></td>
<td class="num">(624)<span></span>
</td>
<td class="num">(42)<span></span>
</td>
<td class="num">(2,067)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities', window );">Increase (decrease) in employee benefit liabilities</a></td>
<td class="num">(220)<span></span>
</td>
<td class="nump">1,194<span></span>
</td>
<td class="nump">114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment', window );">Loss (gain) from sale of property, plants and equipment</a></td>
<td class="num">(21)<span></span>
</td>
<td class="nump">118<span></span>
</td>
<td class="num">(23)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Stock-based compensation expenses</a></td>
<td class="nump">14,767<span></span>
</td>
<td class="nump">7,779<span></span>
</td>
<td class="nump">3,874<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet', window );">Changes in value of short-term and long-term loans from banks and others and deposits, net</a></td>
<td class="nump">2,030<span></span>
</td>
<td class="nump">5,482<span></span>
</td>
<td class="nump">5,621<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForChangesInDeferredTaxesNet', window );">Changes in deferred taxes, net</a></td>
<td class="num">(7,997)<span></span>
</td>
<td class="num">(6,348)<span></span>
</td>
<td class="num">(13,157)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations', window );">Change in liability in respect of business combinations</a></td>
<td class="nump">4,740<span></span>
</td>
<td class="num">(643)<span></span>
</td>
<td class="nump">523<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForImpairmentOfRightofuseAsset', window );">Impairment of right-of-use asset</a></td>
<td class="nump">1,439<span></span>
</td>
<td class="nump">351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading', window );">Loss (gain) from sale and increase in value of marketable securities classified as trading</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities', window );">Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income</a></td>
<td class="nump">96<span></span>
</td>
<td class="num">(70)<span></span>
</td>
<td class="nump">82<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ChangeInValueOfDividendPreferenceDerivativeInTsg', window );">Change in value of dividend preference derivative in TSG</a></td>
<td class="num">(255)<span></span>
</td>
<td class="num">(48)<span></span>
</td>
<td class="num">(93)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WorkingCapitalAdjustmentsAbstract', window );"><strong>Working capital adjustments:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Decrease (increase) in inventories</a></td>
<td class="nump">4,642<span></span>
</td>
<td class="num">(10,966)<span></span>
</td>
<td class="num">(938)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Decrease (increase) in trade receivables</a></td>
<td class="num">(150,818)<span></span>
</td>
<td class="nump">23,312<span></span>
</td>
<td class="nump">16,265<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Decrease (increase) in other current and long-term accounts receivable</a></td>
<td class="nump">20,506<span></span>
</td>
<td class="nump">8,735<span></span>
</td>
<td class="nump">12,692<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Increase (decrease) in trade payables</a></td>
<td class="nump">40,076<span></span>
</td>
<td class="nump">10,954<span></span>
</td>
<td class="num">(18,010)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Increase in other accounts payable and employees and payroll accrual</a></td>
<td class="nump">7,255<span></span>
</td>
<td class="nump">34,859<span></span>
</td>
<td class="nump">5,937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes', window );">Increase in deferred revenues</a></td>
<td class="nump">9,283<span></span>
</td>
<td class="nump">4,282<span></span>
</td>
<td class="nump">5,658<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">208,480<span></span>
</td>
<td class="nump">286,943<span></span>
</td>
<td class="nump">196,081<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Payments for business acquisitions, net of cash acquired (Appendix C)</a></td>
<td class="num">(77,155)<span></span>
</td>
<td class="num">(141,364)<span></span>
</td>
<td class="num">(52,457)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations', window );">Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations</a></td>
<td class="num">(8,630)<span></span>
</td>
<td class="num">(9,111)<span></span>
</td>
<td class="num">(8,321)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaymentsToFormerShareholdersOfConsolidatedCompany', window );">Payments to former shareholders of consolidated company</a></td>
<td class="num">(161)<span></span>
</td>
<td class="num">(6,656)<span></span>
</td>
<td class="num">(996)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Purchase of intangible assets</a></td>
<td class="num">(872)<span></span>
</td>
<td class="num">(2,852)<span></span>
</td>
<td class="num">(4,399)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchaseOfOtherInvestment', window );">Purchase of other investment</a></td>
<td class="num">(500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(178)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase of property and equipment</a></td>
<td class="num">(17,352)<span></span>
</td>
<td class="num">(16,651)<span></span>
</td>
<td class="num">(22,379)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod', window );">Proceeds from maturity and sale net of investment in debt instruments at fair value through other comprehensive income or loss, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,429<span></span>
</td>
<td class="nump">3,356<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from sale of property and equipment</a></td>
<td class="nump">2,283<span></span>
</td>
<td class="nump">693<span></span>
</td>
<td class="nump">1,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Collection (grant) of short-term loans</a></td>
<td class="nump">303<span></span>
</td>
<td class="num">(283)<span></span>
</td>
<td class="nump">37<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition', window );">Restricted deposit on account of acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,890<span></span>
</td>
<td class="num">(22,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendFromJointVenture', window );">Dividend from companies accounted for at equity</a></td>
<td class="nump">83<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Change in short-term and long-term deposits, net</a></td>
<td class="nump">4,641<span></span>
</td>
<td class="num">(22,822)<span></span>
</td>
<td class="nump">8,160<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts', window );">Capitalization of software development and other costs</a></td>
<td class="num">(12,832)<span></span>
</td>
<td class="num">(9,305)<span></span>
</td>
<td class="num">(9,808)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(110,192)<span></span>
</td>
<td class="num">(177,032)<span></span>
</td>
<td class="num">(108,215)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Exercise of employees&#8217; stock options in subsidiaries</a></td>
<td class="nump">2,079<span></span>
</td>
<td class="nump">5,306<span></span>
</td>
<td class="nump">953<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IssuanceOfOrdinarySharesNet', window );">Proceeds from issuance of ordinary shares in subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">108,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities', window );">Dividend paid to non-controlling interests</a></td>
<td class="num">(62,993)<span></span>
</td>
<td class="num">(40,519)<span></span>
</td>
<td class="num">(37,656)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities', window );">Dividend to Formula&#8217;s shareholders</a></td>
<td class="num">(22,081)<span></span>
</td>
<td class="num">(14,939)<span></span>
</td>
<td class="num">(12,966)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShorttermBankCreditNet', window );">Short-term bank credit, net</a></td>
<td class="nump">36,261<span></span>
</td>
<td class="num">(29,630)<span></span>
</td>
<td class="nump">49,142<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayment of long-term loans from banks and others</a></td>
<td class="num">(84,241)<span></span>
</td>
<td class="num">(79,348)<span></span>
</td>
<td class="num">(75,548)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ReceiptOfLongTermLoans', window );">Receipt of long-term loans from banks and others</a></td>
<td class="nump">62,707<span></span>
</td>
<td class="nump">91,024<span></span>
</td>
<td class="nump">73,819<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Proceeds from issuance of debentures, net</a></td>
<td class="nump">50,295<span></span>
</td>
<td class="nump">60,346<span></span>
</td>
<td class="nump">81,676<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist', window );">Repayment of long-term liabilities to office of the chief scientist</a></td>
<td class="num">(825)<span></span>
</td>
<td class="num">(457)<span></span>
</td>
<td class="num">(617)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBondsNotesAndDebentures', window );">Repayment of debentures</a></td>
<td class="num">(46,981)<span></span>
</td>
<td class="num">(29,844)<span></span>
</td>
<td class="num">(30,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchaseOfNoncontrollingInterests', window );">Purchase of non-controlling interests</a></td>
<td class="num">(1,700)<span></span>
</td>
<td class="num">(6,330)<span></span>
</td>
<td class="num">(947)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Repayment of lease liabilities</a></td>
<td class="num">(44,086)<span></span>
</td>
<td class="num">(33,583)<span></span>
</td>
<td class="num">(34,500)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests', window );">Cash paid due to exercise of put option by non-controlling interests</a></td>
<td class="num">(2,565)<span></span>
</td>
<td class="num">(21,030)<span></span>
</td>
<td class="num">(6,532)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash provided (used) by financing activities</a></td>
<td class="num">(114,130)<span></span>
</td>
<td class="nump">9,733<span></span>
</td>
<td class="nump">6,013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Effect of exchange rate changes on cash and cash equivalents</a></td>
<td class="num">(416)<span></span>
</td>
<td class="nump">13,340<span></span>
</td>
<td class="nump">6,295<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Increase (decrease) in cash and cash equivalents</a></td>
<td class="num">(16,258)<span></span>
</td>
<td class="nump">132,984<span></span>
</td>
<td class="nump">100,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at beginning of year</a></td>
<td class="nump">501,650<span></span>
</td>
<td class="nump">368,666<span></span>
</td>
<td class="nump">268,492<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">485,392<span></span>
</td>
<td class="nump">501,650<span></span>
</td>
<td class="nump">368,666<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashPaidReceivedInRespectOfAbstract', window );"><strong>Cash paid (received) in respect of:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestsPaid', window );">Interest paid</a></td>
<td class="nump">15,344<span></span>
</td>
<td class="nump">16,571<span></span>
</td>
<td class="nump">15,733<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestReceived', window );">Interest received</a></td>
<td class="nump">459<span></span>
</td>
<td class="nump">511<span></span>
</td>
<td class="nump">1,380<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TaxesPaidNet', window );">Taxes paid (received), net</a></td>
<td class="nump">38,393<span></span>
</td>
<td class="nump">44,659<span></span>
</td>
<td class="nump">39,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BNonCashActivitiesAbstract', window );"><strong>B. Non-cash activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPayableToShareholders', window );">Dividend payable to Formula&#8217;s shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,081<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchaseOfPropertyAndEquipment', window );">Purchase of property and equipment</a></td>
<td class="nump">1,627<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredPaymentRelatedtoBusinessCombinations', window );">Deferred and contingent payments related to business combinations</a></td>
<td class="nump">7,663<span></span>
</td>
<td class="nump">5,114<span></span>
</td>
<td class="nump">19,871<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPayableToRedeemableNoncontrollingInterests', window );">Dividend payable to non-controlling interests</a></td>
<td class="nump">331<span></span>
</td>
<td class="nump">216<span></span>
</td>
<td class="nump">1,668<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingLeaseNonCash', window );">Right-of-use asset recognized with corresponding lease liability</a></td>
<td class="nump">39,116<span></span>
</td>
<td class="nump">20,495<span></span>
</td>
<td class="nump">25,074<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture', window );">Issuance of Formula&#8217;s ordinary shares as a result of conversion of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract', window );"><strong>Assets and liabilities of subsidiaries consolidated as of acquisition date:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WorkingCapital', window );">Working capital (other than cash and cash equivalents)</a></td>
<td class="nump">1,623<span></span>
</td>
<td class="num">(604)<span></span>
</td>
<td class="nump">1,656<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyAndEquipment', window );">Property and equipment</a></td>
<td class="num">(1,507)<span></span>
</td>
<td class="num">(13,152)<span></span>
</td>
<td class="num">(2,929)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GoodwillAndIntangibleAssets', window );">Goodwill and intangible assets</a></td>
<td class="num">(108,048)<span></span>
</td>
<td class="num">(197,258)<span></span>
</td>
<td class="num">(98,194)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingLeaseRightofuseAssets', window );">Right-of-use assets</a></td>
<td class="num">(2,401)<span></span>
</td>
<td class="num">(2,324)<span></span>
</td>
<td class="num">(1,001)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherLongTermAssets', window );">Other long-term assets</a></td>
<td class="num">(187)<span></span>
</td>
<td class="num">(8,773)<span></span>
</td>
<td class="num">(50)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilitiesToBanksAndOthers', window );">Liabilities to banks and others</a></td>
<td class="nump">6,431<span></span>
</td>
<td class="nump">10,598<span></span>
</td>
<td class="nump">5,551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilities', window );">Long-term liabilities</a></td>
<td class="nump">1,306<span></span>
</td>
<td class="nump">13,739<span></span>
</td>
<td class="nump">2,180<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">2,769<span></span>
</td>
<td class="nump">2,324<span></span>
</td>
<td class="nump">1,109<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilityNet', window );">Deferred tax liability, net</a></td>
<td class="nump">9,662<span></span>
</td>
<td class="nump">18,626<span></span>
</td>
<td class="nump">7,407<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilityToFormerlyShareholders', window );">Liability to formerly shareholders</a></td>
<td class="nump">1,518<span></span>
</td>
<td class="nump">7,596<span></span>
</td>
<td class="nump">1,060<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredPaymentsandContingentConsideration', window );">Deferred payments and contingent consideration</a></td>
<td class="nump">7,663<span></span>
</td>
<td class="nump">4,536<span></span>
</td>
<td class="nump">19,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNonControllingInterestsAtAcquisitionDate', window );">Non-controlling interests at acquisition date</a></td>
<td class="nump">4,016<span></span>
</td>
<td class="nump">23,328<span></span>
</td>
<td class="nump">5,906<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate', window );">Total</a></td>
<td class="num">$ (77,155)<span></span>
</td>
<td class="num">$ (141,364)<span></span>
</td>
<td class="num">$ (57,340)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for amortization of premium and accrued interest on marketable securities to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForChangesInDeferredTaxesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for deferred taxes net to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForChangesInDeferredTaxesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for equity in losses (gains) of companies accounted for at equity to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain from sale and increase in value of marketable securities classified as trading to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForImpairmentOfRightofuseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impairment of right-of-use asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForImpairmentOfRightofuseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase in deferred revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in liability in respect of business combinations to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in value of debentures to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in value of short-term and long term loans from banks and others and deposits, net to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Assets and liabilities of subsidiaries consolidated as of acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BNonCashActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BNonCashActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashPaidReceivedInRespectOfAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashPaidReceivedInRespectOfAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the repayment of advances and loans made to other parties (other than advances and loans of a financial institution), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ChangeInValueOfDividendPreferenceDerivativeInTsg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of change in value of dividend preference derivative in TSG.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ChangeInValueOfDividendPreferenceDerivativeInTsg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredPaymentRelatedtoBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredPaymentRelatedtoBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredPaymentsandContingentConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredPaymentsandContingentConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilityNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net amount of deferred tax liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilityNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendFromJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividend from joint venture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendFromJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPayableToRedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividend payable to redeemable non-controlling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPayableToRedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPayableToShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividend payable to Formula's shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPayableToShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_GoodwillAndIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_GoodwillAndIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest received on loans and other debt instruments during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of Formula&#8217;s ordinary shares as a result of conversion of debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IssuanceOfOrdinarySharesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IssuanceOfOrdinarySharesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LiabilitiesToBanksAndOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of liabilities to banks and others.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LiabilitiesToBanksAndOthers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LiabilityToFormerlyShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of liability to formerly shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LiabilityToFormerlyShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of long term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingLeaseNonCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingLeaseNonCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingLeaseRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingLeaseRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherLongTermAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other long term assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherLongTermAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for capitalization of software development and other costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PaymentsToFormerShareholdersOfConsolidatedCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PaymentsToFormerShareholdersOfConsolidatedCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PurchaseOfNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase of non-controlling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PurchaseOfNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PurchaseOfOtherInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PurchaseOfOtherInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PurchaseOfPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PurchaseOfPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ReceiptOfLongTermLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Receipt of long term loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ReceiptOfLongTermLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNonControllingInterestsAtAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Redeemable non-controlling interests at acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNonControllingInterestsAtAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Repayment of long-term liabilities to office of the chief scientist.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShorttermBankCreditNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of short-term bank credit, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShorttermBankCreditNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TaxesPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TaxesPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WorkingCapitalAdjustmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WorkingCapitalAdjustmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to non-controlling interests, classified as financing activities. [Refer: Non-controlling interests; Dividends paid to non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents after the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromExerciseOfOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromExerciseOfOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2021-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730670632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract', window );"><strong>Disclosure of general information about financial statements [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">GENERAL</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0%; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                           1:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0%; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
Systems (1985) Ltd. (&#8220;Formula&#8221; or the &#8220;Company&#8221;) was incorporated in Israel and began its business operations
in 1985. Since 1991, Formula&#8217;s ordinary shares, par value NIS 1.0 per share, have been traded on the Tel-Aviv Stock Exchange
(&#8220;TASE&#8221;), and, in 1997, began trading through American Depositary Shares (&#8220;ADSs&#8221;) under the symbol &#8220;FORTY&#8221;
on the Nasdaq Global Market in the United States until January&#160;3, 2011, at which date the listing of Formula&#8217;s ADSs
was transferred to the Nasdaq Global Select Market (&#8220;Nasdaq&#8221;). Each ADS represents one ordinary share of Formula.
The Company is considered an Israeli resident. The controlling shareholder of the Company is Asseco Poland S.A. (&#8220;Asseco&#8221;),
a Polish public company, traded on the Warsaw Stock Exchange.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
                                         is a global information technology group providing software services, proprietary and
                                         non-proprietary software solutions, software product marketing and support, computer
                                         infrastructure and integration solutions and training, integration and digital advertising
                                         solutions (the &#8220;Group&#8221;). The Group manages and operates its businesses through
                                         seven directly held subsidiaries; Matrix IT Ltd. (&#8220;Matrix&#8221;), Sapiens International
                                         Corporation N.V (&#8220;Sapiens&#8221;), Magic Software Enterprises Ltd. (&#8220;Magic
                                         Software&#8221;), Zap Group Ltd. (&#8220;ZAP Group&#8221;), Insync Staffing Solutions,
                                         Inc. (&#8220;Insync&#8221;), Michpal Micro Computers (1983) Ltd. (&#8220;Michpal&#8221;)
                                         and Ofek Aerial Photography Ltd. (&#8220;Ofek&#8221;) and one jointly controlled entity:
                                         TSG IT Advanced Systems Ltd. (&#8220;TSG&#8221;).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of the date of these financial statements, the direct effects of the Coronavirus (COVID-19)
                                         crisis on the results of the Group&#8217;s operations and business are still being felt,
                                         but these effects are considered insignificant. It is management&#8217;s opinion that
                                         during the period covered by these financial statements up to the date of approval of
                                         these financial statements, the Group&#8217;s business and financial results were not
                                         materially affected by the spread of the Coronavirus, and there were no significant developments
                                         or significant effects on any significant aspect, including liquidity, financial condition,
                                         and sources of financing.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table presents the ownership of the Company&#8217;s seven directly held subsidiaries
                                         and one jointly controlled entity directly held as of the dates indicated (the list consists
                                         only of active companies):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of ownership</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48.92</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">49.28</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43.64</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43.96</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45.59</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45.53</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Insync</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">90.09</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">90.09</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Ofek</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">80.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86.02</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    Group</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-180"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s results of operations are reflected in the Company&#8217;s results of operations using the equity method of accounting.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
these financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0.5in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 27%; text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company or Formula</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
    Systems (1985) Ltd.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
    Systems (1985) Ltd. and its investees.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    that are controlled by the Company (as defined in IFRS 10) and whose accounts are consolidated with those of the Company.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jointly
    controlled entities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    owned by various entities that have a contractual arrangement for joint control and are accounted for using the equity method
    of accounting.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associates</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
    over which the Company has significant influence and that are not subsidiaries. The Company&#8217;s investment therein is
    included in the financial statements using the equity method of accounting.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries,
    jointly controlled entities, and associates.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested
    parties and controlling shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    defined in the Israeli Securities Regulations (Annual Financial Statements), 2010.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    parties</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    defined in IAS 24.</span></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 51<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730814952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract', window );"><strong>Disclosure of significant accounting policies [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            2:- </span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNIFICANT
                                         ACCOUNTING POLICIES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following accounting policies have been applied consistently in the financial statements for all periods presented, unless otherwise
stated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis of presentation of the financial statements</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#8220;IFRS&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements for the year ended December&#160;31, 2016 were the Company&#8217;s first consolidated financial statements
prepared in accordance with IFRS. The date of transition to IFRS was January&#160;1, 2015. For all periods up to and including
the year ended December&#160;31, 2015, the Company prepared its financial statements in accordance with United States generally
accepted accounting principles (&#8220;U.S. GAAP&#8221;). Accordingly, the Company&#8217;s first consolidated financial statements
that comply with IFRS are applicable as of December&#160;31, 2016, together with the comparative period data for the year ended
December&#160;31, 2015.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial statements have been prepared on a cost basis, except for certain assets and liabilities such as: financial
assets measured at fair value through other comprehensive income; contingent liabilities related to business combination; and
other financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to present the profit or loss items using the function of expense method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of estimates, judgments and assumptions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated financial statements requires management to make estimates, judgments, and assumptions, that have
an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses
in the financial statements. Such judgments, estimates and assumptions are related, but not limited to effective control, contingent
liabilities related to acquisitions, goodwill and identifiable intangible assets and their subsequent impairment analysis, determination
of fair value of put options of non-controlling interests, legal contingencies, research and development capitalization, classification
of leases, income tax uncertainties, deferred taxes, share-based compensation, as well as the determination of revenue recognition
from contracts accounted for based on the estimate of percentage of completion. The Company&#8217;s management believes that the
estimates, judgments, and assumptions used, are reasonable based upon information available at the time they are made. These estimates,
judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. Changes in accounting estimates are reported in the period of the change
in estimate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated financial statements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements comprise the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing
whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained
and ends when such control ceases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the investees, after being adjusted to comply with IFRS, are prepared for the same
reporting period and using consistent accounting treatment of similar transactions and economic activities. Any discrepancies
in the applied accounting policies are eliminated by making appropriate adjustments. Significant intragroup balances and transactions
and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Effective
control</span>:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a situation where the Company holds less than a majority of voting power in a given entity, but that power is sufficient to enable
the Company to unilaterally direct the relevant activities of such entity, then control is exercised. When assessing whether voting
rights held by the Company are sufficient to give it power, the Company considers all facts and circumstances, including: the
amount of those voting rights relative to the amount and dispersion of other vote holders; potential voting rights held by the
Company and other shareholders or parties; rights arising from other contractual arrangements; significant personal ties; and
any additional facts and circumstances that may indicate that the Company has, or does not have the ability to direct the relevant
activities when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has concluded that despite the lack of absolute majority of voting power at the general meetings of
shareholders of Matrix, Sapiens and Magic Software, in accordance with IFRS 10, these investees are controlled by the Company.
The conclusion regarding the existence of control during the years ended December&#160;31, 2019, 2020 and 2021 with respect to
Matrix, Sapiens and Magic Software, in accordance with IFRS 10, was made in accordance with the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Matrix, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Matrix&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Matrix&#8217;s independent auditors
for the next year, as well as approve Matrix&#8217;s financial statements and management&#8217;s report on operations; in accordance
with Matrix&#8217;s articles of association, the board of directors of Matrix is responsible for managing its current business
operations and is authorized to take substantially all decisions which are not specifically reserved to Matrix&#8217;s shareholders
by its articles of association, including the decision to pay out dividends; Matrix&#8217;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#8217;s chief executive officer who
serves as the chairman of Matrix&#8217;s board of directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
shareholders structure may be considered dispersed because, apart from the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#8217;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#8217;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#8217;s other shareholders is relatively moderate
or low. The attendance by Matrix&#8217;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#8217;s shareholders&#8217;
meetings in recent years, it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares held by it in Matrix, the Company is
still able to influence the appointment of directors at Matrix and therefore may affect Matrix&#8217;s directions of development
as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Sapiens, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Sapiens&#8217; shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to appoint individual directors, choose Sapiens&#8217; independent auditors
for the next year, as well as approve the company&#8217;s financial statements and the management&#8217;s report on operations;
in accordance with Sapiens&#8217; articles of association, the board of directors of Sapiens is responsible for managing its current
business operations and is authorized to take substantially all decisions which are not specifically reserved to Sapiens&#8217;
shareholders by its articles of association, including the decision to pay out dividends. Sapiens&#8217; board of directors is
composed of 6 members, 3 of whom are independent directors, and one being Formula&#8217;s chief executive officer who serves as
the chairman of Sapiens&#8217; board of directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
shareholders structure is dispersed because, apart from the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#8217;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#8217; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting. In accordance with voting patterns at Sapiens&#8217; shareholders&#8217; meetings in recent years,
it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore
it is of management&#8217;s opinion that despite the lack of an absolute majority of shares in Sapiens, the Company is still able
to influence the appointment of directors at Sapiens and therefore may affect Sapiens&#8217; directions of development as well
as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
Software</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Magic Software, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Magic Software&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting;
the annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Magic Software&#8217;s independent
auditors for the next year, as well as to approve Magic Software&#8217;s financial statements and the management&#8217;s report
on operations; in accordance with Magic Software&#8217;s articles of association, the board of directors of Magic Software is
responsible for managing Magic Software&#8217;s current business operations and is authorized to take substantially all decisions
which are not specifically reserved to Magic Software&#8217;s shareholders by its articles of association, including the decision
to pay out dividends; and, Magic Software&#8217;s board of directors is composed of 5 members, 2 of whom are external directors
as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent director and a fourth of whom is Formula&#8217;s
chief executive officer, who also serves as Magic Software&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s shareholders structure is dispersed because, apart from the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#8217;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#8217;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#8217;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting. In accordance with voting patterns at
Magic Software&#8217;s shareholders&#8217; meetings in recent years, it is the Company&#8217;s management belief that achieving
such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares in Magic Software, the Company is still
able to influence the appointment of directors at Magic Software and therefore may affect Magic Software&#8217;s directions of
development as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling interests</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests in subsidiaries, represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Profit or loss
and components of other comprehensive income are attributed to the Company and to non-controlling interests. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as a change
in equity by adjusting the carrying amount of the non-controlling interests with a corresponding adjustment of the equity attributable
to equity holders of the Company less / plus the consideration paid or received.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business combinations and goodwill:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combinations are accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of
the consideration transferred on the acquisition date with the addition of non-controlling interests in the acquiree. In each
business combination, the Company determines whether to measure the non-controlling interests in the acquiree based on their fair
value on the acquisition date or at their proportionate share in the fair value of the acquiree&#8217;s net identifiable assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
acquisition costs are carried to the statement of profit or loss as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a business combination achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining
control are measured at the acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the
prior investment on the date of achieving control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
consideration is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance
with IFRS 9, &#8220;Financial Instruments&#8221;. Subsequent changes in the fair value of the contingent consideration are recognized
in profit or loss. If the contingent consideration is classified as an equity instrument, it is measured at fair value on the
acquisition date without subsequent remeasurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests
over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment in joint arrangements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
arrangements are arrangements in which the Company has joint control. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         ventures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint ventures the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint
venture is accounted for by using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         operations:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint operations the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities
relating to the arrangement. The Company recognizes in relation to its interest its share of the assets, liabilities, revenues
and expenses of the joint operation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition
method, including the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes
arising from this measurement, the accounting treatment of the related transaction costs and the recognition of goodwill or bargain
purchase gains. This applies to the acquisition of the initial interest and additional interests in a joint operation that represents
a business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in associates:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associates
are companies in which the Group has significant influence over the financial and operating policies without having control. The
investment in an associate is accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments accounted for using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s investments in associates and joint ventures are accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the equity method, the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition
changes in the Group&#8217;s share of net assets, including other comprehensive income of the associate or the joint venture.
Gains and losses resulting from transactions between the Group and the associate or the joint venture are eliminated to the extent
of the interest in the associate or in the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
relating to the acquisition of an associate or a joint venture is presented as part of the investment in the associate or the
joint venture, measured at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment
in the associate or in the joint venture as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the associate or joint venture are prepared as of the same dates and periods. The accounting
policies applied in the financial statements of the associate or the joint venture are uniform and consistent with the policies
applied in the financial statements of the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the acquisition of an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted
for pursuant to the provisions of IFRS 9, the Group adopts the principles of IFRS 3 regarding business combinations achieved in
stages. Consequently, equity interests in the acquiree that had been held by the Group prior to achieving significant influence
or joint control are measured at fair value on the acquisition date and are included in the acquisition consideration while recognizing
a gain or loss resulting from the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity method is applied until the loss of significant influence in the associate or loss of joint control in the joint venture
or classification as investment held for sale.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the date of loss of significant influence or joint control, the Group measures any remaining investment in the associate or the
joint venture at fair value and recognizes in profit or loss the difference between the fair value of any remaining investment
plus any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment
on that date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional currency, presentation currency and foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional
                                         currency and presentation currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presentation currency of these consolidated financial statements of the Group is the U.S dollar (the &#8220;dollar&#8221;), since
the Company believes that financial statements in U.S dollars provide more relevant information to its investors and users of
the financial statements. The functional currency applied by Formula, on a stand-alone basis, until December&#160;31, 2018, was
the dollar. Following an examination and reevaluation of the primary economic environment in which it currently operates and expects
to continue operating and taking into consideration the recent trends and its forward-looking business strategy, in accordance
with the International Accounting Standard 21 (IAS 21), Formula concluded that its functional currency on a stand-alone basis
commencing January&#160;1, 2019 is the NIS. The functional currencies applied by Formula&#8217;s subsidiaries and companies accounted
for at equity are the currencies of the primary economic environment in which each one of them operates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated
at the closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented.
The resulting translation differences are recognized in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded
in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain
(loss) from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon
the partial disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion
of the amount recognized in other comprehensive income is reattributed to non-controlling interests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions,
                                         assets and liabilities in foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After
initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into
the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. Non-monetary
assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of
the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated
into the functional currency using the exchange rate prevailing at the date when the fair value was determined.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash equivalents:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are considered highly liquid investments, including unrestricted short-term bank deposits with an original maturity
of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on
demand without penalty and which form part of the Group&#8217;s cash management. Cash and cash equivalent includes amounts held
primarily in New-Israeli Shekel, dollars, Euro, Japanese Yen, Indian Rupee and British Pound.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term and restricted deposits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
bank deposits are deposits with an original maturity of more than three months from the date of investment and which do not meet
the definition of cash equivalents. The deposits are presented according to their terms of deposit. Restricted deposits include
deposits used to secure certain subsidiaries&#8217; ongoing projects, as well as security deposits with respect to leases, and
are classified under other short-term and long-term receivables.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred
in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. Inventories are
mainly comprised of purchased merchandise and products which consist of educational software kits, computers, peripheral equipment
and spare parts. Cost is determined on the &#8220;first in - first out&#8221; basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group periodically evaluates the condition and aging of its inventories and makes provisions for slow-moving inventories accordingly.
No such impairments have been recognized in any period presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue recognition:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction
price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected
on behalf of third parties (such as taxes).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the amount of revenue from contracts with customers, the Group evaluates whether it is a principal or an agent in
the arrangement. The Group is a principal when the Group controls the promised goods or services before transferring them to the
customer. In these circumstances, the Group recognizes revenue for the gross amount of the consideration. When the Group is an
agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of software licensing, maintenance services and post implementation consulting services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
software licensing transaction which does not require significant implementation services is considered a distinct performance
obligation as the customer can benefit from the software on its own or together with other readily available resources.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes revenue from software licensing transactions at a point in time when the Group provides the customer a right
to use the Group&#8217;s intellectual property as it exists at the point in time at which the license is granted to the customer.
The Group recognizes revenue from software licensing transactions over time when the Group provides the customer a right to access
the Group&#8217;s intellectual property throughout the license period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may generate revenue from sale of software licensing which includes significant implementation and customization services.
In such contracts the Group is normally committed to provide the customer with a functional IT system and the customer can only
benefit from such functional system, being the final product that would normally be comprised of proprietary licenses and significant
related services. Revenues from these contracts are based on either fixed price or time and material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
licensing transactions which involve significant implementation, customization, or integration of the Group&#8217;s software license
to customer-specific requirements, are considered as one performance obligation satisfied over-time. The underlying deliverable
is owned and controlled by the customer and does not create an asset with an alternative use to the Group. In addition, the Group
has enforceable right to payment for performance completed throughout the duration of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Group recognizes revenue from such contracts over time, using the percentage of completion accounting method. The Group recognizes
revenue and gross profit as the work is performed based on a ratio between actual costs incurred compared to the total estimated
costs for the contract. Provisions for estimated losses on uncompleted contracts are made during the period in which such losses
are first determined, in the amount of the estimated loss for the entire contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
post implementation and consulting services do not involve significant customization, the Group accounts for such services as
performance obligations satisfied over time and revenues are recognized as the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from maintenance is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided
by the Group&#8217;s performance. When payments from customers are made before or after the service is performed, the Group recognizes
the resulting contract asset or liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of hardware and infrastructure</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sale of hardware and infrastructure is recognized in profit or loss at the point in time when the control of the goods is
transferred to the customer, generally upon delivery of the goods to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of training and implementation services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from training and implementation services are recognized when the service is provided. revenue from training services in respect
of public courses whose operating range is up to 3 months will be recognized at the end of the course period. Revenues from training
services in respect of long-term courses will be recognized over the term of the course. Revenues from implementation projects
ordered by organizations will be recognized according to actual inputs (actually worked hours).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of contracts according to actual inputs</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from framework agreements for the performance of work according to actual inputs is recognized according to the hours invested.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of fixed price contracts</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from fixed price contracts is recognized according to the completion rate method when all the following conditions are met: the
revenue is known or can be estimated reliably, the collection of income is expected, the costs involved in performing the work
are known or can be estimated, there is no material uncertainty about the Group&#8217;s ability to complete the work and, the
customer and the completion rate can be reliably estimated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies a cost-based input method for measuring the progress of performance obligations that are satisfied over time. In
applying this cost-based input method, the Group estimates the costs to complete contract performance in order to determine the
amount of the revenue to be recognized. These estimated costs include the direct costs and the indirect costs that are directly
attributable to a contract based on a reasonable allocation method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, the Group is unable to measure the outcome of a contract, but the Group expects to recover the costs incurred
in fulfilling the contract as of the reporting date. In such circumstances, the Group recognizes revenue to the extent of the
costs incurred as of the reporting date until such time the outcome of the contract can be reasonably measured. If a loss is anticipated
from a contract, the loss is recognized in full regardless of the percentage of completion.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration
from a customer in an amount that corresponds directly with the value to the customer of the Group&#8217;s performance completed
to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group
may recognize revenue in the amount it is entitled to invoice. Deferred revenues, which represent a contract liability, include
unearned amounts received under maintenance and support (mainly) and amounts received from customers for which revenues have not
yet been recognized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Allocating
the transaction price</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
contracts that consist of more than one performance obligation, at contract inception the Group allocates the contract transaction
price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone
selling price is the price at which the Group would sell the promised goods or services separately to a customer. The Group determines
the stand-alone selling price for the purposes of allocating the transaction price to each performance obligation by considering
several external and internal factors including, but not limited to, transactions where the specific performance obligation is
sold separately, historical actual pricing practices and geographies in which the Group offers its products and services. If a
specific performance obligation, such as the software license, is sold for a broad range of amounts (that is, the selling price
is highly variable) or if the Group has not yet established a price for that good or service, and the good or service has not
previously been sold on a stand-alone basis (that is, the selling price is uncertain), the Group applies the residual approach
whereby all other performance obligations within a contract are first allocated a portion of the transaction price based upon
their respective stand-alone selling prices, with any residual amount of transaction price allocated to the remaining specific
performance obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
consideration</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines the transaction price separately for each contract with a customer. When exercising this judgment, the Group
evaluates the effect of each variable amount in the contract, taking into consideration discounts, penalties, variations, claims,
and non-cash consideration. In determining the effect of the variable consideration, the Group normally uses the &#8220;most likely
amount&#8221; method described in the Standard. Pursuant to this method, the amount of the consideration is determined as the
single most likely amount in the range of possible consideration amounts in the contract. According to the Standard, variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Costs
of obtaining a contract</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to obtain certain contracts with customers, the Group incurs incremental costs in obtaining the contract (such as sales
commissions which are contingent on making binding sales). Costs incurred in obtaining the contract with the customer which would
not have been incurred if the contract had not been obtained and which the Group expects to recover are recognized as an asset
and amortized on a systematic basis that is consistent with the provision of the services under the specific contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss in respect of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount
of the asset exceeds the remaining amount of consideration that the Group expects to receive for the goods or services to which
the asset relates less the costs that relate directly to providing those goods or services and that have not been recognized as
expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract
are recognized as an expense when incurred if the amortization period of the asset is one year or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">A
significant benefit of financing</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain contracts, the Group provides the customer with financing for a period exceeding one year. In such circumstances, the
Group recognizes revenue based on the amount that reflects the price that would have been paid by the customer in cash on the
date of receipt of the goods or services, and the balance is recognized in finance income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
long-term advances are received for services which the Group is to provide in the future, the Group accrues interest on the advances
and recognizes finance expense over the expected period of the contract, provided that the contract contains a significant financing
component. As the advances are recognized in revenue, the Group also recognizes the accrued interest as part of revenue from services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which the Group does not separate the financing
component in transactions for which the period of financing is one year or less and recognizes revenue in the amount of the consideration
stated in the contract even if the customer pays for the goods or services before or subsequent to their receipt.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenues
that include warranty services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain cases, the Group also provides a warranty for goods and services sold (i.e., extended warranties when the Group contractually
undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when the scope of which
is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications). The Group
has ascertained that such warranties granted by the Group meet the definition of service. The conclusion regarding the extended
nature of a warranty is made whenever the Group contractually undertakes to repair any errors in the delivered software within
a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. Under IFRS 15, the
fact of granting an extended warranty indicates that the Group provides an additional service. As such, the Group recognizes an
extended warranty as a separate performance obligation and allocates a portion of the transaction price to such service. In all
cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty
itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the
provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service.
Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance
service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be
deferred until the warranty service is actually fulfilled.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Disaggregation
of revenue</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
revenue include contracts primarily for the provision of supplies and services other than design, development, customization,
implementation, software maintenance and support and software updates associated with delivery of products or proprietary software.
It may be a stand-alone service contract or a service performance obligation which is distinct from a contract or performance
obligation for design, development, customization, support and upgrade or delivery of product. The Group&#8217;s service contracts
include contracts in which the customer simultaneously receives and consumes the benefits provided as the performance obligations
are satisfied. The Group&#8217;s service contracts primarily include operation-type contracts, outsourcing, consulting, remote
development services, digital advertising management, training and similar activities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by products and services was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proprietary
    software and related services</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">632,986</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">509,109</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">438,256</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    products and third party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">472,045</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">312,315</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">229,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Services</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,299,345</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,112,494</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,033,755</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by timing of revenue recognition was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    and services transferred over time</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,072,841</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,697,312</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,518,221</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    transferred at a point in time</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">331,535</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">236,606</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">182,894</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government grants:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants are recognized when there is reasonable assurance that the grants will be received, and the Group will comply with the
attached conditions. Government grants received from the Office of the Israel Innovation Authority (&#8220;IIA&#8221;), formerly
the Office of the Chief Scientist (&#8220;OCS&#8221;), are recognized upon receipt as a liability if future economic benefits
are expected from the research project that will result in royalty-bearing sales.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
liability for the loan is first measured at fair value using a discount rate that reflects a market participant rate of interest.
The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant
and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized
cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits
are expected from the research activity, the grant receipts are recognized as a reduction of the related research and development
expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each reporting date, the Group evaluates whether there is reasonable assurance that the liability recognized, in whole or in part,
will not be repaid (since the Group will not be required to pay royalties) based on the best estimate of future sales and using
the original effective interest method, and if so, the appropriate amount of the liability is derecognized against a corresponding
reduction in research and development expenses. Amounts paid as royalties are recognized as settlement of the liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for outstanding principal amount of debentures as long-term liability, in accordance with IFRS 9, with current
maturities classified as a short-term liability. The Group identifies and separates equity components contains in convertible
debentures by first determining the liability component, in accordance with IAS 32, based on the fair value of an equivalent non-convertible
liability. The conversion component valued is being determined to be the residual amount. Debt issuance costs are capitalized
and reported as deferred financing costs, which are amortized over the life of the debentures using the effective interest rate
method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts
attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized
or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible
carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting
date and a respective deferred tax asset is recognized to the extent that their utilization is probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
that would apply in the event of the disposal of investments in investees have not been considered in computing deferred taxes,
as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would
apply in the event of distribution of earnings by investees as dividends have not been considered in computing deferred taxes,
since the distribution of dividends does not involve an additional tax liability or since it is the Group&#8217;s policy not to
initiate distribution of dividends from a subsidiary that would trigger an additional tax liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted
for pursuant to IAS 12.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the
deferred taxes relate to the same taxpayer and the same taxation authority.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for
a period of time in exchange for consideration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group as lessee</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the Group recognizes on the commencement date of the lease a right-of-use asset and a
lease liability, excluding leases whose term is up to twelve months and leases for which the underlying asset is of low value.
For these excluded leases, the Group has elected to recognize the lease payments as an expense in profit or loss on a straight-line
basis over the lease term. In measuring the lease liability, the Group has elected to apply the practical expedient in the Standard
and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included
in a single contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance
with the provisions of IAS 19 and not as subleases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the
lease, if that rate can be readily determined, or otherwise using the Group&#8217;s incremental borrowing rate. After the commencement
date, the Group measures the lease liability using the effective interest rate method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already
made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost
model and depreciated over the shorter of its useful life and the lease term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the amortization periods of the right-of-use assets by class of underlying asset:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Mainly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-23</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of
IAS 36.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments that depend on an index</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the Group uses the index rate prevailing on the commencement date to calculate the future lease payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the aggregate changes in future lease payments resulting from a change in the index are
discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease
liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that
is, when the adjustment to the lease payments takes effect).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense
as incurred when the Group is the lessee.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Lease
                                         extension and termination options</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that
the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that
the termination option will not be exercised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination
option, the Group remeasures the lease liability based on the revised lease term using a revised discount rate as of the date
of the change in expectations. The total change is recognized in the carrying amount of the right-of-use asset until it is reduced
to zero, and any further reductions are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                         modifications:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Group remeasures the
lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change
in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification reduces the scope of the lease, the Group recognizes a gain or loss arising from the partial or full reduction
of the carrying amount of the right-of-use asset and the lease liability. The Group subsequently remeasures the carrying amount
of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records
the change in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are<br/>
used in connection with plant and equipment. The cost of an item of property, plant and equipment comprises the initial estimate
of the costs of dismantling and removing the item and restoring the site on which the item is located.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, and peripheral equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 - 33</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Office
    furniture and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 - 33 (mainly 7)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14 - 15 (mainly 15)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
improvements are amortized using the straight-line method over the term of the lease (including option terms that are deemed to
be reasonably assured) or the estimated useful life of the improvements, whichever is shorter.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life, the depreciation method and the residual value of an asset are reviewed at least each year-end (at the end of the
year) and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. For impairment
testing of property, plant and equipment, see Note 2(20) below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separately
acquired intangible assets are measured on initial recognition at cost, including directly attributable costs. Intangible assets
acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated
intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least
at each year end.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Research
and development expenditures</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
expenditures incurred in the process of software development are recognized in profit or loss when incurred. An intangible asset
arising from a software development project or from the development phase of an internal project is recognized if the Group can
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group&#8217;s
intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; how the intangible
asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete
the intangible asset; and the ability to measure reliably the respective expenditure asset during its development. The Group establishes
technological feasibility upon completion of a detailed program design or a working model.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product
basis. Amortization of capitalized software costs begin when development is complete, and the product is available for use or
for sale. The Group considers a product to be available for use when the Group completes its internal validation of the product
that is necessary to establish that the product meets its design specifications including functions, features, and technical performance
requirements. Internal validation includes the completion of coding, documentation and testing that ensure bugs are reduced to
a minimum. The internal validation of the product takes place a few weeks before the product is made available to the market.
In certain instances, the Group enters into a short pre-release stage, during which the product is made available to a selected
number of customers as a beta program for their own review and familiarization. Subsequently, the release is made generally available
to customers. Once a product is considered available for use, the capitalization of costs ceases and amortization of such costs
to &#8220;cost of sales&#8221; begins.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are amortized on a product-by-product basis by the straight-line method over the estimated useful life of the software
product (between 5-7 years).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assesses the recoverability of its capitalized software costs on a regular basis by assessing the net realizable value of
these intangible assets based on the estimated future gross revenues from each product reduced by the estimated future costs of
completing and disposing of it, including the estimated costs of performing maintenance and customer support over its remaining
economical useful life using internally generated projections of future revenues generated by the products, cost of completion
of products and cost of delivery to customers over its remaining economical useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Other
intangible assets</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets excluding capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution
rights, brand names, acquired technology and patent, and are amortized over their useful lives using a method of amortization
that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful
life of intangible assets is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship, backlog and distribution rights</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Brand
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 &#8211; 8</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patents</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
or losses arising from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable.
If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite
to finite is accounted for prospectively as a change in accounting estimate, and on that date the asset is tested for impairment.
Commencing from that date, the asset is amortized systematically over its useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment of non-financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the need to record an impairment of non-financial assets (property, plant and equipment, capitalized software
costs and other intangible assets, goodwill, investments in joint venture) whenever events or changes in circumstances indicate
that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount,
the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and
value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects
the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined
for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine
the asset&#8217;s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above,
shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization)
had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss
of an asset presented at cost is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following criteria are applied in assessing impairment of these specific assets:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
                                         in respect of subsidiaries:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each
of our cash-generating units that are expected to benefit from the synergies of the combination. The Group reviews goodwill for
impairment once a year, on December&#160;31, or more frequently if events or changes in circumstances indicate that there is an
impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is tested for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to
which the goodwill has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit
(or group of cash-generating units) to which goodwill has been allocated is less than the carrying amount of the cash-generating
unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for
goodwill cannot be reversed in subsequent periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
                                         in associate or joint venture using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
application of the equity method, the Group determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Group determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
                                         assets with an indefinite useful life / capitalized development costs that have not yet
                                         been systematically amortized:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impairment test is performed annually, on December&#160;31, or more frequently if events or changes in circumstances indicate
that there is an impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no impairment indicators were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction
costs are recorded in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies and measures the debt instruments in its financial statements on the basis of the following criteria:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Group&#8217;s business model for the management of financial assets; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         contractual cash flow characteristics of the financial asset.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at amortized cost when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to collect their contractual cash flows, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. After initial recognition, the instruments in this category are measured according to their
terms at amortized cost using the effective interest rate method, less any provision for impairment. On the date of initial recognition,
the Group may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured
at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through other comprehensive income when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell
the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Subsequent to the initial recognition, the instruments
in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate
differences, are recognized in other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through profit or loss when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through
other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from
fair value adjustments are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Equity
                                         instruments and other financial assets held for trading</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other
financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured
at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity
instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present
subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss.
These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from
investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at
fair value through profit or loss. The Company distinguishes between two types of loss allowances: </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has not increased significantly since initial recognition,
                                         or whose credit risk is low - the loss allowance recognized in respect of this debt instrument
                                         is measured at an amount equal to the expected credit losses within 12 months from the
                                         reporting date; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has increased significantly since initial recognition,
                                         and whose credit risk is not low - the loss allowance recognized is measured at an amount
                                         equal to the expected credit losses over the instrument&#8217;s remaining term.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has short-term financial assets such as trade receivables in respect of which the Group applies a simplified approach in
IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance
that is offset from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair
value through other comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded
in other comprehensive income and not as a reduction of the carrying amount of the financial asset in the statement of financial
position.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies the low credit risk simplification in IFRS 9, according to which the Group assumes the debt instrument&#8217;s credit
risk has not increased significantly since initial recognition if on the reporting date it is determined that the instrument has
a low credit risk, for example when the instrument has an external rating of &#8220;investment grade&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derecognizes a financial asset when and only when:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         contractual rights to the cash flows from the financial asset expire; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has transferred substantially all the risks and rewards deriving from the contractual
                                         rights to receive cash flows from the financial asset or has neither transferred nor
                                         retained substantially all the risks and rewards of the asset, but has transferred control
                                         of the asset; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has retained its contractual rights to receive cash flows from the financial asset
                                         but has assumed a contractual obligation to pay the cash flows in full without material
                                         delay to a third party.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at amortized cost:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial
liability. After initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest
rate method, except for:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities at fair value through profit or loss, such as derivatives;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities that arise when a transfer of a financial asset does not qualify for derecognition
                                         or when the continuing involvement approach applies;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         guarantee contracts; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         consideration recognized by an acquirer in a business combination as to which IFRS 3
                                         applies.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at fair value through profit or loss:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
initial recognition, the Group measures financial liabilities that are not measured at amortized cost at fair value. Transaction
costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial liability is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires.
A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods
or services or is legally released from the liability. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
there is a modification in the terms of an existing financial liability, the Group evaluates whether the modification is substantial.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the terms of an existing financial liability are substantially modified, such modification is accounted for as an extinguishment
of the original liability and the recognition of a new liability. The difference between the carrying amounts of the above liabilities
is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the modification is not substantial, the Group recalculates the carrying amount of the liability by discounting the revised cash
flows at the original effective interest rate and any resulting difference is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsetting
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are offset and the net amount is presented in the statement of financial position if there is
a legally enforceable right to set off the recognized amounts and there is an intention either to settle on a net basis or to
realize the asset and settle the liability simultaneously. The right of set-off must be legally enforceable not only during the
ordinary course of business of the parties to the contract but also in the event of bankruptcy or insolvency of one of the parties.
In order for the right of set-off to be currently available, it must not be contingent on a future event, there may not be periods
during which the right is not available, or there may not be any events that will cause the right to expire.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compound
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures which contain both an equity component and a liability component are separated
                                         into two components. This separation is performed by first determining the liability
                                         component based on the fair value of an equivalent non-convertible liability. The value
                                         of the conversion component is determined to be the residual amount. Directly attributable
                                         transaction costs are apportioned between the equity component and the liability component
                                         based on the allocation of proceeds to the equity and liability components.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures that are denominated in foreign currency contain two components: the conversion
                                         component and the debt component. The liability conversion component is initially recognized
                                         as a financial derivative at fair value. The balance is attributed to the debt component.
                                         Directly attributable transaction costs are allocated between the liability conversion
                                         component and the liability debt component based on the allocation of the proceeds to
                                         each component.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put
                                         option granted to non-controlling interests:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group grants to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain
period, even if such purchase obligation is conditional on the counterparty&#8217;s exercise of its contractual right to cause
such redemption, if the put option agreement does not transfer to the Group any benefits incidental to ownership of the equity
instrument (i.e. the Group does not have a present ownership in the shares concerned) then at the end of each reporting period
the non-controlling interests (to which a portion of net profit attributable to non-controlling interests is allocated) are classified
as a financial liability, as if such put-able equity instrument was redeemed on that date. The difference between the non-controlling
interests carrying amount at the end of the reporting period and the present value of the liability is recognized directly in
equity of the Group, under &#8220;Additional paid-in capital&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group remeasures the financial liability at the end of each reporting period based on the estimated present value of the consideration
to be transferred upon the exercise of the put option.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the option is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability.
If the put option expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss
of control therein.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group has present ownership of the non-controlling interests, these non-controlling interests are accounted for as if they
are held by the Group, and changes in the amount of the liability are carried to profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurement:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in
the asset&#8217;s or the liability&#8217;s principal market, or in the absence of a principal market, in the most advantageous
market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial
asset takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair
value hierarchy based on the lowest level input that is significant to the entire fair value measurement:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0.5in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</span></td>
    <td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quoted
    prices (unadjusted) in active markets for identical assets or liabilities.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    other than quoted prices included within Level 1 that are observable directly or indirectly.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market
    data).</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury shares:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
shares held by the Company and/or by investees are recognized at cost of purchase and presented as a deduction from equity. Any
gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are measured according
to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value
of money and, where appropriate, those risks specific to the liability. When the Group expects part or all of the expense to be
reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement
is virtually certain. The expense is recognized in the statement of profit or loss net of any reimbursement. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the types of provisions included in the financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
                                         claims:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision for claims is recognized when the Group has a present legal or constructive obligation as a result of a past event,
it is more likely than not that an outflow of resources embodying economic benefits will be required by the Group to settle the
obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         liability recognized in a business combination:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contingent liability in a business combination is measured at fair value upon initial recognition. In subsequent periods, it is
measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization, and the amount that
would be recognized at the end of the reporting period in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative financial instruments and hedging:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into contracts for derivative financial instruments such as forward currency contracts and options
contracts to hedge risks associated with foreign exchange rates resulting from international activities and interest rate fluctuations.
The derivative instruments primarily hedge or offset exposures to Euro, British Pound, Japanese Yen and New Israeli Shekel (&#8220;NIS&#8221;)
exchange rate fluctuations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s options and forward contracts do not qualify for hedging accounting. Any gains or losses arising from changes in
the fair values of the derivatives are recorded immediately in profit or loss as financial income or expense.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee benefit liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains several employee benefit plans:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
                                         employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting
period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave,
recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect
of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment
as a result of past service rendered by an employee and a reliable estimate of the amount can be made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-employment
                                         benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s
and its Israeli subsidiaries and companies accounted for at equity (as defined with respect to their Israeli employee contribution
plans pursuant to section&#160;14 of Israel&#8217;s Severance Pay Law, 1963 (the &#8220;Severance Pay Law&#8221;)) pay fixed contributions
to those plans and will have no legal or constructive obligation to pay further contributions if the fund into which those contributions
are paid does not hold sufficient amounts to pay all employee benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed
concurrently with performance of the employee&#8217;s services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its Israeli subsidiaries and companies accounted for at equity also operate a defined benefit plan in respect of severance
or retirement pay to their Israeli employees pursuant to the Severance Pay Law. According to the Severance Pay Law, employees
are entitled to severance pay upon dismissal or retirement. The liability for termination of employment is measured using the
projected unit credit method. The actuarial assumptions include rates of employee turnover and future salary increases based on
the estimated timing of payment. The amounts are presented based on discounted expected future cash flows using a discount rate
determined by reference to market yields at the reporting date on high quality corporate bonds that are linked to Israel&#8217;s
Consumer Price Index with a term that is consistent with the estimated term of the severance pay obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of its severance pay obligation to certain of its employees, the Group makes current deposits in pension funds and insurance
companies (the &#8220;plan assets&#8221;). Plan assets comprise assets held by a long-term employee benefit fund or qualifying
insurance policies. Plan assets are not available to the Group&#8217;s own creditors and cannot be returned directly to the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liability for employee benefits shown in the statement of financial position reflects the present value of the defined benefit
obligation, less the fair value of the plan assets. Remeasurements of the net liability are recognized in other comprehensive
income in the period in which they occur.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
expenses for the years 2019, 2020 and 2021 were $37,218, $35,897 and $48,331, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         long-term employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
employees of the Group are entitled to benefits in respect of adaptation grants. These benefits are accounted for as other long-term
benefits since the Group estimates that these benefits will be utilized and the Group&#8217;s respective obligation will be settled
during the employment period and more than twelve months after the end of the annual reporting period in which the employees rendered
the related service.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s net obligation for other long-term employee benefits, which is computed based on actuarial assumptions, is for the
future benefit due to employees for services rendered in the current period and in prior periods and considering expected salary
increases. The amount of these benefits is discounted to its present value. The discount rate is determined by reference at the
reporting date to market yields on high quality corporate bonds that are linked to the Consumer Price Index and whose term is
consistent with the term of the Group&#8217;s obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement
of the net obligation is recognized in the statement of comprehensive income in the incurred period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based payment transactions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s employees and certain service providers are entitled to remuneration in the form of equity-settled share-based payment
transactions. The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted
at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost
of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the
period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees
become entitled to the award (the &#8220;vesting period&#8221;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Group&#8217;s best estimate of the number of equity instruments that will ultimately vest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other vesting conditions
(service and/or performance) are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification
that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service
provider at the modification date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a grant of an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not
yet recognized for the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified
as a replacement grant on the grant date, the canceled and new grants are accounted for as a modification of the original grant,
as described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings per share:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per share are calculated by dividing the net income attributable to equity holders of the Company by the weighted number of ordinary
shares outstanding during the period. Potential ordinary shares are included in the computation of diluted earnings per share
if their conversion decreases earnings per share from continuing operations. Potential ordinary shares that are converted during
the period are included in diluted earnings per share only until the conversion date and from that date in basic earnings per
share. The Company&#8217;s share of earnings of subsidiaries is included based on its share of earnings per share of the subsidiaries
multiplied by the number of shares held by the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents,
short-term bank deposits, restricted cash, trade receivables, marketable securities and foreign currency derivative contracts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
majority of the Group&#8217;s cash and cash equivalents, bank deposits, marketable securities and other financial instruments
are invested with major banks in Israel, the United States and across Europe. Management believes that these financial instruments
are held in financial institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these
investments. Cash and cash equivalents and short-term deposits in the United States may be in excess of insured limits and are
not insured in other jurisdictions. Generally, these banks deposits may be redeemed upon demand and therefore bear minimal risk.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s trade receivables are generally derived from sales to large organizations located mainly in Israel, North America,
Europe and Asia Pacific. The Group performs ongoing credit evaluations of its customers using a reliable outside source to determine
payment terms and credit limits which are approved based on the size of the customer and to date has not experienced any material
losses. In certain circumstances, Formula and its subsidiaries and companies accounted for at equity may require letters of credit,
other collateral or additional guarantees. From time to time, the Group&#8217;s subsidiaries sell certain of their accounts receivable
to financial institutions, within the normal course of business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains an allowance for doubtful accounts receivable based upon management&#8217;s experience and estimate of collectability
of each outstanding invoice. The allowance for doubtful accounts is determined with respect to specific debts or which collection
is doubtful. The risk of collection associated with accounts receivable is mitigated by the diversity and number of customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad
debt expense, net for the years ended December&#160;31, 2019, 2020 and 2021 was $1,176, $3,188 and $1,333 respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into foreign exchange forward and option contracts intended to protect against the changes in value
of forecasted non-dollar currency cash flows. These derivative instruments are designed to offset a portion of the Group&#8217;s
non-dollar currency exposure (see Note 2 (25) above).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk arises from managing the Group&#8217;s working capital as well as from financial expenses and principal payments of the Group&#8217;s
debt instruments. Liquidity risk consists of the risk that the Group will have difficulty in fulfilling obligations relating to
financial liabilities. The Group&#8217;s policy is to ascertain constant cash adequacy needed for settling its liabilities when
due. For this purpose, the Group aims to hold cash balances (or adequate credit lines) that will meet anticipated demands.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its subsidiaries and companies accounted for at equity examine cash flow forecasts on a monthly basis as well as information
regarding cash balances. As of the reporting date, these forecasts indicate that the Group can expect sufficient liquid sources
for covering its entire liabilities under reasonable assumptions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in accounting policies - initial adoption of new financial reporting and accounting standards:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                         to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2020, the IASB issued amendments to IFRS 9, &#8220;Financial Instruments&#8221;, IFRS 7, &#8220;Financial Instruments:
Disclosures&#8221;, IAS 39, &#8220;Financial Instruments: Recognition and Measurement&#8221;, IFRS 4, &#8220;Insurance Contracts&#8221;,
and IFRS 16, &#8220;Leases&#8221; (the &#8220;Amendments&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates
(IBORs) by alternative Risk Free Interest Rates (RFRs). The Amendments are effective for annual periods beginning on or after
January&#160;1, 2021. The Amendments are to be applied retrospectively. However, restatement of comparative periods is not required.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of the Amendments did not have an effect on the Group&#8217;s financial statements as of January&#160;1, 2021, since
the Group does not have any IBOR-based hedge transactions which could be affected by the IBOR reform.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                         amendment in April&#160;2021 to IFRS 16, &#8220;Leases&#8221;:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the global Covid-19 crisis, in May&#160;2020, the IASB issued &#8220;Covid-19-Related Rent Concessions - Amendment to
IFRS 16, Leases&#8221; (the &#8220;2020 Amendment&#8221;). The objective of the 2020 Amendment is to allow a lessee to apply a
practical expedient according to which Covid-19 related rent concessions will not be accounted for as lease modifications but
as variable lease payments. The 2020 Amendment applies solely to lessees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Originally
the 2020 Amendment was applicable only to a reduction in lease payments due on or before June&#160;30, 2021. However, since the
Covid-19 pandemic has continued beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to
a reduction in lease payments due on or before June&#160;30, 2022 (the &#8220;2021 Amendment&#8221;). The other criteria for application
of the 2020 Amendment remain unchanged.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment applies to annual reporting periods beginning on or after April&#160;1, 2021. Early application is permitted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment is to be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as
an adjustment to the opening balance of retained earnings at the beginning of the annual reporting period in which the lessee
first applies the 2021 Amendment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the Amendments will not have a material impact on the Group&#8217;s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the prior years&#8217; financial statements have been reclassified to conform to the current year&#8217;s presentation.</span></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant accounting policies applied by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140034019577480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfBusinessCombinationsTextBlockAbstract', window );"><strong>Disclosure of business combinations [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsExplanatory', window );">BUSINESS COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            3:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of ZAP Group Ltd. (&#8220;ZAP Group&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;6, 2021 (the &#8220;Zap Group acquisition date&#8221;), the Company directly acquired 100% of the share capital of
Zap Group, Israel&#8217;s largest group of consumer websites which manages more than 20 leading consumer websites from diverse
content worlds. The websites managed and offered by Zap provide small and medium-sized businesses in Israel with a broad and rich
advertising platform and offer consumers a user-friendly search experience with a variety of advanced tools, which enable them
to make educated purchase decisions in the best and most informed way. The cash consideration paid at the closing amounted to
approximately NIS 244,169 (approximately $74,350), or approximately NIS 216,172 (approximately $65,825) net of acquired cash.
Moreover, the former shareholders of Zap are entitled to contingent consideration payments of up to NIS 60,000 (approximately
$18,270) depending on the future results of operations of Zap Group during the first two years following the acquisition. The
fair value of such contingent consideration, as of the acquisition date amounted to NIS 3,577 (or $ 1,089). Acquisition related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#8217;s consolidated statement of profit or loss. The results of Zap Group&#8217;s operations have been included in
the consolidated financial statements since April&#160;2021. Zap Group&#8217;s results of operations have been included in the
consolidated financial statements from the Zap Group Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated consideration for the acquisition of Zap:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    consideration</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">74,350</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    date fair-value of contingent consideration</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,089</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    consideration</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">75,439</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to Zap&#8217;s assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,171</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,735</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,565</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,152</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Trade
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,642</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(10,984</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests in acquiree&#8217;s subsidiary</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,384</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,400</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">65,825</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of ZAP are provisional and are based on information that was available as of the acquisition
                                         date to estimate the fair value of these amounts. The Group&#8217;s management believes
                                         the information provides a reasonable basis for estimating the fair values of these amounts,
                                         but is waiting for additional information necessary to finalize those fair values. Therefore,
                                         provisional measurements of fair value that appear are subject to change. The Group expects
                                         to finalize the tangible and intangible assets valuation and complete the acquisition
                                         accounting as soon as practicable but no later than the measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Ofek Aerial Photography Ltd. (&#8220;Ofek&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;13, 2020 (the &#8220;Ofek Acquisition Date&#8221;), the Company directly acquired 86.02% of the share capital of Ofek,
Israel&#8217;s market leader in the fields of aerial and satellite mapping, geographic data collection and processing, and provider
of services in numerous geographic applications, for a total cash consideration of NIS 27,671 (approximately $7,888), or NIS 14,303
(approximately $3,931) net of acquired cash. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
Ofek&#8217;s results of operations have been included in the consolidated financial statements since the Ofek Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Ofek&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,857</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,817</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">874</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    payable to former shareholder</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,069</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(34</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(995</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,481</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,931</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Thor Denmark Holding ApS and its subsidiaries (&#8220;TIA&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;30, 2020 (the &#8220;TIA Acquisition Date&#8221;), Sapiens completed the acquisition of all of the outstanding shares
of TIA, a leading vendor of digital software solutions. TIA offers comprehensive software solutions primarily for Property &amp;
Casualty insurers, as well as several innovative extension modules. Additionally, TIA offers a full scope of expert implementation,
application management and hosting services, enabling insurers to execute their digital and business strategies. The purchase
price amounted to $75,276 in cash (or $72,984 net of acquired cash), subject to net working capital adjustments. Acquisition related
costs amounted to $719. TIA&#8217;s results of operations have been included in the consolidated financial statements from the
TIA Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, Sapiens and TIA&#8217;s former shareholders (the &#8220;Sellers&#8221;) agreed on the final working capital adjustments
which resulted in payment of $0.8 million from the Sellers to Sapiens.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to TIA&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,045</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,254</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Developed
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,517</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,266</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">163</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">58,120</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,800</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,742</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,962</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,877</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">72,984</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of TIA is primarily attributable to potential synergies with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of sum.cumo GmbH (&#8220;sum.cumo&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;6, 2020 (the &#8220;sum.cumo Acquisition Date&#8221;), Sapiens completed the acquisition of all the outstanding
shares of sum.cumo, a German company, which services insurers in the DACH region, helping them to achieve digital transformation
of set up their existing business models or to design entirely new business models based on pure digital processes. sum.cumo&#8217;s
experts in consulting, user experience, marketing and technology enable the region&#8217;s insurers to launch highly automated
platforms well suited for e-commerce and real-time processing of transactions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price totaled $22,487 in cash (or $21,506 net of acquired cash). At the acquisition date, Sapiens issued an aggregate
of 173,005 RSUs to certain senior executives of sum.cumo, valued at a total of $4,400. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
In addition, sum.cumo&#8217;s senior executives have retention-based payments over three years (2020-2023) of up to approximately
$2,800. These payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition
related costs amounted to $561. Sum.cumo&#8217;s results of operations have been included in the consolidated financial statements
from the sum.cumo Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents the estimated fair value allocated to sum.cumo&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">466</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,730</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,211</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,521</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,506</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of sum.cumo is primarily attributable to sales growth from future products, new customers and
potential synergy with Sapiens, as well as certain intangible assets that do not qualify for separate recognition. The goodwill
is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Delphi Technology Inc. and its subsidiary (&#8220;Delphi&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;27, 2020 (the &#8220;Delphi Acquisition Date&#8221;), Sapiens completed the acquisition of Delphi, a leading vendor
of software solutions for property &amp; casualty (P&amp;C) carriers, with a focus on the Medical Professional Liability (or &#8220;MPL&#8221;)
and Healthcare Professional Liability (or &#8220;HCPL&#8221;) markets (sometimes referred to as &#8220;medical malpractice&#8221;).
The total purchase price was $19,600 in cash (or $13,335 net of acquired cash). Acquisition related costs amounted to $299. Delphi&#8217;s
results of operations have been included in the consolidated financial statements from the Delphi Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) was enacted on March&#160;27, 2020 in the United
States. On April&#160;22, 2020, Delphi applied for such aid in the form of U.S. Small Business Administration&#8217;s Paycheck
Protection Program (&#8220;PPP Loan&#8221;) in the amount of $1,546. The PPP Loan is scheduled to mature on April&#160;22, 2022,
has a 1% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the Paycheck Protection
Program as administered by the U.S. Small Business Administration under the CARES Act. The PPP Loan was applied for by Delphi
prior to the acquisition by Sapiens.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents the estimated fair value allocated to Delphi&#8217;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,789</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,562</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,313</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,875</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,335</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Delphi is primarily attributable to potential synergy with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Tiful Gemel Ltd. (&#8220;Tiful Gemel&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;1, 2020 (the &#8220;Tiful Gemel Acquisition Date&#8221;), Sapiens completed the acquisition of 75% of the outstanding
shares of Tiful Gemel, an Israeli company which provides software solutions and managed services related to pension and provident
funds in the Israeli market, for a total cash consideration of $1,281. In addition, under the share purchase agreement, Sapiens
is committed to acquire the remainder of Tiful Gemel&#8217;s outstanding shares on June&#160;1, 2023. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit
or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;8, 2021, Sapiens concluded the acquisition of additional 20% of the outstanding shares of Tiful Gemel for a total consideration
of $390.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of C&#225;lculo S.A.U. (&#8220;C&#225;lculo&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;27, 2019 (the &#8220;Acquisition Date&#8221;), Sapiens completed the acquisition of all of the share capital of
C&#225;lculo, a Spanish-based company engaged in insurance consulting and managed services, and develops, sells and supports
a proprietary core solution to the insurance Spanish market, for a total cash consideration of $5,760 (of which $5,608 were paid
in September&#160;2019, and $152 in the first quarter of 2020). In addition, the sellers and senior executives are entitled to
performance-based payments relating to achievements of various targets over three years (2019-2021) of up to $1,700. Some of these
payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. The results of C&#225;lculo&#8217;s operations have been included in the consolidated
financial statements since September&#160;2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to C&#225;lculo&#8217;s acquired assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,037</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">622</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,706</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of EnableIT, LLC (&#8220;EnableIT&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2021 (the &#8220;EnableIT Acquisition Date&#8221;), Magic Software completed the acquisition of all of the share
capital of EnableIT, a U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $
6,000 (or 5,900 net of acquired cash) of which $ 4,000 was paid upon closing and the remaining $ 2,000 to be paid in two equal
installments: one in April&#160;1, 2022 and the second and final one in April&#160;1, 2023. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. EnableIT&#8217;s results of operations
have been included in the consolidated financial statements since EnableIT Acquisition Date</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to EnableIT acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(35</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,546</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">459</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,171</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,101</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,900</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Menarva Ltd. (&#8220;Menrava&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2021 (the &#8220;Menrava Acquisition Date&#8221;), Magic Software completed the acquisition of all of the share
capital of Menarva, an Israeli-based services company which specializes in software solutions for non-profit organizations and
the developer of Nativ, a proprietary comprehensive core system, based on Magic xpa, for management of rehabilitation centers
for a total consideration of $5,595 (or $5,505 net of acquired cash), of which, $3,000 was paid upon closing). The remaining amount
constitutes a contingent payment depending on the future operating results achieved by Menarva during 2021-2022. The fair value
of the contingent consideration on the acquisition date amounted to $2,595. Acquisition related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition was accounted for according to the purchase method. Menrava&#8217;s results of operations were included in the consolidated
financial statements of the Company commencing Menarva Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Menarva&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(129</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,750</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">194</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(787</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,477</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,505</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Menarva is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of 9540 Y.G. Soft IT Ltd. (&#8220;Soft IT&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;1, 2021 (the &#8220;SoftIT Acquistion Date&#8221;), Magic Software, through one of its Israeli subsidiaries, acquired
60% of the shares of Soft IT, an Israel-based services company which specializes in outsourcing of software development services
for a total consideration of up to $1,134 (or $834 net of acquired cash), of which $367 were paid upon closing, $256 were paid
on July&#160;4, 2021, and the remaining amount constitutes a contingent payment depending on the future operating results achieved
by Soft IT. The fair value of the contingent consideration as of the acquisition date amounted to $510. In addition, both Magic
Software and Soft IT&#8217;s minority shareholder hold a mutual call and put options, respectively, for the remaining 40% interest.
Thus, the noncontrolling interests were classified as redeemable noncontrolling interests. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. Soft IT&#8217;s results of operations
were included in the consolidated financial statements of the Company commencing SoftIT Acquistion Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Soft IT&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(351</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">613</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(826</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(719</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">967</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">834</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Soft IT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Aptonet Inc (&#8220;Aptonet&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;7, 2020 (the &#8220;Aptonet Acquisition Date&#8221;), Magic Software acquired all of the share capital of Aptonet, a
U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $ 4,663 (or $3,870 net of
acquired cash), of which $ 3,663 was paid upon closing and the remaining $ 1,000 paid in two equal installments, at the end of
the 6- and 12-months periods following the closing date. Acquisition related costs were immaterial. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit
or loss. Aptonet&#8217;s results of operations have been included in the consolidated financial statements since Aptonet Acquisition
Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Aptonet is primarily attributable to potential synergies with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Apronet&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">529</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,556</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,785</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,870</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Stockell Information Systems, Inc (&#8220;Stockell&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;2, 2020 (the &#8220;Stockell Acquisition Date&#8221;), Magic Software acquired all of the share capital of Stockell,
a U.S.-based services company, specializing in IT staffing and recruiting, for a total consideration of $ 7,714, of which $ 6,265
was paid upon closing with the remaining $ 1,449 due 12 months following the closing date. In December&#160;2021 and following
a few discrepancies in the sellers&#8217; disclosures, Magic Software paid as a final consideration additional $760 to settle
the remainder of the consideration. Acquisition<b>-</b>related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Stockell&#8217;s
results of operations have been included in the consolidated financial statements since the Stockell Acquisition Date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Stockell is primarily attributable to potential synergy with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the estimated fair values allocated to Stockell&#8217;s acquired
                                         assets and assumed liabilities, with reference to the acquisition as of the acquisition
                                         date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,051</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,616</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,047</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,714</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Mobisoft Ltd (&#8220;Mobisoft&#8221;) and Magic Hands B.V (&#8220;Magic Hands&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July&#160;2020 and June&#160;2020, Magic Software acquired 70% of the outstanding share capital of Mobisoft and all of the outstanding
share capital of Magic Hands., respectively. The cash consideration paid for both Mobisoft and Magic Hands individually and in
the aggregate, was not material and amounted to $ 11,340. Magic Software and the seller of Mobisoft both hold mutual options to
purchase and sell (respectively) the remaining 30% interest in Mobisoft which may be exercised during the three-year period beginning
following the third-year anniversary of the acquisition. Unaudited pro forma condensed results of operations were not presented
since they were not material to the Company&#8217;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
Mobisoft&#8217;s and Magic Hands&#8217; results of operations were included in the consolidated financial statements of the Company
since their respective acquisition dates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the aggregated estimated fair values allocated to Mobisfot&#8217;s and Magic Hands&#8217; acquired
assets and assumed liabilities, with reference to the acquisition as of their respective acquisition dates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,069</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,553</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,718</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,340</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of NetEffects Inc. (&#8220;NetEffects&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;1, 2019, Magic Software acquired a all of the share capital of NetEffects, a U.S based services company, engaged in
IT staffing and recruiting services, for a total consideration of $12,500 (or $12,333 net of acquired cash), of which $9,400 was
paid upon closing, $1,550 was paid during 2020 and the remaining $1,550 was paid during 2021. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. The results of operations were included in the consolidated financial statements of the Group commencing
July&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of NetEffects is primarily attributable to potential synergy with Magic Software&#8217;s U.S. IT
staffing operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to Neteffect&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">91</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,716</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,526</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,333</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of PowWow Inc. (&#8220;PowWow&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;1, 2019, Magic Software acquired all of the share capital of PowWow, creator of SmartUX&#8482;, a leading Low-Code
development platform for mobilizing and modernizing enterprise applications, for a total consideration of $8,443 (net of acquired
cash). Total consideration included an estimated deferred consideration of $2,040 contingent upon PowWow meeting various revenue
targets over three years (2020-2022). During 2020, Magic Software reversed the entire contingent amount as its management estimated
that PowWow will not meet its revenue targets. Acquisition related costs amounted to $980. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
The results of operations were included in the consolidated financial statements of the Group commencing April&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocated to PowWow&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,557</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,855</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,145</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,443</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of OnTarget Group Inc (&#8220;OnTarget&#8221;).</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;28, 2019, Magic Software acquired all of the share capital of OnTarget, a U.S.-based services company, specializes
in outsourcing of software development services, for a total consideration of $12,456. Total consideration consists of $7,000
of which $6,000 was paid in cash upon closing with $1,000 deferred and paid in two equal installments on the six-month and 15-month
anniversary of the closing. The remaining amount constitutes a deferred payment contingent upon OnTarget meeting future operating
results over four years (2019-2022). Based on OnTarget&#8217;s operating results between 2019 and 2021, Magic Software estimates
the total purchase price is expected to amount to approximately $19,617. Beyond the $6,500 paid in 2019, Magic Software paid $1,000
in 2020, $1,000 in 2021 and $2,000 in 2022. Unaudited pro forma condensed results of operations were not presented since they
were not material to the Company&#8217;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
OnTarget results of operations were included in the consolidated financial statements of the Company commencing March&#160;1,
2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of OnTaret is primarily attributable to potential synergy with Magic Software&#8217;s operations,
as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax
purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values allocate to OnTarget&#8217;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">444</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,908</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,276</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,380</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,456</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October&#160;1, 2019 Magic Software acquired 30% of the share capital of Infinigy Solutions LLC (&#8220;Infinigy&#8221;), increasing its share capital interest from 70% to 100%, for a total cash consideration of $4,393, which was paid upon closing. Infinigy is U.S.-based services company focused on expanding the development and implementation of technical solutions which deliver design-driven turnkey solutions, combining Architecture and Engineering, or A&amp;E design, project management and general contracting competencies, across the wireless communications industry.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of AVB Technologies Ltd. (&#8220;AVB Technologies&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October&#160;5, 2021, Matrix, through Matrix Integration and Infrastructure Ltd., Matrix&#8217;s wholly owned subsidiary, acquired
60% of the share capital of AVB Technologies for cash consideration of NIS 4,626 (approximately $1,433), or NIS 4,068 (approximately
$1,260) net of acquired cash. As part of the purchase agreement, the sellers may be entitled to additional future consideration
contingent upon AVB Technologies meeting certain future operating profit targets. As of the acquisition date, Matrix estimates
the future value of the contingent consideration at NIS 2,127 (approximately $659). AVB Technologies provides services in the
field of multimedia systems. AVB Technologies&#8217; services vary from constructing multimedia systems for meeting rooms to video
conference rooms, state of the art digital display solutions, video walls, command and control management rooms, advanced audio
solutions and advanced display solutions. Acquisition related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. AVB
Technologies results of operations were included in the consolidated financial statements of the Company commencing October&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated
                                         to AVB Technologies&#8217; acquired assets and assumed liabilities, with reference to
                                         the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">234</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">101</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,030</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(237</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,114</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(338</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,584</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,260</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of AVB Technologies are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of I.T.D. Group Ltd. (&#8220;I.T.D. Group&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;29, 2021, Matrix acquired 75% of the share capital of the I.T.D. Group for a cash consideration of NIS 5,750 (approximately
$1,771) or NIS 3,669 net of acquired cash (approximately $1,132). As part of the purchase agreement, the sellers may still be
entitled to future additional consideration contingent upon I.T.D. Group achieving certain future operating profit targets. As
of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 693 (approximately $213). Matrix
also holds a future call option to purchase the remaining 25% of I.T.D. Group&#8217;s share capital. I.T.D. Group is a leading
provider of software development, regulation and cybersecurity services for the healthcare industry in Israel, assisting companies
to: design and develop innovative solutions, services, and desktop, mobile, and cloud-based apps; ensure rock-solid cybersecurity
and privacy in compliance with HIPAA/GDPR standards; and manage FDA/CE submissions. Acquisition<b>-</b>related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. I.T.D Group&#8217;s results of operations were included in the consolidated financial statements
of the Company commencing May&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to I.T.D Group&#8217;s acquired assets
and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">179</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">781</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(321</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,574</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(155</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,136</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,132</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of I.T.D. Group are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of SQ Service Quality Ltd. (&#8220;SQ Service Quality&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;5, 2021, Babcom Centers Ltd., a subsidiary of Matrix, acquired 60% of the share capital of SQ Service Quality for cash
consideration of NIS 4,043 (approximately $1,218) or NIS 2,734 net of acquired cash (approximately $822). As part of the purchase
agreement, the sellers may still be entitled to future additional consideration contingent upon SQ Service Quality achieving certain
future operating profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration
at NIS 344 (approximately $104). Matrix and SQ Service Quality&#8217;s minority shareholder hold mutual call and put options for
the remaining 40% interest in SQ Service Quality. SQ Service Quality has been active for more than a decade and it accompanies
organizations and companies in service quality improvement processes. Acquisition<b>-</b>related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s consolidated
statement of profit or loss. SQ Service Quality results of operations were included in the consolidated financial statements of
the Company commencing April&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to SQ Service Quality&#8217;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">431</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(99</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(107</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(797</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,246</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">822</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of SQ Service Quality are provisional and are based on information that was available
                                         as of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of A.A Engineering Ltd. (&#8220;A.A Engineering&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;5, 2021, Dana Engineering Ltd. (a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797). As part of the purchase agreement, the
sellers may be entitled to future additional consideration contingent upon A.A Engineering achieving certain future operating
profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 474 (approximately
$143). Matrix holds a call option for the remaining 25% share interest in A.A Engineering. Since 1973, A.A Engineering specializes
in planning, management, coordination and supervision work in civil engineering projects serving a wide range of customers, both
from institutions and public bodies and from leading companies in the Israeli economy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition<b>-</b>related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#8217;s consolidated statement of profit or loss. A.A Engineering&#8217;s results of operations were included in the
consolidated financial statements of the Company commencing April&#160;2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated fair values <sup>(1)</sup> allocated to A.A Engineering&#8217;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">389</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,139</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(262</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(260</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(527</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,214</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,797</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of A.A Engineering are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#8217;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Gestetnertec Ltd. (&#8220;Gestetnertec&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;9, 2020, Matrix acquired 51% of the share capital of Gestetnertec, an Israeli-based company and a provider of comprehensive
solutions in the area of printing, document production services including, among other things, three-dimensional model printing
solutions, for a total consideration of approximately NIS 49,853 million (or $14,475), or NIS 31,576 (approximately $9,169) net
of acquired cash. In addition, Matrix and the sellers hold mutual call and put options, respectively, for the remaining 49% interest
in Gestetnertec. The fair value of the put option measured on the acquisition date amounted to NIS 61,238 (approximately $17,781).
Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were
not material to the Company&#8217;s consolidated statement of profit or loss. The results of Gestetnertec&#8217;s operations have
been included in the consolidated financial statements since July&#160;1, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill from the acquisition of Gestetnertec is primarily attributable to potential synergy with Matrix operations, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated<sup>(1)</sup> fair values of the assets acquired and liabilities at the date
of acquisition:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,746</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank credit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(10,598</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(135</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liability
    to acquire non-controlling interests (put option)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(17,781</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">16,337</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,021</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,621</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,169</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of Gestetnertec are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value reflected are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of RightStar Inc. (&#8220;RightStar&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;16, 2020, Matrix acquired all of the share capital of RightStar, a U.S. based company and a seller and an integrator
of BMC and Atlassian Jira solutions, for total consideration of approximately $3,566 (or $100), net of acquired cash, of which
$3,040 was paid in cash and $526 thousands was paid on January&#160;15, 2021. Sellers may also be entitled to a contingent consideration,
estimated as of the acquisition date at $1,032, upon RightStar meeting various operating profit targets. Based on RightStar&#8217;s
operating results Matrix estimates the contingent consideration as of December&#160;31, 2021 at approximately $2,300. Acquisition
related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material
to the Company&#8217;s consolidated statement of profit or loss. The results of RightStar&#8217;s operations have been included
in the consolidated financial statements since November&#160;2020. The goodwill from the acquisition of RightStar is primarily
attributable to potential synergy with Matrix U.S. operations, as well as certain intangible assets that do not qualify for separate
recognition. The goodwill is not deductible for income tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the provisional estimated <sup>(1)</sup> fair values of the assets acquired and liabilities at the
date of acquisition:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(763</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    liability in respect of business combinations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,077</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">354</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(95</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">922</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(659</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of RightStar are provisional and are based on information that was available as of the
                                         acquisition date to estimate the fair value of these amounts. The Group&#8217;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January&#160;2020, Matrix acquired 40% of the share capital of Network Infrastructure Technologies (NIT), increasing its share capital interest from 60% to 100%, for a total cash consideration of $4,500, which was paid upon closing.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Techtop Ltd. (&#8220;TechTop&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;7, 2019, Matrix purchased the net assets of Techtop, (meeting the definition of a business) for a cash consideration
of NIS 17,087 (approximately $4,764). TechTop is a leasing Israeli supplier of professional sound and systems. As part of the
purchase price allocation, the excess of the purchase price paid over the value of net assets acquired in the amount of NIS 8,602
(approximately $2,398) was allocated to goodwill. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss.
Techtop results of operations were included in the consolidated financial statements of the Company commencing April&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Medatech Information Technologies Ltd. (&#8220;Medatech Technologies&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;20, 2019, Matrix acquired all the share capital of Medatech Technologies, an Israeli-based company and a leading
system integrator with many years of experience in distributing and</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing
Priority ERP software, for NIS 85,000 (approximately $23,500) or NIS 77,753 (approximately $21,496) net of acquired cash. On April&#160;7,
2019, Matrix acquired additional 25% of the issued and outstanding share capital of Medatech Systems Inc., (&#8220;Medatech Systems&#8221;)
a subsidiary of Medatech Technologies, for NIS 5,175 (approximately $1,443) or NIS 2,007 (approximately $560) net of acquired
cash. Resulting from the acquisition, Medatech Technologies interest in the issued and outstanding share capital of Medatech Systems
increased to 75%. Matrix and the seller both hold mutual options to purchase and sell (respectively) 5% of the remaining share
capital of Medatech Systems at the end of the second-year anniversary following the acquisition. Acquisition related costs were
immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. Medatech results of operations were included in the consolidated financial statements
of the Company commencing March&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,340</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,553</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,276</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Credit
    from banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,550</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(434</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,423</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,056</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Dana Engineering Ltd. (&#8220;Dana Engineering&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&#160;6, 2019, Matrix acquired 80% of the issued and outstanding share capital of Dana Engineering, an Israeli-based company
providing project management services in the field of national infrastructure in Israel, for total cash consideration of NIS 52,000
(approximately $14,370). Matrix and the seller hold mutual options to purchase and sell (respectively) the remaining 20% interest
in Dana Engineering which may be exercised following the second-year anniversary of the acquisition. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#8217;s
consolidated statement of profit or loss. Dana Engineering results of operations were included in the consolidated financial statements
of the Company commencing February&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(9,270</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,311</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,138</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,235</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,746</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(586</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Michpal</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Liram Financial Software Ltd. (&#8220;Liram&#8221;)</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;17, 2020, Michpal acquired 70% of the share capital of Liram, an Israeli-based company and a provider of proprietary
integrated specialized solutions in the field of financial accounting, taxation and compliance, for a total cash consideration
of NIS 15,260 (approximately $4,319). In addition, Michpal and the seller hold mutual call and put options, respectively, for
the remaining 30% interest in Liram. Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations
were not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Liram results
of operations were included in the consolidated financial statements of the Company commencing May&#160;1, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(751</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(821</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,529</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,042</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,319</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Acquisition
                                         of Unique Software Industries Ltd.</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2019, Michpal acquired all of the share capital of Unique Software Industries Ltd. (&#8220;Unique&#8221;), an Israeli-based
company and a provider of integrated solutions in the field of payroll, including pay-stubs, pension services management, education
funds management, and software solutions for managing employee attendance, for total cash consideration of NIS 48,650 (approximately
$14,049), or NIS 44,945 (approximately $12,979) net of acquired cash. In accordance with the purchase agreement, the seller may
also be entitled to receive a performance-based payment capped at NIS 12,218 (approximately $3,528), estimated on the date of
the acquisition at NIS 9,736 (approximately $2,811), subject to certain milestones to be met by Unique over the four years following
the acquisition date. Acquisition<b>-</b>related costs were immaterial. Unaudited pro forma condensed results of operations were
not presented since they were not material to the Company&#8217;s consolidated statement of profit or loss. Unique&#8217;s results
of operations were included in the consolidated financial statements of the Company commencing November&#160;1, 2019.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(244</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,425</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,547</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,790</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfBusinessCombinationsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfBusinessCombinationsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IFRS03_g59-63__IFRS03_g59-63_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140034019577480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Marketable Securities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract', window );"><strong>Disclosure Of Detailed Information About Marketable Securities Explanatory [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock', window );">MARKETABLE SECURITIES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            4:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKETABLE
                                         SECURITIES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the composition of the Group&#8217;s investment in marketable securities:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    bonds designated at fair value through profit or loss <sup>(1)</sup></span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730718008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid Expesnes and Other Accounts Receivavable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract', window );"><strong>Disclosure Of Other Accounts Receivable And Prepaid Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock', window );">PREPAID EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            5:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PREPAID
                                         EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the composition of the Group&#8217;s prepaid expenses, other accounts receivable and other investments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses and advances to suppliers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48,871</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,155</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    departments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,911</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,973</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Employees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">301</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Related
    Parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">278</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">404</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,732</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,987</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">72,118</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">83,820</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other accounts receivable and prepaid expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730704344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurement<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfFairValueMeasurementTextBlockAbstract', window );"><strong>Disclosure of fair value measurement [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory', window );">FAIR VALUE MEASUREMENT</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            6:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Fair
                                         value measurement</b></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining fair value, the Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use
of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s financial assets and liabilities measured at fair value on a recurring basis, including accrued interest components,
consisted of the following types of instruments as of December&#160;31, 2020 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-181"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-182"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-183"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,330</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,353</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-184"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,495</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,495</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-185"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,278</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,278</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-186">-</div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,773</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,773</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-187"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-188"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,945</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>

<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-189"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-190"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,456</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,456</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-191"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,018</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,018</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">82,474</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">83,181</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfFairValueMeasurementTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfFairValueMeasurementTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for fair value measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IFRS13_g91-99_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730784280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract', window );"><strong>Description of accounting policy for investments other than investments accounted for using equity method [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory', window );">INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            7:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Investments
                                         in companies accounted for at equity METHOD</b></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Group&#8217;s investments in companies accounted for at equity:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">TSG
    (Joint venture)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    investments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,267</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,146</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,900</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,311</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Investment
in TSG</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds directly a 50% share interest in the issued and outstanding share capital of TSG, a joint venture engaged in the fields of command-and-control systems, intelligence, homeland security and cyber security. The Company&#8217;s investment in TSG is reflected in the consolidated financial statements using the equity method of accounting. At the acquisition date the Company attributed an amount of $2,140 to a separate component of dividend preference derivative. The dividend preference derivative is measured at fair value through profit or loss and is presented in the consolidated statements of financial position under long-term prepaid expenses, other accounts and other investments.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the balances related to the Company&#8217;s investment in
                                         TSG in the consolidated statements of financial position:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Investment
    in companies accounted for at equity method</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,391</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,225</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capital
    note</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,242</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,940</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term
    prepaid expenses, other accounts, and other investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    preference derivative at fair value through profit or loss</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the changes in the fair value of TSG&#8217;s dividend preference
                                         derivative:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,539</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in fair value recognized in profit or loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency
    exchange rate in other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">61</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes the changes in the carrying amount of the Company&#8217;s
                                         investment in TSG:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">January&#160;1,
    2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">25,683</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,771</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">62</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    Share in dividend declared by TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,500</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2019</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,016</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,318</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(169</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">340</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">128</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table summarizes financial information of TSG:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
                                         statement of financial position in accordance with IFRS as of December&#160;31, 2020
                                         and 2021 (as presented in TSG&#8217;s financial statements):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,065</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,056</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncurrent
    assets excluding goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,551</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,810</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(25,167</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(26,201</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Noncurrent
    liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,299</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(8,414</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,150</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,251</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    cost of share-based payment</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,282</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(743</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,868</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,508</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,434</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,254</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Excess
    cost of intangible assets net of deferred tax</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,363</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,075</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,836</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,836</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    carrying amount of the investment in TSG</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table presents key highlights of TSG&#8217;s profit or loss in accordance with
                                         IFRS for the years ended December&#160;31, 2019, 2020 and 2021 (as presented in TSG&#8217;s
                                         financial statements):</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">77,035</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">77,661</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84,350</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,059</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,966</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(338</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">124</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,359</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,721</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,090</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,180</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,861</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,545</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of excess cost of intangible assets net of tax</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of total comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">468</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,149</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,833</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">128</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(169</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">62</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">340</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,318</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,771</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">468</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,149</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,833</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735155112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plants and Equipment, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract', window );"><strong>Disclosure of property, plant and equipment [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">PROPERTY, PLANTS AND EQUIPMENT, NET</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            8:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPERTY,
                                         PLANTS AND EQUIPMENT, NET</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
                                         plants and equipment, net, are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cost:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">148,033</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">140,583</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,362</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,623</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-192"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">975</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">41,700</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,284</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">198,095</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">189,465</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    depreciation:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">111,258</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">104,576</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,697</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,875</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-193"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">112</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">25,254</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,726</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,209</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">130,289</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciated
    cost</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">56,886</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,176</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expenses totaled $12,071, $16,513 and $20,468 for the years ended December&#160;31, 2019, 2020 and 2021, respectively.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730704344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract', window );"><strong>Disclosure of intangible assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">INTANGIBLE ASSETS, NET</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N<span style="text-transform: uppercase">ot</span>E
                            9:- </span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I<span style="text-transform: uppercase">ntangible
                                         Assets, Net</span></span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
                                         assets, net, are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Original
    amounts:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">271,357</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">221,220</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">304,816</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">247,445</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100,029</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100,159</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,909</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,544</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,493</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">23,531</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,549</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">708,215</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">580,775</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    amortization:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">232,779</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">179,587</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">151,673</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,165</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">61,163</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48,087</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,909</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,145</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">958</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,581</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,806</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">466,279</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">358,512</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">241,936</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">222,263</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expenses totaled $41,330, $44,586, and $58,684 for the years ended December&#160;31, 2019, 2020 and 2021, respectively.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfIntangibleAssetsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730900536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfGoodwillTextBlockAbstract', window );"><strong>Disclosure of goodwill [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGoodwillExplanatory', window );">GOODWILL</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            10:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Goodwill</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the changes in the carrying amount of goodwill for the years ended December&#160;31, 2020 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">724,193</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">49,416</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">116,416</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Classifications</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,585</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,066</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,429</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,749</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">932,854</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group performed annual impairment tests as of December&#160;31, 2019, 2020 and 2021 and did not identify any impairment losses
(see Note 2).</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfGoodwillTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfGoodwillTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730713544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Short Term Liabilities to Banks and Others<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract', window );"><strong>Short Term Liabilities to Banks and Others [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory', window );">SHORT TERM LIABILITIES TO BANKS AND OTHERS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
                            11:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>short
                                         term Liabilities to banks and others</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 48%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-2.3</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,259</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6-4</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">17,429</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,357</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Commercial
    securities not listed</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">0.6</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,309</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">31,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks and</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">other
    financial institutions (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-3.1</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">85,280</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">75,856</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Libor +2.1</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,950</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">800</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    interest on long-term loans from other</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">financial
    institutions</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6- Prime + 1.5</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">87</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">68</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">175,696</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,444</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730722136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Accounts Payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherAccountsPayableAbstract', window );"><strong>Other Accounts Payable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherAccountsPayableTextBlock', window );">OTHER ACCOUNTS PAYABLE</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            12:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">other
                                         accounts payable</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Other
accounts payable are comprised of the following as of the below dates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    institutions</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,480</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,648</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accrued
    expenses and other current liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">40,931</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,328</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">80,411</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">68,976</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherAccountsPayableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherAccountsPayableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherAccountsPayableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of other accounts payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherAccountsPayableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730722136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long Term Liabilities to Banks and Others<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfOtherLiabilitiesTextBlockAbstract', window );"><strong>Disclosure of other liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory', window );">LONG TERM LIABILITIES TO BANKS AND OTHERS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            13:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Long
                                         term Liabilities to Banks and Others</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
                                         term liabilities to banks and others are comprised of the following as of the below dates:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>Current<br/>
    maturities</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    <br/>
    2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; width: 17%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1.4-5</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">231,259</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">85,280</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">145,979</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">180,116</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Libor
    +2.1</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,200</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,950</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,250</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">200</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">246,459</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">89,230</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">157,229</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">180,316</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
                                         dates:</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">First
    year (current maturities)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">89,230</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">76,656</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Second
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">76,627</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">69,500</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Third
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,835</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">60,310</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fourth
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,716</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">38,162</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fifth
    year and thereafter</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,051</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,344</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">246,459</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">256,972</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="font-family: Times New Roman, Times, Serif; width: 0"/><td style="text-align: left; font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
                                         of liens, guarantees and credit facilities are described in Note 19.</span></td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfOtherLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfOtherLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735223784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debentures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDebenturesAbstract', window );"><strong>Disclosure Of Debentures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDebenturesTextBlock', window );">DEBENTURES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
                            14:-</b></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEBENTURES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s liabilities under debentures are attributable to debentures issued by Formula and Sapiens. The debentures are all
listed for trading on the Tel-Aviv Stock Exchange.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures
                                         are comprised of the following as of the below dates:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    value in issuance currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 102,633</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,000</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">217</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,000</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,217</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,674</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.2</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 374,225</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">120,330</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">472</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,970</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">103,832</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">227</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,029</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.3</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 350,000</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,980</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(198</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,796</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,986</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">5</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,787</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">252,310</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">491</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">47,766</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">205,035</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">689</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">253,490</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Par
    value in issuance currency</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
                                                                                                         <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
                                         Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 136,844</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">42,564</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">365</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,288</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">589</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,518</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.5</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 267,000</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">83,048</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(678</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,264</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,106</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">158</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">82,528</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.3</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 420,000</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">118,778</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(306</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,796</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,676</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">6</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">118,478</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">244,390</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(619</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,701</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">203,070</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">753</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">244,524</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2020 and 2021, the Group recorded $6,411 and $7,056, respectively, of interest expenses, and
$135 and ($109), respectively, as amortization of debt premium, discount and issuance costs, net in respect of the Group&#8217;s
debentures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scheduled
                                         aggregate principal annual payments of the debentures:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,506</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,506</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">252,310</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula&#8217;s
                                         debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula
                                         Systems Series A Secured Debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;16, 2015, Formula issued Formula Systems Series A Secured Debentures in an aggregate principal amount of NIS 102,260
(approximately $26,295), at a purchase price equal to 100% of their par value, payable in eight equal annual installments on July&#160;2<sup>nd
</sup>of each of the years 2017 through 2024. The principal amount outstanding under the Formula Systems Series A Secured Debentures
bears interest at a fixed rate of 2.8% per annum (subject to adjustments based on the credit rating of the debentures), payable
on July&#160;2<sup>nd</sup> and January&#160;2<sup>nd</sup> of each of the years 2016 through 2024. Issuance costs, including
early commitment commission of approximately NIS 1,246 (approximately $320), were allocated to the Formula Systems Series A Secured
Debentures and are amortized as financial expenses over the term of the Series A Secured Debentures due in 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;31, 2018, Formula issued additional Formula Systems Series A Secured Debentures in an aggregate principal amount
of NIS 150,000 (approximately $44,053) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula from the issuance of Formula Systems Series A Secured Debentures in January&#160;2018 were NIS 155,205 (approximately
$45,581), out of which NIS 336 was attributed to interest payable (approximately $99). Debt premium of NIS 4,869 (approximately
$1,430) net of issuance costs of NIS 782 (approximately $225) was allocated to the Formula Systems Series A Secured Debentures
and is amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series A Secured Debentures issued in September&#160;2015, together with the Formula Systems Series A Secured
Debentures sold in the private placement, form one single series with identical terms and conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Secured Debentures are denominated in New Israeli Shekels not linked to any currency or index, and are non-convertible.
The Formula Systems Series A Secured Debentures are secured with collateral consisting of shares of Matrix, Magic Software and
Sapiens (see Note 19a).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series A Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020
and 2021, the fair value of Formula&#8217;s Series A Secured Debentures, based on the quoted market price on the Tel-Aviv Stock
Exchange, were approximately $44,229 and $34,057, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula
                                         Systems Series C Secured Debentures</span></span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;31, 2019, Formula issued Formula Systems Series C Secured Debentures in an aggregate principal amount of NIS 300,000
(approximately $82,600), at a purchase price equal to 100% of their par value. The principal due under the Series C Secured Debentures
is payable in five annual installments of NIS 33,000 on December&#160;1 of each of the years 2020 through 2024 and two annual
installments of NIS 67,500 on December&#160;1 of each of the years 2025 and 2026. The outstanding principal amount under the Formula
Systems Series C Secured Debentures bears interest at a fixed rate of 2.29% per annum (subject to adjustments based on the credit
rating of the debentures), payable on December&#160;1<sup>st</sup> and June&#160;1<sup>st</sup> of each of the years 2019 through
2026. Issuance costs including an early commitment commission of approximately NIS 3,355 (approximately $924) were allocated to
Formula Systems Series C Secured Debentures and are amortized as financial expenses over the term of Formula Systems Series C
Secured Debentures due in 2026.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;12, 2021, Formula issued additional Formula Systems Series C Secured Debentures in an aggregate principal amount of
NIS 160,000 (approximately $48,617) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula for the issuance of Formula Systems Series C Secured Debentures in April&#160;2021 were NIS 165,920 (approximately
$50,524), out of which NIS 1,329 was attributed to interest payable (approximately $405). Debt premium of NIS 4,591 (approximately
$1,398) net of issuance costs of NIS 752 (approximately $229) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2026.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series C Secured Debentures issued in March&#160;2019, together with the Formula Systems Series C Secured Debentures
sold in April&#160;2021 in a private placement, form one single series with identical terms and conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Formula Systems Series C Secured Debentures are denominated in New Israeli Shekels and are not linked to any currency or index
and are non-convertible. The Formula Systems Series C Secured Debentures are secured with collateral consisting of shares of Matrix,
Magic Software and Sapiens (see Note 19a).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series C Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020 and 2021, the
fair value of Formula&#8217;s Series C Secured Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, was
approximately $86,993 and $125,672, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offerings of Formula&#8217;s debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and were exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of Formula debentures was not registered under the Securities Act, and Formula debentures may not be offered or sold in the
United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the registration
requirements of the Securities Act.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for Formula Systems Series A Secured Debentures and Formula Systems Series C Secured Debentures,
Formula has undertaken to maintain a number of conditions and limitations on the manner in which it operates its business, including
limitations on its ability to undergo a change of control, distribute dividends, incur a floating charge on its assets, or undergo
an asset sale or other change that results in a fundamental change in its operations, and to meet certain financial covenants
(see Notes 19a and 19c(1)(i)).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens&#8217;
                                         Series B Debentures</span></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&#160;16, 2017, Sapiens issued its unsecured Series B Debentures in an aggregate principal amount of NIS 280,000 (approximately
$79,186), linked to the US dollar and payable in eight equal annual payments of $9,898 on January&#160;1<sup>st</sup> of each
of the years 2019 through 2026. The outstanding principal amount of Sapiens&#8217; Series B Debentures bears a fixed interest
rate of 3.37% per annum (which may be adjusted based on changes to the credit rating of the debentures), payable on January&#160;1<sup>st
</sup>and July&#160;1<sup>st</sup> of each of the years 2018 through 2025, with one final interest payment due on January&#160;1,
2026. Debt discount and issuance costs were approximately $956, allocated to Sapiens&#8217; Series B Debentures discount and are
amortized as financial expenses over the term of the Series B Debentures due in 2026.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 8, 2020, Sapiens issued additional Sapiens&#8217; Series B
Debentures in an aggregate principal amount of NIS 210,000 (approximately $60,362) through a public offering in Israel. The gross proceeds
received from the issuance of Sapiens&#8217; Series B Debentures in June 2020 were NIS 210,840 (approximately $60,603), out of which approximately
NIS 3,006 was attributed to interest payable (approximately $864). Debt discount of NIS 2,166 (approximately $623) and issuance costs
of NIS 2,326 (approximately $669) were allocated to Sapiens&#8217; Series B Debentures and are amortized as financial expenses over the
remaining term of the Sapiens Series B Debentures due in 2026. Following the raise of the additional NIS 210,000 in Series B Debentures,
a $20,000 short-term bank loan taken by Sapiens on March 18, 2020, from a commercial bank was fully repaid on June 9, 2020. Sapiens&#8217;
Series B Debentures issued in September 2017 together with the Sapiens&#8217; Series B Debentures issued in June 2020, form one single
series with identical terms and conditions. Sapiens&#8217; Series B Debentures are linked to the US Dollar, unsecured and non-convertible.
Sapiens&#8217; Series B Debentures are listed for trading on the TASE. As of December 31, 2020 and 2021, the fair value of Sapiens&#8217;
Series B Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, were approximately $122,760 and $100,464, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offerings of Sapiens&#8217; debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and was exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of Sapiens debentures was not registered under the Securities Act, and the Sapiens debentures may not be offered or sold
in the United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the
registration requirements of the Securities Act.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for the Sapiens Series B Debentures, Sapiens has undertaken to comply with a number of conditions
and limitations on the manner in which it operates its business, including limitations on its ability to undergo a change of control,
distribute dividends, incur a floating charge on Sapiens&#8217; assets, or undergo an asset sale or other change that results
in a fundamental change in Sapiens&#8217; operations and to meet certain financial covenants (see Note 19c(3)(iii)).</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDebenturesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDebenturesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDebenturesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all or part of the information related to debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDebenturesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735217112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfRelatedPartyTextBlockAbstract', window );"><strong>Disclosure of related party [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">RELATED PARTIES TRANSACTIONS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            15:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">RELATED
                                         PARTies TRANSACTIONS</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition
                                         of Sapiens Software Solutions (Poland) Sp. Z o.o (formerly &#8220;Insseco Sp. Z o.o.&#8221;)
                                         (&#8220;Sapiens Poland&#8221;)</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August&#160;18, 2015, Sapiens completed the acquisition from Asseco, the parent company of Formula, of all issued and outstanding
share capital of Sapiens Poland. Under the share purchase agreement for that acquisition, Under the share purchase agreement for
that acquisition, Asseco committed to assign to Sapiens Poland all customer contracts that relate to the intellectual property
that Sapiens acquired as part of the acquisition. In the event that Asseco cannot obtain the consent of any customer to the assignment
of its contract to Sapiens Poland, Asseco will hold that customer&#8217;s contract in trust for the benefit of Sapiens Poland.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Asseco provided back-office services, professional services and fixed assets
to Sapiens&#8217; wholly owned subsidiary, Sapiens Poland, in amounts totaling approximately $676, $521 and $197, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Sapiens Poland performed services as a sub-contractor on behalf of Asseco
for clients of Asseco in total amounts of approximately $3,400, $3,100 and $3,200, respectively. For historic reasons, Asseco
issues invoices to those clients and then Sapiens in turn invoices Asseco on a back-to-back basis (with no margin to Asseco).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2019 the Group had no trade payable balances due from its transactions with Asseco, as detailed above. As
of December&#160;31, 2020 and 2021 the Group had trade payable balances due from its transactions with Asseco, as detailed above,
in an amount of $1,898 and $17, respectively. As of December&#160;31, 2020 and 2021, the Group had trade receivables balances
due from its transactions with Asseco, as detailed above, in amounts of approximately $1,228 and $852, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
                                         paid for board services in affiliates</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
paid Formula, director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $25.3, $29.6 and $26.7, respectively,
in respect of Mr. Guy Bernstein, Sapiens&#8217; Chairman and Formula&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
paid Formula director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $29.9, $31.4 and $36.7,
respectively, in respect of Mr. Guy Bernstein, Matrix&#8217; Chairman and Formula&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Back-office
                                         services</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, Magic Software provided back-office services to Formula in amounts totaling
approximately $177, $138 and $160, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         Transactions</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s subsidiaries and affiliates engage from time to time with each other in non-material transactions, in the ordinary
course of business, where the amounts involved, and the nature of the transactions, are not material for either of the parties.
The Group believes that these transactions are made on an arms&#8217; length basis upon terms and conditions no less favorable
to the Group, its subsidiaries and affiliates, as it could obtain from unaffiliated third parties. If Group engages with its subsidiaries
and affiliates in transactions which are not in the ordinary course of business, the Group receives the approvals required under
the Companies Law. These approvals include audit committee approval, board approval and, in certain circumstances, shareholder
approval.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfRelatedPartyTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfRelatedPartyTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRelatedPartyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS24_g13-24_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRelatedPartyExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730608424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfLeasesTextBlockAbstract', window );"><strong>Disclosure of leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">LEASES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            16:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">LEASES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group leases substantially all of its office space and vehicles under operating leases. The Group&#8217;s leases have original
lease periods expiring between 2021 and 2033. Some leases include one or more options to renew. The Group does not assume renewals
in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. Lease payments
included in the measurement of the lease liability comprise the following: the fixed non-cancellable lease payments, payments
for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination
options unless it is reasonably certain the lease will not be terminated early.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
IFRS 16, all leases with durations greater than 12 months, including non-cancellable operating leases, are now recognized on the
statement of financial position. The aggregated present value of lease agreements is recorded as a long-term asset titled operating
lease right-of-use assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
corresponding lease liabilities are classified between operating lease liabilities which are current and long-term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
analysis of undiscounted future lease payments receivable for operating leases:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43,702</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,125</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,068</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,784</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,724</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    and thereafter</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">31,428</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    undiscounted cash flows</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,831</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    imputed interest</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(15,337</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present
    value of lease liabilities</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">126,494</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expenses of operating lease right-of-use assets totaled $33,531, $34,408 and $43,032 for the years ended December&#160;31, 2019,
2020 and 2021, respectively.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfLeasesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfLeasesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Section Presentation<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50_TI<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732186216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract', window );"><strong>Disclosure Of Employee Option Plans Explanatory [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock', window );">EMPLOYEE OPTION PLANS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            17:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Employee
                                         Option Plans</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
                                         and its subsidiaries grant, from time to time, options, restricted share units or restricted
                                         shares to their officers and employees to purchase shares in the respective companies.
                                         In general, the options expire ten years after grant. The following table sets forth
                                         the breakdown of share-based compensation expense resulting from such grants, as included
                                         in the consolidated statements of profit or loss:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Selling
    and marketing expenses</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-194"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-195"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">74</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,767</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,856</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,800</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,767</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,856</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,874</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2017, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
its chief financial officer 10,000 restricted shares under the 2011 plan (the &#8220;new restricted shares&#8221;). These restricted
shares vest on a quarterly basis over a three-year period, commencing on August&#160;17, 2017 and concluding on August&#160;17,
2020, provided that during such time the chief financial officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates, except that if he fails to meet the service condition due to the request
of the board of directors of either Formula or any of its directly held affiliates (other than a termination of his provision
of services which is based on actions or omissions by him that will constitute &#8220;cause&#8221; under his grant agreement with
Formula), then, the chief financial officer will be deemed to have complied with clauses (i) or (ii) above. Notwithstanding the
foregoing, if a change of control of the Company occurs, then all unvested new restricted shares will immediately become vested.
Total fair value of the grant was calculated based on the Formula share price on the grant date and equaled to $371 ($37.1 per
share).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total compensation expense that the Company recorded in its statement of profit or loss for the years ended December&#160;31,
2019 and 2020 in respect of its chief financial officer were $66 and $21, respectively. As of December&#160;31, 2021, Formula&#8217;s
chief financial officer holds 10,834 shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2018, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
its chief operational officer 10,000 restricted shares under the 2011 plan (the &#8220;restricted shares&#8221;). These restricted
shares vest on an annual basis over a four-year period, commencing on November&#160;19, 2018 and concluding on November&#160;19,
2022, provided that during such time the chief operational officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates. The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled $382 ($38.2 per share). The total compensation expense the Company recorded in its statement
of profit or loss for the years ended December&#160;31, 2019, 2020 and 2021 were $191, $98 and $60, respectively. As of December&#160;31,
2021 Formula&#8217;s chief operational officer holds 10,000 restricted shares from this grant, of which 7,500 are fully vested.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2020, Formula&#8217;s board of directors, following the approval by Formula&#8217;s compensation committee, awarded
Emil Sharvit (2001) Consulting and Project Management Ltd., through which its chief executive officer provides services to Formula,
611,771 restricted stock units (&#8220;RSUs&#8221;) in respect of ordinary shares of the Company. 66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December&#160;31, 2027, subject
to the continued engagement of Formula&#8217;s chief executive officer with the Company as of that date (the &#8220;Vesting Period&#8221;);
and up to 33.33% of the RSUs (i.e., 203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest
at December&#160;31, 2027 on a pro-rata basis with respect to each fiscal year (starting as of January&#160;1, 2020) during the
Vesting Period in which the Target EBITDA (as defined below) is achieved, subject to the continued engagement of Formula&#8217;s
chief executive officer with the Company. At the end of the vesting period, the number of performances<b>-</b>based RSUs that
vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied by (ii) 25,490.50 RSUs
(rounded to the nearest whole number, up to a cap of 203,924 RSUs in total). The &#8220;Target EBITDA&#8221; in a given fiscal
year during the Vesting Period means the Company&#8217;s EBITDA in that certain fiscal year (as reflected in the Company&#8217;s
annual audited consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the
Company&#8217;s annual audited consolidated financial statements for the applicable fiscal year (as to which the review of performance
is made to determine whether one<b>-</b>eighth of the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the
end of the Vesting Period). The Target EBITDA shall be not less than 105% of 75% of the Company&#8217;s EBITDA in the previous
fiscal year, excluding the cost attributed to the applicable portion of the RSUs in the Company&#8217;s annual audited consolidated
financial statements for such previous fiscal year (the &#8220;Previous Year&#8221;). Such examination of EBITDA shall be made
on the basis of the Company&#8217;s annual audited consolidated financial statements as reflected in the Company&#8217;s annual
report on Form&#160;20-F, and in the event that the Company sells any of its operations, the Target EBITDA shall be adjusted as
applicable for future reference by removing the results of the operations that were sold.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that with respect to any specific fiscal year (the &#8220;Specific Year&#8221;), the Target EBITDA is not achieved,
the Target EBITDA with respect to such Specific Year will still be deemed to have been met for the purpose of vesting of RSUs
in the event that either: (i) the EBITDA in the fiscal year immediately following the Specific Year was at least 110.25% of 75%
of the Company&#8217;s EBITDA in the year preceding the Specific Year, or (ii) in case that the condition in the foregoing clause
(i) was not met, then the EBITDA in the second fiscal year following the Specific Year was at least 115.7625% of 75% of the Company&#8217;s
EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i) or (ii) was met for a certain Specific
Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved, and those RSUs shall become vested
as of the end of the Vesting Period. In the event that neither of the conditions described in clauses (i) or (ii) was met, the
portion of RSUs for the applicable Specific Year shall automatically expire and terminate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, in case the Target EBITDA is met (in accordance with the above terms) in a certain fiscal year, yet the Target
EBITDA is less than 105% of 75% of the average EBITDA for the three fiscal years that consist of the subject fiscal year and the
two preceding years (excluding the cost attributed to the applicable portion of the RSUs in Company&#8217;s annual audited consolidated
financial statements for such applicable fiscal years), then regardless of meeting the Target EBITDA, the number of performance-based
RSUs that vests shall be reduced by 20%.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled to NIS 170,864, or $50,054 ($81.8 per share). The total compensation expense the Company recorded
in its statement of profit or loss in respect of this grant, in accordance with accounting principles, for the year ended December 31,
2021, was $7,373.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the RSU grant terms described above, Formula&#8217;s board of directors has approved, following the approval by Formula&#8217;s
compensation committee, an adjustment to the above-described RSU grant based on dividends that the Company distributes to its
shareholders. During the vesting period of the RSUs, in the event that any dividend, in cash or in kind, is distributed to the
shareholders of the Company, then in addition to the distribution to all shareholders, there will be an equivalent payment to
Formula&#8217;s chief executive officer with respect to all RSUs that were not converted into shares (whether or not vested) in
an amount equal to the pro-rata portion of the overall dividend amount that the RSUs constitute out of the issued and outstanding
share capital of the Company as of the date of the distribution. For those purposes, the RSUs will be counted as if they are already
vested and converted into shares. These special RSU dividend amounts shall be paid and/or set aside by the Company for the benefit
of its chief executive officer, all as described below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of payment of the dividend amounts to Formula&#8217;s chief executive officer, the vesting period shall be regarded
as if it has commenced on January&#160;1, 2020 (other than with respect to distributions and any related dividend amount which
were made prior to the grant of the RSUs and which are explicitly excluded), and will be divided into 32 fiscal quarters (each,
referred to as a Fiscal Quarter). The dividend amount within each dividend distributed by the Company to its shareholders will
be released to, or set aside for, Formula&#8217;s chief executive officer together with the distribution of the dividend. The
portion of the Dividend Amount to be released to Formula&#8217;s chief executive officer will in each case be based on the number
of Fiscal Quarters that have lapsed at the time of distribution of the dividend. The remainder of the Dividend Amount will be
set aside and paid to Formula&#8217;s chief executive officer on a pro-rata basis upon the expiration of each Fiscal Quarter until
the Dividend Amount is released in full at the end of the Vesting Period for the RSUs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of termination of Formula&#8217;s chief executive officer services agreement with the Company, by the Company for Cause
(as defined in the services agreement), the RSUs will immediately terminate and become null and void, and all interests and rights
of Formula&#8217;s chief executive officer in and to the same will expire. In case of termination of Formula&#8217;s chief executive
officer services agreement by the Company not for Cause, or due to the resignation of Formula&#8217;s chief executive officer
for Good Reason<sup>1</sup>, all unvested RSUs that could have vested from the grant date until December&#160;31, 2027, assuming
all performance and time conditions and future targets would have been fulfilled (including all targets that would have resulted
in vesting with respect to any Previous Year which could have still been met in future years), will accelerate and become immediately
vested and exercisable, regardless of the actual occurrence or failure to occur of any of the future performance targets relating
to those RSUs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Good
                                         Reason&#8221; is a termination due to: (i) a material reduction in Formula chief executive
                                         representative&#8217;s scope of authorities and responsibilities (excluding, for the
                                         avoidance of doubt, as a result of changes in legislation or other legal restrictions
                                         which affect the scope of Services under its service agreement), (ii) a material breach
                                         by the Company of any provision of the service agreement or its exhibits, or (iii) any
                                         acceleration event, in each of (i) to (iii) which is not cured (if curable) by the Company
                                         within thirty (30) days of receipt of a written notice about such breach from Formula
                                         chief executive officer, provided that during the three (3) months prior notice period
                                         with respect to resignation for Good Reason the Company shall be entitled to retract
                                         its decision in a manner that removes the basis for a Good Reason.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of resignation by Formula&#8217;s chief executive officer not for Good Reason, Formula&#8217;s chief executive officer
RSUs will vest, in an accelerated manner, in such portion equal to the pro-rata portion of the Vesting Period that has already
lapsed (based on the full number of Fiscal Quarters that have lapsed form January&#160;1, 2020 until the actual resignation date,
including notice period). However, any Performance Based RSUs for which the applicable target was not achieved up until the resignation
date (including the notice period) will expire and terminate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Total unrecognized compensation costs related to non-vested share-based
compensation arrangements granted under the Formula equity incentive plan as of December 31, 2020 and 2021 were $51,940 and $45,973, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December&#160;2017, Matrix extended its agreement with Revava Management Company Ltd. through which its chief executive officer,
Mr. Moti Gutman, provides services to Matrix, for five years&#8217; term starting on January&#160;1, 2018. As part of the new
agreement in January&#160;2018, Matrix awarded Mr. Gutman 256,890 (RSUs), which vest on an annual basis over a five-year period,
commencing on January&#160;16, 2018 and concludes on December&#160;31, 2022, but not before the publication of Matrix&#8217;s
financial statements for each respective year, and subject to certain conditions. In 2021, 51,378 restricted share units (RSU)
were vested and exercised. As of December&#160;31, 2021 Mr. Gutman holds 102,756 restricted share units (RSU) from this grant.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January&#160;2019, the board of directors of Matrix approved, following the approval by Matrix&#8217;s compensation committee,
the grant of 1,440,000 options which are exercisable into up to 1,440,000 ordinary shares of Matrix of NIS 1 par value each, to
20 senior officers of Matrix. The exercise price of the options was NIS 41.7 at the date of their grant, subject to adjustments,
including upon the distribution of dividends. 50% of the options will be vested on January&#160;1, 2021 with the remaining amount
vesting in equal parts on January&#160;1, 2022 and 2023. When the actual exercise will take place, shares will be allotted, according
to a net exercise mechanism resulting with Matrix not receiving any cash consideration for the issuance of its shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February&#160;2019, the general shareholder meeting of Matrix approved, after obtaining the approval of Matrix&#8217;s compensation
committee and Matrix board of directors the grant of 80,000 options which are exercisable into up to 80,000 ordinary shares of
Matrix of NIS 1 par value, to the President and Vice Chairman of the Matrix board. The exercise price of the options was NIS 43.16
at the date of their grant, subject to adjustments, including upon the distribution of dividends. 50% of the options will vest
on January&#160;1, 2021, with the remaining amount vesting in equal parts on January&#160;1, 2022 and 2023. When the actual exercise
will take place, shares will be allotted, according to a net exercise mechanism resulting with Matrix not receiving any cash consideration
for the issuance of its shares. In January&#160;2022, the general shareholder meeting of Matrix approved, after obtaining the
approval of Matrix&#8217;s compensation committee and Matrix board of directors the acceleration of the third tranche so that
tranche will vest on January&#160;31, 2022, Matrix&#8217;s President and Vice Chairman of the Matrix expected retirement date,
instead of January&#160;1, 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the options was estimated on the date of grant using the Binomial model based on the terms which are: risk-free
interest rate is 0.5% -1.6%, early exercise factor is 70% and expected volatility is 24%. The contractual life of the options
is 5 years from the date of grant.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Matrix employee stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>

    average<br/>
 exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,674,134</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.70</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.88</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,935</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(811,378</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.70</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-196"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,159</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">862,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.93</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,513</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,378</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-197"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-198"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,560</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value provided in the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Matrix&#8217; ordinary shares and the change in the exchange rate between the New Israeli Shekel and dollar.
Total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Matrix equity
incentive plan as of December&#160;31, 2020 and 2021 were $1,368 and $428, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Sapiens stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December&#160;31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<br/>
    options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>price</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average remaining<br/>
    contractual<br/>
 life<br/>
    (in years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,462,482</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">847,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.36</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(359,859</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(114,238</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.69</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1835,385</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,374</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">734,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.95</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,064</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, 2020 and 2021, Sapiens granted 155,000, 315,000 and 847,000 stock options, respectively, to its employees and directors
to purchase its shares. The weighted average grant date fair values of the options granted during the years ended December&#160;31,
2019, 2020 and 2021 were $4.24, $7.99 and $10.35, respectively. The aggregate intrinsic value provided on the table above represents
the total intrinsic value that would have been received by the option holders had all option holders exercised their options on
the respective dates. This value would change based on the change in the market value of Sapiens&#8217; common shares. The total
intrinsic value of options exercised during the years ended December&#160;31, 2019, 2020 and 2021 was $2,301, $11,658 and $8,505,
respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
options outstanding under Sapiens&#8217; stock option plans as of December&#160;31, 2021 have been separated into ranges of exercise
price as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remaining</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranges
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contractual</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
    price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.94</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.35</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.94</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7-10.72</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">597,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.82</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.64</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">564,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.66</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.48-15.09</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.51</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.92-28.49</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">297,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.56</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.97</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.81-32.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">730,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.98</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.59</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.92</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.69</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-200"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-201"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,835,385</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">734,696</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.95</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total equity-based compensation expense related to all of Sapiens&#8217; equity-based awards, recognized for the years ended December&#160;31,
2019, 2020 and 2021, after being adjusted to comply with IFRS, was $1,125, $4,318 and $5,421, respectively. As of December&#160;31,
2021, there was $8,072 of total unrecognized compensation cost related to non-vested options, which is expected to be recognized
over a period of up to four years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with Sapiens&#8217; acquisition of sum.cumo on February&#160;6, 2020 (see Note 3(ii)(b)), Sapiens issued an aggregate
of 173,005 RSUs to certain employees of sum.cumo in connection with the acquisition. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
On August&#160;3, 2021, Sapiens issued another 24,222 RSUs to certain employees of sum.cumo in connection with the acquisition.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
recorded compensation costs related to RSUs of $1,130 for the year ended December&#160;31, 2021, which were included in Selling,
marketing, general and administrative expenses in the Company&#8217;s consolidated statements of income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the RSU activities in Sapiens in the year ended on December&#160;31, 2021, is as follows</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    <br/>
    Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant-Date
    Fair</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 66%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">238,005</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,222</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43,451</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeiture</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(65,020</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.47</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">203,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.46</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes Magic Software stock-based compensation activity during the year ended December&#160;31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>
    average<br/>
    exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 51%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.24</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">380</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-202"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.12</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
    </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-203"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-204"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,360</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">522</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value provided on the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Magic Software&#8217;s ordinary shares. Total intrinsic value of options exercised during the years ended
December&#160;31, 2019, 2020 and 2021, was $537, $765 and $628 respectively. As of December&#160;31, 2021, there was $393 of unrecognized
compensation cost related to non-vested share-based compensation arrangements granted under Magic Software&#8217;s plans, which
is expected to be recognized over a weighted-average period of 1.29 years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
options outstanding as of December&#160;31, 2021, have been separated into ranges of exercise price categories, as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ranges
                                         of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
                                         price</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         outstanding</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual life</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
    average<br/> exercise price</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         exercisable</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average<br/>
                                         exercise price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         exercisable</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"/><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.60</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.62</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of employee option plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730618168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Benefit Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEmployeeBenefitsTextBlockAbstract', window );"><strong>Disclosure of employee benefits [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">EMPLOYEE BENEFIT LIABILITIES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
                            18:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE
                                         BENEFIT LIABILITIES</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits consist of post-employment benefits, other long-term benefits and termination benefits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Post-employment
                                         benefits</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the labor laws and Severance Pay Law in Israel, the Israeli companies in the Group are required to pay compensation to an employee
upon dismissal or retirement or to make current contributions in defined contribution plans pursuant to section&#160;14 to the
Severance Pay Law, as specified below. These liabilities are accounted for as a post-employment benefit. The computation of the
Group&#8217;s employee benefit liability is made according to the current employment contract based on an employee&#8217;s salary
and employment term which establish the entitlement to receive the compensation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
post-employment employee benefits are normally financed by contributions classified as a defined benefit plan or as a defined
contribution plan, as detailed below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Defined
                                         contribution plans</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#160;14
of the Severance Pay Law, 1963 applies to part of the compensation payments, pursuant to which the fixed contributions paid by
the Group into pension funds and/or policies of insurance companies release the Group from any additional liability to employees
for whom said contributions were made. These contributions and contributions for benefits represent defined contribution plans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Defined
                                         benefit plans</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">The
Group accounts for that part of the payment of compensation that is not covered by contributions in defined contribution plans,
as above, as a defined benefit plan for which an employee benefit liability is recognized and for which the Group deposits amounts
in central severance pay funds and in qualifying insurance policies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Other
                                         long-term benefits</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">According
to Matrix&#8217;s agreements with one of its senior officers, he is entitled to an adaptation bonus in an amount of 12 salaries.
This liability has been recognized as a defined benefit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
                                         of defined benefit plans is as follows:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
    benefit obligation</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123,138</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113,540</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of plan assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(110,497</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(98,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    defined benefit liability</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,641</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,119</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEmployeeBenefitsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEmployeeBenefitsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEmployeeBenefitsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730603112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract', window );"><strong>Disclosure of commitments and contingent liabilities [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory', window );">COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
19:- Commitments and Contingencies</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Liens</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Liens
                                         have been incurred by Formula over a certain portion of the Matrix, Magic Software and
                                         Sapiens&#8217; shares which it held. As of December&#160;31, 2021 Formula has collaterals
                                         in connection with Series A Secured Debentures and Series C Secured Debentures issued
                                         by Formula on the TASE (see Note 14).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">Composition
                                         of pledged shares of Matrix, Magic Software and Sapiens owned by Formula as of December&#160;31,
                                         2021:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series A<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series C<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 77%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
    ordinary shares, par value NIS 1.0 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,128,865</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,031,761</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
    Software ordinary shares, par value NIS 0.1 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,825,681</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,411,474</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
    common shares, par value &#8364;0.01 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,260,266</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,957,590</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">In
accordance with the terms of the deed of trust for Formula&#8217;s Series C Secured Debentures, Formula did not incur any additional
liens in connection with its additional Series C Secured Debentures issued in April&#160;2021 (see Note 14(c)(ii)).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Guarantees</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, the Group provided performance bank guarantees in an aggregate amount of approximately $49,300 as security
for performance of various contracts with customers and suppliers. As of December&#160;31, 2021, the Group provided bank guarantees
in an aggregate amount of approximately $8,600 as security for rent to be paid for its leased offices. As of December&#160;31,
2021, the Group had restricted bank deposits in an aggregate amount of $300 in favor of the above-mentioned bank guarantees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, The Company and its subsidiaries provided certain cross guaranties in favor of certain subsidiaries in the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix,
Sapiens, Magic Software and Michpal each provides cross guarantees to its subsidiaries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Covenants</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Group&#8217;s debentures and credit facility agreements with banks and other financial institutions, as of
December&#160;31, 2021, the Group committed to the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula&#8217;s
                                         Debentures</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Formula&#8217;s indenture for its Series A and Series C Secured Debentures, Formula has undertaken to comply with
the following financial covenants and obligations:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A covenant not to distribute dividends unless (i) Formula shareholders&#8217; equity attributable to Formula Systems shareholders shall not be less than $290 million, (ii) Formula&#8217;s net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 50% of net CAP (defined as financial indebtedness, net, plus shareholders&#8217; equity), and (iii) the aggregate amount of distributions from January&#160;1, 2016 shall not exceed the aggregate amount of net oncome for the year ended December&#160;31, 2015 together with 75% of accumulated profits from January&#160;1, 2016 until the respective distribution date and (iv) no event of default shall have occurred.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         covenants, including: (i) the equity attributable to Formula Systems shareholders, as
                                         reported in Formula&#8217;s annual or quarterly financial statements, shall not be less
                                         than $215 million (as of December&#160;31, 2021, Formula equity attributable to Formula
                                         Systems&#8217; shareholders was approximately $541.0 million); (ii) Formula&#8217;s net
                                         financial indebtedness (financial indebtedness offset by cash, marketable securities,
                                         deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined
                                         as financial indebtedness, net, plus total equity) (as of December&#160;31, 2021 Formula&#8217;s
                                         net financial indebtedness was 5.9% of net CAP); (iii) the ratio of Formula&#8217;s net
                                         financial indebtedness to the last twelve-months period EBITDA will not exceed 5 (all
                                         based on the Company&#8217;s quarterly and annual consolidated financial statements)
                                         (as of December&#160;31, 2021 the ratio of Formula&#8217;s net financial indebtedness
                                         to EBITDA was 0.22); and (iv) at all times, Formula&#8217;s cash balance on a stand-alone
                                         basis will not be less than the semi annual interest payments for the unpaid principal
                                         amount of Series A and Series C Secured Debentures (as of December&#160;31, 2021 Formula&#8217;s
                                         cash balances exceed the semi annual interest payments amount).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
                                         events of default, including, among others:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspension
                                         of trading of the debentures on the TASE over a period of 60 days;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent
                                         rating of other rating agencies;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                         to have the debentures rated over a period of 60 days;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         there is a change in control without consent of the rating agency; and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If Formula fails to continue to control any of its subsidiaries;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the context of Matrix&#8217;s engagements with banks and financial institutions for its credit facilities, Matrix has undertaken
to comply with the following financial covenants, as they are expressed in its financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total rate of Matrix financial debts and liabilities to banks with the addition of debts in respect of debentures that have been and/or will be issued by Matrix and shareholders&#8217; loans that have been and/or will be granted to Matrix (collectively, the &#8220;debts&#8221;) will not exceed 40% of its total balance sheet. As of December&#160;31, 2021 the ratio between Matrix&#8217;s financial debts and liabilities to banks versus Matrix total assets was 10.9%</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Matrix net debt to the annual EBITDA will not exceed 3.5. As of December&#160;31,
                                         2021, Matrix ratio of net debt to EBITDA was 0.79.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         equity shall not be lower than NIS 275,000 (approximately $88,424) at all times. As of
                                         December&#160;31, 2021 Matrix&#8217;s equity was approximately NIS 878,054 (approximately
                                         $282,332 million).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         cash and cash equivalents and short-term bank deposits shall not be less than NIS 50,000
                                         (approximately $16,077). In the context of Matrix&#8217; issuance of Commercial Securities
                                         which are not listed, Matrix committed to maintain at least NIS 300,000 (approximately
                                         $96,463) of liquid assets including unused approved bank credits. Such liquid assets
                                         should account for not less than NIS 200,000 of cash and cash equivalent and short-term
                                         bank deposit (approximately $64,309).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of December&#160;31, 2021, Matrix&#8217;s cash and cash equivalent and short-term bank
                                         deposits amounted to NIS 534,132 (approximately $171,747).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         has committed that the rate of ownership and control of Matrix IT-Systems shall never
                                         be below 50.1%.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
                                         will not create any pledge on all or part of its property and assets in favor of any
                                         third party and will not provide any guarantee to secure any third party&#8217;s debts
                                         as they are today and as they will be without the banks&#8217; consent (except for a
                                         first-rate fixed pledge on an asset which acquisition will be financed by a third party
                                         and which the pledge will be in his favor).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix will not sell and/or transfer all or part of its assets to others in any manner whatsoever without the banks&#8217; advance written consent unless it is done in the ordinary course of business.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the indenture for Sapiens&#8217; Series B Debentures, Sapiens has undertaken to maintain a number of conditions
and limitations on the manner in which it can operate its business, including limitations on its ability to undergo a change of
control, distribute dividends, incur a floating charge on its assets, or undergo an asset sale or other change that results in
fundamental change in its operations. Sapiens Series B Debentures deed of trust also requires it to comply with certain financial
covenants, as described below. A breach of the financial covenants for more than two successive quarters or a substantial downgrade
in the rating of the debentures (below BBB-) could result in the acceleration of Sapiens&#8217; obligation to repay the debentures.
The deed of trust includes the following provisions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         negative pledge, subject to certain exceptions;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a covenant not to distribute dividends unless (i) Sapiens equity attributable to Sapiens shareholders&#8217; shall not be less than $160 million - as of December&#160;31, 2021, Sapiens total shareholders&#8217; equity was approximately $408,702, (ii) Sapiens net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) does not exceed 65% of net CAP (defined as financial indebtedness, net, plus total equity) - as of December&#160;31, 2021 the ratio of net financial indebtedness to net capitalization was (36.78)%, (iii) the amount of accumulated dividends from the issuance date and going forward shall not exceed Sapiens net income for the year ended December&#160;31, 2016 and the first three quarters of the year ended December&#160;31, 2017, plus 75% of Sapiens accumulated profits from September&#160;1, 2017 and up to the date of distribution, and (iv) no event of default shall have occurred.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial covenants, including: (i) the equity attributable to the shareholders of Sapiens, as reported in its annual or quarterly financial statements, will not be less than $120 million (as of December&#160;31, 2021 Sapiens&#8217; shareholders equity was $408,702); (ii) Sapiens&#8217; net financial indebtedness (financial indebtedness offset by cash, marketable securities deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined as financial indebtedness, net, plus shareholders equity, including deposits and other liquid financial instruments) (as of December&#160;31, 2021 Sapiens&#8217; net financial indebtedness was (36.78%) of net CAP (36.78%) of net CAP); and (iii) the ratio of Sapiens&#8217; net financial indebtedness to EBITDA (based on accumulated calculation for the four last quarters) shall not exceed 5.5 (as of December 31, 2021 the ratio of Sapiens&#8217; net financial indebtedness to EBITDA was (1.27)). </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the loan with an Israeli financial institution, Magic Software has undertaken to comply with the following financial
covenants, as they will be expressed in its consolidated financial statements (in accordance with US GAAP):</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total equity attributable to Magic Software&#8217; shareholders shall not be lower than $100,000 at all times &#8211; as of December&#160;31, 2021 Magic Software shareholders&#8217; equity was $275,668.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
                                         Software&#8217;s consolidated cash and cash equivalents and marketable securities available
                                         for sale shall not be less than $10,000 &#8211; as of December&#160;31, 2021 Magic Software&#8217;s
                                         cash and marketable securities available for sale were $94,818.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Magic Software&#8217;s consolidated total financial debts to consolidated total
                                         assets will not exceed 50% - as of December&#160;31, 2021 Magic Software&#8217;s financial
                                         debts were 7.6% of its total assets;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ratio of Magic Software&#8217;s total financial debts less cash, short-term deposits
                                         and short-term marketable securities to the annual EBITDA will not exceed 3.25 &#8211;
                                         as of December&#160;31, 2021 the ratio of Magic Software&#8217;s net financial indebtedness
                                         to EBITDA was negative (-0.9) (cash exceeds indebtedness); and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic Software shall not create any pledge on all of its property and assets in favor of any third party without the financial institution&#8217;s consent.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; ">As
of December&#160;31, 2021, each of Formula, Matrix, Sapiens and Magic Software was in compliance with all of its financial covenants.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Legal
                                         proceedings</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">In September&#160;2016, an Israeli software company, which was previously involved in an arbitration proceeding with Magic Software in 2015 and won damages from it for $2.4 million, filed a lawsuit seeking damages of NIS 34,106 against Magic Software and one of its subsidiaries. This lawsuit was filed as part of an arbitration proceeding. In the lawsuit, the software company claimed that warning letters that Magic Software sent to its clients in Israel and abroad, warning those clients against the possibility that the conversion procedure offered by the software company may amount to an infringement of Magic Software&#8217;s copyrights (the &#8220;Warning Letters&#8221;), as well as other alleged actions, have caused the software company damages resulting from loss of potential business. The lawsuit is based on rulings given in the 2015 arbitration proceeding in which it was allegedly ruled that the Warning Letters constituted a breach of a non-disclosure agreement (NDA) signed between the parties. Magic Software rejected the claims by the Israeli software company and moved to dismiss the lawsuit entirely. In July&#160;2021 the arbitrator of this proceeding rendered his decision and determined that Magic Software should pay final damages in an amount of NIS5,316 (approximately <span style="font-style: normal; font-variant: normal; font-weight: normal; text-transform: none">NIS 1,650). Our financial results of operations of 2021 included a net impact of $1.6 million resulting from the arbitration expenses.</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On November&#160;23, 2020, Olir Trade and Industries Ltd. (&#8220;Olir&#8221;) filed a derivative action and a motion to certify a derivative action, with the District Court (Economic Division) of Tel Aviv-Jaffa, Israel (Derivative Action No. 58348-11-20) (the &#8220;Claim&#8221; and the &#8220;Motion to Certify&#8221;, respectively) (as reported in the Company&#8217;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on December&#160;9, 2020). In the framework of the Motion to Certify, Olir requested permission to file the Claim, on the Company&#8217;s behalf, against each of the Company&#8217;s five directors, as well as the Company&#8217;s chief executive officer (the &#8220;CEO&#8221;), Mr. Guy Bernstein, and chief financial officer, Mr. Asaf Berenstin (the &#8220;CFO&#8221;), as defendants. The Company and the named defendants are all listed as respondents to the Motion to Certify. The Claim challenges the legality, under the Israeli Companies Law, 5759-1999 (the &#8220;Companies Law&#8221;), of compensation awarded to the Company&#8217;s CEO and CFO, including past engagements with the CEO and the recent re-approval by the Company&#8217;s compensation committee and board of directors (as reported in the Company&#8217;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on November&#160;4, 2020), of the eight-year equity-based award of compensation&#8212;in the form of 611,771 restricted share units&#8212; to the Company&#8217;s CEO. The Claim includes allegations of breaches of fiduciary duties (duty of care and duty of loyalty) and the oppression of minority shareholders and unjust enrichment. The Claim seeks an accounting from the defendants as to the alleged harm caused to the Company, as well as compensation to the Company for such harm. The Claim also seeks a declaratory order preventing the board of directors from using voting powers allegedly granted to it under agreements related to the Company&#8217;s ADSs. The Company rejects all claims made by Olir and believe that all actions taken by its board of directors and its committees were taken in accordance with the Companies Law and based upon advice of legal counsel. All respondents intend to vigorously defend against the Motion to Certify and on May&#160;13, 2021 all respondents filed their responses to the Motion to Certify.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On
May&#160;19, 2021 the Company filed a motion asking the court to order Olir to deposit a guarantee for our costs in the proceedings.
On June&#160;23, 2021 Olir filed its response to the motion. A pre-trial hearing is scheduled for June&#160;2, 2022. The Company
and Olir started mediation proceedings with the first mediation meeting taken place on February&#160;16, 2022. At this early stage
of the proceedings, the Company cannot predict the outcome of the proceedings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On December&#160;24, 2019, a motion for the approval of a class action (#60508-02-20), in an amount of NIS 793,800, was filed against Zap Group with the Israeli District Court (central district), claiming that Zap Group allegedly generated income illegally from paying customers through the &#8216;ZAP Group&#8217;s price comparison&#8217; website. At the pre-trial hearing, it was decided that the plaintiffs would file an explanation to the court as to why they believe they were fit to serve as class action plaintiffs and give an explanation as to why they have performed prohibited clicks on their competitor&#8217;s websites through ZAP Group&#8217;s website. In addition plaintiffs were requested to update whether they are willing to reduce the amount of the claim. On July&#160;15, 2021, the plaintiffs filed a motion to reduce the amount of the claim to NIS 63,000. On December&#160;15, 2021, a pre-trial hearing took place, in which the court clarified that it does not intend to interfere with Zap Group&#8217;s business considerations regarding the click filtering mechanisms that it operates. The court recommended that the plaintiffs reach an agreed solution with Zap Group on the issue of the necessary disclosure that Zap Group should include in its contracts with customers (as available on its website). The parties were requested to file a joint notice in accordance with the court&#8217;s recommendation by January&#160;15, 2022. The plaintiffs submitted a request for an extension to file the notice. On April&#160;5, 2022, the plaintiffs filed a notice with the court stating that they had not reached agreement with Zap Group and therefore seek to set the case for evidentiary hearing. A date for a hearing has not yet been set. As this claim was filed against Zap Group prior to its acquisition by Formula, any liability resulting from it is covered by the indemnification provided to Formula by the former shareholders of Zap Group.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; ">In
addition to the above-described legal proceedings, from time to time, Formula and/or its subsidiaries and affiliates are subject
to legal, administrative and regulatory proceedings, claims, demands and investigations in the ordinary course of business, including
claims with respect to intellectual property, contracts, employment and other matters. The Group accrues a liability when it is
both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment
is required in the determination of both the probability and as to whether a loss is reasonably estimable. These accruals are
reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel
and other information and events pertaining to a particular matter. The Group intends to defend itself vigorously against the
above claims, and it generally intends to vigorously defend any other legal claims to which it is subject. While for most litigations,
the outcome is difficult to determine, to the extent that there is a reasonable possibility that the losses to which the Group
may be subject could exceed the amounts (if any) that it has already accrued, the Group attempts to estimate such additional loss,
if reasonably possible, and disclose it (or, if it is an immaterial amount, indicate accordingly). The aggregate provision that
the Group has recorded for all other legal proceedings (other than the particular material proceedings described above) is not
material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Royalty
                                         commitments</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
Technologies (1982) Ltd. (&#8220;Sapiens Technologies&#8221;), a wholly owned subsidiary of Sapiens incorporated in Israel, was
partially financed under programs sponsored by the Israel Innovation Authority (&#8220;IIA&#8221;), formerly the Office of the
Chief Scientist (&#8220;OCS&#8221;) for the support of certain research and development activities conducted in Israel. In exchange
for participation in the programs by the IIA, Sapiens Technologies agreed to pay 3.5% of total net consolidated license and maintenance
revenue and 0.35% of the net consolidated consulting services revenue related to the software developed within the framework of
these programs based on an understanding with IIA reached in January&#160;2012. The royalties will be paid up to a maximum amount
equaling 100%-150% of the grants provided by the IIA, linked to the dollar, and for grants received after January&#160;1, 1999,
bear annual interest at a rate based on LIBOR.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2020 and 2021, the Group had contingent liabilities to pay royalties of $6,014 and $5,454, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Insurance</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries and affiliates insure themselves in bodily injury and property damage insurance policies, including
third party, professional liability and employer&#8217;s liability insurance policies. Formula, Sapiens, Magic Software, Zap Group,
Insync, Michpal and Ofek directors and officers (D&amp;O) are insured under an &#8220;umbrella&#8221; policy for insurance of
directors and officers including D&amp;O side A DIC policy (another layer of protection for officers) acquired by the Company
for itself and its subsidiaries, for a period of 12 months from February&#160;14, 2021.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730603112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract', window );"><strong>Disclosure of share capital, reserves and other equity interest [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">EQUITY</a></td>
<td class="text"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
20:- equity</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
composition of the Company&#8217;s share capital is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares, NIS 1 par value each</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,862,887</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,294,267</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,862,887</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,294,267</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s ordinary shares, par value NIS 1 per share, are traded on the TASE, and Formula&#8217;s ADSs, each representing one ordinary share, are traded on the NASDAQ.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula holds 568,620 of its own ordinary shares.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2019, Formula declared a cash dividend of approximately $7,953 (or $0.52 per share) to shareholders of record on September&#160;12, 2019 that was paid on September&#160;25, 2019.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November&#160;2019, Formula declared a cash dividend of approximately NIS 24,471 (approximately $7,079) or NIS 1.6 per share (approximately $0.46 per share) to shareholders of record on December&#160;24, 2019 that was paid on January&#160;8, 2020.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2020, Formula declared a cash dividend of approximately NIS 27,071 (approximately $7,960) or NIS 1.77 per share (approximately $0.52 per share) to shareholders of record on September&#160;3, 2020 that was paid on September&#160;16, 2020.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February&#160;2021, Formula declared a cash dividend of approximately NIS 33,036 (approximately $10,155) or NIS 2.16 per share (approximately $0.66 per share) to shareholders of record on February&#160;18, 2021 that was paid on March&#160;4, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August&#160;2021, Formula declared a cash dividend of approximately NIS 38,694 (approximately $11,932) or NIS 2.53 per share (approximately $0.78 per share) to shareholders of record on September&#160;1, 2021 that was paid on September&#160;22, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         information concerning Formula&#8217;s employees and officers share-based plans, see
                                         Note 17.</span></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725528536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfIncomeTaxTextBlockAbstract', window );"><strong>Disclosure of income tax [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">INCOME TAX</a></td>
<td class="text"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
21:- INCOME TAX</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
                                         taxation:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Corporate
                                         tax rate in Israel</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
income of Israeli companies was generally subject to corporate tax at the rate of 23% in 2019, 2020 and in 2021. Some of our Israeli
subsidiaries are eligible for certain tax benefits, as described below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (the
                                         &#8220;Law&#8221;):</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Amendment
73 to the law</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December&#160;2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018
Budget Years) 2016, which includes Amendment 73 to the Law for the Encouragement of Capital Investments (the &#8220;2017 Amendment&#8221;)
was published and was pending the publication of regulations, in May&#160;2017 regulations were promulgated by the Finance Ministry
to implement the &#8220;Nexus Principles&#8221; based on OECD guidelines published as part of the Base Erosion and Profit Shifting
(BEPS) project. Following the publication of the regulations the 2017 Amendment became fully effective. According to the 2017
Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of the group
companies is less than NIS 10 billion, shall be subject to 12% tax rate on income derived from intellectual property (in development
area A&#8212;a tax rate of 7.5%). In order to qualify as a Preferred technological enterprise certain criterion must be met, such
as a minimum ratio of annual R&amp;D expenditure and R&amp;D employees, as well as having at least 25% of annual revenues derived
from exports.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a Special Preferred Technology
Enterprise (&#8220;SPTE&#8221;) (an enterprise for which, among others, total consolidated revenues of its parent company and
all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on PTI regardless of the
company&#8217;s geographic location within Israel. In addition, a SPTE will enjoy a reduced corporate tax rate of 6% on capital
gain derived from the sale of certain &#8220;Benefited Intangible Assets&#8221; to a related foreign company if the Benefited
Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company on or
after January&#160;1, 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
from 2017 under Amendment 73 to the Investment Law, part of the Group&#8217;s taxable income in Israel is entitled to a preferred
12% tax rate. Since 2019, under SPTE the tax rate for part of the Group&#8217;s taxable income in Israel has been reduced to a
6% corporate tax rate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
74 to the Encouragement Law:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;15, 2021, the Economic Efficiency Law (Legislative Amendments for Achieving Budget Targets for the 2021 and 2022
Budget Years), 2021 (the &#8220;Economic Efficiency Law&#8221;), was enacted. This Law establishes a temporary order allowing
Israeli companies to release tax-exempt earnings (&#8220;trapped earnings&#8221; or &#8220;accumulated earnings&#8221;) accumulated
until December&#160;31, 2020, through a mechanism established for a reduced corporate income tax rate applicable to those earnings
(the &#8220;Temporary Order&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the reduced corporate income tax (CIT) rate, Article 74 to the Encouragement Law was amended whereby effective from
August&#160;15, 2021, for any dividend distribution (including a dividend as per Article 51B to the Encouragement Law) by a company
which has trapped earnings, there will be a requirement to allocate a portion of that distribution to the trapped earnings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax-exempt income is attributable to certain Group members&#8217; previous status as &#8220;Approved Enterprise&#8221; and &#8220;Benefited
Enterprise&#8221;. Such tax-exempt income cannot be distributed to shareholders without subjecting the Company to payable income
taxes. If dividends are distributed from previous tax-exempt profits, the Company will be liable for income tax at the rate applicable
to its profits from the Approved Enterprise in at the tax rate enacted in the year in which the income was earned.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Temporary Order, the reduction of CIT will apply to earnings that are released (with no requirement for an actual distribution)
within a period of one year from the date of enactment of the Temporary Order. The reduction in the CIT is dependent on the proportion
of the trapped earnings that are released in relation to the total trapped earnings, and on the applicable CIT rate in the years
the earnings were generated. Consequently, the larger the proportion of the trapped earnings that are released, the lower the
tax in respect of the distribution. The minimum tax rate is 6%. Further, a company that elects to pay a reduced CIT is required
to invest in its industrial enterprise a designated amount in accordance with the Economic Efficiency Law within a period of five
years commencing from the tax year in which the election is made. The designated investment should be utilized for the acquisition
of production assets, and/or investments in research and development and/or compensation to additional new employees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to ASC 740, a deferred tax liability would generally be recorded relating to corporate taxes that would be owed on the distribution
of profits if management has currently the intention to declare dividends of its tax-exempt earnings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Sapiens elected to benefit from the Temporary Order and pay the reduced CIT as per the provisions of the Economic Efficiency
Law in respect of its total accumulated tax-exempt earnings amounting to NIS 109,000 (approximately $35,048), and accordingly
recognized deferred tax liability of $3,531.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Tax
                                         benefits under the Israeli Law for the Encouragement of Industry (Taxes), 1969</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is Formula&#8217;s management&#8217;s belief that certain of its Israeli operations currently qualify as Industrial Companies
within the meaning of the Law for the Encouragement of Industry (Taxes), 1969 (the &#8220;Industrial Encouragement Law&#8221;).
The Industrial Encouragement Law defines an &#8220;Industrial Company&#8221; as a company that is resident in Israel and that
derives at least 90% of its income in any tax year, other than income from defense loans, capital gains, interest and dividends,
from an enterprise whose major activity in a given tax year is industrial production. Under the Industrial Encouragement Law,
the Company is entitled to amortization of the cost of purchased know-how and patents over an eight-year period for tax purposes
as well as accelerated depreciation rates on equipment and buildings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
for the benefits under the Industrial Encouragement Law is not subject to receipt of prior approval from any governmental authority.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Foreign
                                         Exchange Regulations</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Foreign Exchange Regulations, certain Israeli subsidiaries of the Group calculate their tax liability in dollars according
to certain orders. The tax liability, as calculated in dollars is translated into NIS according to the exchange rate as of December&#160;31
of each year for tax purposes only.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Structural
                                         changes in Matrix</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;11, 2020, a tax ruling was signed determining that effective December&#160;31, 2019 as part of a merger process, three
subsidiaries of Matrix will transfer all their assets and liabilities subject to the provisions of section&#160;103 of the Income
Tax Ordinance. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Israeli
                                         subsidiaries:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Israeli
subsidiaries are taxed according to the tax laws in their respective country of residence. Deferred income taxes were provided
in relation to undistributed earnings of non-Israeli subsidiaries, which the Group intends to distribute in the near future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group intends to permanently reinvest undistributed earnings in the foreign subsidiaries in which earnings arose, in the vast
majority of its subsidiaries. If the earnings, for which deferred taxes were not provided, were distributed in the form of dividends
or otherwise, the Group would be subject to additional Israeli income taxes (subject to an adjustment for foreign tax credits)
and non-Israeli withholding taxes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of undistributed earnings of foreign subsidiaries that are considered to be reinvested as of December&#160;31, 2020 and
2021 was $114,569 and $157,464, respectively. However, a determination of the amount of the unrecognized deferred tax liability
for temporary difference related to those undistributed earnings of foreign subsidiaries is not practicable due to the complexity
of the structure of our group of subsidiaries for tax purposes and the difficulty of projecting the amount of future tax liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of cash and cash equivalents that were held by the Group&#8217;s subsidiaries outside of Israel and would have been subject
to income taxes if distributed as dividend as of December&#160;31, 2020 and 2021 was $87,331 and $61,812, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         Reform - United States of America</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Tax Cuts and Jobs Act of 2017 (&#8220;TCJA&#8221;) was approved on December&#160;22, 2017. This legislation makes significant
changes to the U.S. Internal Revenue Code. Such changes include a reduction in the corporate tax rate and limitations on certain
corporate deductions and credits, among other changes. The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the TCJA makes certain changes to the depreciation rules and implements new limits on the deductibility of certain expenses
and deduction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
TCJA introduced the rules for tax on the global intangible low-taxed income (&#8220;GILTI&#8221;) on foreign income in excess
of a deemed return on tangible assets of foreign corporations. One of our subsidiaries is subject to GILTI.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for one US subsidiary which has a share interest in a subsidiary in India, all of the Group&#8217;s other subsidiaries in the
United States do not have any foreign subsidiaries and, therefore, the remaining provisions of the TCJA have no material impact
on the Group&#8217;s results of operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         operating loss carried forward:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Formula and its subsidiaries have cumulative losses for tax purposes totaling approximately $184,523,
of which $143,355 was in respect of Israeli subsidiaries and approximately $41,168 of which was in respect of subsidiaries abroad.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Formula stand-alone had cumulative carry forward tax losses in Israel totaling approximately NIS 257,503
(approximately $82,798), which can be carried forward and offset against taxable income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Matrix had operating carry-forward tax losses totaling approximately NIS 85,483
(approximately $27,486), which resulted from Israeli operations and as such can be carried forward and offset against taxable
income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Magic Software had operating carry forward tax losses totaling approximately
$23,243, which can be carried forward and offset against taxable income in the future for an indefinite period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, certain subsidiaries of Sapiens had carry-forward tax losses totaling approximately $34,515. Most of
these carry-forward tax losses have no expiration date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Insync</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Insync did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Michpal</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Michpal did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Ofek</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021 Ofek did not have any carry forward tax losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Zap</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, Zap and certain of its subsidiaries had carry-forward tax losses totaling approximately NIS 22,008
(approximately $7,077). These carry-forward tax losses have no expiration date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                         tax assessments:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its subsidiaries are routinely examined by various tax authorities. Below is a summary of the income tax assessments of Formula
and its subsidiaries:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Formula</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
has received final tax assessments through the tax year 2018. Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
                                         Software</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software has received final tax assessments through the year 2016. Magic Software subsidiaries have received final tax assessments
(or assessments that are deemed final) through the tax year 2017.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
assessments filed by some of Sapiens&#8217; Israeli subsidiaries through the year 2016 are considered to be final. Sapiens is
currently under audit in several jurisdictions for the tax years 2017 and onwards. Timing of the resolution of audits is highly
uncertain and therefore, as of December&#160;31, 2021, the Company cannot estimate the change in unrecognized tax benefits resulting
from these audits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Zap
                                         Group</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group has received final tax assessments (or assessments that are deemed final) through the tax year 2018. Zap Group&#8217;s subsidiaries
have received final tax assessments (or assessments that are deemed final) through the tax year 2016.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         tax liabilities, net:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Presentation
                                         in consolidated statements of financial position</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,364</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(78,135</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(68,367</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,771</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,617</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Composition</span>:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    operating losses carried forward</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,775</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,377</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangibles,
    fixed asset and right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(82,313</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(78,885</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,362</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,358</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences
    in measurement basis (cash basis for tax purposes)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,084</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(683</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,321</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,216</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,771</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,617</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
                                         income:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic
    (Israel)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,213</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106,974</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,942</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,798</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,782</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,895</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184,011</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,837</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                         tax (tax benefit) consist of the following:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,956</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,015</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,181</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,342</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,254</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,980</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,269</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,201</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Theoretical
                                         tax:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents reconciliation between the theoretical tax expense, assuming that all income was taxed at statutory tax
rates, and the actual income tax expense, as recorded in the Group&#8217;s consolidated statements of profit or loss:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    before income taxes, as per the statement of operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184,011</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,837</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    tax rate in Israel</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    computed at the statutory tax rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,323</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,064</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,563</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-deductible
    expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,667</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,544</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">792</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of different tax rates</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">852</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(774</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,114</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
    of trapped earnings (see note 21(a)(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,531</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of &#8220;Approved, Beneficiary or Preferred Enterprise&#8221; status</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,426</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,557</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was
    provided, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(84</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,877</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,087</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    in respect of prior years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">891</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">280</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(569</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain
    tax positions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">401</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">285</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,889</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,629</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(581</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,118</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,269</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,201</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain
                                         tax positions:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the beginning and ending amount of total unrecognized tax benefits in Formula&#8217;s subsidiaries is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of January&#160;1, 2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,601</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(243</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,999</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2019</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,357</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,057</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,733</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,410</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,091</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,457</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,906</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,540</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group believes that it has adequately provided for any reasonably foreseeable outcomes related to tax audits and settlement,
there is no assurance that the final tax outcome of its tax audits will not be different from that which is reflected in the Group&#8217;s
income tax provisions. Such differences could have a material effect on the Group&#8217;s income tax provision, cash flow from
operating activities and net income in the period in which such determination is made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire balance of unrecognized tax benefits, if recognized, would reduce the Group&#8217;s annual effective tax rate.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfIncomeTaxTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfIncomeTaxTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIncomeTaxExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732187608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Financial Statement Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationAbstract', window );"><strong>Supplementary Financial Statement Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationTextBlock', window );">SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            22:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Supplementary
                                         Financial Statement Information</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
                                         of non-controlling interest in material partially<b>-</b>owned subsidiaries:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">161,947</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">147,662</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">320,448</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">306,684</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">153,706</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">150,808</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,726</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">638,827</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">605,342</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following table provides detailed breakdown of the Group&#8217;s financial income and
                                         expenses:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses related to liabilities in respect of business combinations</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,539</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,738</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,061</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses on loans and borrowings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,249</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,863</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,376</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    costs related to Debentures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,948</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,546</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,632</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses attributed to IFRS 16</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,873</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,367</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,195</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Bank
    charges, negative foreign exchange differences and other financial expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,385</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,930</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,179</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,994</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,444</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,443</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    income:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Income
    from marketable securities and embedded derivative</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,338</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">204</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">747</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    income from deposits, positive foreign exchange differences and other financial income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,651</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,355</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,044</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,989</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,559</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,791</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,005</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,885</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,652</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographical
                                         information:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group&#8217;s property and equipment is located as follows:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,221</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,105</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,144</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,517</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,820</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,303</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">211</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">283</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,490</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,968</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">56,886</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,176</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s revenues classified by geographic area (based on the location of customers) are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,506,566</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,203,109</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,047,265</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">International:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">591,794</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">501,785</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">462,803</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255,680</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">189,152</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">145,564</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Africa</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,012</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,702</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,336</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,890</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,282</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,925</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    (mainly Asia pacific)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,434</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,888</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,222</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
                                         per share:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the computation of basic and diluted net earnings per share for the Group:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Numerator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,585</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">46,776</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">38,820</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">53,974</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,969</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">37,457</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Denominator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; weighted average shares outstanding</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,290</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,286</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,190</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Effect
    of dilutive securities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">114</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">151</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; adjusted weighted average shares outstanding</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,404</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,292</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,341</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.57</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.05</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2.56</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.50</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.01</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2.44</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of supplementary financial statement information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732215928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating Segments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract', window );"><strong>Disclosure of entity's operating segments [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">OPERATING SEGMENTS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note
                            23:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">operating
                                         segments</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is engaged through seven directly held subsidiaries; Matrix; Sapiens; Magic Software; Michpal, Zap, Insync and Ofek; and
one jointly controlled entity: TSG, in providing software services, proprietary and non-proprietary software solutions, software
product marketing and support, computer infrastructure and integration solutions and training and integration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Matrix</span></b></span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
IT Ltd. is Israel&#8217;s leading IT services company. Matrix provides software solutions and services, software development projects,
outsourcing, integration of software systems and services, project management services and comprehensive consulting and management
services in complex infrastructure projects, urban and environment planning &#8211; all in accordance with its customers&#8217;
specific needs. Matrix also provides upgrading and expansion of existing software systems.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
operates through its directly and indirectly held subsidiaries in the following segments: (1) Information Technology (IT) Software
solutions and services, Consulting &amp; Management in Israel; (2) Information Technologies (IT) Software solutions and services
in the U.S; (3) Training and integration; (4) Computer and cloud infrastructure and integration solutions; and (5) Software product
marketing and support.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
software solutions and services in Israel provided by Matrix consist mainly of providing tailored software solutions and upgrading
and expanding mainly existing large-scale software systems. These services include, among others, developing customized software,
adapting software to the customer&#8217;s specific needs, implementing software and modifying it based on the customer&#8217;s
needs, outsourcing, software project management, software testing and QA and integrating all or part of the above elements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the activity in this segment includes project management consulting services and multi-disciplinary operational and engineering
consulting services, including supervision of complex engineering projects, all according to client specific needs as the scope
of work invested in each element varies from one customer to the other. In 2021, activity in software solutions and value-added
services in Israel accounted for approximately 54% of Matrix&#8217;s revenues and approximately 57% of its operating income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
Technologies (IT) Software solutions and services in the United States:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment are primarily providing software solutions and services of Governance Risk and Compliance (&#8220;GRC&#8221;)
experts, including activities on the following topics: risk management, management and prevention of fraud, anti-money laundering,
trade surveillance as well as, specialized advisory services in the area of compliance with financial regulation and operational
services, through Matrix-IFS (formerly Exzac Inc.), a wholly owned subsidiary of Matrix, as well as providing solutions and specialized
technological services in areas such as: portals, BI (Business Intelligence) DBA (Data Base Administration), CRM (Customer Relation
Management) and EIM (Enterprise Information Management). Furthermore, the activity in this segment includes dedicated solutions
for the GovCon Government contracting market, IT help desk services specializing in healthcare and software product distribution
services particularly IBM, BMC and Atlassian products to customers in the public-government sector in the U.S (mainly through
RightStar Inc.). In 2021, activity in the U.S accounted for approximately 8% of Matrix&#8217;s revenues and approximately 11%
of its operating income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Training
and integration:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment consist of operating a network of high-tech training and instruction centers which provide application
courses, professional training courses and advanced professional studies in the high-tech industry, courses of soft skills and
management training and provision of training and implementation of computer systems. Matrix also outsources IT services based
on graduates of its courses. In 2021, activity in training and integration accounted for approximately 4% of Matrix&#8217;s revenues
and for approximately 5% of its operating income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Computer
and cloud infrastructure and integration solutions:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment, is primarily providing computer solutions to computer and communications infrastructures, marketing
and sale of computers and peripheral equipment to business customers, providing related services, and cloud computing solutions
(through the business specializing unit of the Company - Cloud Zone) and a myriad of services regarding Database services and
Big data services (through the specialized business unit Data zone). In 2021, activity in computer and cloud infrastructure and
integration solutions accounted for approximately 28% of Matrix&#8217;s revenues and for approximately 19% of its operating income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software
product marketing and support:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
activities in this segment include marketing, distributing and support for various software products, the principal of which are
CRM, computer systems management infrastructures, web world content management, database and data warehouse mining, application
integration, database and systems, data management and software development tools. In 2021, activity in software product marketing
and support accounted for approximately 6% of Matrix&#8217;s revenues and approximately 8% of its operating income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Sapiens</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
is a leading global provider of software solutions for the insurance industry. Sapiens&#8217; extensive expertise is reflected
in its innovative software platforms, suites, solutions and services for property &amp; casualty (P&amp;C); life, pension &amp;
annuity (L&amp;A); reinsurance; financial and compliance (F&amp;C); workers&#8217; compensation (WC); and financial markets. Sapiens
offers a full digital suite that provides an end-to-end, holistic and seamless digital experience for carriers, agents, customers
and assorted insurance personnel, across multiple devices and technologies. Sapiens&#8217; offerings enable its customers to effectively
manage their core business functions &#8211; including policy administration, claims and billing &#8211;supporting insurers during
their digital transformation journeys. Sapiens portfolio also covers underwriting, illustration and electronic application. Furthermore,
Sapiens supplies decision management solutions tailored to a variety of financial services providers, so business users across
verticals can quickly deploy business logic and comply with policies and regulations throughout their organizations. Its platforms
possess modern, modular architecture and are digital-driven empowering customers to respond to the rapidly changing insurance
market and frequent regulatory changes, while improving the efficiency of their core operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Magic
                                         Software</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software is a global provider of: (i) software services and Information Technologies (&#8220;IT&#8221;) outsourcing software services;
(ii) proprietary application development and business process integration platforms; (iii) selected packaged vertical software
solutions; as well as (iv) cloud based services for end to end digital transformation. Magic Software&#8217;s technology is used
by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications quickly and cost effectively.
In addition, Magic Software&#8217;s technology enables enterprises to accelerate the process of delivering business solutions
that meet current and future needs and allow customers to dramatically improve their business performance and return on investment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to software services and IT outsourcing services, Magic Software offers a vast portfolio of professional services in the
areas of infrastructure design and delivery, application development, technology consulting planning and implementation services,
integration projects, project management, software testing and quality assurance, engineering consulting (including supervision
of engineering projects), support services, cloud computing for deployment of highly available and massively-scalable applications
and API&#8217;s and supplemental outsourcing services, all according to the specific needs of the customer, and in accordance
with the professional expertise required in each case.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Magic Software offers a variety of proprietary comprehensive packaged software solutions through certain of its subsidiaries
for (i) enterprise-wide and fully integrated medical platform (&#8220;Clicks&#8221;), specializing in the design and management
of patient-file oriented software solutions for managed care and large-scale health care providers. This platform aims to allow
providers to securely access an individual&#8217;s electronic health record at the point of care, and it organizes and proactively
delivers information with potentially real time feedback to meet the specific needs of physicians, nurses, laboratory technicians,
pharmacists, front- and back-office professionals and consumers; (ii) enterprise management systems for both hubs and traditional
air cargo ground handling operations from physical handling and cargo documentation through customs, seamless electronic data
interchange, or EDI communications, dangerous goods, special handling, track and trace, security to billing (&#8220;Hermes&#8221;);
(iii) enterprise human capital management, or HCM, solutions, to facilitate the collection, analysis and interpretation of quality
data about people, their jobs and their performance, to enhance HCM decision making (&#8220;HR Pulse&#8221;); (iv) revenue management
and monetization solutions in mobile, wireline, broadband and mobile virtual network operator/enabler, or MVNO/E (&#8220;Leap&#8221;);
(v) comprehensive systems for managing broadcast channels in the area of TV broadcast management through cloud-based on-demand
service or on-premise solutions; (vi) comprehensive solution for sales and distribution field activities, such as order taking,
route accounting, trade marketing, retail execution, proof of deliveries and B2B E-commerce (&#8220;Mobisale&#8221;); and (vii)
comprehensive solution for efficient management of all types of rehabilitation centers (&#8220;Nativ&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software solutions are used by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications
quickly and cost effectively. In addition, its technology enables enterprises to accelerate the process of delivering business
solutions that meet current and future needs and allow customers to dramatically improve their business performance and return
on investment. Its software solutions include application platforms for developing and deploying specialized and high-end large-scale
business applications (Magic xpa application platform, formerly branded uniPaaS, Appbuilder and Magic SmartUX), an integration
platform that allows the integration and interoperability of diverse solutions, applications and systems in a quick and efficient
manner (Magic xpi business and process integration platform, formerly branded iBOLT), Magic BusinessEye &#8211; a cloud-based
platform for all verticals enabling smooth end-to-end digital transformation and full organizational business intelligence and
FactoryEye - a proprietary high performance, low-code, flexible, hybrid platform for manufacturers based on existing infrastructure
enabling real-time virtualizations of all production data and advanced analytics (based on machine learning) for improved productivity
and competitive advantage. These solutions enable Magic Software customers to improve their business performance and return on
investment by supporting the affordable and rapid delivery and integration of business applications, systems and databases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software products and services are available through a global network of regional offices, independent software vendors, system
integrators, distributors and value-added resellers as well as original equipment manufacturers and consulting partners in approximately
50 countries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Insync</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InSync
is a U.S based national supplier of employees to Vendor Management Systems (VMS) Workforce Management Program accounts. Insync
specializes in providing professionals in the following areas; Accounting and Finance, Administrative, Customer Service, Clinical,
Scientific and Healthcare, Engineering, Manufacturing and Operations, Human Resources, IT Technology, LI/MFG, and Marketing and
Sales. InSync currently supports more than 30 VMS program customers with employees in over 40 states.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Michpal</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michpal,
an Israeli registered company, is a developer of proprietary, on-premise payroll software solution for processing traditional
payroll stubs to Israeli enterprises and payroll service providers. Michpal also developed several complementary modules such
as attendance reporting, which are sold to its customers for additional fees. Together with its subsidiaries Unique Software Industries
Ltd, a software development and services company, providing integrated solutions in the field of payroll for more than 30 years,
including pay-stubs, pension services management, education funds management, and software solutions for managing employee attendance,
and Effective Solutions Ltd Michapl also provides consulting services in the fields of operational cost savings and procurement,
as well as salary control and monitoring a payroll, labor, pensions, social security and employee income tax matters. As of December&#160;31,
2021, Michpal serves approximately 8,000 customers, most of which are long-term customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Zap
Group</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group, is Israel&#8217;s largest group of consumer websites which manages more than twenty leading consumer websites from diverse
content worlds with a total of more than 17 million visits per month, including Zap Price Comparison website, Zap Yellow Pages
(the largest business index in Israel) and Zap Rest (Israel&#8217;s restaurants index). Zap Group, an Israeli private company,
provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access to
an E-commerce platform to allow them engage with their consumers. Zap Group serves over 400,000 listed businesses on its platforms;
approximately 16,000 of them are paying customers. The websites managed and offered by Zap Group offer consumers a user-friendly
search experience with a variety of advanced tools, which enable them to make educated purchase decisions in the best and most
informed way.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Digital
Solutions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access
to an E-commerce platform that allows them to engage with their consumers. Zap Group regularly seeks to develop attractive digital
solutions, which it believes to have market potential for small and medium businesses and their end user. All of Zap Group&#8217;s
investments in this area have been proven, where we believe we can leverage our experience to enhance product positioning and
increase market penetration. We provide our management and technical and financial expertise, marketing experience to help bring
these products to market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E-commerce
Solutions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides an e-commerce platform for approximately 1,500 large, medium and small businesses, which operate stores in Israel.
The platform, both website and application, allow end users to compare prices of the various stores for over 1.2 million products
in 650 categories. The platform provides to more than 120 million visiting end users annually, 300,000 reviews of stores and products
and 5,000 quality guides (videos and articles), which allow them to engage through the platform directly with the stores for a
purchase of a certain product they looked at through the platform. Total online purchases through the platform is estimated at
approximately NIS 2 billion annually, which is estimated at 14% out of total online purchase volume in Israel (not including food
and beverage).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Zap Group launched a new website for car sellers and buyers, which provides a marketplace where buyers can explore on one
website various options for buying a second-hand car (B2C). The platform allows the buyer to compare prices, specs, financing,
peripheral services, accessories and overall packages. The Online, real-time supply availability enables transparency, and also
provides the buyer an aggregated view of specific sellers and agencies and a direct contact with a large pool of sellers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Digital
platforms</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services through 18 websites for medium and small businesses in 1,600 business
categories in Israel, including doctors, lawyers, and other service and product providers. The platform, both website and application
allow end users to contact directly with the service provider. The platform provides to more than 50 million visiting end users
annually, 200,000 reviews, 2,000 quality guides (videos and articles), 300 price lists, and 700 forums with more than 1.5 million
expert explanations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group also provides its customers other digital services as Search Engine Marketing (Pay Per Click Google and Facebook campaigns)
and Search Engine Optimization for their websites. Zap Group also provides website design services, creation of new websites on
various tools (ZAP-X), management of social media, online business cards (GMB), and big data services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restaurants
and events</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zap
Group provides digital advertising platforms and services for more than 17,000 restaurants listed and provides services for social
events. Approximately 2,500 of them are paying customers. The platform, both website and application allow end users to directly
contact the restaurant for table ordering, ordering of delivery or take away, to post visit reviews or explore the restaurant
menu, photo gallery and other content such as articles, etc. The platform provides to more than 30 million visiting end users
annually, approximately two million food deliveries, 200,000 reviews, 5,000 food and culinary articles (videos and articles),
and more than 0.5 million push updates annually.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZAP
Group provides digital advertising platform for domestic travel and hospitality businesses in Israel (the &#8220;Platform&#8221;).
The platform, both website and application, allows end users to order directly from the provider (hotel, guesthouse or attraction
service provider). The platform provides access to millions of visiting end users annually, to approximately 1,200 vacation and
leisure locations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Ofek</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
in 1987, Ofek is one of the leading companies in Israel in the fields of aerial and satellite mapping, geographic data collection
and processing, and provider of services in numerous geographic applications. Among Ofek&#8217;s customers are many government
authorities and foreign government. Ofek employs approximately 100 employees, all situated at Ofek&#8217;s headquarter in Natanya,
Israel, in multiple areas of expertise: geodetic engineers, software experts, geographers and aerial photo interpreters, GIS and
surveying engineers, 3D mapping and data processing experts. The company owns three aerial photography aircrafts equipped with
state-of-the-art mapping sensors. Ofek operates worldwide. It has successfully completed projects for various clients (government
and private) in Asia, America, Europe, Middle East and Africa, and it constantly involved in ongoing international geographic
projects. Ofek aerial photography has accumulated experience in managing and executing NSDI and GIS projects and surveys for detecting,
collecting and analyzing diverse geographic cadastral and environmental information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">TSG</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
is a global high<b>-</b>technology company engaged in high-end technical solutions for protecting the safety of national borders,
improving data gathering mechanisms, and enhancing communications channels for military, homeland security and civilian organizations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
operates primarily in the defense and homeland security arenas. The nature of military and homeland security actions in recent
years, including low intensity conflicts and ongoing terrorist activities, as well as budgetary pressures to focus on leaner but
more technically advanced forces, have caused a shift in the defense and homeland security priorities for many of TSG&#8217;s
major customers. As a result, TSG believes there is a continued demand in the areas of command, control, communications, computer
and intelligence (C4I) systems, intelligence, surveillance and reconnaissance (ISR) systems, intelligence gathering systems, border
and perimeter security systems, cyber-defense systems. There is also a continuing demand for cost-effective logistic support and
training and simulation services. TSG believes that its synergistic approach of finding solutions that combine elements of its
various activities positions it to meet evolving customer requirements in many of these areas. TSG tailors and adapts its technologies,
integration skills, market knowledge and operationally-proven systems to each customer&#8217;s individual requirements in both
existing and new platforms. By upgrading existing platforms with advanced technologies, TSG provides customers with cost-effective
solutions, and its customers are able to improve their technological and operational capabilities within limited budgets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG
markets its systems and products either as a prime contractor or as a subcontractor to various governments and defense and homeland
security contractors worldwide. In Israel, TSG sells its defense, intelligence and homeland security systems and products mainly
to the IMOD, which procures all equipment for the Israeli Defense Force (IDF).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Consolidated
Goodwill in material partially owned subsidiaries</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">306,421</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">290,662</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">406,498</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">409,646</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">146,803</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">135,682</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">36,108</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,758</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,292</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-205"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    consolidated subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,732</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,676</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">932,854</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Reporting
on operating segments</span>:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating segments are identified on the basis of information that is reviewed by the chief operating decision maker (&#8220;CODM&#8221;)
to make decisions about resources to be allocated and assesses its performance. The CODM has been identified as Formula&#8217;s
CEO. The CODM assess the performance of the Group based on each of the Group&#8217;s directly held subsidiaries and company accounted
for at equity operating income (or loss). Headquarters and finance expenses of Formula are allocated proportionally among the
investees. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2021:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,344,088</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">461,035</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">477,643</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,087</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,640</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">127,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(89,758</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,529</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-206"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,682</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-207"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-208"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-209"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(9,211</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-210"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,350,617</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">461,035</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">480,325</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,087</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,640</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">127,641</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(98,969</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,736</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,732</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,837</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,486</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,776</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,406</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">122,184</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">102,054</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,210</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,785</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,838</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,962</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,841</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,519</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">219,171</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(11,155</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">208,016</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(24,005</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">505</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(42,614</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,902</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2020:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,116,178</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">382,903</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">368,357</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,244</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-211"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,330</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(80,094</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,316</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-212"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,837</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-213"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-214"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-215"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(8,153</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-216"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,121,494</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">382,903</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">371,194</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,244</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-217"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,330</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(88,247</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">36,244</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,965</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,861</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,506</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-218"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,377</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,446</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,507</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84,181</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,337</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,757</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,333</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-219"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,753</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,455</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">174,906</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,265</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">170,641</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(26,885</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,535</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(31,269</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">114,022</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2019:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,005,721</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,674</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">322,401</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,271</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-220"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">117,245</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(91,197</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,986</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-221"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,229</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-222"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-223"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-224"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,215</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-225"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,009,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,674</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,630</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,271</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-226"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">117,245</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(98,412</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,780</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,196</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">17,584</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,500</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-227"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,158</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,286</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86,932</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,552</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,336</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,817</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,279</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-228"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,785</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,553</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,216</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,727</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">138,489</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(18,652</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,787</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(27,201</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">94,423</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732176856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract', window );"><strong>Disclosure of events after reporting period [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">SUBSEQUENT EVENTS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">NOTE
                            24:-</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SUBSEQUENT
                                         EVENTS</span></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March&#160;2022, Formula declared a cash dividend of approximately NIS 39,213 (approximately $11,930) or NIS 2.56 per share (approximately $0.78 per share) to shareholders of record on April&#160;12, 2022 that was paid on April&#160;26, 2022.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December&#160;2, 2021, Magic Software entered into a Share Purchase Agreement (&#8220;the Agreement&#8221;) to acquire 50.1% of the outstanding share capital of Vidstart Ltd. (&#8220;Vidstart&#8221;). Vidstart is a provider of a video advertising platform that offers personalized automated methods and real-time smart optimization, helping its clients achieve high yields in the competitive digital ecosystem. The final closing and execution of the Agreement occurred on January&#160;27, 2022. The total purchase price was approximately $11,292 in cash. Furthermore, according to the Agreement, Magic Software is obliged to purchase the remainder of Vidstart&#8217;s shares (30% on December&#160;31, 2022 and 19.9% on December&#160;31, 2023) for a price to be determined based on Vidstart&#8217;s future operating results during 2022 and 2023.</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March&#160;31, 2022, Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#8220;Bank Loan&#8221;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2021-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2021-en-r&amp;doctype=Standard&amp;dita_xref=IAS10_g17-22_TI<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736227288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting Policies, by Policy (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock', window );">Basis of presentation of the financial statements</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis of presentation of the financial statements</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#8220;IFRS&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements for the year ended December&#160;31, 2016 were the Company&#8217;s first consolidated financial statements
prepared in accordance with IFRS. The date of transition to IFRS was January&#160;1, 2015. For all periods up to and including
the year ended December&#160;31, 2015, the Company prepared its financial statements in accordance with United States generally
accepted accounting principles (&#8220;U.S. GAAP&#8221;). Accordingly, the Company&#8217;s first consolidated financial statements
that comply with IFRS are applicable as of December&#160;31, 2016, together with the comparative period data for the year ended
December&#160;31, 2015.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial statements have been prepared on a cost basis, except for certain assets and liabilities such as: financial
assets measured at fair value through other comprehensive income; contingent liabilities related to business combination; and
other financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to present the profit or loss items using the function of expense method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UseOfEstimatesAndJudgmentsPolicyTextBlock', window );">Use of estimates, judgments and assumptions</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of estimates, judgments and assumptions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated financial statements requires management to make estimates, judgments, and assumptions, that have
an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses
in the financial statements. Such judgments, estimates and assumptions are related, but not limited to effective control, contingent
liabilities related to acquisitions, goodwill and identifiable intangible assets and their subsequent impairment analysis, determination
of fair value of put options of non-controlling interests, legal contingencies, research and development capitalization, classification
of leases, income tax uncertainties, deferred taxes, share-based compensation, as well as the determination of revenue recognition
from contracts accounted for based on the estimate of percentage of completion. The Company&#8217;s management believes that the
estimates, judgments, and assumptions used, are reasonable based upon information available at the time they are made. These estimates,
judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. Changes in accounting estimates are reported in the period of the change
in estimate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock', window );">Consolidated financial statements</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated financial statements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements comprise the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing
whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained
and ends when such control ceases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the investees, after being adjusted to comply with IFRS, are prepared for the same
reporting period and using consistent accounting treatment of similar transactions and economic activities. Any discrepancies
in the applied accounting policies are eliminated by making appropriate adjustments. Significant intragroup balances and transactions
and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Effective
control</span>:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a situation where the Company holds less than a majority of voting power in a given entity, but that power is sufficient to enable
the Company to unilaterally direct the relevant activities of such entity, then control is exercised. When assessing whether voting
rights held by the Company are sufficient to give it power, the Company considers all facts and circumstances, including: the
amount of those voting rights relative to the amount and dispersion of other vote holders; potential voting rights held by the
Company and other shareholders or parties; rights arising from other contractual arrangements; significant personal ties; and
any additional facts and circumstances that may indicate that the Company has, or does not have the ability to direct the relevant
activities when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has concluded that despite the lack of absolute majority of voting power at the general meetings of
shareholders of Matrix, Sapiens and Magic Software, in accordance with IFRS 10, these investees are controlled by the Company.
The conclusion regarding the existence of control during the years ended December&#160;31, 2019, 2020 and 2021 with respect to
Matrix, Sapiens and Magic Software, in accordance with IFRS 10, was made in accordance with the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Matrix</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Matrix, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Matrix&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Matrix&#8217;s independent auditors
for the next year, as well as approve Matrix&#8217;s financial statements and management&#8217;s report on operations; in accordance
with Matrix&#8217;s articles of association, the board of directors of Matrix is responsible for managing its current business
operations and is authorized to take substantially all decisions which are not specifically reserved to Matrix&#8217;s shareholders
by its articles of association, including the decision to pay out dividends; Matrix&#8217;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#8217;s chief executive officer who
serves as the chairman of Matrix&#8217;s board of directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Matrix:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix&#8217;s
shareholders structure may be considered dispersed because, apart from the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#8217;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#8217;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#8217;s other shareholders is relatively moderate
or low. The attendance by Matrix&#8217;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#8217;s shareholders&#8217;
meetings in recent years, it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares held by it in Matrix, the Company is
still able to influence the appointment of directors at Matrix and therefore may affect Matrix&#8217;s directions of development
as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sapiens</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Sapiens, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Sapiens&#8217; shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to appoint individual directors, choose Sapiens&#8217; independent auditors
for the next year, as well as approve the company&#8217;s financial statements and the management&#8217;s report on operations;
in accordance with Sapiens&#8217; articles of association, the board of directors of Sapiens is responsible for managing its current
business operations and is authorized to take substantially all decisions which are not specifically reserved to Sapiens&#8217;
shareholders by its articles of association, including the decision to pay out dividends. Sapiens&#8217; board of directors is
composed of 6 members, 3 of whom are independent directors, and one being Formula&#8217;s chief executive officer who serves as
the chairman of Sapiens&#8217; board of directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Sapiens:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens&#8217;
shareholders structure is dispersed because, apart from the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#8217;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#8217; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting. In accordance with voting patterns at Sapiens&#8217; shareholders&#8217; meetings in recent years,
it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore
it is of management&#8217;s opinion that despite the lack of an absolute majority of shares in Sapiens, the Company is still able
to influence the appointment of directors at Sapiens and therefore may affect Sapiens&#8217; directions of development as well
as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Magic
Software</span>:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conclusion regarding the existence of control in Magic Software, in line with IFRS 10, was made considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                         bodies of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of Magic Software&#8217;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting;
the annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Magic Software&#8217;s independent
auditors for the next year, as well as to approve Magic Software&#8217;s financial statements and the management&#8217;s report
on operations; in accordance with Magic Software&#8217;s articles of association, the board of directors of Magic Software is
responsible for managing Magic Software&#8217;s current business operations and is authorized to take substantially all decisions
which are not specifically reserved to Magic Software&#8217;s shareholders by its articles of association, including the decision
to pay out dividends; and, Magic Software&#8217;s board of directors is composed of 5 members, 2 of whom are external directors
as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent director and a fourth of whom is Formula&#8217;s
chief executive officer, who also serves as Magic Software&#8217;s chief executive officer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         structure of Magic Software:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Software&#8217;s shareholders structure is dispersed because, apart from the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#8217;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#8217;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#8217;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting. In accordance with voting patterns at
Magic Software&#8217;s shareholders&#8217; meetings in recent years, it is the Company&#8217;s management belief that achieving
such a high attendance seems unlikely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is management&#8217;s opinion that despite the lack of an absolute majority of shares in Magic Software, the Company is still
able to influence the appointment of directors at Magic Software and therefore may affect Magic Software&#8217;s directions of
development as well as its current business operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory', window );">Non-controlling interests</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling interests</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests in subsidiaries, represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Profit or loss
and components of other comprehensive income are attributed to the Company and to non-controlling interests. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as a change
in equity by adjusting the carrying amount of the non-controlling interests with a corresponding adjustment of the equity attributable
to equity holders of the Company less / plus the consideration paid or received.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory', window );">Business combinations and goodwill</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business combinations and goodwill:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combinations are accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of
the consideration transferred on the acquisition date with the addition of non-controlling interests in the acquiree. In each
business combination, the Company determines whether to measure the non-controlling interests in the acquiree based on their fair
value on the acquisition date or at their proportionate share in the fair value of the acquiree&#8217;s net identifiable assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
acquisition costs are carried to the statement of profit or loss as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a business combination achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining
control are measured at the acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the
prior investment on the date of achieving control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
consideration is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance
with IFRS 9, &#8220;Financial Instruments&#8221;. Subsequent changes in the fair value of the contingent consideration are recognized
in profit or loss. If the contingent consideration is classified as an equity instrument, it is measured at fair value on the
acquisition date without subsequent remeasurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests
over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory', window );">Investment in joint arrangements</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment in joint arrangements:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
arrangements are arrangements in which the Company has joint control. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         ventures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint ventures the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint
venture is accounted for by using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                         operations:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
joint operations the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities
relating to the arrangement. The Company recognizes in relation to its interest its share of the assets, liabilities, revenues
and expenses of the joint operation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition
method, including the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes
arising from this measurement, the accounting treatment of the related transaction costs and the recognition of goodwill or bargain
purchase gains. This applies to the acquisition of the initial interest and additional interests in a joint operation that represents
a business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates', window );">Investments in associates</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in associates:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associates
are companies in which the Group has significant influence over the financial and operating policies without having control. The
investment in an associate is accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock', window );">Investments accounted for using the equity method</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments accounted for using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s investments in associates and joint ventures are accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the equity method, the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition
changes in the Group&#8217;s share of net assets, including other comprehensive income of the associate or the joint venture.
Gains and losses resulting from transactions between the Group and the associate or the joint venture are eliminated to the extent
of the interest in the associate or in the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
relating to the acquisition of an associate or a joint venture is presented as part of the investment in the associate or the
joint venture, measured at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment
in the associate or in the joint venture as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company and of the associate or joint venture are prepared as of the same dates and periods. The accounting
policies applied in the financial statements of the associate or the joint venture are uniform and consistent with the policies
applied in the financial statements of the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the acquisition of an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted
for pursuant to the provisions of IFRS 9, the Group adopts the principles of IFRS 3 regarding business combinations achieved in
stages. Consequently, equity interests in the acquiree that had been held by the Group prior to achieving significant influence
or joint control are measured at fair value on the acquisition date and are included in the acquisition consideration while recognizing
a gain or loss resulting from the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity method is applied until the loss of significant influence in the associate or loss of joint control in the joint venture
or classification as investment held for sale.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the date of loss of significant influence or joint control, the Group measures any remaining investment in the associate or the
joint venture at fair value and recognizes in profit or loss the difference between the fair value of any remaining investment
plus any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment
on that date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory', window );">Functional currency, presentation currency and foreign currency</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional currency, presentation currency and foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional
                                         currency and presentation currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presentation currency of these consolidated financial statements of the Group is the U.S dollar (the &#8220;dollar&#8221;), since
the Company believes that financial statements in U.S dollars provide more relevant information to its investors and users of
the financial statements. The functional currency applied by Formula, on a stand-alone basis, until December&#160;31, 2018, was
the dollar. Following an examination and reevaluation of the primary economic environment in which it currently operates and expects
to continue operating and taking into consideration the recent trends and its forward-looking business strategy, in accordance
with the International Accounting Standard 21 (IAS 21), Formula concluded that its functional currency on a stand-alone basis
commencing January&#160;1, 2019 is the NIS. The functional currencies applied by Formula&#8217;s subsidiaries and companies accounted
for at equity are the currencies of the primary economic environment in which each one of them operates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated
at the closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented.
The resulting translation differences are recognized in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded
in other comprehensive income (loss).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain
(loss) from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon
the partial disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion
of the amount recognized in other comprehensive income is reattributed to non-controlling interests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions,
                                         assets and liabilities in foreign currency:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After
initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into
the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. Non-monetary
assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of
the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated
into the functional currency using the exchange rate prevailing at the date when the fair value was determined.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Cash equivalents</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash equivalents:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are considered highly liquid investments, including unrestricted short-term bank deposits with an original maturity
of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on
demand without penalty and which form part of the Group&#8217;s cash management. Cash and cash equivalent includes amounts held
primarily in New-Israeli Shekel, dollars, Euro, Japanese Yen, Indian Rupee and British Pound.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock', window );">Short-term and restricted deposits</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term and restricted deposits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
bank deposits are deposits with an original maturity of more than three months from the date of investment and which do not meet
the definition of cash equivalents. The deposits are presented according to their terms of deposit. Restricted deposits include
deposits used to secure certain subsidiaries&#8217; ongoing projects, as well as security deposits with respect to leases, and
are classified under other short-term and long-term receivables.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred
in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. Inventories are
mainly comprised of purchased merchandise and products which consist of educational software kits, computers, peripheral equipment
and spare parts. Cost is determined on the &#8220;first in - first out&#8221; basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group periodically evaluates the condition and aging of its inventories and makes provisions for slow-moving inventories accordingly.
No such impairments have been recognized in any period presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue recognition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue recognition:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction
price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected
on behalf of third parties (such as taxes).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the amount of revenue from contracts with customers, the Group evaluates whether it is a principal or an agent in
the arrangement. The Group is a principal when the Group controls the promised goods or services before transferring them to the
customer. In these circumstances, the Group recognizes revenue for the gross amount of the consideration. When the Group is an
agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of software licensing, maintenance services and post implementation consulting services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
software licensing transaction which does not require significant implementation services is considered a distinct performance
obligation as the customer can benefit from the software on its own or together with other readily available resources.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes revenue from software licensing transactions at a point in time when the Group provides the customer a right
to use the Group&#8217;s intellectual property as it exists at the point in time at which the license is granted to the customer.
The Group recognizes revenue from software licensing transactions over time when the Group provides the customer a right to access
the Group&#8217;s intellectual property throughout the license period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may generate revenue from sale of software licensing which includes significant implementation and customization services.
In such contracts the Group is normally committed to provide the customer with a functional IT system and the customer can only
benefit from such functional system, being the final product that would normally be comprised of proprietary licenses and significant
related services. Revenues from these contracts are based on either fixed price or time and material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
licensing transactions which involve significant implementation, customization, or integration of the Group&#8217;s software license
to customer-specific requirements, are considered as one performance obligation satisfied over-time. The underlying deliverable
is owned and controlled by the customer and does not create an asset with an alternative use to the Group. In addition, the Group
has enforceable right to payment for performance completed throughout the duration of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Group recognizes revenue from such contracts over time, using the percentage of completion accounting method. The Group recognizes
revenue and gross profit as the work is performed based on a ratio between actual costs incurred compared to the total estimated
costs for the contract. Provisions for estimated losses on uncompleted contracts are made during the period in which such losses
are first determined, in the amount of the estimated loss for the entire contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
post implementation and consulting services do not involve significant customization, the Group accounts for such services as
performance obligations satisfied over time and revenues are recognized as the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from maintenance is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided
by the Group&#8217;s performance. When payments from customers are made before or after the service is performed, the Group recognizes
the resulting contract asset or liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of hardware and infrastructure</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sale of hardware and infrastructure is recognized in profit or loss at the point in time when the control of the goods is
transferred to the customer, generally upon delivery of the goods to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Sale
of training and implementation services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from training and implementation services are recognized when the service is provided. revenue from training services in respect
of public courses whose operating range is up to 3 months will be recognized at the end of the course period. Revenues from training
services in respect of long-term courses will be recognized over the term of the course. Revenues from implementation projects
ordered by organizations will be recognized according to actual inputs (actually worked hours).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of contracts according to actual inputs</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from framework agreements for the performance of work according to actual inputs is recognized according to the hours invested.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenue
of fixed price contracts</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from fixed price contracts is recognized according to the completion rate method when all the following conditions are met: the
revenue is known or can be estimated reliably, the collection of income is expected, the costs involved in performing the work
are known or can be estimated, there is no material uncertainty about the Group&#8217;s ability to complete the work and, the
customer and the completion rate can be reliably estimated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies a cost-based input method for measuring the progress of performance obligations that are satisfied over time. In
applying this cost-based input method, the Group estimates the costs to complete contract performance in order to determine the
amount of the revenue to be recognized. These estimated costs include the direct costs and the indirect costs that are directly
attributable to a contract based on a reasonable allocation method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, the Group is unable to measure the outcome of a contract, but the Group expects to recover the costs incurred
in fulfilling the contract as of the reporting date. In such circumstances, the Group recognizes revenue to the extent of the
costs incurred as of the reporting date until such time the outcome of the contract can be reasonably measured. If a loss is anticipated
from a contract, the loss is recognized in full regardless of the percentage of completion.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration
from a customer in an amount that corresponds directly with the value to the customer of the Group&#8217;s performance completed
to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group
may recognize revenue in the amount it is entitled to invoice. Deferred revenues, which represent a contract liability, include
unearned amounts received under maintenance and support (mainly) and amounts received from customers for which revenues have not
yet been recognized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Allocating
the transaction price</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
contracts that consist of more than one performance obligation, at contract inception the Group allocates the contract transaction
price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone
selling price is the price at which the Group would sell the promised goods or services separately to a customer. The Group determines
the stand-alone selling price for the purposes of allocating the transaction price to each performance obligation by considering
several external and internal factors including, but not limited to, transactions where the specific performance obligation is
sold separately, historical actual pricing practices and geographies in which the Group offers its products and services. If a
specific performance obligation, such as the software license, is sold for a broad range of amounts (that is, the selling price
is highly variable) or if the Group has not yet established a price for that good or service, and the good or service has not
previously been sold on a stand-alone basis (that is, the selling price is uncertain), the Group applies the residual approach
whereby all other performance obligations within a contract are first allocated a portion of the transaction price based upon
their respective stand-alone selling prices, with any residual amount of transaction price allocated to the remaining specific
performance obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
consideration</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines the transaction price separately for each contract with a customer. When exercising this judgment, the Group
evaluates the effect of each variable amount in the contract, taking into consideration discounts, penalties, variations, claims,
and non-cash consideration. In determining the effect of the variable consideration, the Group normally uses the &#8220;most likely
amount&#8221; method described in the Standard. Pursuant to this method, the amount of the consideration is determined as the
single most likely amount in the range of possible consideration amounts in the contract. According to the Standard, variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Costs
of obtaining a contract</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to obtain certain contracts with customers, the Group incurs incremental costs in obtaining the contract (such as sales
commissions which are contingent on making binding sales). Costs incurred in obtaining the contract with the customer which would
not have been incurred if the contract had not been obtained and which the Group expects to recover are recognized as an asset
and amortized on a systematic basis that is consistent with the provision of the services under the specific contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss in respect of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount
of the asset exceeds the remaining amount of consideration that the Group expects to receive for the goods or services to which
the asset relates less the costs that relate directly to providing those goods or services and that have not been recognized as
expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract
are recognized as an expense when incurred if the amortization period of the asset is one year or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">A
significant benefit of financing</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain contracts, the Group provides the customer with financing for a period exceeding one year. In such circumstances, the
Group recognizes revenue based on the amount that reflects the price that would have been paid by the customer in cash on the
date of receipt of the goods or services, and the balance is recognized in finance income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
long-term advances are received for services which the Group is to provide in the future, the Group accrues interest on the advances
and recognizes finance expense over the expected period of the contract, provided that the contract contains a significant financing
component. As the advances are recognized in revenue, the Group also recognizes the accrued interest as part of revenue from services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which the Group does not separate the financing
component in transactions for which the period of financing is one year or less and recognizes revenue in the amount of the consideration
stated in the contract even if the customer pays for the goods or services before or subsequent to their receipt.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Revenues
that include warranty services</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain cases, the Group also provides a warranty for goods and services sold (i.e., extended warranties when the Group contractually
undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when the scope of which
is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications). The Group
has ascertained that such warranties granted by the Group meet the definition of service. The conclusion regarding the extended
nature of a warranty is made whenever the Group contractually undertakes to repair any errors in the delivered software within
a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. Under IFRS 15, the
fact of granting an extended warranty indicates that the Group provides an additional service. As such, the Group recognizes an
extended warranty as a separate performance obligation and allocates a portion of the transaction price to such service. In all
cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty
itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the
provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service.
Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance
service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be
deferred until the warranty service is actually fulfilled.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Disaggregation
of revenue</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
revenue include contracts primarily for the provision of supplies and services other than design, development, customization,
implementation, software maintenance and support and software updates associated with delivery of products or proprietary software.
It may be a stand-alone service contract or a service performance obligation which is distinct from a contract or performance
obligation for design, development, customization, support and upgrade or delivery of product. The Group&#8217;s service contracts
include contracts in which the customer simultaneously receives and consumes the benefits provided as the performance obligations
are satisfied. The Group&#8217;s service contracts primarily include operation-type contracts, outsourcing, consulting, remote
development services, digital advertising management, training and similar activities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by products and services was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proprietary
    software and related services</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">632,986</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">509,109</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">438,256</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    products and third party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">472,045</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">312,315</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">229,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Services</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,299,345</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,112,494</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,033,755</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by timing of revenue recognition was as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    and services transferred over time</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,072,841</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,697,312</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,518,221</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    transferred at a point in time</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">331,535</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">236,606</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">182,894</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants', window );">Government grants</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government grants:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants are recognized when there is reasonable assurance that the grants will be received, and the Group will comply with the
attached conditions. Government grants received from the Office of the Israel Innovation Authority (&#8220;IIA&#8221;), formerly
the Office of the Chief Scientist (&#8220;OCS&#8221;), are recognized upon receipt as a liability if future economic benefits
are expected from the research project that will result in royalty-bearing sales.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
liability for the loan is first measured at fair value using a discount rate that reflects a market participant rate of interest.
The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant
and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized
cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits
are expected from the research activity, the grant receipts are recognized as a reduction of the related research and development
expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each reporting date, the Group evaluates whether there is reasonable assurance that the liability recognized, in whole or in part,
will not be repaid (since the Group will not be required to pay royalties) based on the best estimate of future sales and using
the original effective interest method, and if so, the appropriate amount of the liability is derecognized against a corresponding
reduction in research and development expenses. Amounts paid as royalties are recognized as settlement of the liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock', window );">Debentures</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for outstanding principal amount of debentures as long-term liability, in accordance with IFRS 9, with current
maturities classified as a short-term liability. The Group identifies and separates equity components contains in convertible
debentures by first determining the liability component, in accordance with IAS 32, based on the fair value of an equivalent non-convertible
liability. The conversion component valued is being determined to be the residual amount. Debt issuance costs are capitalized
and reported as deferred financing costs, which are amortized over the life of the debentures using the effective interest rate
method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory', window );">Income tax</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         taxes:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts
attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized
or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible
carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting
date and a respective deferred tax asset is recognized to the extent that their utilization is probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
that would apply in the event of the disposal of investments in investees have not been considered in computing deferred taxes,
as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would
apply in the event of distribution of earnings by investees as dividends have not been considered in computing deferred taxes,
since the distribution of dividends does not involve an additional tax liability or since it is the Group&#8217;s policy not to
initiate distribution of dividends from a subsidiary that would trigger an additional tax liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted
for pursuant to IAS 12.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the
deferred taxes relate to the same taxpayer and the same taxation authority.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for
a period of time in exchange for consideration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group as lessee</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the Group recognizes on the commencement date of the lease a right-of-use asset and a
lease liability, excluding leases whose term is up to twelve months and leases for which the underlying asset is of low value.
For these excluded leases, the Group has elected to recognize the lease payments as an expense in profit or loss on a straight-line
basis over the lease term. In measuring the lease liability, the Group has elected to apply the practical expedient in the Standard
and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included
in a single contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance
with the provisions of IAS 19 and not as subleases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the
lease, if that rate can be readily determined, or otherwise using the Group&#8217;s incremental borrowing rate. After the commencement
date, the Group measures the lease liability using the effective interest rate method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already
made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost
model and depreciated over the shorter of its useful life and the lease term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the amortization periods of the right-of-use assets by class of underlying asset:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Mainly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-23</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of
IAS 36.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments that depend on an index</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the commencement date, the Group uses the index rate prevailing on the commencement date to calculate the future lease payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases in which the Group is the lessee, the aggregate changes in future lease payments resulting from a change in the index are
discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease
liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that
is, when the adjustment to the lease payments takes effect).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Variable
                                         lease payments</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense
as incurred when the Group is the lessee.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Lease
                                         extension and termination options</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that
the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that
the termination option will not be exercised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination
option, the Group remeasures the lease liability based on the revised lease term using a revised discount rate as of the date
of the change in expectations. The total change is recognized in the carrying amount of the right-of-use asset until it is reduced
to zero, and any further reductions are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                         modifications:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Group remeasures the
lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change
in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a lease modification reduces the scope of the lease, the Group recognizes a gain or loss arising from the partial or full reduction
of the carrying amount of the right-of-use asset and the lease liability. The Group subsequently remeasures the carrying amount
of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records
the change in the lease liability as an adjustment to the right-of-use asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment, net</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are<br/>
used in connection with plant and equipment. The cost of an item of property, plant and equipment comprises the initial estimate
of the costs of dismantling and removing the item and restoring the site on which the item is located.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, and peripheral equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 - 33</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Office
    furniture and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 - 33 (mainly 7)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14 - 15 (mainly 15)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
improvements are amortized using the straight-line method over the term of the lease (including option terms that are deemed to
be reasonably assured) or the estimated useful life of the improvements, whichever is shorter.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life, the depreciation method and the residual value of an asset are reviewed at least each year-end (at the end of the
year) and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. For impairment
testing of property, plant and equipment, see Note 2(20) below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory', window );">Intangible assets</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separately
acquired intangible assets are measured on initial recognition at cost, including directly attributable costs. Intangible assets
acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated
intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least
at each year end.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Research
and development expenditures</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
expenditures incurred in the process of software development are recognized in profit or loss when incurred. An intangible asset
arising from a software development project or from the development phase of an internal project is recognized if the Group can
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group&#8217;s
intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; how the intangible
asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete
the intangible asset; and the ability to measure reliably the respective expenditure asset during its development. The Group establishes
technological feasibility upon completion of a detailed program design or a working model.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product
basis. Amortization of capitalized software costs begin when development is complete, and the product is available for use or
for sale. The Group considers a product to be available for use when the Group completes its internal validation of the product
that is necessary to establish that the product meets its design specifications including functions, features, and technical performance
requirements. Internal validation includes the completion of coding, documentation and testing that ensure bugs are reduced to
a minimum. The internal validation of the product takes place a few weeks before the product is made available to the market.
In certain instances, the Group enters into a short pre-release stage, during which the product is made available to a selected
number of customers as a beta program for their own review and familiarization. Subsequently, the release is made generally available
to customers. Once a product is considered available for use, the capitalization of costs ceases and amortization of such costs
to &#8220;cost of sales&#8221; begins.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software costs are amortized on a product-by-product basis by the straight-line method over the estimated useful life of the software
product (between 5-7 years).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assesses the recoverability of its capitalized software costs on a regular basis by assessing the net realizable value of
these intangible assets based on the estimated future gross revenues from each product reduced by the estimated future costs of
completing and disposing of it, including the estimated costs of performing maintenance and customer support over its remaining
economical useful life using internally generated projections of future revenues generated by the products, cost of completion
of products and cost of delivery to customers over its remaining economical useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Other
intangible assets</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets excluding capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution
rights, brand names, acquired technology and patent, and are amortized over their useful lives using a method of amortization
that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful
life of intangible assets is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship, backlog and distribution rights</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Brand
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 &#8211; 8</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patents</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
or losses arising from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable.
If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite
to finite is accounted for prospectively as a change in accounting estimate, and on that date the asset is tested for impairment.
Commencing from that date, the asset is amortized systematically over its useful life.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non-financial assets</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment of non-financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the need to record an impairment of non-financial assets (property, plant and equipment, capitalized software
costs and other intangible assets, goodwill, investments in joint venture) whenever events or changes in circumstances indicate
that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount,
the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and
value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects
the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined
for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine
the asset&#8217;s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above,
shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization)
had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss
of an asset presented at cost is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following criteria are applied in assessing impairment of these specific assets:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
                                         in respect of subsidiaries:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each
of our cash-generating units that are expected to benefit from the synergies of the combination. The Group reviews goodwill for
impairment once a year, on December&#160;31, or more frequently if events or changes in circumstances indicate that there is an
impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is tested for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to
which the goodwill has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit
(or group of cash-generating units) to which goodwill has been allocated is less than the carrying amount of the cash-generating
unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for
goodwill cannot be reversed in subsequent periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
                                         in associate or joint venture using the equity method:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
application of the equity method, the Group determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Group determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
                                         assets with an indefinite useful life / capitalized development costs that have not yet
                                         been systematically amortized:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impairment test is performed annually, on December&#160;31, or more frequently if events or changes in circumstances indicate
that there is an impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December&#160;31, 2019, 2020 and 2021, no impairment indicators were identified.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction
costs are recorded in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies and measures the debt instruments in its financial statements on the basis of the following criteria:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Group&#8217;s business model for the management of financial assets; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         contractual cash flow characteristics of the financial asset.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at amortized cost when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to collect their contractual cash flows, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. After initial recognition, the instruments in this category are measured according to their
terms at amortized cost using the effective interest rate method, less any provision for impairment. On the date of initial recognition,
the Group may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured
at fair value through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through other comprehensive income when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell
the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Subsequent to the initial recognition, the instruments
in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate
differences, are recognized in other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">The
                                         Group measures debt instruments at fair value through profit or loss when</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through
other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from
fair value adjustments are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Equity
                                         instruments and other financial assets held for trading</span>:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other
financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured
at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity
instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present
subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss.
These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from
investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at
fair value through profit or loss. The Company distinguishes between two types of loss allowances: </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has not increased significantly since initial recognition,
                                         or whose credit risk is low - the loss allowance recognized in respect of this debt instrument
                                         is measured at an amount equal to the expected credit losses within 12 months from the
                                         reporting date; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                         instruments whose credit risk has increased significantly since initial recognition,
                                         and whose credit risk is not low - the loss allowance recognized is measured at an amount
                                         equal to the expected credit losses over the instrument&#8217;s remaining term.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has short-term financial assets such as trade receivables in respect of which the Group applies a simplified approach in
IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance
that is offset from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair
value through other comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded
in other comprehensive income and not as a reduction of the carrying amount of the financial asset in the statement of financial
position.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies the low credit risk simplification in IFRS 9, according to which the Group assumes the debt instrument&#8217;s credit
risk has not increased significantly since initial recognition if on the reporting date it is determined that the instrument has
a low credit risk, for example when the instrument has an external rating of &#8220;investment grade&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial assets:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derecognizes a financial asset when and only when:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         contractual rights to the cash flows from the financial asset expire; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has transferred substantially all the risks and rewards deriving from the contractual
                                         rights to receive cash flows from the financial asset or has neither transferred nor
                                         retained substantially all the risks and rewards of the asset, but has transferred control
                                         of the asset; or</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Group has retained its contractual rights to receive cash flows from the financial asset
                                         but has assumed a contractual obligation to pay the cash flows in full without material
                                         delay to a third party.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at amortized cost:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial
liability. After initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest
rate method, except for:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities at fair value through profit or loss, such as derivatives;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities that arise when a transfer of a financial asset does not qualify for derecognition
                                         or when the continuing involvement approach applies;</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         guarantee contracts; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         consideration recognized by an acquirer in a business combination as to which IFRS 3
                                         applies.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liabilities measured at fair value through profit or loss:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
initial recognition, the Group measures financial liabilities that are not measured at amortized cost at fair value. Transaction
costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
                                         of financial liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial liability is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires.
A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods
or services or is legally released from the liability. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
there is a modification in the terms of an existing financial liability, the Group evaluates whether the modification is substantial.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the terms of an existing financial liability are substantially modified, such modification is accounted for as an extinguishment
of the original liability and the recognition of a new liability. The difference between the carrying amounts of the above liabilities
is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the modification is not substantial, the Group recalculates the carrying amount of the liability by discounting the revised cash
flows at the original effective interest rate and any resulting difference is recognized in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsetting
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are offset and the net amount is presented in the statement of financial position if there is
a legally enforceable right to set off the recognized amounts and there is an intention either to settle on a net basis or to
realize the asset and settle the liability simultaneously. The right of set-off must be legally enforceable not only during the
ordinary course of business of the parties to the contract but also in the event of bankruptcy or insolvency of one of the parties.
In order for the right of set-off to be currently available, it must not be contingent on a future event, there may not be periods
during which the right is not available, or there may not be any events that will cause the right to expire.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compound
                                         financial instruments:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures which contain both an equity component and a liability component are separated
                                         into two components. This separation is performed by first determining the liability
                                         component based on the fair value of an equivalent non-convertible liability. The value
                                         of the conversion component is determined to be the residual amount. Directly attributable
                                         transaction costs are apportioned between the equity component and the liability component
                                         based on the allocation of proceeds to the equity and liability components.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
                                         debentures that are denominated in foreign currency contain two components: the conversion
                                         component and the debt component. The liability conversion component is initially recognized
                                         as a financial derivative at fair value. The balance is attributed to the debt component.
                                         Directly attributable transaction costs are allocated between the liability conversion
                                         component and the liability debt component based on the allocation of the proceeds to
                                         each component.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Put
                                         option granted to non-controlling interests:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group grants to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain
period, even if such purchase obligation is conditional on the counterparty&#8217;s exercise of its contractual right to cause
such redemption, if the put option agreement does not transfer to the Group any benefits incidental to ownership of the equity
instrument (i.e. the Group does not have a present ownership in the shares concerned) then at the end of each reporting period
the non-controlling interests (to which a portion of net profit attributable to non-controlling interests is allocated) are classified
as a financial liability, as if such put-able equity instrument was redeemed on that date. The difference between the non-controlling
interests carrying amount at the end of the reporting period and the present value of the liability is recognized directly in
equity of the Group, under &#8220;Additional paid-in capital&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group remeasures the financial liability at the end of each reporting period based on the estimated present value of the consideration
to be transferred upon the exercise of the put option.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the option is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability.
If the put option expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss
of control therein.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group has present ownership of the non-controlling interests, these non-controlling interests are accounted for as if they
are held by the Group, and changes in the amount of the liability are carried to profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair value measurement</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurement:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in
the asset&#8217;s or the liability&#8217;s principal market, or in the absence of a principal market, in the most advantageous
market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial
asset takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair
value hierarchy based on the lowest level input that is significant to the entire fair value measurement:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0.5in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</span></td>
    <td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quoted
    prices (unadjusted) in active markets for identical assets or liabilities.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    other than quoted prices included within Level 1 that are observable directly or indirectly.</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market
    data).</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory', window );">Treasury shares</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury shares:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
shares held by the Company and/or by investees are recognized at cost of purchase and presented as a deduction from equity. Any
gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are measured according
to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value
of money and, where appropriate, those risks specific to the liability. When the Group expects part or all of the expense to be
reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement
is virtually certain. The expense is recognized in the statement of profit or loss net of any reimbursement. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the types of provisions included in the financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
                                         claims:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision for claims is recognized when the Group has a present legal or constructive obligation as a result of a past event,
it is more likely than not that an outflow of resources embodying economic benefits will be required by the Group to settle the
obligation and a reliable estimate can be made of the amount of the obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent
                                         liability recognized in a business combination:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contingent liability in a business combination is measured at fair value upon initial recognition. In subsequent periods, it is
measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization, and the amount that
would be recognized at the end of the reporting period in accordance with IAS 37.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory', window );">Derivative financial instruments and hedging</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative financial instruments and hedging:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into contracts for derivative financial instruments such as forward currency contracts and options
contracts to hedge risks associated with foreign exchange rates resulting from international activities and interest rate fluctuations.
The derivative instruments primarily hedge or offset exposures to Euro, British Pound, Japanese Yen and New Israeli Shekel (&#8220;NIS&#8221;)
exchange rate fluctuations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s options and forward contracts do not qualify for hedging accounting. Any gains or losses arising from changes in
the fair values of the derivatives are recorded immediately in profit or loss as financial income or expense.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee benefit liabilities</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee benefit liabilities:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains several employee benefit plans:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
                                         employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting
period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave,
recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect
of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment
as a result of past service rendered by an employee and a reliable estimate of the amount can be made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-employment
                                         benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula&#8217;s
and its Israeli subsidiaries and companies accounted for at equity (as defined with respect to their Israeli employee contribution
plans pursuant to section&#160;14 of Israel&#8217;s Severance Pay Law, 1963 (the &#8220;Severance Pay Law&#8221;)) pay fixed contributions
to those plans and will have no legal or constructive obligation to pay further contributions if the fund into which those contributions
are paid does not hold sufficient amounts to pay all employee benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed
concurrently with performance of the employee&#8217;s services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its Israeli subsidiaries and companies accounted for at equity also operate a defined benefit plan in respect of severance
or retirement pay to their Israeli employees pursuant to the Severance Pay Law. According to the Severance Pay Law, employees
are entitled to severance pay upon dismissal or retirement. The liability for termination of employment is measured using the
projected unit credit method. The actuarial assumptions include rates of employee turnover and future salary increases based on
the estimated timing of payment. The amounts are presented based on discounted expected future cash flows using a discount rate
determined by reference to market yields at the reporting date on high quality corporate bonds that are linked to Israel&#8217;s
Consumer Price Index with a term that is consistent with the estimated term of the severance pay obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of its severance pay obligation to certain of its employees, the Group makes current deposits in pension funds and insurance
companies (the &#8220;plan assets&#8221;). Plan assets comprise assets held by a long-term employee benefit fund or qualifying
insurance policies. Plan assets are not available to the Group&#8217;s own creditors and cannot be returned directly to the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liability for employee benefits shown in the statement of financial position reflects the present value of the defined benefit
obligation, less the fair value of the plan assets. Remeasurements of the net liability are recognized in other comprehensive
income in the period in which they occur.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
expenses for the years 2019, 2020 and 2021 were $37,218, $35,897 and $48,331, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         long-term employee benefits:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
employees of the Group are entitled to benefits in respect of adaptation grants. These benefits are accounted for as other long-term
benefits since the Group estimates that these benefits will be utilized and the Group&#8217;s respective obligation will be settled
during the employment period and more than twelve months after the end of the annual reporting period in which the employees rendered
the related service.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s net obligation for other long-term employee benefits, which is computed based on actuarial assumptions, is for the
future benefit due to employees for services rendered in the current period and in prior periods and considering expected salary
increases. The amount of these benefits is discounted to its present value. The discount rate is determined by reference at the
reporting date to market yields on high quality corporate bonds that are linked to the Consumer Price Index and whose term is
consistent with the term of the Group&#8217;s obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement
of the net obligation is recognized in the statement of comprehensive income in the incurred period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory', window );">Share-based payment transactions</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based payment transactions:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s employees and certain service providers are entitled to remuneration in the form of equity-settled share-based payment
transactions. The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted
at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost
of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the
period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees
become entitled to the award (the &#8220;vesting period&#8221;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Group&#8217;s best estimate of the number of equity instruments that will ultimately vest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other vesting conditions
(service and/or performance) are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification
that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service
provider at the modification date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a grant of an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not
yet recognized for the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified
as a replacement grant on the grant date, the canceled and new grants are accounted for as a modification of the original grant,
as described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Earnings per share</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings per share:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per share are calculated by dividing the net income attributable to equity holders of the Company by the weighted number of ordinary
shares outstanding during the period. Potential ordinary shares are included in the computation of diluted earnings per share
if their conversion decreases earnings per share from continuing operations. Potential ordinary shares that are converted during
the period are included in diluted earnings per share only until the conversion date and from that date in basic earnings per
share. The Company&#8217;s share of earnings of subsidiaries is included based on its share of earnings per share of the subsidiaries
multiplied by the number of shares held by the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock', window );">Concentration of credit risk</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents,
short-term bank deposits, restricted cash, trade receivables, marketable securities and foreign currency derivative contracts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
majority of the Group&#8217;s cash and cash equivalents, bank deposits, marketable securities and other financial instruments
are invested with major banks in Israel, the United States and across Europe. Management believes that these financial instruments
are held in financial institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these
investments. Cash and cash equivalents and short-term deposits in the United States may be in excess of insured limits and are
not insured in other jurisdictions. Generally, these banks deposits may be redeemed upon demand and therefore bear minimal risk.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s trade receivables are generally derived from sales to large organizations located mainly in Israel, North America,
Europe and Asia Pacific. The Group performs ongoing credit evaluations of its customers using a reliable outside source to determine
payment terms and credit limits which are approved based on the size of the customer and to date has not experienced any material
losses. In certain circumstances, Formula and its subsidiaries and companies accounted for at equity may require letters of credit,
other collateral or additional guarantees. From time to time, the Group&#8217;s subsidiaries sell certain of their accounts receivable
to financial institutions, within the normal course of business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains an allowance for doubtful accounts receivable based upon management&#8217;s experience and estimate of collectability
of each outstanding invoice. The allowance for doubtful accounts is determined with respect to specific debts or which collection
is doubtful. The risk of collection associated with accounts receivable is mitigated by the diversity and number of customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad
debt expense, net for the years ended December&#160;31, 2019, 2020 and 2021 was $1,176, $3,188 and $1,333 respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group enters into foreign exchange forward and option contracts intended to protect against the changes in value
of forecasted non-dollar currency cash flows. These derivative instruments are designed to offset a portion of the Group&#8217;s
non-dollar currency exposure (see Note 2 (25) above).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfLiquidityRiskPolicyTextBlock', window );">Liquidity risk</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity risk:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk arises from managing the Group&#8217;s working capital as well as from financial expenses and principal payments of the Group&#8217;s
debt instruments. Liquidity risk consists of the risk that the Group will have difficulty in fulfilling obligations relating to
financial liabilities. The Group&#8217;s policy is to ascertain constant cash adequacy needed for settling its liabilities when
due. For this purpose, the Group aims to hold cash balances (or adequate credit lines) that will meet anticipated demands.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formula
and its subsidiaries and companies accounted for at equity examine cash flow forecasts on a monthly basis as well as information
regarding cash balances. As of the reporting date, these forecasts indicate that the Group can expect sufficient liquid sources
for covering its entire liabilities under reasonable assumptions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory', window );">Changes in accounting policies - initial adoption of new financial reporting and accounting standards</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in accounting policies - initial adoption of new financial reporting and accounting standards:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                         to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2020, the IASB issued amendments to IFRS 9, &#8220;Financial Instruments&#8221;, IFRS 7, &#8220;Financial Instruments:
Disclosures&#8221;, IAS 39, &#8220;Financial Instruments: Recognition and Measurement&#8221;, IFRS 4, &#8220;Insurance Contracts&#8221;,
and IFRS 16, &#8220;Leases&#8221; (the &#8220;Amendments&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates
(IBORs) by alternative Risk Free Interest Rates (RFRs). The Amendments are effective for annual periods beginning on or after
January&#160;1, 2021. The Amendments are to be applied retrospectively. However, restatement of comparative periods is not required.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of the Amendments did not have an effect on the Group&#8217;s financial statements as of January&#160;1, 2021, since
the Group does not have any IBOR-based hedge transactions which could be affected by the IBOR reform.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                         amendment in April&#160;2021 to IFRS 16, &#8220;Leases&#8221;:</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the global Covid-19 crisis, in May&#160;2020, the IASB issued &#8220;Covid-19-Related Rent Concessions - Amendment to
IFRS 16, Leases&#8221; (the &#8220;2020 Amendment&#8221;). The objective of the 2020 Amendment is to allow a lessee to apply a
practical expedient according to which Covid-19 related rent concessions will not be accounted for as lease modifications but
as variable lease payments. The 2020 Amendment applies solely to lessees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Originally
the 2020 Amendment was applicable only to a reduction in lease payments due on or before June&#160;30, 2021. However, since the
Covid-19 pandemic has continued beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to
a reduction in lease payments due on or before June&#160;30, 2022 (the &#8220;2021 Amendment&#8221;). The other criteria for application
of the 2020 Amendment remain unchanged.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment applies to annual reporting periods beginning on or after April&#160;1, 2021. Early application is permitted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Amendment is to be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as
an adjustment to the opening balance of retained earnings at the beginning of the annual reporting period in which the lessee
first applies the 2021 Amendment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the Amendments will not have a material impact on the Group&#8217;s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory', window );">Financial statements have been reclassified</a></td>
<td class="text"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the prior years&#8217; financial statements have been reclassified to conform to the current year&#8217;s presentation.</span><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for concentration of credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy basis of presentation of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for consolidated financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for debentures policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for short-term and restricted deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments accounted for the using method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfLiquidityRiskPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfLiquidityRiskPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UseOfEstimatesAndJudgmentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy use of estimates anf judgments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UseOfEstimatesAndJudgmentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for business combinations and goodwill. [Refer: Business combinations [member]; Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for derivative financial instruments and hedging. [Refer: Financial instruments, class [member]; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for government grants, including the methods of presentation adopted in the financial statements. [Refer: Government [member]; Government grants]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 20<br> -IssueDate 2021-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=20&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments in associates. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for taxes other than income tax. [Refer: Tax expense other than income tax expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for transactions with non-controlling interests. [Refer: Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730749720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract', window );"><strong>Disclosure of general information about financial statements [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock', window );">Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of ownership</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48.92</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">49.28</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43.64</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43.96</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45.59</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45.53</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Insync</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">90.09</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">90.09</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Ofek</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">80.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86.02</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    Group</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-180"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s results of operations are reflected in the Company&#8217;s results of operations using the equity method of accounting.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about name of investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736172456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract', window );"><strong>Disclosure of significant accounting policies [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock', window );">Schedule of revenue by products and services</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Proprietary
    software and related services</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">632,986</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">509,109</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">438,256</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    products and third party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">472,045</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">312,315</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">229,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Services</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,299,345</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,112,494</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,033,755</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory', window );">Schedule of revenue by timing of revenue recognition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    and services transferred over time</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,072,841</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,697,312</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,518,221</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Products
    transferred at a point in time</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">331,535</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">236,606</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">182,894</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory', window );">Schedule of amortization periods of the right-of-use assets</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Mainly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-23</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock', window );">Schedule of useful life of the assets at annual rates</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Land
    and Buildings</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, and peripheral equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 - 33</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Office
    furniture and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 - 33 (mainly 7)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14 - 15 (mainly 15)</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock', window );">Schedule of useful life of intangible assets</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Years</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship, backlog and distribution rights</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Brand
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 &#8211; 15</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 &#8211; 8</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patents</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of useful life of the assets at annual rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of useful life of intangible assets rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the disaggregation of revenue from contracts with customers. [Refer: Revenue from contracts with customers]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2021-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e9031-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033726214440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Tables)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfProvisionalEstimatedConsideration', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash
    consideration</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">74,350</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    date fair-value of contingent consideration</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,089</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    consideration</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">75,439</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory', window );">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    institutions</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,480</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,648</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accrued
    expenses and other current liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">40,931</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,328</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">80,411</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">68,976</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_ZAPGroupLtdMember', window );">ZAP Group Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,171</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,735</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,565</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,152</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Trade
    names</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,642</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(10,984</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests in acquiree&#8217;s subsidiary</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,384</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,400</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">65,825</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_OfekAerialPhotographyLtdMember', window );">Ofek Aerial Photography Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,857</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,817</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">874</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    payable to former shareholder</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,069</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(34</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(995</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,481</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,931</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember', window );">Ofek [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,045</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,254</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Developed
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,517</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,266</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">163</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">58,120</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,800</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,742</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,962</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,877</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">72,984</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember', window );">Acquisition of sum.cumo GmbH (&#8220;sum.cumo&#8221;) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">466</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,730</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,211</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,521</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,506</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember', window );">Delphi Technology Inc. and its subsidiary [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,789</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,562</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,313</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,875</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,335</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember', window );">Calculo S.A.U [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,037</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">622</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,706</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_EnableITLLCMember', window );">EnableIT, LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory', window );">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(35</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,546</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">459</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,171</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,101</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,900</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember', window );">Menarva Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(129</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,750</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">194</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(787</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,477</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,505</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_SoftITLtdMember', window );">Soft IT Ltd.[Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(351</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationships</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">613</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(826</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(719</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">967</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired, net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">834</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember', window );">Aptonet Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">529</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,556</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,785</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,870</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember', window );">Stockell Information Systems, Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,051</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,616</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,047</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,714</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfMobisoftMagicHandsMember', window );">Acquisition of Mobisoft Magic Hands [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory', window );">Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net assets, excluding cash
    acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,069</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,553</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,718</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total assets acquired,
    net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,340</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_NetEffectsMember', window );">NetEffects [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">91</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,716</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,526</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,333</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember', window );">PowWow Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,557</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,855</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,145</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,443</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember', window );">OnTarget Group Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">444</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,908</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,276</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,380</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,456</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember', window );">AVB Technologies Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">234</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">101</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,030</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(237</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,114</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(338</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,584</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,260</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_ITDGroupLtdMember', window );">I.T.D. Group Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">179</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">781</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(321</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,574</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(155</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,136</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,132</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember', window );">SQ Service Quality Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">431</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(99</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(107</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Redeemable
    non-controlling interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(797</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,246</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">822</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember', window );">A.A Engineering Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">389</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,139</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(262</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(260</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(527</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,214</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,797</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember', window );">Gestetnertec Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,746</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank credit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(10,598</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(135</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liability
    to acquire non-controlling interests (put option)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(17,781</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">16,337</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,021</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,621</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,169</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember', window );">RightStar Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(763</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    liability in respect of business combinations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,077</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">354</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(95</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">922</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(659</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember', window );">Acquisition of Medatech Information Technologies Ltd. (&#8220;Medatech Technologies&#8221;) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,340</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,553</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,276</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Credit
    from banks and others</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,550</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(434</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,423</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,056</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember', window );">Dana Engineering Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(9,270</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,311</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,138</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(5,235</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,746</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(586</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember', window );">Liram Financial Software Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    liabilities</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(751</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(821</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,529</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,042</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,319</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember', window );">Unique Software Industries Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock', window );">Schedule of provisional estimated consideration</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    assets excluding cash acquired</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(244</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,425</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,547</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    assets acquired net of acquired cash</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,790</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of estimated fair values of the assets acquired and liabilities at the date of acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfProvisionalEstimatedConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfProvisionalEstimatedConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value measurement of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Paragraph 118<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_ZAPGroupLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_ZAPGroupLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_OfekAerialPhotographyLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_OfekAerialPhotographyLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_EnableITLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_EnableITLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_SoftITLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_SoftITLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfMobisoftMagicHandsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfMobisoftMagicHandsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_NetEffectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_NetEffectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_ITDGroupLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_ITDGroupLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730702008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Marketable Securities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract', window );"><strong>Disclosure Of Detailed Information About Marketable Securities Explanatory [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfMarketableSecuritiesTableTextBlock', window );">Schedule of marketable securities</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    bonds designated at fair value through profit or loss <sup>(1)</sup></span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfMarketableSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of summary of marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfMarketableSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730717400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid Expesnes and Other Accounts Receivavable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract', window );"><strong>Disclosure Of Other Accounts Receivable And Prepaid Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock', window );">Schedule of prepaid expenses, other accounts receivable and other investments</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses and advances to suppliers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48,871</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,155</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    departments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,911</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,973</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Employees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">301</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Related
    Parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">278</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">404</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,732</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,987</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">72,118</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">83,820</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other accounts receivable and prepaid expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730593640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurement (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfFairValueMeasurementTextBlockAbstract', window );"><strong>Disclosure of fair value measurement [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock', window );">Schedule of financial assets and liabilities measured at fair value on a recurring basis</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-181"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,142</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-182"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-183"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,330</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,353</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-184"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,495</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,495</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-185"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,278</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,278</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-186">-</div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,773</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,773</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fair
    value measurements</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bonds at fair value through profit or loss (Note 4)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-187"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    preference derivative in TSG <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-188"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,238</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,945</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>

<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency derivative contracts</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-189"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Contingent
    consideration in respect of business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-190"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,456</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,456</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    from acquisition of non-controlling interests (put options)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-191"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,018</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,018</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">82,474</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">83,181</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<td style="width: 0in; font-family: Times New Roman, Times, Serif"/><td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.</span></td>
</tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfFairValueMeasurementTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfFairValueMeasurementTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736207688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract', window );"><strong>Description of accounting policy for investments other than investments accounted for using equity method [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SummaryOfFormulasInvestmentsTableTextBlock', window );">Schedule of changes in the carrying amount of the company&#8217;s investment in TSG</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">TSG
    (Joint venture)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    investments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,267</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,146</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,900</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,311</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock', window );">Schedule of investment in TSG equity method</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Investment
    in companies accounted for at equity method</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,391</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,225</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capital
    note</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,242</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,940</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term
    prepaid expenses, other accounts, and other investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Dividend
    preference derivative at fair value through profit or loss</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock', window );">Schedule of fair value of TSG's dividend preference derivative</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,539</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in fair value recognized in profit or loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency
    exchange rate in other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">61</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock', window );">Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">January&#160;1,
    2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">25,683</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,771</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">62</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    Share in dividend declared by TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,500</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2019</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,016</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,318</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(169</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2020</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">340</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">128</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock', window );">Schedule of statement of financial position</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="width: 76%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    assets</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,065</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,056</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncurrent
    assets excluding goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,551</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,810</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(25,167</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(26,201</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Noncurrent
    liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(6,299</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(8,414</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,150</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,251</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    cost of share-based payment</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,282</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(743</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,868</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">20,508</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,434</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,254</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Excess
    cost of intangible assets net of deferred tax</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,363</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,075</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,836</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,836</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    carrying amount of the investment in TSG</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,633</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">27,165</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock', window );">Schedule of highlights of TSG profit or loss in accordance</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">77,035</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">77,661</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84,350</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,059</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,966</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(338</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">124</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,359</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,721</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,090</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share in TSG</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,180</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,861</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,545</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of excess cost of intangible assets net of tax</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(712</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of total comprehensive income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">468</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,149</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,833</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">128</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(169</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">62</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Company&#8217;s
    share of profit</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">340</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,318</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,771</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">468</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,149</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,833</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of fair value of TSG's dividend preference derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SummaryOfFormulasInvestmentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular of summary of formulas's investments in companies accounted for at equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SummaryOfFormulasInvestmentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730759192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plants and Equipment, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract', window );"><strong>Disclosure of property, plant and equipment [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">Schedule of property, plants and equipment</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cost:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">148,033</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">140,583</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,362</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,623</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-192"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">975</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">41,700</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,284</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">198,095</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">189,465</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    depreciation:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Computers,
    software, furniture, and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">111,258</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">104,576</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Motor
    vehicles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,697</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,875</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-193"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">112</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">25,254</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,726</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,209</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">130,289</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciated
    cost</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">56,886</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,176</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 73<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730751112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract', window );"><strong>Disclosure of intangible assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfIntangibleAssetsNetTableTextBlock', window );">Schedule of intangible assets, net</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Original
    amounts:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">271,357</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">221,220</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">304,816</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">247,445</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100,029</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">100,159</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,909</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,544</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,493</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">23,531</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,549</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">708,215</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">580,775</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    amortization:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Capitalized
    Software costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">232,779</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">179,587</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Customer
    relationship</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">151,673</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,165</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquired
    technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">61,163</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">48,087</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Backlog</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,938</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,909</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Patent</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,145</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">958</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    intangibles</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,581</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,806</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">466,279</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">358,512</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">241,936</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">222,263</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfIntangibleAssetsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfIntangibleAssetsNetTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Shedule of intangible assets net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfIntangibleAssetsNetTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730694776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfGoodwillTextBlockAbstract', window );"><strong>Disclosure of goodwill [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock', window );">Schedule of carrying amount of goodwill</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Opening
    balance</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">724,193</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">49,416</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">116,416</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Classifications</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,585</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,066</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustments</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,429</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">28,749</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Closing
    balance</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">932,854</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfGoodwillTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfGoodwillTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of carrying amount of goowill forthe period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730760024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Short Term Liabilities to Banks and Others (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract', window );"><strong>Short Term Liabilities to Banks and Others [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock', window );">Schedule of short term liabilities to banks and others</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 48%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-2.3</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,259</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    bank loans</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6-4</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">17,429</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,357</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Commercial
    securities not listed</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">0.6</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">64,309</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">31,104</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks and</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">other
    financial institutions (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8-3.1</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">85,280</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">75,856</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current
    maturities of long-term loans from banks (Note 13)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Libor +2.1</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,950</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">800</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Short-term
    interest on long-term loans from other</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">financial
    institutions</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6- Prime + 1.5</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">87</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">68</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">175,696</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,444</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of short term liabilities to banks and others.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730717400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Accounts Payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherAccountsPayableAbstract', window );"><strong>Other Accounts Payable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory', window );">Schedule of other accounts payable</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Government
    institutions</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">39,480</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,648</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Accrued
    expenses and other current liabilities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">40,931</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,328</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">80,411</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">68,976</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherAccountsPayableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherAccountsPayableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value measurement of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731124936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long Term Liabilities to Banks and Others (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfOtherLiabilitiesTextBlockAbstract', window );"><strong>Disclosure of other liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock', window );">Schedule of long term liabilities to banks and others composition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    rate</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>Current<br/>
    maturities</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    long-term<br/>
    liabilities net of<br/>
    current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    <br/>
    2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; width: 17%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1.4-5</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">231,259</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">85,280</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">145,979</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">180,116</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Libor
    +2.1</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">NIS Linked to USD</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,200</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,950</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,250</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">200</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">246,459</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">89,230</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">157,229</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">180,316</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock', window );">Schedule of long term liabilities to banks and others maturity dates</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">First
    year (current maturities)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">89,230</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">76,656</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Second
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">76,627</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">69,500</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Third
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,835</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">60,310</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fourth
    year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,716</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">38,162</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fifth
    year and thereafter</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,051</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,344</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">246,459</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">256,972</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfOtherLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfOtherLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular of maturity dates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular of composition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731124936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debentures (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDebenturesAbstract', window );"><strong>Disclosure Of Debentures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock', window );">Schedule of debentures</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    value in issuance currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
    Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 102,633</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,000</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">217</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,000</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,217</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,674</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.2</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 374,225</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">120,330</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">472</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,970</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">103,832</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">227</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,029</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.3</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 350,000</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,980</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(198</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,796</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,986</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">5</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,787</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">252,310</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">491</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">47,766</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">205,035</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">689</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">253,490</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effective
    Interest rate</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Par
    value in issuance currency</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
                                                                                                         <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Par
                                         Value</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unamortized
                                         debt premium (discount) and issuance costs, net</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current
                                         maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         long-term debentures, net of current maturities</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
                                         accrued interest</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
                                         short-term and long-term debentures</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">December&#160;31,
    2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series A <br/> Secured Debentures (2.8%)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.4</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 136,844</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">42,564</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">365</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,288</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">589</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,518</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Formula&#8217;s
    Series C <br/> Secured Debentures (2.3%)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.5</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Unlinked)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 267,000</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">83,048</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(678</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,264</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,106</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">158</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">82,528</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sapiens&#8217;
    Series B Debentures (3.37%)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.3</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS (Linked to fix rate of USD)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">NIS 420,000</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">118,778</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(306</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,796</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,676</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">6</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">118,478</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">244,390</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(619</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,701</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">203,070</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">753</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">244,524</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock', window );">Schedule of aggregate principal annual payments of debentures</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Repayment
    amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,766</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,506</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,506</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">252,310</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDebenturesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDebenturesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about annual payments of debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730717400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfLeasesTextBlockAbstract', window );"><strong>Disclosure of leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease', window );">Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">43,702</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,125</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,068</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,784</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,724</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    and thereafter</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">31,428</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    undiscounted cash flows</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,831</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    imputed interest</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(15,337</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present
    value of lease liabilities</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">126,494</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfLeasesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfLeasesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725882552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansTablesLineItems', window );"><strong>Employee Option Plans (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory', window );">Schedule of stock-based compensation expense resulting from stock options grants</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Selling
    and marketing expenses</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-194"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-195"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">74</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,767</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,856</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,800</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,767</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,856</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,874</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfSapiensStockOptionPlansTableTextBlock', window );">Schedule of Sapiens&#8217; stock option plans</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remaining</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranges
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contractual</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
    price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.94</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.35</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.94</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7-10.72</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">597,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.82</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.64</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">564,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.66</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.48-15.09</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.51</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.92-28.49</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">297,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.56</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.97</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.81-32.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">730,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.98</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.59</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.92</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.69</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-200"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-201"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,835,385</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">734,696</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.95</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory', window );">Schedule of the RSU activities</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    <br/>
    Average</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant-Date
    Fair</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 66%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">238,005</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,222</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43,451</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeiture</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(65,020</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.47</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">203,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.46</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory', window );">Schedule of Sapiens&#8217; stock option plans</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ranges
                                         of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
                                         price</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         outstanding</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual life</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
    average<br/> exercise price</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options<br/>
                                         exercisable</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average<br/>
                                         exercise price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         exercisable</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"/><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.60</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.62</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansTablesLineItems', window );"><strong>Employee Option Plans (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock', window );">Schedule of Matrix stock-based compensation activity (and not Magic software)</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>

    average<br/>
 exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br/>
                                         average<br/>
                                         remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,674,134</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.70</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.88</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,935</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(811,378</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.70</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-196"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,159</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">862,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.93</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,513</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,378</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-197"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-198"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,560</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansTablesLineItems', window );"><strong>Employee Option Plans (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock', window );">Schedule of Sapiens stock-based compensation activity (and not Magic software)</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December&#160;31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<br/>
    options</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>price</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average remaining<br/>
    contractual<br/>
 life<br/>
    (in years)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,462,482</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">847,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.36</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(359,859</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.32</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    and forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(114,238</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.69</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1835,385</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.77</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,374</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">734,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.95</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,064</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansTablesLineItems', window );"><strong>Employee Option Plans (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory', window );">Schedule of the RSU activities</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                         options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted<br/>
    average<br/>
    exercise<br/>
 price</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
                                         average remaining<br/>
                                         contractual<br/>
 term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
                                         years)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate<br/>
    intrinsic<br/>
 value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 51%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January&#160;1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.24</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">380</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-202"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.12</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
    </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-203"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-204"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,360</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December&#160;31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,250</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.96</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">522</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansTablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansTablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the Matrix stock-based compensation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfSapiensStockOptionPlansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfSapiensStockOptionPlansTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the Sapiens stock-based compensation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the range of exercise prices for outstanding share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 44<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731097000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Benefit Liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeBenefitLiabilitiesTablesLineItems', window );"><strong>Employee Benefit Liabilities (Tables) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory', window );">Schedule of defined benefit plans</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
    benefit obligation</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123,138</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113,540</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of plan assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(110,497</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(98,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    defined benefit liability</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,641</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,119</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeBenefitLiabilitiesTablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeBenefitLiabilitiesTablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Paragraph 138<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_138&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730744168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract', window );"><strong>Disclosure of commitments and contingent liabilities [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock', window );">Schedule of composition of pledged shares</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series A<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Formula&#8217;s<br/>
    Series C<br/> Secured<br/> Debentures</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 77%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrix
    ordinary shares, par value NIS 1.0 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,128,865</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,031,761</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
    Software ordinary shares, par value NIS 0.1 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,825,681</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,411,474</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sapiens
    common shares, par value &#8364;0.01 per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,260,266</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,957,590</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about composition of pledged shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730717400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract', window );"><strong>Disclosure of share capital, reserves and other equity interest [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Schedule of share capital</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,
    2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares, NIS 1 par value each</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,862,887</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,294,267</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,862,887</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,294,267</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733129960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfIncomeTaxTextBlockAbstract', window );"><strong>Disclosure of income tax [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock', window );">Schedule of deferred tax liabilities, net</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,364</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(78,135</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(68,367</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,771</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,617</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCompositionOfGroupExplanatory', window );">Schedule of composition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    operating losses carried forward</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,775</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,377</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangibles,
    fixed asset and right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(82,313</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(78,885</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,362</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,358</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences
    in measurement basis (cash basis for tax purposes)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,084</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(683</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,321</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,216</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,771</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,617</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock', window );">Schedule of pre-tax income</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic
    (Israel)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,213</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106,974</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,942</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,798</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,782</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,895</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184,011</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,837</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock', window );">Schedule of taxes on income (tax benefit)</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                            ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,956</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,015</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,181</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,342</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,254</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,980</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,269</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,201</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock', window );">Schedule of theoretical tax expense</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    before income taxes, as per the statement of operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184,011</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,756</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,837</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    tax rate in Israel</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    computed at the statutory tax rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,323</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,064</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,563</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-deductible
    expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,667</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,544</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">792</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of different tax rates</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">852</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(774</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,114</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
    of trapped earnings (see note 21(a)(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,531</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of &#8220;Approved, Beneficiary or Preferred Enterprise&#8221; status</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,426</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,557</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was
    provided, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(84</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,877</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,087</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    in respect of prior years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">891</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">280</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(569</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain
    tax positions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">401</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">285</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,889</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,629</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(581</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,118</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,269</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,201</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock', window );">Schedule of total unrecognized tax benefits</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of January&#160;1, 2019</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,601</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(243</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,999</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2019</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,357</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,057</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,733</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,410</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9,091</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Decrease
    related to prior years&#8217; tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(1,457</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Increase
    related to current year tax positions</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,906</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance
    as of December&#160;31, 2021</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">10,540</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about deferred tax assets (liabilities), net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfIncomeTaxTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfIncomeTaxTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of income before taxes on income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of theoretical tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCompositionOfGroupExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the composition of the group (the parent and all its subsidiaries). [Refer: Subsidiaries [member]; Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCompositionOfGroupExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732992088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationAbstract', window );"><strong>Supplementary Financial Statement Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock', window );">Schedule of non-controlling interest in material partially owned subsidiaries</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">161,947</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">147,662</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">320,448</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">306,684</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">153,706</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">150,808</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,726</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">188</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">638,827</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">605,342</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialIncomeAndExpensesTableTextBlock', window );">Schedule of financial income and expenses</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                         ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses related to liabilities in respect of business combinations</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,539</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,738</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,061</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses on loans and borrowings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,249</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,863</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,376</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    costs related to Debentures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,948</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,546</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,632</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses attributed to IFRS 16</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,873</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,367</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,195</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Bank
    charges, negative foreign exchange differences and other financial expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8,385</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,930</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,179</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,994</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">29,444</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">22,443</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    income:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Income
    from marketable securities and embedded derivative</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,338</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">204</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">747</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest
    income from deposits, positive foreign exchange differences and other financial income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,651</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,355</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,044</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,989</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,559</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,791</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">24,005</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,885</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,652</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyAndEquipmentTableTextBlock', window );">Schedule of property and equipment located</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,221</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,105</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,144</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,517</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,820</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,303</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">211</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">283</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,490</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,968</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">56,886</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,176</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesClassifiedByGeographicAreaTableTextBlock', window );">Schedule of revenues classified by geographic area (based on the location of customers)</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,506,566</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,203,109</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,047,265</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">International:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">United
    States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">591,794</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">501,785</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">462,803</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Europe</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">255,680</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">189,152</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">145,564</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Africa</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,012</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">11,702</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,336</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Japan</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">12,890</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,282</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">14,925</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    (mainly Asia pacific)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,434</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">13,888</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,222</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BasicAndDilutedNetEarningsPerShareTableTextBlock', window );">Schedule of computation basic and diluted net earnings per share</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                                                                                                              ended December&#160;31,</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Numerator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">54,585</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">46,776</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">38,820</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; net income attributable to equity holders of the Company</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">53,974</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,969</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">37,457</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Denominator</span>:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    earnings per share &#8211; weighted average shares outstanding</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,290</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,286</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,190</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Effect
    of dilutive securities</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">114</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">151</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    earnings per share &#8211; adjusted weighted average shares outstanding</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,404</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,292</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">15,341</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Basic
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.57</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.05</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2.56</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Diluted
    net earnings per share</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.50</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3.01</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2.44</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BasicAndDilutedNetEarningsPerShareTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Basic and diluted net earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BasicAndDilutedNetEarningsPerShareTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialIncomeAndExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial income and expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialIncomeAndExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-controlling interest in material partially owned subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PropertyAndEquipmentTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non current assets are located.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PropertyAndEquipmentTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RevenuesClassifiedByGeographicAreaTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues classified by geographic area.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RevenuesClassifiedByGeographicAreaTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730603976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating Segments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract', window );"><strong>Disclosure of entity's operating segments [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock', window );">Schedule of goodwill in material partially owned subsidiaries</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix
    and its subsidiaries</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">306,421</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">290,662</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">406,498</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">409,646</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic
    Software and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">146,803</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">135,682</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">36,108</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,758</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP
    and its subsidiaries</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,292</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-205"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other
    consolidated subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,732</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,676</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">932,854</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">872,424</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Schedule of reporting on operating segments</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2021:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,344,088</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">461,035</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">477,643</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,087</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,640</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">127,641</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(89,758</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,529</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-206"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,682</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-207"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-208"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-209"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(9,211</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-210"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,350,617</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">461,035</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">480,325</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,087</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">51,640</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">127,641</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(98,969</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,404,376</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,736</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">45,732</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">19,837</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,023</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7,486</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,776</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,406</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">122,184</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">102,054</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">44,210</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">59,785</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,838</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,962</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,841</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,519</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">219,171</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(11,155</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">208,016</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(24,005</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">505</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(42,614</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,902</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2020:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,116,178</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">382,903</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">368,357</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,244</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-211"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,330</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(80,094</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,316</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-212"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,837</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-213"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-214"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-215"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(8,153</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-216"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,121,494</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">382,903</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">371,194</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">26,244</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-217"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">120,330</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(88,247</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,933,918</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">36,244</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,965</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">18,861</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,506</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-218"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,377</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,446</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">95,507</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">84,181</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">35,337</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">47,757</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">6,333</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-219"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4,753</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(3,455</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">174,906</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(4,265</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">170,641</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(26,885</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,535</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(31,269</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">114,022</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Matrix</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Sapiens</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Magic<br/>

    Software</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Michpal</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ZAP<br/>

    Group</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December&#160;31, 2019:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues
    from external customers</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,005,721</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,674</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">322,401</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,271</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-220"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">117,245</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(91,197</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Inter-segment
    revenues</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,986</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-221"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">3,229</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-222"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-223"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-224"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,215</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-225"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,009,707</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,674</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">325,630</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">21,271</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-226"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">117,245</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(98,412</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,701,115</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">34,780</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,196</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">17,584</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,500</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-227"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2,158</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,286</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">86,932</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Segment
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">71,552</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">32,336</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">33,817</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,279</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-228"><span style="font-family: Times New Roman, Times, Serif">-</span></div></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">5,785</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(7,553</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">141,216</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Unallocated
    corporate expenses</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(2,727</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total
    operating income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">138,489</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Financial
    expenses, net</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(18,652</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Group&#8217;s
    share of profits of companies accounted for at equity, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">1,787</span></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes
    on income</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(27,201</span></td><td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Net
    income</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">94,423</span></td><td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of goodwill in material partially owned subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732903224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>General (Details) - &#8362; / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract', window );"><strong>Disclosure of general information about financial statements [text block] [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Ordinary shares, par value</a></td>
<td class="nump">&#8362; 1<span></span>
</td>
<td class="nump">&#8362; 1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736877560">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated<br></strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48.92%<span></span>
</td>
<td class="nump">49.28%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43.64%<span></span>
</td>
<td class="nump">43.96%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45.59%<span></span>
</td>
<td class="nump">45.53%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_InsyncMember', window );">Insync [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90.09%<span></span>
</td>
<td class="nump">90.09%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MichpalMember', window );">Michpal [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_TsgMember', window );">TSG [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_OfekMember', window );">Ofek [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80.00%<span></span>
</td>
<td class="nump">86.02%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_ZAPGroupMember', window );">ZAP Group [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems', window );"><strong>General (Details) - Schedule of the following table presents the ownership of Formula&#8217;s directly held investees as of the dates indicated [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfOwnershipInterestInInvestees', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#8217;s results of operations are reflected in the Company&#8217;s results of operations using the equity method of accounting.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfOwnershipInterestInInvestees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership interest in investees for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfOwnershipInterestInInvestees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_InsyncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_InsyncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MichpalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MichpalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_TsgMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_TsgMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_OfekMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_OfekMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_ZAPGroupMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_ZAPGroupMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725880600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SeveranceExpenses', window );">Severance expenses</a></td>
<td class="nump">$ 48,331<span></span>
</td>
<td class="nump">$ 35,897<span></span>
</td>
<td class="nump">$ 37,218<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts', window );">Bad debt expenses</a></td>
<td class="nump">$ 1,333<span></span>
</td>
<td class="nump">$ 3,188<span></span>
</td>
<td class="nump">$ 1,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfGoverningBodies', window );">Description of governing bodies</a></td>
<td class="text">Matrix&#8217;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#8217;s chief executive officer who
serves as the chairman of Matrix&#8217;s board of directors.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower', window );">Description of voting rights</a></td>
<td class="text">the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#8217;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#8217;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#8217;s other shareholders is relatively moderate
or low. The attendance by Matrix&#8217;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#8217;s shareholders&#8217;
meetings in recent years, it is the Company&#8217;s management&#8217;s belief that achieving such a high attendance seems unlikely.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower', window );">Description of voting rights</a></td>
<td class="text">the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#8217;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#8217;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#8217; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MagicMember', window );">Magic [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower', window );">Description of voting rights</a></td>
<td class="text">the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#8217;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#8217;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#8217;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SoftwareProduct', window );">Software product</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsLineItems', window );"><strong>Significant Accounting Policies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SoftwareProduct', window );">Software product</a></td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfGoverningBodies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of governing bodies of board of directors and members.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfGoverningBodies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised during the period in respect of bad or doubtful debts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SeveranceExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of severance expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SeveranceExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SignificantAccountingPoliciesDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SignificantAccountingPoliciesDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SoftwareProduct">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SoftwareProduct</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of significant judgements and assumptions made when the entity determines that it controls another entity even though it holds less than half of voting rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 9<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_9_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736901336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - Schedule of revenue by products and services - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfRevenueByProductsAndServicesAbstract', window );"><strong>Schedule of revenue by products and services [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProprietarySoftwareAndRelatedServices', window );">Proprietary software and related services</a></td>
<td class="nump">$ 632,986<span></span>
</td>
<td class="nump">$ 509,109<span></span>
</td>
<td class="nump">$ 438,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherProductsAndThirdParty', window );">Other products and third party</a></td>
<td class="nump">472,045<span></span>
</td>
<td class="nump">312,315<span></span>
</td>
<td class="nump">229,104<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Services</a></td>
<td class="nump">1,299,345<span></span>
</td>
<td class="nump">1,112,494<span></span>
</td>
<td class="nump">1,033,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherRevenue', window );">Total</a></td>
<td class="nump">$ 2,404,376<span></span>
</td>
<td class="nump">$ 1,933,918<span></span>
</td>
<td class="nump">$ 1,701,115<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherProductsAndThirdParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of products. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherProductsAndThirdParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProprietarySoftwareAndRelatedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of proprietary software and related services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProprietarySoftwareAndRelatedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfRevenueByProductsAndServicesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfRevenueByProductsAndServicesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from sources that the entity does not separately disclose in the same statement or note. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736215592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract', window );"><strong>Schedule of revenue by timing of revenue recognition [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProductsAndServicesTransferredOverTime', window );">Products and services transferred over time</a></td>
<td class="nump">$ 2,072,841<span></span>
</td>
<td class="nump">$ 1,697,312<span></span>
</td>
<td class="nump">$ 1,518,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProductsTransferredAtAPointInTime', window );">Products transferred at a point in time</a></td>
<td class="nump">331,535<span></span>
</td>
<td class="nump">236,606<span></span>
</td>
<td class="nump">182,894<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalRevenueOfProductsandServices', window );">Total</a></td>
<td class="nump">$ 2,404,376<span></span>
</td>
<td class="nump">$ 1,933,918<span></span>
</td>
<td class="nump">$ 1,701,115<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProductsAndServicesTransferredOverTime">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Products and services transferred over time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProductsAndServicesTransferredOverTime</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProductsTransferredAtAPointInTime">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Products transferred at a point in time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProductsTransferredAtAPointInTime</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalRevenueOfProductsandServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalRevenueOfProductsandServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734851864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Land and Buildings</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles', window );">Motor vehicles</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Land and Buildings</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles', window );">Motor vehicles</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Land and Buildings</a></td>
<td class="text">23 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles', window );">Motor vehicles</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful life of the assets at annual rates of motor vehicles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736980184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember', window );">Land and buildings [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfTheAssetsAtAnnualRates', window );">Useful life of the assets at annual rates</a></td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember', window );">Land and buildings [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfTheAssetsAtAnnualRates', window );">Useful life of the assets at annual rates</a></td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_ComputersSoftwareAndPeripheralEquipmentMember', window );">Computers, software, and peripheral equipment [Member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfTheAssetsAtAnnualRates', window );">Useful life of the assets at annual rates</a></td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_ComputersSoftwareAndPeripheralEquipmentMember', window );">Computers, software, and peripheral equipment [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfTheAssetsAtAnnualRates', window );">Useful life of the assets at annual rates</a></td>
<td class="nump">33.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_OfficeFurnitureAndEquipmentMember', window );">Office furniture and equipment [Member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOfficeFurnitureAndEquipment', window );">Useful life of Office furniture and equipment</a></td>
<td class="text">6 <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_OfficeFurnitureAndEquipmentMember', window );">Office furniture and equipment [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOfficeFurnitureAndEquipment', window );">Useful life of Office furniture and equipment</a></td>
<td class="text"> 33 (mainly 7)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember', window );">Motor vehicles [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfMotorVehicles', window );">Useful life of Motor vehicles</a></td>
<td class="text">14 <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember', window );">Motor vehicles [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfMotorVehicles', window );">Useful life of Motor vehicles</a></td>
<td class="text"> 15 (mainly 15)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UsefulLifeOfMotorVehicles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UsefulLifeOfMotorVehicles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UsefulLifeOfOfficeFurnitureAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UsefulLifeOfOfficeFurnitureAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UsefulLifeOfTheAssetsAtAnnualRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UsefulLifeOfTheAssetsAtAnnualRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_ComputersSoftwareAndPeripheralEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_ComputersSoftwareAndPeripheralEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_OfficeFurnitureAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=forty_OfficeFurnitureAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735284152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_CustomerRelationshipAndBacklogMember', window );">Customer relationship, backlog and distribution rights [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_CustomerRelationshipAndBacklogMember', window );">Customer relationship, backlog and distribution rights [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember', window );">Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember', window );">Brand names [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">9 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_AcquiredTechnologyMember', window );">Acquired technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">8 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_AcquiredTechnologyMember', window );">Acquired technology [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_BrandNamesAndPatentsMember', window );">Patents [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems', window );"><strong>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UsefulLifeOfOtherIintangibleAssets', window );">Useful life of intangible assets</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UsefulLifeOfOtherIintangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of other intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UsefulLifeOfOtherIintangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_CustomerRelationshipAndBacklogMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_CustomerRelationshipAndBacklogMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_AcquiredTechnologyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_AcquiredTechnologyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_BrandNamesAndPatentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=forty_BrandNamesAndPatentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R64.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033694274792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="12">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Oct. 05, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 05, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Apr. 06, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 06, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Apr. 05, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 05, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Apr. 01, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 02, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 02, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 09, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 09, 2020 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>May 07, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 13, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 06, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Apr. 29, 2021</div></th>
<th class="th">
<div>Nov. 30, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 16, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 27, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 07, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 22, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Jan. 31, 2020</div></th>
<th class="th"><div>Nov. 30, 2019</div></th>
<th class="th">
<div>Sep. 27, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 20, 2019</div></th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 05, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Jul. 08, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 04, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 06, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Apr. 05, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 09, 2020 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Jun. 01, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 17, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 17, 2020 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Oct. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 07, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 07, 2019 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th">
<div>Feb. 06, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 06, 2019 </div>
<div>ILS (&#8362;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration payments</a></td>
<td class="nump">$ 659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 2,127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CapitalPayment', window );">Capital payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.29%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AdditionalOfTheOutstandingSharesPercentage', window );">Additional of outstanding shares, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinalConsiderationAmount', window );">Final consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateSecurityAmount', window );">Aggregate amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Fair value of total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity', window );">Business acquisition description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix acquired 40% of the share capital of Network Infrastructure Technologies (NIT), increasing its share capital interest from 60% to 100%, for a total cash consideration of $4,500, which was paid upon closing.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=forty_ZapGroupAcquisitionMember', window );">Zap Group acquisition [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareCapital', window );">Percentage of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfCustomer', window );">Number of customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashConsiderationAmount', window );">Cash consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 74,350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 244,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65,825<span></span>
</td>
<td class="nump">&#8362; 216,172<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,270<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FairValueOfContingentConsideration', window );">Fair value consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 3,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember', window );">Events After Reporting Period [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Total cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 526<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfOfekAerialPhotographyLtdMember', window );">Ofek Aerial Photography Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashConsiderationAmount', window );">Cash consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,931<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShareCapitalPercentage', window );">Share capital percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">86.02%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_ThorDenmarkHoldingApSAndSubsidiariesMember', window );">Thor Denmark Holding ApS and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchasePriceAmount', window );">Purchase price amount in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 75,276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCash', window );">Acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">72,984<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationAcquisitionsRelatedCosts', window );">Acquisition related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 719<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember', window );">Knowledge Price [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchasePriceAmount', window );">Purchase price amount in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,487<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCash', window );">Acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">At the acquisition date, Sapiens issued an aggregate
of 173,005 RSUs to certain senior executives of sum.cumo, valued at a total of $4,400. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
In addition, sum.cumo&#8217;s senior executives have retention-based payments over three years (2020-2023) of up to approximately
$2,800. These payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition
related costs amounted to $561. Sum.cumo&#8217;s results of operations have been included in the consolidated financial statements
from the sum.cumo Acquisition Date.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember', window );">Delphi Technology Inc. and its subsidiary [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchasePriceAmount', window );">Purchase price amount in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCash', window );">Acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,335<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationAcquisitionsRelatedCosts', window );">Acquisition related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 299<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PPPLoanAmount', window );">PPP loan amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,546<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr. 22,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_TifulGemelLtdMember', window );">Tiful Gemel Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Total cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,281<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember', window );">Calculo S.A.U [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In addition, the sellers and senior executives are entitled to
performance-based payments relating to achievements of various targets over three years (2019-2021) of up to $1,700.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Total cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,608<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember', window );">Menarva Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,505<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FairValueOfContingentConsideration', window );">Fair value consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaidUpAmount', window );">Paid up amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOf9540YGSoftITLtdMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareCapital', window );">Percentage of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FairValueOfContingentConsideration', window );">Fair value consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaidUpAmount', window );">Paid up amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 367<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 256<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_MinorityShareholdersDescription', window );">Minority shareholders description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In addition, both Magic
Software and Soft IT&#8217;s minority shareholder hold a mutual call and put options, respectively, for the remaining 40% interest.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember', window );">Aptonet Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,870<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Total cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsiderationPaidReceived', window );">Consideration paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AssetsAcquiredRemainingBalance', window );">Assets acquired remaining balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MagicSoftwareMember', window );">Magic Software [Member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MagicSoftwareMember', window );">Magic Software [Member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember', window );">Stockell Information Systems, Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaidUpAmount', window );">Paid up amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AssetsAcquiredRemainingBalance', window );">Assets acquired remaining balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmount', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,714<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MobisoftLtdMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareCapital', window );">Percentage of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MobisoftAndMagicHandsMember', window );">Mobisoft and Magic Hands [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateSecurityAmount', window );">Aggregate amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,340<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_NetEffectsIncMember', window );">NetEffects Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PaidUpAmount', window );">Paid up amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember', window );">PowWow Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCash', window );">Acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,443<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Fair value of total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCost', window );">Contingent consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 980<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember', window );">OnTarget Group Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Magic Software acquired all of the share capital of OnTarget, a U.S.-based services company, specializes
in outsourcing of software development services, for a total consideration of $12,456. Total consideration consists of $7,000
of which $6,000 was paid in cash upon closing with $1,000 deferred and paid in two equal installments on the six-month and 15-month
anniversary of the closing. The remaining amount constitutes a deferred payment contingent upon OnTarget meeting future operating
results over four years (2019-2022). Based on OnTarget&#8217;s operating results between 2019 and 2021, Magic Software estimates
the total purchase price is expected to amount to approximately $19,617. Beyond the $6,500 paid in 2019, Magic Software paid $1,000
in 2020, $1,000 in 2021 and $2,000 in 2022. Unaudited pro forma condensed results of operations were not presented since they
were not material to the Company&#8217;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
OnTarget results of operations were included in the consolidated financial statements of the Company commencing March&#160;1,
2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember', window );">AVB Technologies Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareCapital', window );">Percentage of share capital</a></td>
<td class="nump">60.00%<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember', window );">AVB Technologies Ltd. [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmount', window );">Total consideration amount</a></td>
<td class="nump">$ 1,433<span></span>
</td>
<td class="nump">&#8362; 4,626<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember', window );">AVB Technologies Ltd. [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="nump">$ 1,260<span></span>
</td>
<td class="nump">&#8362; 4,068<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfITDGroupLtdMember', window );">Acquisition of I.T.D. Group Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix acquired 75% of the share capital of the I.T.D. Group for a cash consideration of NIS 5,750 (approximately
$1,771) or NIS 3,669 net of acquired cash (approximately $1,132). As part of the purchase agreement, the sellers may still be
entitled to future additional consideration contingent upon I.T.D. Group achieving certain future operating profit targets. As
of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 693 (approximately $213). Matrix
also holds a future call option to purchase the remaining 25% of I.T.D<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember', window );">SQ Service Quality Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareCapital', window );">Percentage of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 822<span></span>
</td>
<td class="nump">&#8362; 2,734<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 104<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 344<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsiderationAmounts', window );">Total consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,218<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 4,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember', window );">A.A Engineering Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 143<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 474<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797).<span></span>
</td>
<td class="text">(a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember', window );">Gestetnertec Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,169<span></span>
</td>
<td class="nump">&#8362; 31,576<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShareCapitalPercentage', window );">Share capital percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalCashConsiderationNetOfAcquiredCash', window );">Total cash consideration net of acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 49,853<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember', window );">Gestetnertec Ltd. [Member] | Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Fair value of total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 61,238<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember', window );">RightStar Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Net of cash acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsiderationPaidReceived', window );">Consideration paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Fair value of total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquiredCost', window );">Contingent consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalCashConsiderationNetOfAcquiredCash', window );">Total cash consideration net of acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,566<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_TechtopLtdMember', window );">Techtop Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashConsiderationAmount', window );">Cash consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,764<span></span>
</td>
<td class="nump">&#8362; 17,087<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AssetsAcquiredRemainingBalance', window );">Assets acquired remaining balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,398<span></span>
</td>
<td class="nump">&#8362; 8,602<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember', window );">Medatech Information Technologies Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix acquired all the share capital of Medatech Technologies, an Israeli-based company and a leading
system integrator with many years of experience in distributing andimplementing
Priority ERP software, for NIS 85,000 (approximately $23,500) or NIS 77,753 (approximately $21,496) net of acquired cash. On April&#160;7,
2019, Matrix acquired additional 25% of the issued and outstanding share capital of Medatech Systems Inc., (&#8220;Medatech Systems&#8221;)
a subsidiary of Medatech Technologies, for NIS 5,175 (approximately $1,443) or NIS 2,007 (approximately $560) net of acquired
cash. Resulting from the acquisition, Medatech Technologies interest in the issued and outstanding share capital of Medatech Systems
increased to 75%. Matrix and the seller both hold mutual options to purchase and sell (respectively) 5% of the remaining share
capital of Medatech Systems at the end of the second-year anniversary following the acquisition.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember', window );">Dana Engineering Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Fair value of total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,370<span></span>
</td>
<td class="nump">&#8362; 52,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IssuedAndOutstandingPercentage', window );">Issued and outstanding, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestRatePercentage1', window );">Interest Rate percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember', window );">Liram Financial Software Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfSubsidiaryOutstandingShares', window );">Percentage of subsidiary outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalCashConsiderationNetOfAcquiredCash', window );">Total cash consideration net of acquired cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,319<span></span>
</td>
<td class="nump">&#8362; 15,260<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RemainingInterestRate', window );">Remaining interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember', window );">Unique Software Industries Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination', window );">Description of business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Michpal acquired all of the share capital of Unique Software Industries Ltd. (&#8220;Unique&#8221;), an Israeli-based
company and a provider of integrated solutions in the field of payroll, including pay-stubs, pension services management, education
funds management, and software solutions for managing employee attendance, for total cash consideration of NIS 48,650 (approximately
$14,049), or NIS 44,945 (approximately $12,979) net of acquired cash. In accordance with the purchase agreement, the seller may
also be entitled to receive a performance-based payment capped at NIS 12,218 (approximately $3,528), estimated on the date of
the acquisition at NIS 9,736 (approximately $2,811), subject to certain milestones to be met by Unique over the four years following
the acquisition date.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AcquiredCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AcquiredCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AcquiredCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AcquiredCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AdditionalOfTheOutstandingSharesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional of the outstanding shares percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AdditionalOfTheOutstandingSharesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateSecurityAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate security amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateSecurityAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AssetsAcquiredRemainingBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Assets acquired remaining balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AssetsAcquiredRemainingBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationAcquisitionsRelatedCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationAcquisitionsRelatedCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CapitalPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CapitalPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashConsiderationAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash consideration amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashConsiderationAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FairValueOfContingentConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of contingent consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FairValueOfContingentConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinalConsiderationAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Final consideration amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinalConsiderationAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestRatePercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest Rate percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestRatePercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IssuedAndOutstandingPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issued and outstanding, percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IssuedAndOutstandingPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_MinorityShareholdersDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minority shareholders description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_MinorityShareholdersDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfCustomer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfCustomer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PPPLoanAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paycheck protection program to be issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PPPLoanAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PaidUpAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Paid up amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PaidUpAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of share capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfShareCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfSubsidiaryOutstandingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of subsidiary outstanding shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfSubsidiaryOutstandingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PurchasePriceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase price amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PurchasePriceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RemainingInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Remaining interest rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RemainingInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShareCapitalPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pecentage of share capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShareCapitalPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalCashConsiderationNetOfAcquiredCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total cash consideration net of acquired cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalCashConsiderationNetOfAcquiredCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalConsiderationAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total consideration amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalConsiderationAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalConsiderationAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalConsiderationAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsiderationPaidReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration paid or received in respect of both obtaining and losing control of subsidiaries or other businesses. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 40<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_40_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsiderationPaidReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, at acquisition date, of contingent consideration arrangements recognised as consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_g_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the primary reasons for a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the business acquisition agreement was executed, in YYYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>With respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=79982066&amp;loc=d3e1392-128463<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=123570139&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=forty_ZapGroupAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=forty_ZapGroupAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfOfekAerialPhotographyLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfOfekAerialPhotographyLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_ThorDenmarkHoldingApSAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_ThorDenmarkHoldingApSAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_TifulGemelLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_TifulGemelLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MenarvaLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOf9540YGSoftITLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOf9540YGSoftITLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangesAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangesAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangesAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangesAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MobisoftLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MobisoftLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MobisoftAndMagicHandsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MobisoftAndMagicHandsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_NetEffectsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_NetEffectsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfITDGroupLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfITDGroupLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualityLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=forty_IsraelCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=forty_IsraelCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_TechtopLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_TechtopLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734050984">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 06, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfProvisionalEstimatedConsiderationAbstract', window );"><strong>Schedule of provisional estimated consideration [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashConsideration', window );">Cash consideration</a></td>
<td class="nump">$ 74,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition date fair-value of contingent consideration</a></td>
<td class="nump">1,089<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalConsideration', window );">Total consideration</a></td>
<td class="nump">$ 75,439<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfProvisionalEstimatedConsiderationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfProvisionalEstimatedConsiderationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735339000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - ZAP Group Ltd. [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 06, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="num">$ (7,171)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">8,735<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(4,565)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer relationships</a></td>
<td class="nump">39,152<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate', window );">Trade names</a></td>
<td class="nump">8,642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(10,984)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NoncontrollingInterestsInAcquireesSubsidiary', window );">Non-controlling interests in acquiree&#8217;s subsidiary</a></td>
<td class="num">(1,384)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">33,400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 65,825<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NoncontrollingInterestsInAcquireesSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NoncontrollingInterestsInAcquireesSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognized as of the acquisition date for trade names based intangible assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_ZAPGroupLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_ZAPGroupLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725383336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Ofek [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 13, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">$ 4,817<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=forty_OfekAerialPhotographyLtdMember', window );">Ofek Aerial Photography Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">4,857<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">874<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredAssetsDividendPayableToFormerShareholder', window );">Dividend payable to former shareholder</a></td>
<td class="num">(7,069)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet', window );">Deferred tax, net</a></td>
<td class="num">(34)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">(995)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">1,481<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 3,931<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredAssetsDividendPayableToFormerShareholder">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredAssetsDividendPayableToFormerShareholder</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-controlling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_OfekMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_OfekMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_OfekAerialPhotographyLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_OfekAerialPhotographyLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725838504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Acquisition of Thor Denmark Holding ApS and its subsidiaries [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Nov. 30, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Developed technology</a></td>
<td class="nump">$ 10,517<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer relationships</a></td>
<td class="nump">19,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Backlog</a></td>
<td class="nump">163<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="nump">4,045<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">4,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">58,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan', window );">Current liabilities</a></td>
<td class="num">(4,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredRevenues', window );">Deferred revenues</a></td>
<td class="num">(5,742)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(6,962)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(5,877)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 72,984<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognized as of the acquisition date for backlog based intangible assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermLiabilitiesAndOthersLongtermLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current net defined benefit liability. [Refer: Net defined benefit liability]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for technology-based intangible assets acquired in a business combination. [Refer: Technology-based intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725680856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Acquisition of sum.cumo GmbH [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 06, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 466<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssets', window );">Intangible assets</a></td>
<td class="nump">9,730<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(3,211)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">14,521<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 21,506<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AcquisitionOfSumcumoGmbHMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735297688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Delphi Technology Inc. and its subsidiary [Member] - Delphi Technology Inc. and its subsidiary [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jul. 27, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetLiabilitiesExcludingCashAcquired', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (6,789)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">7,562<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(2,313)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">14,875<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 13,335<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetLiabilitiesExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net liabilities excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetLiabilitiesExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DelphiTechnologyIncAndItsSubsidiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736990296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Calculo S.A.U [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Sep. 27, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 47<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">1,037<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">622<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 1,706<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_CalculoSAUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734629032">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - EnableIT, LLC [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 01, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (35)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">2,546<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentFinancialAssets', window );">Other long-term assets</a></td>
<td class="nump">459<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(1,171)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">4,101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 5,900<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_EnableITLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_EnableITLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735297688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Menrava [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 01, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (129)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer relationships</a></td>
<td class="nump">2,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">194<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(787)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">3,477<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 5,505<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MenravaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MenravaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733136104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Soft IT Ltd.[Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jan. 01, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (351)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer relationships</a></td>
<td class="nump">1,150<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">613<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(826)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Redeemable non-controlling interests</a></td>
<td class="num">(719)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">967<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 834<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_SoftITLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_SoftITLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735199320">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Aptonet Inc [Member] - Aptonet Inc [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>May 07, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets, excluding cash acquired</a></td>
<td class="nump">$ 529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets, net</a></td>
<td class="nump">1,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">1,785<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 3,870<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=forty_AptonetIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=forty_AptonetIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AptonetIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733158296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Stockell Information Systems, Inc [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Sep. 02, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets</a></td>
<td class="nump">$ 1,051<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets, net</a></td>
<td class="nump">2,616<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">4,047<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired</a></td>
<td class="nump">$ 7,714<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_StockellInformationSystemsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733153032">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Mobisoft and Magic Hands [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jul. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets, excluding cash acquired</a></td>
<td class="nump">$ 1,069<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets, net</a></td>
<td class="nump">4,553<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">5,718<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired, net of acquired cash</a></td>
<td class="nump">$ 11,340<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MobisoftAndMagicHandsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MobisoftAndMagicHandsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733146472">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - NetEffects Inc [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jul. 01, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 91<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">8,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">3,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 12,333<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_NetEffectsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_NetEffectsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733148360">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - PowWow Inc [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 01, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetLiabilitiesExcludingAcquiredCash', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (1,557)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">2,855<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">7,145<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 8,443<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetLiabilitiesExcludingAcquiredCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net liabilities excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetLiabilitiesExcludingAcquiredCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_PowWowIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725862968">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - OnTarget Group Inc [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 444<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">4,908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(1,276)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">8,380<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 12,456<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_OnTargetGroupIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734782936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - AVB Technologies Ltd. [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Oct. 05, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 234<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">101<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">1,030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(237)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(1,114)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">(338)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">1,584<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 1,260<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AVBTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733053496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - I.T.D Group&#8217;s [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 29, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 86<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">781<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(321)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(1,574)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Redeemable non-controlling interests</a></td>
<td class="num">(155)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">2,136<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 1,132<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_ITDGroupsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_ITDGroupsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733002024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - SQ Service Quality&#8217;s [Member]<br></strong></div></th>
<th class="th">
<div>Apr. 05, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 84<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">431<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(99)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(107)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Redeemable non-controlling interests</a></td>
<td class="num">(797)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">1,246<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 822<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualitysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_SQServiceQualitysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733050744">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - A.A Engineering&#8217;s [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 05, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 389<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other long-term assets</a></td>
<td class="nump">104<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">1,139<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(262)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(260)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">(527)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">2,214<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 2,797<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_AAEngineeringsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735313448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Gestetnertec Ltd. [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jul. 09, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 12,746<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Short-term bank credit</a></td>
<td class="num">(10,598)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="num">(135)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liability to acquire non-controlling interests (put option)</a></td>
<td class="num">(17,781)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets, net</a></td>
<td class="nump">16,337<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(4,021)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">12,621<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 9,169<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2021-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_GestetnertecLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733044600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - RightStar Inc. [Member]<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr><th class="th">
<div>Nov. 16, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (763)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination', window );">Contingent liability in respect of business combinations</a></td>
<td class="num">(1,077)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets, net</a></td>
<td class="nump">354<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(95)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">922<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total liabilities acquired net of acquired cash</a></td>
<td class="num">$ (659)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional contingent liabilities recognised in business combinations. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]; Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B67<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B67_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_RightStarIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732202536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Medatech Information Technologies Ltd [Member] - Techtop Ltd. [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 20, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="nump">$ 2,340<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">7,553<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(2,276)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Credit from banks and others</a></td>
<td class="num">(5,550)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">(434)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">20,423<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 22,056<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepositsFromBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deposit liabilities from banks held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepositsFromBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_MedatechInformationTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationAxis=forty_TechtopLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationAxis=forty_TechtopLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732908984">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Dana Engineering Ltd [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 06, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net assets excluding cash acquired</a></td>
<td class="num">$ (9,270)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">5,311<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes', window );">Deferred taxes</a></td>
<td class="num">(1,138)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">(5,235)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">9,746<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="num">$ (586)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_DanaEngineeringLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>106
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736196888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Liram Financial Software Ltd. [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>May 17, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetLiabilitiesExcludingCashAcquired', window );">Net liabilities</a></td>
<td class="num">$ (751)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RedeemableNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="num">(821)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">4,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(1,042)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">2,404<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired</a></td>
<td class="nump">$ 4,319<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetLiabilitiesExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net liabilities excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetLiabilitiesExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RedeemableNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RedeemableNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_LiramFinancialSoftwareLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725461512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition - Unique Software Industries Ltd [Member]<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Nov. 30, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems', window );"><strong>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetAssetsExcludingCashAcquired', window );">Net liabilities excluding cash acquired</a></td>
<td class="num">$ (244)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">8,425<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(1,938)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">9,547<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Total assets acquired net of acquired cash</a></td>
<td class="nump">$ 15,790<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetAssetsExcludingCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net assets excluding cash acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetAssetsExcludingCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=forty_UniqueSoftwareIndustriesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730603976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Marketable Securities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract', window );"><strong>Disclosure Of Detailed Information About Marketable Securities Explanatory [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GainsLossesFromMarketableSecurities', window );">Gains (losses) from marketable securities</a></td>
<td class="num">$ (96)<span></span>
</td>
<td class="nump">$ 126<span></span>
</td>
<td class="num">$ (35)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_GainsLossesFromMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gains (losses) from marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_GainsLossesFromMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731110232">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Marketable Securities (Details) - Schedule of marketable securities - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfMarketableSecuritiesAbstract', window );"><strong>Schedule of marketable securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss', window );">Convertible bonds designated at fair value through profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,142<span></span>
</td>
<td class="nump">$ 1,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialAssetsAvailableforsale', window );">Total marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,142<span></span>
</td>
<td class="nump">$ 1,238<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Convertible bonds designated at fair value through profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfMarketableSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfMarketableSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialAssetsAvailableforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets available-for-sale. [Refer: Financial assets available-for-sale; Current financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 8<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_8_d&amp;doctype=Standard&amp;book=b<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialAssetsAvailableforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725480248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract', window );"><strong>Schedule of prepaid expenses, other accounts receivable and other investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentPrepaidExpensesAndAdvancesToSuppliers', window );">Prepaid expenses and advances to suppliers</a></td>
<td class="nump">$ 48,871<span></span>
</td>
<td class="nump">$ 47,155<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentGovernmentDepartments', window );">Government departments</a></td>
<td class="nump">20,911<span></span>
</td>
<td class="nump">29,973<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentEmployees', window );">Employees</a></td>
<td class="nump">326<span></span>
</td>
<td class="nump">301<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentRelatedParties', window );">Related Parties</a></td>
<td class="nump">278<span></span>
</td>
<td class="nump">404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OthersCurrentAccountsReceivable', window );">Other</a></td>
<td class="nump">1,732<span></span>
</td>
<td class="nump">5,987<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Total prepaid expenses, other accounts receivable and other investments</a></td>
<td class="nump">$ 72,118<span></span>
</td>
<td class="nump">$ 83,820<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current Employee means any individual who is employed by any Seller or any Affiliate of any Seller immediately prior to the Closing Date primarily in connection with the Business, including any such individual on leave of absence, maternity or paternity leave, vacation, sick leave, short term or long term disability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentGovernmentDepartments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current government departments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentGovernmentDepartments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentPrepaidExpensesAndAdvancesToSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentPrepaidExpensesAndAdvancesToSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related parties include parent companies, subsidiaries, associate firms, joint ventures, or a company or entity that is controlled or significantly influenced or managed by a person who is a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OthersCurrentAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other current receivables normally include Advance, Prepayment, Prepaid Insurance, and other non-trade receivables that are subject to receiving within 12 months from the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OthersCurrentAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725372872">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ConvertibleBondsAtFairValueThroughProfitOrLoss', window );">Convertible bonds at fair value through profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,142<span></span>
</td>
<td class="nump">$ 1,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyDerivativeContract', window );">Foreign currency derivative contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">188<span></span>
</td>
<td class="nump">707<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPreferenceDerivativeInTSG', window );">Dividend preference derivative in TSG</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,023<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Asste', window );">Asstes, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,353<span></span>
</td>
<td class="nump">2,945<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ContingentConsiderationInRespectOfBusinessCombination', window );">Contingent consideration in respect of business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,495<span></span>
</td>
<td class="nump">18,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions', window );">Liabilities from acquisition of non-controlling interests (put options)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,278<span></span>
</td>
<td class="nump">64,018<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Liabilitiy', window );">Liabilities, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">95,773<span></span>
</td>
<td class="nump">83,181<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ConvertibleBondsAtFairValueThroughProfitOrLoss', window );">Convertible bonds at fair value through profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,142<span></span>
</td>
<td class="nump">1,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyDerivativeContract', window );">Foreign currency derivative contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">188<span></span>
</td>
<td class="nump">707<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPreferenceDerivativeInTSG', window );">Dividend preference derivative in TSG</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Asste', window );">Asstes, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,330<span></span>
</td>
<td class="nump">1,238<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ContingentConsiderationInRespectOfBusinessCombination', window );">Contingent consideration in respect of business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions', window );">Liabilities from acquisition of non-controlling interests (put options)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Liabilitiy', window );">Liabilities, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">707<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ConvertibleBondsAtFairValueThroughProfitOrLoss', window );">Convertible bonds at fair value through profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyDerivativeContract', window );">Foreign currency derivative contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPreferenceDerivativeInTSG', window );">Dividend preference derivative in TSG</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,023<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Asste', window );">Asstes, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,023<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ContingentConsiderationInRespectOfBusinessCombination', window );">Contingent consideration in respect of business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,495<span></span>
</td>
<td class="nump">18,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions', window );">Liabilities from acquisition of non-controlling interests (put options)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,278<span></span>
</td>
<td class="nump">64,018<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_Liabilitiy', window );">Liabilities, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 95,773<span></span>
</td>
<td class="nump">$ 82,474<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_Asste">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_Asste</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ContingentConsiderationInRespectOfBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents of contingent consideration in respect of business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ContingentConsiderationInRespectOfBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ConvertibleBondsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>&#8220;Fair value through profit or loss&#8221; means that at each balance sheet date the asset or liability is re-measured to fair value and any movement in that fair value is taken directly to the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ConvertibleBondsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPreferenceDerivativeInTSG">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current dividend preference means preferred shareholders are entitled to receive dividends before common shareholders. Preferred shareholders have a higher ranking (than common share holders) in terms of receiving money owed to them, but they don't typically have voting rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPreferenceDerivativeInTSG</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ForeignCurrencyDerivativeContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A foreign exchange derivative is a financial derivative whose payoff depends on the foreign exchange rates of two currencies. These instruments are commonly used for currency speculation and arbitrage or for hedging foreign exchange risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ForeignCurrencyDerivativeContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents of liabilities from acquisition of non controlling interests put options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_Liabilitiy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total liabilities are the combined debts and obligations that an individual or company owes to outside parties. Everything the company owns is classified as an asset and all amounts the company owes for future obligations are recorded as liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_Liabilitiy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730785112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - TSG [Member]<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems', window );"><strong>Investments in Companies Accounted for at Equity Method (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of share interest</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets', window );">Acquisition amount</a></td>
<td class="nump">$ 2,140<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual commitments for the acquisition of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Paragraph 122<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_122_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734165128">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company&#8217;s investment in TSG - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract', window );"><strong>Schedule of changes in the carrying amount of the company&#8217;s investment in TSG [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod', window );">TSG (Joint venture)</a></td>
<td class="nump">$ 27,633<span></span>
</td>
<td class="nump">$ 27,165<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Other investments</a></td>
<td class="nump">1,267<span></span>
</td>
<td class="nump">1,146<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Total</a></td>
<td class="nump">$ 28,900<span></span>
</td>
<td class="nump">$ 28,311<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures accounted for using the equity method. [Refer: Joint ventures [member]; Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2021-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732305576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract', window );"><strong>Investment in companies accounted for at equity method</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SharesInvestmentInJointVenture', window );">Shares</a></td>
<td class="nump">$ 18,391<span></span>
</td>
<td class="nump">$ 18,225<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CapitalNotesInvestmentInJointVenture', window );">Capital note</a></td>
<td class="nump">9,242<span></span>
</td>
<td class="nump">8,940<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalInvestmentInJointVenture', window );">Total</a></td>
<td class="nump">27,633<span></span>
</td>
<td class="nump">27,165<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract', window );"><strong>Long-term prepaid expenses, other accounts, and other investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPreferenceDerivativeInTsg', window );">Dividend preference derivative at fair value through profit or loss</a></td>
<td class="nump">$ 2,023<span></span>
</td>
<td class="nump">$ 1,707<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CapitalNotesInvestmentInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The equity method of corporate accounting is used to value a company's investment in a joint venture when it holds significant influence over the company it is investing in.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CapitalNotesInvestmentInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPreferenceDerivativeInTsg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents dividend preference derivative in TSG.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPreferenceDerivativeInTsg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SharesInvestmentInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a JV, each of the participants is responsible for profits, losses, and costs associated with it.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SharesInvestmentInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalInvestmentInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A Joint Venture can be termed as a contractual arrangement between two companies, aiming to undertake a specific task. In a partnership, partners agree to share the profits and take the burden of loss incurred. However, in joint venture, it is not just profit that binds the parties together.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalInvestmentInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736130392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract', window );"><strong>Schedule of fair value of TSG's dividend preference derivative [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentsAccountedForUsingEquityMethod', window );">Opening balance</a></td>
<td class="nump">$ 1,707<span></span>
</td>
<td class="nump">$ 1,539<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised', window );">Increase in fair value recognized in profit or loss</a></td>
<td class="nump">255<span></span>
</td>
<td class="nump">48<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrencyExchangeRateInOtherComprehensiveIncome', window );">Currency exchange rate in other comprehensive income</a></td>
<td class="nump">61<span></span>
</td>
<td class="nump">120<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentsAccountedForUsingEquityMethod', window );">Closing balance</a></td>
<td class="nump">$ 2,023<span></span>
</td>
<td class="nump">$ 1,707<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrencyExchangeRateInOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrencyExchangeRateInOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the aggregate difference between the fair value at initial recognition and the transaction price of financial instruments yet to be recognised in profit or loss resulting from amounts recognised in profit or loss. [Refer: Aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph IG14<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_IG14&amp;doctype=Implementation%20Guidance<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732181816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract', window );"><strong>Schedule of the following table summarizes the changes in the carrying amount of the Company&#8217;s Investment in TSG [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentAccountedForUsingEquityMethods', window );">Beginning balance</a></td>
<td class="nump">$ 27,165<span></span>
</td>
<td class="nump">$ 26,016<span></span>
</td>
<td class="nump">$ 25,683<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CompanysShareOfEarningsLossesOfJointVenture', window );">Company&#8217;s share of profit</a></td>
<td class="nump">340<span></span>
</td>
<td class="nump">1,318<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShareOfOtherComprehensiveIncomeOfJointVenture', window );">Company&#8217;s share of other comprehensive income</a></td>
<td class="nump">128<span></span>
</td>
<td class="num">(169)<span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CompanysShareInDividendDeclaredByTsg', window );">Company&#8217;s Share in dividend declared by TSG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,500)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentAccountedForUsingEquityMethods', window );">Ending balance</a></td>
<td class="nump">$ 27,633<span></span>
</td>
<td class="nump">$ 27,165<span></span>
</td>
<td class="nump">$ 26,016<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CompanysShareInDividendDeclaredByTsg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Company's Share in dividend declared by TSG.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CompanysShareInDividendDeclaredByTsg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CompanysShareOfEarningsLossesOfJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents company's share of earnings (losses) of joint venture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CompanysShareOfEarningsLossesOfJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentAccountedForUsingEquityMethods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentAccountedForUsingEquityMethods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShareOfOtherComprehensiveIncomeOfJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share of other comprehensive income of joint venture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShareOfOtherComprehensiveIncomeOfJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725844056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position - TSG [Member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems', window );"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">$ 47,065<span></span>
</td>
<td class="nump">$ 51,056<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Noncurrent assets excluding goodwill</a></td>
<td class="nump">8,551<span></span>
</td>
<td class="nump">4,810<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Current liabilities</a></td>
<td class="num">(25,167)<span></span>
</td>
<td class="num">(26,201)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Noncurrent liabilities</a></td>
<td class="num">(6,299)<span></span>
</td>
<td class="num">(8,414)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">24,150<span></span>
</td>
<td class="nump">21,251<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedCostOfSharebasedPayment', window );">Accumulated cost of share-based payment</a></td>
<td class="num">(1,282)<span></span>
</td>
<td class="num">(743)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WorkingCapitalForAssetsAndLiabilities', window );">Working capital</a></td>
<td class="nump">$ 22,868<span></span>
</td>
<td class="nump">$ 20,508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareInEquity', window );">Company&#8217;s share in TSG</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Working capital</a></td>
<td class="nump">$ 11,434<span></span>
</td>
<td class="nump">$ 10,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities', window );">Excess cost of intangible assets net of deferred tax</a></td>
<td class="nump">6,363<span></span>
</td>
<td class="nump">7,075<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">9,836<span></span>
</td>
<td class="nump">9,836<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Company&#8217;s carrying amount of the investment in TSG</a></td>
<td class="nump">$ 27,633<span></span>
</td>
<td class="nump">$ 27,165<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AccumulatedCostOfSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated cost of share-based payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AccumulatedCostOfSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents Excess cost of intangible assets net of deferred tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfShareInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of share in equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfShareInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WorkingCapitalForAssetsAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Working capital for assets and liabilites.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WorkingCapitalForAssetsAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2021-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725490104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance - TSG [Member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems', window );"><strong>Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">$ 77,035<span></span>
</td>
<td class="nump">$ 77,661<span></span>
</td>
<td class="nump">$ 84,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">2,104<span></span>
</td>
<td class="nump">4,059<span></span>
</td>
<td class="nump">4,966<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OtherInvestmentComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">255<span></span>
</td>
<td class="num">(338)<span></span>
</td>
<td class="nump">124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeOtherNetOfTax', window );">Total comprehensive income</a></td>
<td class="nump">$ 2,359<span></span>
</td>
<td class="nump">$ 3,721<span></span>
</td>
<td class="nump">$ 5,090<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfShareProfit', window );">Company&#8217;s share in TSG</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax', window );">Company's share of total comprehensive income before amortization of excess cost of intangible assets net of tax</a></td>
<td class="nump">$ 1,180<span></span>
</td>
<td class="nump">$ 1,861<span></span>
</td>
<td class="nump">$ 2,545<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax', window );">Amortization of excess cost of intangible assets net of tax</a></td>
<td class="num">(712)<span></span>
</td>
<td class="num">(712)<span></span>
</td>
<td class="num">(712)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax', window );">Company&#8217;s share of total comprehensive income</a></td>
<td class="nump">468<span></span>
</td>
<td class="nump">1,149<span></span>
</td>
<td class="nump">1,833<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Company&#8217;s share of other comprehensive income</a></td>
<td class="nump">128<span></span>
</td>
<td class="num">(169)<span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod', window );">Company&#8217;s share of profit</a></td>
<td class="nump">340<span></span>
</td>
<td class="nump">1,318<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingResultsTotal', window );">Operating results total</a></td>
<td class="nump">$ 468<span></span>
</td>
<td class="nump">$ 1,149<span></span>
</td>
<td class="nump">$ 1,833<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>After amortization of excess cost of intangible assets net of tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization of excess cost of intangible assets net of deferred tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Before amortization of excess cost of intangible assets net of tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingResultsTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingResultsTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OtherInvestmentComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OtherInvestmentComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfShareProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of share profit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfShareProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2021-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2021-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2021-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of joint ventures accounted for using the equity method. [Refer: Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeOtherNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in other comprehensive income, after tax, from changes classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeOtherNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=forty_TsgMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731132808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plants and Equipment, Net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantsandEquipmentNetDetailsLineItems', window );"><strong>Disclosure of property, plant and equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation expenses</a></td>
<td class="nump">$ 20,468<span></span>
</td>
<td class="nump">$ 16,513<span></span>
</td>
<td class="nump">$ 12,071<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PropertyPlantsandEquipmentNetDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PropertyPlantsandEquipmentNetDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033694170136">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostAbstract', window );"><strong>Cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantAndEquipmentsGross', window );">Cost</a></td>
<td class="nump">$ 198,095<span></span>
</td>
<td class="nump">$ 189,465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationAbstract', window );"><strong>Accumulated depreciation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet', window );">Accumulated depreciation</a></td>
<td class="nump">141,209<span></span>
</td>
<td class="nump">130,289<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated', window );">Depreciated cost</a></td>
<td class="nump">56,886<span></span>
</td>
<td class="nump">59,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Computers, software, furniture, and equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostAbstract', window );"><strong>Cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantAndEquipmentsGross', window );">Cost</a></td>
<td class="nump">148,033<span></span>
</td>
<td class="nump">140,583<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationAbstract', window );"><strong>Accumulated depreciation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet', window );">Accumulated depreciation</a></td>
<td class="nump">111,258<span></span>
</td>
<td class="nump">104,576<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember', window );">Motor vehicles [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostAbstract', window );"><strong>Cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantAndEquipmentsGross', window );">Cost</a></td>
<td class="nump">8,362<span></span>
</td>
<td class="nump">8,623<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationAbstract', window );"><strong>Accumulated depreciation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet', window );">Accumulated depreciation</a></td>
<td class="nump">4,697<span></span>
</td>
<td class="nump">3,875<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember', window );">Buildings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostAbstract', window );"><strong>Cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantAndEquipmentsGross', window );">Cost</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">975<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationAbstract', window );"><strong>Accumulated depreciation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet', window );">Accumulated depreciation</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CostAbstract', window );"><strong>Cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PropertyPlantAndEquipmentsGross', window );">Cost</a></td>
<td class="nump">41,700<span></span>
</td>
<td class="nump">39,284<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationAbstract', window );"><strong>Accumulated depreciation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet', window );">Accumulated depreciation</a></td>
<td class="nump">$ 25,254<span></span>
</td>
<td class="nump">$ 21,726<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AccumulatedDepreciationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AccumulatedDepreciationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property, plants and equipment, net accumulated depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CostAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CostAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PropertyPlantAndEquipmentsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property plant and equipment gross.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PropertyPlantAndEquipmentsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross carrying amount of fully depreciated property, plant and equipment that is still in use. [Refer: Gross carrying amount [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MotorVehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730583256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets, Net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract', window );"><strong>Disclosure of intangible assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortized expenses</a></td>
<td class="nump">$ 58,684<span></span>
</td>
<td class="nump">$ 44,586<span></span>
</td>
<td class="nump">$ 41,330<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfIntangibleAssetsTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfIntangibleAssetsTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033694157944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">$ 708,215<span></span>
</td>
<td class="nump">$ 580,775<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">466,279<span></span>
</td>
<td class="nump">358,512<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Total</a></td>
<td class="nump">241,936<span></span>
</td>
<td class="nump">222,263<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Capitalized Software costs [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">271,357<span></span>
</td>
<td class="nump">221,220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">232,779<span></span>
</td>
<td class="nump">179,587<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationship [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">304,816<span></span>
</td>
<td class="nump">247,445<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">151,673<span></span>
</td>
<td class="nump">120,165<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_TechnologybasedIntangibleAssetsMember', window );">Acquired technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">100,029<span></span>
</td>
<td class="nump">100,159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">61,163<span></span>
</td>
<td class="nump">48,087<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_BacklogAndNonCompeteAgreementMember', window );">Backlog [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">6,938<span></span>
</td>
<td class="nump">6,909<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">6,938<span></span>
</td>
<td class="nump">6,909<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_PatentMember', window );">Patent [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">1,544<span></span>
</td>
<td class="nump">1,493<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">1,145<span></span>
</td>
<td class="nump">958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Other intangibles [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems', window );"><strong>Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OriginalAmountsOfIntangibleAssetsNet', window );">Original amounts</a></td>
<td class="nump">23,531<span></span>
</td>
<td class="nump">3,549<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet', window );">Accumulated amortization</a></td>
<td class="nump">$ 12,581<span></span>
</td>
<td class="nump">$ 2,806<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AccumulatedAmortizationOfIntangibleAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated amortization of Intangible assets, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AccumulatedAmortizationOfIntangibleAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OriginalAmountsOfIntangibleAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Original amounts of Intangible assets, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OriginalAmountsOfIntangibleAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2021-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_TechnologybasedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_TechnologybasedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_BacklogAndNonCompeteAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_BacklogAndNonCompeteAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_PatentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=forty_PatentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725571640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill (Details) - Schedule of carrying amount of goodwill - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfCarryingAmountOfGoodwillAbstract', window );"><strong>Schedule of carrying amount of goodwill [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GoodwillBusinessCombination', window );">Opening balance</a></td>
<td class="nump">$ 872,424<span></span>
</td>
<td class="nump">$ 724,193<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination', window );">Acquisition of subsidiaries</a></td>
<td class="nump">49,416<span></span>
</td>
<td class="nump">116,416<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ClassificationsAboutGoodwill', window );">Classifications</a></td>
<td class="nump">1,585<span></span>
</td>
<td class="nump">3,066<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ForeignCurrencyTranslationAdjustmentsForGoodwill', window );">Foreign currency translation adjustments</a></td>
<td class="nump">9,429<span></span>
</td>
<td class="nump">28,749<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GoodwillBusinessCombination', window );">Closing balance</a></td>
<td class="nump">$ 932,854<span></span>
</td>
<td class="nump">$ 872,424<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ClassificationsAboutGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Classifications about goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ClassificationsAboutGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ForeignCurrencyTranslationAdjustmentsForGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Foreign currency translation adjustments for good will.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ForeignCurrencyTranslationAdjustmentsForGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_GoodwillBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Goodwill business  combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_GoodwillBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfCarryingAmountOfGoodwillAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfCarryingAmountOfGoodwillAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts recognised for transaction recognised separately from the acquisition of assets and the assumption of liabilities in business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph l<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_l_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033694157608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 175,696<span></span>
</td>
<td class="nump">$ 120,444<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoansMember', window );">Short-term bank loans [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">1.8-2.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 4,641<span></span>
</td>
<td class="nump">$ 1,259<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoans1Member', window );">Short-term bank loans 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">1.6-4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 17,429<span></span>
</td>
<td class="nump">$ 11,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_CommercialSecuritiesNotListedMember', window );">Commercial securities not listed [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">0.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 64,309<span></span>
</td>
<td class="nump">$ 31,104<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_otherFinancialInstitutionsMember', window );">other financial institutions [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">1.8-3.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 85,280<span></span>
</td>
<td class="nump">$ 75,856<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_CurrentMaturitiesOfLongtermLoansFromBanksMember', window );">Current maturities of long-term loans from banks [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">Libor +2.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS Linked to USD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 3,950<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_financialInstitutionsMember', window );">financial institutions [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems', window );"><strong>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate %</a></td>
<td class="text">2.6- Prime + 1.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">NIS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Short term liabilities to banks and others</a></td>
<td class="nump">$ 87<span></span>
</td>
<td class="nump">$ 68<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsOriginalCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The currency in which the borrowings are denominated. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsOriginalCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoans1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_ShorttermBankLoans1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_CommercialSecuritiesNotListedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_CommercialSecuritiesNotListedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_otherFinancialInstitutionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_otherFinancialInstitutionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_CurrentMaturitiesOfLongtermLoansFromBanksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_CurrentMaturitiesOfLongtermLoansFromBanksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_financialInstitutionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_financialInstitutionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725334600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other Accounts Payable (Details) - Schedule of other accounts payable - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfOtherAccountsPayableAbstract', window );"><strong>Schedule of other accounts payable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_GovernmentInstitution', window );">Government institutions</a></td>
<td class="nump">$ 39,480<span></span>
</td>
<td class="nump">$ 35,648<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">40,931<span></span>
</td>
<td class="nump">33,328<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccountsPayableAndAccruedLiabilities', window );">Total</a></td>
<td class="nump">$ 80,411<span></span>
</td>
<td class="nump">$ 68,976<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_GovernmentInstitution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Government institution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_GovernmentInstitution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfOtherAccountsPayableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfOtherAccountsPayableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities incurred and payable to vendors for goods and services received classified as other, and expenses incurred but not yet paid, payable within one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725228472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems', window );"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities', window );">Long-term liabilities</a></td>
<td class="nump">$ 246,459<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities', window );">Current maturities</a></td>
<td class="nump">89,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongtermLiabilitiesNetOfCurrentMaturities', window );">Long-term liabilities net of current maturities</a></td>
<td class="nump">$ 157,229<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalLongtermLiabilitiesNetOfCurrentMaturities', window );">Total long-term liabilities net of current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 180,316<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyMember', window );">NIS (Unlinked) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems', window );"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LinkageBasisDescription', window );">Currency</a></td>
<td class="text">NIS (Unlinked)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities', window );">Long-term liabilities</a></td>
<td class="nump">$ 231,259<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities', window );">Current maturities</a></td>
<td class="nump">85,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongtermLiabilitiesNetOfCurrentMaturities', window );">Long-term liabilities net of current maturities</a></td>
<td class="nump">$ 145,979<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalLongtermLiabilitiesNetOfCurrentMaturities', window );">Total long-term liabilities net of current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,116<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyMember', window );">NIS (Unlinked) [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems', window );"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestRatePercentage', window );">Interest rate</a></td>
<td class="nump">1.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyMember', window );">NIS (Unlinked) [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems', window );"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestRatePercentage', window );">Interest rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyOneMember', window );">NIS (Linked to USD) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems', window );"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LinkageBasisDescription', window );">Currency</a></td>
<td class="text">NIS Linked to USD<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities', window );">Long-term liabilities</a></td>
<td class="nump">$ 15,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities', window );">Current maturities</a></td>
<td class="nump">3,950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongtermLiabilitiesNetOfCurrentMaturities', window );">Long-term liabilities net of current maturities</a></td>
<td class="nump">$ 11,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TotalLongtermLiabilitiesNetOfCurrentMaturities', window );">Total long-term liabilities net of current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LinkageBasisDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Linkage basis description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LinkageBasisDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermLiabilitiesAndOthersLongtermLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermLiabilitiesAndOthersLongtermLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current maturities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongtermLiabilitiesNetOfCurrentMaturities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongtermLiabilitiesNetOfCurrentMaturities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TotalLongtermLiabilitiesNetOfCurrentMaturities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TotalLongtermLiabilitiesNetOfCurrentMaturities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_LinkageBasisCurrencyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734558792">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract', window );"><strong>Schedule of long term liabilities to banks and others maturity dates [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne', window );">First year (current maturities)</a></td>
<td class="nump">$ 89,230<span></span>
</td>
<td class="nump">$ 76,656<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo', window );">Second year</a></td>
<td class="nump">76,627<span></span>
</td>
<td class="nump">69,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree', window );">Third year</a></td>
<td class="nump">51,835<span></span>
</td>
<td class="nump">60,310<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour', window );">Fourth year</a></td>
<td class="nump">22,716<span></span>
</td>
<td class="nump">38,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter', window );">Fifth year and thereafter</a></td>
<td class="nump">6,051<span></span>
</td>
<td class="nump">12,344<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LongTermDebtTotal', window );">Total</a></td>
<td class="nump">$ 246,459<span></span>
</td>
<td class="nump">$ 256,972<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long term debt maturities year five and thereafter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long term debt maturities year four.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents first year (current maturities).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long term debt maturities year three.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long term debt maturities year two.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LongTermDebtTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long term debt maturities total.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LongTermDebtTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033726004920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debentures (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="5">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 12, 2021</div></th>
<th class="th"><div>Jun. 08, 2020</div></th>
<th class="th">
<div>Sep. 16, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2019 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th"><div>Jan. 31, 2018</div></th>
<th class="th"><div>Sep. 17, 2017</div></th>
<th class="th">
<div>Sep. 16, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsLineItems', window );"><strong>Debentures (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestExpenses', window );">Interest expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,056,000<span></span>
</td>
<td class="nump">$ 6,411,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DiscountAndIssuanceCostsAmortization', window );">Amortization of debt premium, discount and issuance costs, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(109,000)<span></span>
</td>
<td class="nump">135,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Debentures amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,295,000<span></span>
</td>
<td class="nump">60,346,000<span></span>
</td>
<td class="nump">$ 81,676,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Fixed interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.29%<span></span>
</td>
<td class="nump">2.29%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFeeAndCommissionExpense', window );">Commitment commission expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 924<span></span>
</td>
<td class="nump">&#8362; 3,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfSeriesDebentureAxis=forty_SeriesASecuredDebenturesMember', window );">Series A Secured Debentures [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsLineItems', window );"><strong>Debentures (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProceedsFromIssueOfBondsNotesAndDebenture', window );">Debentures amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,295,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,295,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse', window );">Public offering, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The principal amount outstanding under the Formula Systems Series A Secured Debentures
bears interest at a fixed rate of 2.8% per annum (subject to adjustments based on the credit rating of the debentures), payable
on July&#160;2nd and January&#160;2nd of each of the years 2016 through 2024. Issuance costs, including
early commitment commission of approximately NIS 1,246 (approximately $320), were allocated to the Formula Systems Series A Secured
Debentures and are amortized as financial expenses over the term of the Series A Secured Debentures due in 2024.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDescription', window );">Description of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Formula issued additional Formula Systems Series A Secured Debentures in an aggregate principal amount
of NIS 150,000 (approximately $44,053) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula from the issuance of Formula Systems Series A Secured Debentures in January&#160;2018 were NIS 155,205 (approximately
$45,581), out of which NIS 336 was attributed to interest payable (approximately $99). Debt premium of NIS 4,869 (approximately
$1,430) net of issuance costs of NIS 782 (approximately $225) was allocated to the Formula Systems Series A Secured Debentures
and is amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2024.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfConvertibleInstruments', window );">Fair value of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,057,000<span></span>
</td>
<td class="nump">44,229,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfSeriesDebentureAxis=forty_SeriesCSecuredDebenturesMember', window );">Series C Secured Debentures [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsLineItems', window );"><strong>Debentures (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfConvertibleInstruments', window );">Fair value of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125,672,000<span></span>
</td>
<td class="nump">86,993,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Debentures amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 82,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescription', window );">Description of debentures</a></td>
<td class="text">Formula issued additional Formula Systems Series C Secured Debentures in an aggregate principal amount of
NIS 160,000 (approximately $48,617) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula for the issuance of Formula Systems Series C Secured Debentures in April&#160;2021 were NIS 165,920 (approximately
$50,524), out of which NIS 1,329 was attributed to interest payable (approximately $405). Debt premium of NIS 4,591 (approximately
$1,398) net of issuance costs of NIS 752 (approximately $229) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2026.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfSeriesDebentureAxis=forty_SapiensSeriesBDebenturesMember', window );">Sapiens' Series B Debentures [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsLineItems', window );"><strong>Debentures (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDescription', window );">Description of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sapiens issued additional Sapiens&#8217; Series B
Debentures in an aggregate principal amount of NIS 210,000 (approximately $60,362) through a public offering in Israel. The gross proceeds
received from the issuance of Sapiens&#8217; Series B Debentures in June 2020 were NIS 210,840 (approximately $60,603), out of which approximately
NIS 3,006 was attributed to interest payable (approximately $864). Debt discount of NIS 2,166 (approximately $623) and issuance costs
of NIS 2,326 (approximately $669) were allocated to Sapiens&#8217; Series B Debentures and are amortized as financial expenses over the
remaining term of the Sapiens Series B Debentures due in 2026. Following the raise of the additional NIS 210,000 in Series B Debentures,
a $20,000 short-term bank loan taken by Sapiens on March 18, 2020, from a commercial bank was fully repaid on June 9, 2020.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sapiens issued its unsecured Series B Debentures in an aggregate principal amount of NIS 280,000 (approximately
$79,186), linked to the US dollar and payable in eight equal annual payments of $9,898 on January&#160;1st of each
of the years 2019 through 2026. The outstanding principal amount of Sapiens&#8217; Series B Debentures bears a fixed interest
rate of 3.37% per annum (which may be adjusted based on changes to the credit rating of the debentures), payable on January&#160;1st
and July&#160;1st of each of the years 2018 through 2025, with one final interest payment due on January&#160;1,
2026. Debt discount and issuance costs were approximately $956, allocated to Sapiens&#8217; Series B Debentures discount and are
amortized as financial expenses over the term of the Series B Debentures due in 2026.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfConvertibleInstruments', window );">Fair value of debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,464,000<span></span>
</td>
<td class="nump">$ 122,760,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DebenturesDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DebenturesDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DebenturesDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DebenturesDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DiscountAndIssuanceCostsAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of discount and issuance costs amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DiscountAndIssuanceCostsAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProceedsFromIssueOfBondsNotesAndDebenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Debentures amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProceedsFromIssueOfBondsNotesAndDebenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in equity resulting from the issuing of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of the entity's ultimate or any intermediate parent whose consolidated financial statements that comply with IFRSs have been produced for public use. [Refer: Consolidated [member]; IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fee and commission expense that the entity does not separately disclose in the same statement or note. [Refer: Fee and commission expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21475-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=123599511&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of subsidiary's or equity investee's stock owned by parent company before stock transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfSeriesDebentureAxis=forty_SeriesASecuredDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfSeriesDebentureAxis=forty_SeriesASecuredDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfSeriesDebentureAxis=forty_SeriesCSecuredDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfSeriesDebentureAxis=forty_SeriesCSecuredDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfSeriesDebentureAxis=forty_SapiensSeriesBDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfSeriesDebentureAxis=forty_SapiensSeriesBDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033724991656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debentures (Details) - Schedule of debentures - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsScheduleofdebenturesLineItems', window );"><strong>Debentures (Details) - Schedule of debentures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.29%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Par Value</a></td>
<td class="nump">$ 252,310<span></span>
</td>
<td class="nump">$ 244,390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet', window );">Unamortized debt premium (discount) and issuance costs, net</a></td>
<td class="nump">491<span></span>
</td>
<td class="num">(619)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentMaturities', window );">Current maturities</a></td>
<td class="nump">47,766<span></span>
</td>
<td class="nump">40,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Total long-term debentures, net of current maturities</a></td>
<td class="nump">205,035<span></span>
</td>
<td class="nump">203,070<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShorttermAccruedInterest', window );">Short-term accrued interest</a></td>
<td class="nump">689<span></span>
</td>
<td class="nump">753<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Total short-term and long-term debentures</a></td>
<td class="nump">$ 253,490<span></span>
</td>
<td class="nump">$ 244,524<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesMember', window );">Formula&#8217;s Series A Secured Debentures (2.8%) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsScheduleofdebenturesLineItems', window );"><strong>Debentures (Details) - Schedule of debentures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective Interest rate</a></td>
<td class="nump">2.40%<span></span>
</td>
<td class="nump">2.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LinkageBasisDescription', window );">Currency</a></td>
<td class="text">NIS (Unlinked)<span></span>
</td>
<td class="text">NIS (Unlinked)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ParValueInIssuanceCurrencies', window );">Par value in issuance currency</a></td>
<td class="text">NIS 102,633<span></span>
</td>
<td class="text">NIS 136,844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Par Value</a></td>
<td class="nump">$ 33,000<span></span>
</td>
<td class="nump">$ 42,564<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet', window );">Unamortized debt premium (discount) and issuance costs, net</a></td>
<td class="nump">217<span></span>
</td>
<td class="nump">365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentMaturities', window );">Current maturities</a></td>
<td class="nump">11,000<span></span>
</td>
<td class="nump">10,641<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Total long-term debentures, net of current maturities</a></td>
<td class="nump">22,217<span></span>
</td>
<td class="nump">32,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShorttermAccruedInterest', window );">Short-term accrued interest</a></td>
<td class="nump">457<span></span>
</td>
<td class="nump">589<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Total short-term and long-term debentures</a></td>
<td class="nump">$ 33,674<span></span>
</td>
<td class="nump">$ 43,518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebentureOneMember', window );">Formula&#8217;s Series C Secured Debentures (2.3%) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsScheduleofdebenturesLineItems', window );"><strong>Debentures (Details) - Schedule of debentures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective Interest rate</a></td>
<td class="nump">2.20%<span></span>
</td>
<td class="nump">2.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LinkageBasisDescription', window );">Currency</a></td>
<td class="text">NIS (Unlinked)<span></span>
</td>
<td class="text">NIS (Unlinked)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ParValueInIssuanceCurrencies', window );">Par value in issuance currency</a></td>
<td class="text">NIS 374,225<span></span>
</td>
<td class="text">NIS 267,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Par Value</a></td>
<td class="nump">$ 120,330<span></span>
</td>
<td class="nump">$ 83,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet', window );">Unamortized debt premium (discount) and issuance costs, net</a></td>
<td class="nump">472<span></span>
</td>
<td class="num">(678)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentMaturities', window );">Current maturities</a></td>
<td class="nump">16,970<span></span>
</td>
<td class="nump">10,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Total long-term debentures, net of current maturities</a></td>
<td class="nump">103,832<span></span>
</td>
<td class="nump">72,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShorttermAccruedInterest', window );">Short-term accrued interest</a></td>
<td class="nump">227<span></span>
</td>
<td class="nump">158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Total short-term and long-term debentures</a></td>
<td class="nump">$ 121,029<span></span>
</td>
<td class="nump">$ 82,528<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesTwoMember', window );">Sapiens&#8217; Series B Debentures (3.37%) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DebenturesDetailsScheduleofdebenturesLineItems', window );"><strong>Debentures (Details) - Schedule of debentures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective Interest rate</a></td>
<td class="nump">3.30%<span></span>
</td>
<td class="nump">3.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LinkageBasisDescription', window );">Currency</a></td>
<td class="text">NIS (Linked to fix rate of USD)<span></span>
</td>
<td class="text">NIS (Linked to fix rate of USD)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ParValueInIssuanceCurrencies', window );">Par value in issuance currency</a></td>
<td class="text">NIS 350,000<span></span>
</td>
<td class="text">NIS 420,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Par Value</a></td>
<td class="nump">$ 98,980<span></span>
</td>
<td class="nump">$ 118,778<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet', window );">Unamortized debt premium (discount) and issuance costs, net</a></td>
<td class="num">(198)<span></span>
</td>
<td class="num">(306)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CurrentMaturities', window );">Current maturities</a></td>
<td class="nump">19,796<span></span>
</td>
<td class="nump">19,796<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued', window );">Total long-term debentures, net of current maturities</a></td>
<td class="nump">78,986<span></span>
</td>
<td class="nump">98,676<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ShorttermAccruedInterest', window );">Short-term accrued interest</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Total short-term and long-term debentures</a></td>
<td class="nump">$ 98,787<span></span>
</td>
<td class="nump">$ 118,478<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CurrentMaturities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CurrentMaturities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DebenturesDetailsScheduleofdebenturesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DebenturesDetailsScheduleofdebenturesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LinkageBasisDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Linkage basis description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LinkageBasisDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ParValueInIssuanceCurrencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ParValueInIssuanceCurrencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ShorttermAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Short-term accrued interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ShorttermAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current notes and debentures issued. [Refer: Notes and debentures issued]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of notes and debentures issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebentureOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_SecuredDebentureOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=forty_SecuredDebenturesTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735339592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debentures (Details) - Schedule of aggregate principal annual payments of debentures<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract', window );"><strong>Schedule of aggregate principal annual payments of debentures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentsOfBondsWithinNextFinancialYear', window );">2022</a></td>
<td class="nump">$ 47,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentsOfBondsWithinNextSecondFinancialYear', window );">2023</a></td>
<td class="nump">47,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentsOfBondsWithinNextThirdFinancialYear', window );">2024</a></td>
<td class="nump">47,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentsOfBondsWithinNextFourthFinancialYear', window );">2025</a></td>
<td class="nump">54,506<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear', window );">2026</a></td>
<td class="nump">54,506<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregatePrincipalAnnualPaymentsOfDebentures', window );">Total</a></td>
<td class="nump">$ 252,310<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregatePrincipalAnnualPaymentsOfDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate principal annual payments of debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregatePrincipalAnnualPaymentsOfDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repayments of bonds within next fifth and thereafter financial year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentsOfBondsWithinNextFinancialYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repayments of bonds within next financial year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentsOfBondsWithinNextFinancialYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentsOfBondsWithinNextFourthFinancialYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repayments of bonds within next fourth financial year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentsOfBondsWithinNextFourthFinancialYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentsOfBondsWithinNextSecondFinancialYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repayments of bonds within next second financial year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentsOfBondsWithinNextSecondFinancialYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RepaymentsOfBondsWithinNextThirdFinancialYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repayments of bonds within next third financial year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RepaymentsOfBondsWithinNextThirdFinancialYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725506424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties Transactions (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RelatedPartiesTransactionsDetailsLineItems', window );"><strong>Related Parties Transactions (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PerformedServicesSubcontractor', window );">Performed services sub-contractor</a></td>
<td class="nump">$ 3,200<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="nump">$ 3,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DueFromItsTransactionsWithAsseco', window );">Due from its transactions with Asseco</a></td>
<td class="nump">17,000<span></span>
</td>
<td class="nump">1,898,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Trade receivables balances due from related parties</a></td>
<td class="nump">852,000<span></span>
</td>
<td class="nump">1,228,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BackOfficeAndProfessionalServicesExpense', window );">Back office services amount</a></td>
<td class="nump">160,000<span></span>
</td>
<td class="nump">138,000<span></span>
</td>
<td class="nump">177,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RelatedPartiesTransactionsDetailsLineItems', window );"><strong>Related Parties Transactions (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Services obtained from Asseco</a></td>
<td class="nump">197,000<span></span>
</td>
<td class="nump">521,000<span></span>
</td>
<td class="nump">676,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Fees paid for board services in affiliates</a></td>
<td class="nump">26,700<span></span>
</td>
<td class="nump">29,600<span></span>
</td>
<td class="nump">25,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RelatedPartiesTransactionsDetailsLineItems', window );"><strong>Related Parties Transactions (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Fees paid for board services in affiliates</a></td>
<td class="nump">$ 36,700<span></span>
</td>
<td class="nump">$ 31,400<span></span>
</td>
<td class="nump">$ 29,900<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BackOfficeAndProfessionalServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Professional and back office,others service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BackOfficeAndProfessionalServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DueFromItsTransactionsWithAsseco">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DueFromItsTransactionsWithAsseco</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PerformedServicesSubcontractor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Performed services sub-contractor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PerformedServicesSubcontractor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RelatedPartiesTransactionsDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RelatedPartiesTransactionsDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesReceivedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of services received in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesReceivedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734777272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DisclosureOfLeasesTextBlockAbstract', window );"><strong>Disclosure of leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasePeriodsExpiringTerm', window );">Lease periods expiring term</a></td>
<td class="text">The Group&#8217;s leases have original
lease periods expiring between 2021 and 2033.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets', window );">Depreciation expenses of operating lease right-of-use assets</a></td>
<td class="nump">$ 43,032<span></span>
</td>
<td class="nump">$ 34,408<span></span>
</td>
<td class="nump">$ 33,531<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DisclosureOfLeasesTextBlockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DisclosureOfLeasesTextBlockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LeasePeriodsExpiringTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LeasePeriodsExpiringTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736887064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">$ 141,831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LessImputedInterest', window );">Less imputed interest</a></td>
<td class="num">(15,337)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PresentValueOfLeaseLiabilities', window );">Present value of lease liabilities</a></td>
<td class="nump">126,494<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2022 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">43,702<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2023 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">34,125<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember', window );">2024 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">13,068<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">2025 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">10,784<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">2026 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">8,724<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">2027 and thereafter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems', window );"><strong>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases', window );">Total undiscounted cash flows</a></td>
<td class="nump">$ 31,428<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LessImputedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LessImputedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PresentValueOfLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PresentValueOfLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033619655512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="6">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 30, 2020</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Jan. 31, 2019</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Aug. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Aug. 03, 2021</div></th>
<th class="th"><div>Feb. 06, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RestrictedShares', window );">Number of restricted shares (in Shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,222<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Description of options vest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">As of December&#160;31, 2021, Formula&#8217;s
chief financial officer holds 10,834 shares.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted', window );">Total fair value of grant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,054,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FairValueOfGrantSharePricePerShare', window );">Fair value of grant share price per share (in Dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 81.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Total equity-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,373,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription', window );">EBITDA percentage, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(i) the EBITDA in the fiscal year immediately following the Specific Year was at least 110.25% of 75%
of the Company&#8217;s EBITDA in the year preceding the Specific Year, or (ii) in case that the condition in the foregoing clause
(i) was not met, then the EBITDA in the second fiscal year following the Specific Year was at least 115.7625% of 75% of the Company&#8217;s
EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i) or (ii) was met for a certain Specific
Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved, and those RSUs shall become vested
as of the end of the Vesting Period. In the event that neither of the conditions described in clauses (i) or (ii) was met, the
portion of RSUs for the applicable Specific Year shall automatically expire and terminate.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PrecedingYears', window );">Preceding years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfVestedPercentage', window );">Number of vested percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedCompensationCosts', window );">Unrecognized compensation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 45,973,000<span></span>
</td>
<td class="nump">$ 51,940,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Selling, marketing, general and administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">289,985,000<span></span>
</td>
<td class="nump">224,188,000<span></span>
</td>
<td class="nump">$ 200,870,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedCompensationCost', window );">Unrecognized compensation cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAveragePeriod', window );">Weighted average period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 3 months 14 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Description of options vest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix approved, following the approval by Matrix&#8217;s compensation committee,
the grant of 1,440,000 options which are exercisable into up to 1,440,000 ordinary shares of Matrix of NIS 1 par value each, to
20 senior officers of Matrix. The exercise price of the options was NIS 41.7 at the date of their grant, subject to adjustments,
including upon the distribution of dividends. 50% of the options will be vested on January&#160;1, 2021 with the remaining amount
vesting in equal parts on January&#160;1, 2022 and 2023.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedCompensationCosts', window );">Unrecognized compensation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,368,000<span></span>
</td>
<td class="nump">428,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfExerciseShareOptionsGranted', window );">Fair value options, exercise factor</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted', window );">Fair value options, expected volatility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OptionsExpirePeriods', window );">Options expire periods</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RestrictedShares', window );">Number of restricted shares (in Shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">173,005<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Total equity-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,421,000<span></span>
</td>
<td class="nump">$ 4,318,000<span></span>
</td>
<td class="nump">$ 1,125,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedCompensationCosts', window );">Unrecognized compensation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,072,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OptionsExpirePeriods', window );">Options expire periods</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements', window );">Employees and directors to purchase shares description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In
2019, 2020 and 2021, Sapiens granted 155,000, 315,000 and 847,000 stock options, respectively, to its employees and directors
to purchase its shares.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValuesOfOptions', window );">Weighted average grant date fair values of options (in Dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.35<span></span>
</td>
<td class="nump">$ 7.99<span></span>
</td>
<td class="nump">$ 4.24<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntrinsicValueOfOptionsExercised', window );">Intrinsic value of options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,505,000<span></span>
</td>
<td class="nump">$ 11,658,000<span></span>
</td>
<td class="nump">$ 2,301,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Selling, marketing, general and administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,130,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_MagicMember', window );">Magic [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntrinsicValueOfOptionsExercised', window );">Intrinsic value of options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 628,000<span></span>
</td>
<td class="nump">765,000<span></span>
</td>
<td class="nump">537,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage', window );">EBITDA, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage', window );">EBITDA decreasing, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum [Member] | Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted', window );">Fair value options, risk-free interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage', window );">EBITDA, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage', window );">EBITDA decreasing, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum [Member] | Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted', window );">Fair value options, risk-free interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_GeneralAssemblyMember', window );">General Assembly [Member] | Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Description of options vest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix approved, after obtaining the approval of Matrix&#8217;s compensation
committee and Matrix board of directors the grant of 80,000 options which are exercisable into up to 80,000 ordinary shares of
Matrix of NIS 1 par value, to the President and Vice Chairman of the Matrix board. The exercise price of the options was NIS 43.16
at the date of their grant, subject to adjustments, including upon the distribution of dividends. 50% of the options will vest
on January&#160;1, 2021, with the remaining amount vesting in equal parts on January&#160;1, 2022 and 2023.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansAxis=forty_TwoThousandElevenPlanMember', window );">2011 Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RestrictedShares', window );">Number of restricted shares (in Shares)</a></td>
<td class="nump">611,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Description of options vest</a></td>
<td class="text">66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December&#160;31, 2027, subject
to the continued engagement of Formula&#8217;s chief executive officer with the Company as of that date (the &#8220;Vesting Period&#8221;);
and up to 33.33% of the RSUs (i.e., 203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest
at December&#160;31, 2027 on a pro-rata basis with respect to each fiscal year (starting as of January&#160;1, 2020) during the
Vesting Period in which the Target EBITDA (as defined below) is achieved, subject to the continued engagement of Formula&#8217;s
chief executive officer with the Company. At the end of the vesting period, the number of performances-based RSUs that
vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied by (ii) 25,490.50 RSUs
(rounded to the nearest whole number, up to a cap of 203,924 RSUs in total). The &#8220;Target EBITDA&#8221; in a given fiscal
year during the Vesting Period means the Company&#8217;s EBITDA in that certain fiscal year (as reflected in the Company&#8217;s
annual audited consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the
Company&#8217;s annual audited consolidated financial statements for the applicable fiscal year (as to which the review of performance
is made to determine whether one-eighth of the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the
end of the Vesting Period).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">These restricted
shares vest on an annual basis over a four-year period, commencing on November&#160;19, 2018 and concluding on November&#160;19,
2022, provided that during such time the chief operational officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates. The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled $382 ($38.2 per share). The total compensation expense the Company recorded in its statement
of profit or loss for the years ended December&#160;31, 2019, 2020 and 2021 were $191, $98 and $60, respectively. As of December&#160;31,
2021 Formula&#8217;s chief operational officer holds 10,000 restricted shares from this grant, of which 7,500 are fully vested.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">These restricted
shares vest on a quarterly basis over a three-year period, commencing on August&#160;17, 2017 and concluding on August&#160;17,
2020, provided that during such time the chief financial officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates, except that if he fails to meet the service condition due to the request
of the board of directors of either Formula or any of its directly held affiliates (other than a termination of his provision
of services which is based on actions or omissions by him that will constitute &#8220;cause&#8221; under his grant agreement with
Formula), then, the chief financial officer will be deemed to have complied with clauses (i) or (ii) above.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted', window );">Total fair value of grant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 371,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FairValueOfGrantSharePricePerShare', window );">Fair value of grant share price per share (in Dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Total equity-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,000<span></span>
</td>
<td class="nump">$ 66,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansAxis=forty_GutmanMember', window );">Mr. Moti Gutman [Member] | Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsLineItems', window );"><strong>Employee Option Plans (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Description of options vest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Matrix extended its agreement with Revava Management Company Ltd. through which its chief executive officer,
Mr. Moti Gutman, provides services to Matrix, for five years&#8217; term starting on January&#160;1, 2018. As part of the new
agreement in January&#160;2018, Matrix awarded Mr. Gutman 256,890 (RSUs), which vest on an annual basis over a five-year period,
commencing on January&#160;16, 2018 and concludes on December&#160;31, 2022, but not before the publication of Matrix&#8217;s
financial statements for each respective year, and subject to certain conditions. In 2021, 51,378 restricted share units (RSU)
were vested and exercised. As of December&#160;31, 2021 Mr. Gutman holds 102,756 restricted share units (RSU) from this grant.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfExerciseShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected excercise of the share price used to calculate the fair value of the share options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfExerciseShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Earnings before interest, taxes, depreciation, and amortization, percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Earnings before interest, taxes, depreciation and amortization percentage, description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FairValueOfGrantSharePricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of grant share price per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FairValueOfGrantSharePricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IntrinsicValueOfOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intrinsic value of options exercised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IntrinsicValueOfOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfVestedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vested percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfVestedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OptionsExpirePeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Options expire periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OptionsExpirePeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PrecedingYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Preceding years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PrecedingYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RestrictedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of restricted shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RestrictedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UnrecognizedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized compensation cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UnrecognizedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UnrecognizedCompensationCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized compensation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UnrecognizedCompensationCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageGrantDateFairValuesOfOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average grant date fair values of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageGrantDateFairValuesOfOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAveragePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAveragePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2021-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2021-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_GeneralAssemblyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_GeneralAssemblyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansAxis=forty_TwoThousandElevenPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansAxis=forty_TwoThousandElevenPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansAxis=forty_GutmanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansAxis=forty_GutmanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033730880936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LocationOfIncomeStatementAxis=forty_SellingAndMarketingExpensesMember', window );">Selling and marketing expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Total stock-based compensation expense</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 74<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LocationOfIncomeStatementAxis=us-gaap_SellingGeneralAndAdministrativeExpensesMember', window );">General and administrative expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Total stock-based compensation expense</a></td>
<td class="nump">14,767<span></span>
</td>
<td class="nump">7,856<span></span>
</td>
<td class="nump">3,800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Total stock-based compensation expense</a></td>
<td class="nump">$ 14,767<span></span>
</td>
<td class="nump">$ 7,856<span></span>
</td>
<td class="nump">$ 3,874<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2021-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LocationOfIncomeStatementAxis=forty_SellingAndMarketingExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LocationOfIncomeStatementAxis=forty_SellingAndMarketingExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LocationOfIncomeStatementAxis=us-gaap_SellingGeneralAndAdministrativeExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LocationOfIncomeStatementAxis=us-gaap_SellingGeneralAndAdministrativeExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>136
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033724944136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) - Matrix [Member]<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionsOutstanding', window );">Number of options, Outstanding at beginning of year | shares</a></td>
<td class="nump">1,674,134<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement', window );">Weighted average exercise price, Outstanding at beginning of year | $ / shares</a></td>
<td class="nump">$ 10.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear', window );">Weighted average remaining contractual term, Outstanding at beginning of year</a></td>
<td class="text">2 years 10 months 17 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions', window );">Aggregate intrinsic value, Outstanding at beginning of year | $</a></td>
<td class="nump">$ 19,935<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Number of options, Exercised | shares</a></td>
<td class="num">(811,378)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Weighted average exercise price, Exercised | $ / shares</a></td>
<td class="nump">$ 10.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions', window );">Weighted average remaining contractual term, Exercised</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfExercisedShareOptions', window );">Aggregate intrinsic value, Exercised | $</a></td>
<td class="num">$ (11,159)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionsOutstanding', window );">Number of options, Outstanding at end of year | shares</a></td>
<td class="nump">862,756<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement', window );">Weighted average exercise price, Outstanding at end of year | $ / shares</a></td>
<td class="nump">$ 11.41<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear', window );">Weighted average remaining contractual term, Outstanding at end of year</a></td>
<td class="text">1 year 11 months 4 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions', window );">Aggregate intrinsic value, Outstanding at end of year | $</a></td>
<td class="nump">$ 17,513<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Number of options, Exercisable at end of year | shares</a></td>
<td class="nump">51,378<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Weighted average exercise price, Exercisable at end of year | $ / shares</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions', window );">Weighted average remaining contractual term, Exercisable at end of year</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfExercisableShareOptions', window );">Aggregate intrinsic value, Exercisable at end of year | $</a></td>
<td class="nump">$ 1,560<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of exercisable share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfExercisedShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of exercised share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfExercisedShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of outstanding share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionsOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionsOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual life of exercisable share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual term of exercised share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735139320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) - Sapiens [Member]<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsOutstandingAtBeginningOfYear', window );">Amount of options, Outstanding at beginning of year | shares</a></td>
<td class="nump">1,462,482<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement', window );">Weighted average exercise price, Outstanding at beginning of year | $ / shares</a></td>
<td class="nump">$ 14.26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions', window );">Weighted average remaining contractual life, Outstanding at beginning of year</a></td>
<td class="text">3 years 2 months 1 day<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions', window );">Aggregate intrinsic value, Outstanding at beginning of year | $</a></td>
<td class="nump">$ 24,019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement', window );">Amount of options, Granted | shares</a></td>
<td class="nump">847,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement', window );">Weighted average exercise price, Granted | $ / shares</a></td>
<td class="nump">$ 30.36<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Amount of options, Exercised | shares</a></td>
<td class="num">(359,859)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Weighted average exercise price, Exercised | $ / shares</a></td>
<td class="nump">$ 10.32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement', window );">Amount of options, Expired and forfeited | shares</a></td>
<td class="num">(114,238)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement', window );">Weighted average exercise price, Expired and forfeited | $ / shares</a></td>
<td class="nump">$ 12.69<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsOutstandingAtBeginningOfYear', window );">Amount of options, Outstanding at end of year | shares</a></td>
<td class="nump">1,835,385<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement', window );">Weighted average exercise price, Outstanding at end of year | $ / shares</a></td>
<td class="nump">$ 22.27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions', window );">Weighted average remaining contractual life, Outstanding at end of year</a></td>
<td class="text">3 years 9 months 7 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions', window );">Aggregate intrinsic value, Outstanding at end of year | $</a></td>
<td class="nump">$ 22,374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Amount of options, Exercisable at end of year | shares</a></td>
<td class="nump">734,969<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Weighted average exercise price, Exercisable at end of year | $ / shares</a></td>
<td class="nump">$ 12.95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions', window );">Weighted average remaining contractual life, Exercisable at end of year</a></td>
<td class="text">2 years 1 month 6 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfExercisableShareOptions', window );">Aggregate intrinsic value, Exercisable at end of year | $</a></td>
<td class="nump">$ 15,064<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of exercisable share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of outstanding share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountOfOptionsOutstandingAtBeginningOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountOfOptionsOutstandingAtBeginningOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options expired and forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options expired and forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual life of exercisable share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual term of outstanding share option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736016328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">1,835,385<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">3 years 9 months 7 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 22.27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="nump">734,696<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="nump">$ 12.95<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensMember', window );">Exercise Price Range 1.12 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptions', window );">Ranges of exercise price</a></td>
<td class="nump">$ 7.94<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">3,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">2 years 4 months 6 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 7.94<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensOneMember', window );">Exercise Price Range 8.31-10.07 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit', window );">Ranges of exercise price, lower limit</a></td>
<td class="nump">8.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit', window );">Ranges of exercise price, upper limit</a></td>
<td class="nump">$ 10.72<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">597,969<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">1 year 9 months 25 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 10.64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="nump">564,969<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="nump">$ 10.66<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensTwoMember', window );">Exercise Price Range 11.07-11.09 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit', window );">Ranges of exercise price, lower limit</a></td>
<td class="nump">11.48<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit', window );">Ranges of exercise price, upper limit</a></td>
<td class="nump">$ 15.09<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">109,166<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">2 years 3 months 10 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 12.51<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="nump">67,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="nump">$ 12.17<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensThreeMember', window );">Exercise Price Range 11.85-15.46 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit', window );">Ranges of exercise price, lower limit</a></td>
<td class="nump">23.92<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit', window );">Ranges of exercise price, upper limit</a></td>
<td class="nump">$ 28.49<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">297,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">4 years 6 months 21 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 25.97<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="nump">82,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="nump">$ 24.77<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensFourMember', window );">Exercise Price Range 24.29-25.4 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit', window );">Ranges of exercise price, lower limit</a></td>
<td class="nump">29.81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit', window );">Ranges of exercise price, upper limit</a></td>
<td class="nump">$ 32.27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">730,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">4 years 11 months 23 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 30.17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="nump">$ 31.59<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PlanOfNameAxis=forty_SapiensFiveMember', window );">Exercise Price Range 31.96 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of Sapiens&#8217; stock option plans [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangeOfExercisePricesOfOutstandingShareOptions', window );">Ranges of exercise price</a></td>
<td class="nump">$ 34.96<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding (in Shares) | shares</a></td>
<td class="nump">97,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted Average remaining contractual Term</a></td>
<td class="text">5 years 11 months 1 day<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price</a></td>
<td class="nump">$ 34.69<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options Exercisable (in Shares) | shares</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted Average Exercise price of Options Exercisable</a></td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangeOfExercisePricesOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of exercise price of outstanding share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangeOfExercisePricesOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of exercise price of outstanding share options lower limit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of exercise price of outstanding share options upper limit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual term of outstanding share option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanOfNameAxis=forty_SapiensFiveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanOfNameAxis=forty_SapiensFiveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733330328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of the RSU activities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTheRsuActivitiesAbstract', window );"><strong>Schedule of the RSU activities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsUnvestedBeginning', window );">Amount of options, Unvested beginning | shares</a></td>
<td class="nump">238,005,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValuesUnvestedEnding', window );">Weighted Average Grant-Date Fair value, Unvested ending | $ / shares</a></td>
<td class="nump">$ 24.45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsGranted', window );">Amount of options, Granted | shares</a></td>
<td class="nump">74,222,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValueGranted', window );">Weighted Average Grant-Date Fair value, Granted | $ / shares</a></td>
<td class="nump">$ 29.96<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsVested', window );">Amount of options, Vested | shares</a></td>
<td class="num">(43,451,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValueVested', window );">Weighted Average Grant-Date Fair value, Vested | $ / shares</a></td>
<td class="nump">$ 24.45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsExpiredAndForfeiture', window );">Amount of options, Expired and forfeiture | shares</a></td>
<td class="num">(65,020,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture', window );">Weighted Average Grant-Date Fair value, Expired and forfeiture | $ / shares</a></td>
<td class="nump">$ 24.47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountOfOptionsUnvestedBeginning', window );">Amount of options, Unvested ending | shares</a></td>
<td class="nump">203,756,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageGrantDateFairValuesUnvestedEnding', window );">Weighted Average Grant-Date Fair value, Unvested ending | $ / shares</a></td>
<td class="nump">$ 26.46<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountOfOptionsExpiredAndForfeiture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of options expired and forfeiture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountOfOptionsExpiredAndForfeiture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountOfOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountOfOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountOfOptionsUnvestedBeginning">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Outstanding at beginning of year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountOfOptionsUnvestedBeginning</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountOfOptionsVested">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of options vested.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountOfOptionsVested</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTheRsuActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTheRsuActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted Average Grant-Date Fair value, Expired and forfeiture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageGrantDateFairValueGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted Average Grant-Date Fair value, Granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageGrantDateFairValueGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageGrantDateFairValueVested">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted Average Grant-Date Fair value, Vested.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageGrantDateFairValueVested</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageGrantDateFairValuesUnvestedEnding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted Average Grant-Date Fair value, Unvested ending.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageGrantDateFairValuesUnvestedEnding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R123.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734582136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity - Magic [Member]<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstandingAtBeginningOfYear', window );">Number of options, Outstanding at beginning of year</a></td>
<td class="nump">24,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear', window );">Weighted average exercise price, Outstanding at beginning of year (in Dollars per share) | $ / shares</a></td>
<td class="nump">$ 3.45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions', window );">Weighted average remaining contractual term, Outstanding at beginning of year</a></td>
<td class="text">1 year 2 months 26 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars', window );">Aggregate intrinsic value, Outstanding at beginning of year (in Dollars) | $</a></td>
<td class="nump">$ 380<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement', window );">Granted</a></td>
<td class="nump">80,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement', window );">Granted (in Dollars per share) | $ / shares</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Exercised</a></td>
<td class="num">(38,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement', window );">Exercised (in Dollars per share) | $ / shares</a></td>
<td class="nump">$ 1.12<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement', window );">Forfeited</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement', window );">Forfeited (in Dollars per share) | $ / shares</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstandingAtEndOfYear', window );">Number of options, Outstanding at end of year</a></td>
<td class="nump">66,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOutstandingAtEndOfYear', window );">Weighted average exercise price, Outstanding at end of year</a></td>
<td class="nump">0.45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars', window );">Aggregate intrinsic value, Outstanding at end of year (in Dollars) | $</a></td>
<td class="nump">$ 1,360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Number of options, Exercisable at end of year</a></td>
<td class="nump">26,250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement', window );">Weighted average exercise price, Exercisable at end of year (in Dollars per share) | $ / shares</a></td>
<td class="nump">$ 1.03<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions', window );">Weighted average remaining contractual term, Exercisable at end of year</a></td>
<td class="text">7 years 11 months 15 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateIntrinsicValueOfExercisableShareOptions', window );">Aggregate intrinsic value, Exercisable at end of year (in Dollars) | $</a></td>
<td class="nump">$ 522<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate intrinsic value of exercisable share options in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionOutstandingAtBeginningOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Outstanding at beginning of year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionOutstandingAtBeginningOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionOutstandingAtEndOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionOutstandingAtEndOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOutstandingAtEndOfYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average exercise price outstanding at end of year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOutstandingAtEndOfYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual life of exercisable share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual term of outstanding share option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanNamesAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanNamesAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033734605080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories - Magic [Member]<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Sep. 30, 2021 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding | shares</a></td>
<td class="nump">66,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1', window );">Weighted average remaining contractual life (Years)</a></td>
<td class="text">7 years 11 months 15 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price | $ / shares</a></td>
<td class="nump">$ 0.45<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options exercisable | shares</a></td>
<td class="nump">26,250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted average exercise price of exercisable options | $ / shares</a></td>
<td class="nump">$ 1.03<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceZeroMember', window );">Ranges of Exercise price 0 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangesOfExercisePrice', window );">Ranges of Exercise price | $ / shares</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding | shares</a></td>
<td class="nump">60,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1', window );">Weighted average remaining contractual life (Years)</a></td>
<td class="text">1 year 7 months 6 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options exercisable | shares</a></td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceFourthreeTwoMember', window );">Ranges of Exercise price 4.32 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems', window );"><strong>Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RangesOfExercisePrice', window );">Ranges of Exercise price | $ / shares</a></td>
<td class="nump">$ 4.32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionOutstanding', window );">Options outstanding | shares</a></td>
<td class="nump">6,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1', window );">Weighted average remaining contractual life (Years)</a></td>
<td class="text">8 years 7 months 13 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements', window );">Weighted average exercise price | $ / shares</a></td>
<td class="nump">$ 4.32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Options exercisable | shares</a></td>
<td class="nump">6,250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements', window );">Weighted average exercise price of exercisable options | $ / shares</a></td>
<td class="nump">$ 4.32<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfShareOptionOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfShareOptionOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RangesOfExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of exercise price of outstanding share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RangesOfExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PlanNamesAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PlanNamesAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceZeroMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceZeroMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceFourthreeTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis=forty_RangeOfExercisePriceFourthreeTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R125.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731301672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Employee Benefit Liabilities (Details) - Schedule of defined benefit plans - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfDefinedBenefitPlansAbstract', window );"><strong>Schedule of defined benefit plans [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation</a></td>
<td class="nump">$ 123,138<span></span>
</td>
<td class="nump">$ 113,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets</a></td>
<td class="num">(110,497)<span></span>
</td>
<td class="num">(98,421)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan', window );">Net defined benefit liability</a></td>
<td class="nump">$ 12,641<span></span>
</td>
<td class="nump">$ 15,119<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfDefinedBenefitPlansAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfDefinedBenefitPlansAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2021-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit in a defined benefit plan. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033726272104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jul. 15, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 24, 2019 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Sep. 30, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2016 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 03, 2021 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AggregateSecurityAmount', window );">Aggregate security amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 49,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BankGuaranteesAmount', window );">Bank guarantees amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesOnOtherDepositsFromCustomers', window );">Restricted bank deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfFinancialCovenants', window );">Description of financial covenants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(iii)financial covenants, including: (i) the equity attributable to the shareholders of Sapiens, as reported in its annual or quarterly financial statements, will not be less than $120 million (as of December&#160;31, 2021 Sapiens&#8217; shareholders equity was $408,702); (ii) Sapiens&#8217; net financial indebtedness (financial indebtedness offset by cash, marketable securities deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined as financial indebtedness, net, plus shareholders equity, including deposits and other liquid financial instruments) (as of December&#160;31, 2021 Sapiens&#8217; net financial indebtedness was (36.78%) of net CAP (36.78%) of net CAP); and (iii) the ratio of Sapiens&#8217; net financial indebtedness to EBITDA (based on accumulated calculation for the four last quarters) shall not exceed 5.5 (as of December 31, 2021 the ratio of Sapiens&#8217; net financial indebtedness to EBITDA was (1.27)).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DamagesAmount', window );">Damages amount</a></td>
<td class="nump">$ 63,000<span></span>
</td>
<td class="nump">&#8362; 793,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ArbitrationExpenses', window );">Arbitration expenses.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RestrictedShares', window );">Restricted shares (in Shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,222<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ContingentLiability', window );">Contingent liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,454,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,014,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CreditFacilityAgreementsAxis=forty_FormulaMember', window );">Formula [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary', window );">Royalty commitments, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">a.A covenant not to distribute dividends unless (i) Formula shareholders&#8217; equity attributable to Formula Systems shareholders shall not be less than $290 million, (ii) Formula&#8217;s net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 50% of net CAP (defined as financial indebtedness, net, plus shareholders&#8217; equity), and (iii) the aggregate amount of distributions from January&#160;1, 2016 shall not exceed the aggregate amount of net oncome for the year ended December&#160;31, 2015 together with 75% of accumulated profits from January&#160;1, 2016 until the respective distribution date and (iv) no event of default shall have occurred.
b.Financial
                                         covenants, including: (i) the equity attributable to Formula Systems shareholders, as
                                         reported in Formula&#8217;s annual or quarterly financial statements, shall not be less
                                         than $215 million (as of December&#160;31, 2021, Formula equity attributable to Formula
                                         Systems&#8217; shareholders was approximately $541.0 million); (ii) Formula&#8217;s net
                                         financial indebtedness (financial indebtedness offset by cash, marketable securities,
                                         deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined
                                         as financial indebtedness, net, plus total equity) (as of December&#160;31, 2021 Formula&#8217;s
                                         net financial indebtedness was 5.9% of net CAP); (iii) the ratio of Formula&#8217;s net
                                         financial indebtedness to the last twelve-months period EBITDA will not exceed 5 (all
                                         based on the Company&#8217;s quarterly and annual consolidated financial statements)
                                         (as of December&#160;31, 2021 the ratio of Formula&#8217;s net financial indebtedness
                                         to EBITDA was 0.22); and (iv) at all times, Formula&#8217;s cash balance on a stand-alone
                                         basis will not be less than the semi annual interest payments for the unpaid principal
                                         amount of Series A and Series C Secured Debentures (as of December&#160;31, 2021 Formula&#8217;s
                                         cash balances exceed the semi annual interest payments amount).&#160;
c.Standard
                                         events of default, including, among others:&#160;
1.Suspension
                                         of trading of the debentures on the TASE over a period of 60 days;&#160;
2.If
                                         the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent
                                         rating of other rating agencies;&#160;
3.Failure
                                         to have the debentures rated over a period of 60 days;&#160;
4.If
                                         there is a change in control without consent of the rating agency; and&#160;
5.If Formula fails to continue to control any of its subsidiaries;&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CreditFacilityAgreementsAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilityToFinancialInstitutionDescription', window );">Description of liability to financial institution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(i)The total rate of Matrix financial debts and liabilities to banks with the addition of debts in respect of debentures that have been and/or will be issued by Matrix and shareholders&#8217; loans that have been and/or will be granted to Matrix (collectively, the &#8220;debts&#8221;) will not exceed 40% of its total balance sheet. As of December&#160;31, 2021 the ratio between Matrix&#8217;s financial debts and liabilities to banks versus Matrix total assets was 10.9%
(ii)The
                                         ratio of Matrix net debt to the annual EBITDA will not exceed 3.5. As of December&#160;31,
                                         2021, Matrix ratio of net debt to EBITDA was 0.79.&#160;
(iii)Matrix
                                         equity shall not be lower than NIS 275,000 (approximately $88,424) at all times. As of
                                         December&#160;31, 2021 Matrix&#8217;s equity was approximately NIS 878,054 (approximately
                                         $282,332 million).&#160;
(iv)Matrix
                                         cash and cash equivalents and short-term bank deposits shall not be less than NIS 50,000
                                         (approximately $16,077). In the context of Matrix&#8217; issuance of Commercial Securities
                                         which are not listed, Matrix committed to maintain at least NIS 300,000 (approximately
                                         $96,463) of liquid assets including unused approved bank credits. Such liquid assets
                                         should account for not less than NIS 200,000 of cash and cash equivalent and short-term
                                         bank deposit (approximately $64,309).&#160;As
                                         of December&#160;31, 2021, Matrix&#8217;s cash and cash equivalent and short-term bank
                                         deposits amounted to NIS 534,132 (approximately $171,747).&#160;
(v)Matrix
                                         has committed that the rate of ownership and control of Matrix IT-Systems shall never
                                         be below 50.1%.&#160;
(vi)Matrix
                                         will not create any pledge on all or part of its property and assets in favor of any
                                         third party and will not provide any guarantee to secure any third party&#8217;s debts
                                         as they are today and as they will be without the banks&#8217; consent (except for a
                                         first-rate fixed pledge on an asset which acquisition will be financed by a third party
                                         and which the pledge will be in his favor).&#160;
(vii)Matrix will not sell and/or transfer all or part of its assets to others in any manner whatsoever without the banks&#8217; advance written consent unless it is done in the ordinary course of business.&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CreditFacilityAgreementsAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary', window );">Royalty commitments, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sapiens
Technologies (1982) Ltd. (&#8220;Sapiens Technologies&#8221;), a wholly owned subsidiary of Sapiens incorporated in Israel, was
partially financed under programs sponsored by the Israel Innovation Authority (&#8220;IIA&#8221;), formerly the Office of the
Chief Scientist (&#8220;OCS&#8221;) for the support of certain research and development activities conducted in Israel. In exchange
for participation in the programs by the IIA, Sapiens Technologies agreed to pay 3.5% of total net consolidated license and maintenance
revenue and 0.35% of the net consolidated consulting services revenue related to the software developed within the framework of
these programs based on an understanding with IIA reached in January&#160;2012. The royalties will be paid up to a maximum amount
equaling 100%-150% of the grants provided by the IIA, linked to the dollar, and for grants received after January&#160;1, 1999,
bear annual interest at a rate based on LIBOR.&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfFinancialCovenants', window );">Description of financial covenants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(ii)a covenant not to distribute dividends unless (i) Sapiens equity attributable to Sapiens shareholders&#8217; shall not be less than $160 million - as of December&#160;31, 2021, Sapiens total shareholders&#8217; equity was approximately $408,702, (ii) Sapiens net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) does not exceed 65% of net CAP (defined as financial indebtedness, net, plus total equity) - as of December&#160;31, 2021 the ratio of net financial indebtedness to net capitalization was (36.78)%, (iii) the amount of accumulated dividends from the issuance date and going forward shall not exceed Sapiens net income for the year ended December&#160;31, 2016 and the first three quarters of the year ended December&#160;31, 2017, plus 75% of Sapiens accumulated profits from September&#160;1, 2017 and up to the date of distribution, and (iv) no event of default shall have occurred.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CreditFacilityAgreementsAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_LiabilityToFinancialInstitutionDescription', window );">Description of liability to financial institution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(i)Total equity attributable to Magic Software&#8217; shareholders shall not be lower than $100,000 at all times &#8211; as of December&#160;31, 2021 Magic Software shareholders&#8217; equity was $275,668.
(ii)Magic
                                         Software&#8217;s consolidated cash and cash equivalents and marketable securities available
                                         for sale shall not be less than $10,000 &#8211; as of December&#160;31, 2021 Magic Software&#8217;s
                                         cash and marketable securities available for sale were $94,818.&#160;
(iii)The
                                         ratio of Magic Software&#8217;s consolidated total financial debts to consolidated total
                                         assets will not exceed 50% - as of December&#160;31, 2021 Magic Software&#8217;s financial
                                         debts were 7.6% of its total assets;&#160;
(iv)The
                                         ratio of Magic Software&#8217;s total financial debts less cash, short-term deposits
                                         and short-term marketable securities to the annual EBITDA will not exceed 3.25 &#8211;
                                         as of December&#160;31, 2021 the ratio of Magic Software&#8217;s net financial indebtedness
                                         to EBITDA was negative (-0.9) (cash exceeds indebtedness); and&#160;
(v)Magic Software shall not create any pledge on all of its property and assets in favor of any third party without the financial institution&#8217;s consent.&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DamagesAmount', window );">Damages amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,400,000<span></span>
</td>
<td class="nump">&#8362; 1,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_lawsuitSeekingDamages', window );">Lawsuit seeking damages (in New Shekels) | &#8362;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 34,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember', window );">CEO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsLineItems', window );"><strong>Commitments and Contingencies (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RestrictedShares', window );">Restricted shares (in Shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">611,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AggregateSecurityAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate security amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AggregateSecurityAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ArbitrationExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The financial results of operations of 2021 included a net impact of arbitration expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ArbitrationExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BankGuaranteesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of bank guarantees in an aggregate for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BankGuaranteesAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CommitmentsandContingenciesDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CommitmentsandContingenciesDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ContingentLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contingent liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ContingentLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DamagesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Damages amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DamagesAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfFinancialCovenants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of financial covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfFinancialCovenants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_LiabilityToFinancialInstitutionDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of liability to financial institution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_LiabilityToFinancialInstitutionDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RestrictedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of restricted shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RestrictedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_lawsuitSeekingDamages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_lawsuitSeekingDamages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesOnOtherDepositsFromCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of balances in customers' deposit accounts held by the entity that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesOnOtherDepositsFromCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of current commitments or intentions to provide support to a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 19D<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_19D_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CreditFacilityAgreementsAxis=forty_FormulaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CreditFacilityAgreementsAxis=forty_FormulaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CreditFacilityAgreementsAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CreditFacilityAgreementsAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CreditFacilityAgreementsAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CreditFacilityAgreementsAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CreditFacilityAgreementsAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CreditFacilityAgreementsAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732345624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies (Details) - Schedule of composition of pledged shares<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PledgeAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems', window );"><strong>Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialInstitutionCreditAgreement', window );">Formula&#8217;s series A secured Debentures</a></td>
<td class="nump">4,128,865<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SecuredDebentures', window );">Formula&#8217;s series C secured debentures</a></td>
<td class="nump">6,031,761<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PledgeAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems', window );"><strong>Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialInstitutionCreditAgreement', window );">Formula&#8217;s series A secured Debentures</a></td>
<td class="nump">5,825,681<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SecuredDebentures', window );">Formula&#8217;s series C secured debentures</a></td>
<td class="nump">2,411,474<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PledgeAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems', window );"><strong>Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialInstitutionCreditAgreement', window );">Formula&#8217;s series A secured Debentures</a></td>
<td class="nump">1,260,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SecuredDebentures', window );">Formula&#8217;s series C secured debentures</a></td>
<td class="nump">2,957,590<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialInstitutionCreditAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share of financial institution credit agreement for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialInstitutionCreditAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SecuredDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Shares of secured debenture of series for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SecuredDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PledgeAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PledgeAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PledgeAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PledgeAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PledgeAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PledgeAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033726227048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Equity (Details)<br></strong></div></th>
<th class="th">
<div>Aug. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>&#8362; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 31, 2021 </div>
<div>ILS (&#8362;) </div>
<div>&#8362; / shares</div>
</th>
<th class="th">
<div>Feb. 28, 2021 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Feb. 28, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Aug. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Aug. 31, 2020 </div>
<div>ILS (&#8362;) </div>
<div>&#8362; / shares</div>
</th>
<th class="th">
<div>Nov. 30, 2019 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Nov. 30, 2019 </div>
<div>ILS (&#8362;) </div>
<div>&#8362; / shares</div>
</th>
<th class="th">
<div>Aug. 31, 2019 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EquityDetailsLineItems', window );"><strong>Equity (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FormulaHoldShares', window );">Ordinary shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">568,620<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividend payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 2.16<span></span>
</td>
<td class="nump">$ 7,960,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,079,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,953,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPayableAmountPerShare', window );">Dividend per share | (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 1<span></span>
</td>
<td class="nump">&#8362; 2.53<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.52<span></span>
</td>
<td class="nump">&#8362; 1.77<span></span>
</td>
<td class="nump">$ 0.46<span></span>
</td>
<td class="nump">&#8362; 1,600<span></span>
</td>
<td class="nump">$ 0.52<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPayable', window );">Dividends payable, non-cash assets distributions</a></td>
<td class="nump">$ 11,932<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 38,694<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 33,036<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 27,071<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8362; 24,471<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOtherSharesPerShare', window );">Dividends paid, other shares per share</a></td>
<td class="nump">$ 0.78<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember', window );">Events After Reporting Period [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EquityDetailsLineItems', window );"><strong>Equity (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividend payables | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,155,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPayableAmountPerShare', window );">Dividend per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends payable, amount per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPayableAmountPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EquityDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EquityDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FormulaHoldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FormulaHoldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOtherSharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per other share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2021-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOtherSharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends payable by means of the distribution of non-cash assets to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRIC<br> -Number 17<br> -IssueDate 2021-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRIC&amp;num=17&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=forty_EventsAfterReportingPeriodMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736963064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Details) - Schedule of share capital - shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfShareCapitalAbstract', window );"><strong>Schedule of share capital [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized</a></td>
<td class="nump">25,000,000<span></span>
</td>
<td class="nump">25,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Issued</a></td>
<td class="nump">15,862,887<span></span>
</td>
<td class="nump">15,862,887<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumberOfSharesOutstanding1', window );">Outstanding</a></td>
<td class="nump">15,294,267<span></span>
</td>
<td class="nump">15,294,267<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumberOfSharesOutstanding1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumberOfSharesOutstanding1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033726091096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxRateEffectFromChangeInTaxRate', window );">Statutory tax rate in Israel</a></td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Minimum tax rate</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011', window );">Accumulated tax exempt</a></td>
<td class="nump">$ 35,048<span></span>
</td>
<td class="nump">&#8362; 109,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances', window );">Deferred tax liability</a></td>
<td class="nump">$ 3,531<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTax', window );">Income tax</a></td>
<td class="nump">90.00%<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates', window );">Undistributed earnings of foreign subsidiaries and affiliates</a></td>
<td class="nump">$ 157,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 114,569<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael', window );">Cash and cash equivalents held by the Group's investees outside of Israel</a></td>
<td class="nump">$ 61,812<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FederalCorporateIncomeTaxRateDescription', window );">Federal corporate income tax rate, description</a></td>
<td class="text">The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.<span></span>
</td>
<td class="text">The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurpose', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">$ 184,523<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">$ 27,486<span></span>
</td>
<td class="nump">&#8362; 85,483<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_PreferredTechnologyEnterpriseMember', window );">Preferred Technology Enterprise [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DescriptionOfNewAmendmentTaxRate', window );">Description of new amendment tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">According to the 2017
Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of the group
companies is less than NIS 10 billion, shall be subject to 12% tax rate on income derived from intellectual property (in development
area A&#8212;a tax rate of 7.5%). In order to qualify as a Preferred technological enterprise certain criterion must be met, such
as a minimum ratio of annual R&D expenditure and R&D employees, as well as having at least 25% of annual revenues derived
from exports.The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a Special Preferred Technology
Enterprise (&#8220;SPTE&#8221;) (an enterprise for which, among others, total consolidated revenues of its parent company and
all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on PTI regardless of the
company&#8217;s geographic location within Israel. In addition, a SPTE will enjoy a reduced corporate tax rate of 6% on capital
gain derived from the sale of certain &#8220;Benefited Intangible Assets&#8221; to a related foreign company if the Benefited
Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company on or
after January&#160;1, 2017.&#160;Starting
from 2017 under Amendment 73 to the Investment Law, part of the Group&#8217;s taxable income in Israel is entitled to a preferred
12% tax rate. Since 2019, under SPTE the tax rate for part of the Group&#8217;s taxable income in Israel has been reduced to a
6% corporate tax rate.&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_FormulaMember', window );">Formula [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxAssessmentsDescription', window );">Income tax assessments, description</a></td>
<td class="text">Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.&#160;<span></span>
</td>
<td class="text">Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MagicMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">$ 23,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">$ 34,515<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxAssessmentsDescription', window );">Income tax assessments, description</a></td>
<td class="text">Tax
assessments filed by some of Sapiens&#8217; Israeli subsidiaries through the year 2016 are considered to be final.<span></span>
</td>
<td class="text">Tax
assessments filed by some of Sapiens&#8217; Israeli subsidiaries through the year 2016 are considered to be final.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InvesteeNameAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxAssessmentsDescription', window );">Income tax assessments, description</a></td>
<td class="text">Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.<span></span>
</td>
<td class="text">Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZapMember', window );">Zap [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectOfTaxLosses', window );">Carry-forward tax losses</a></td>
<td class="nump">$ 7,077<span></span>
</td>
<td class="nump">&#8362; 22,008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_ILS', window );">Israel, New Shekels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">82,798<span></span>
</td>
<td class="nump">&#8362; 257,503<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=forty_IsraeliSubsidiariesMember', window );">Israeli subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">143,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=forty_IsraeliSubsidiariesMember', window );">Israeli subsidiaries [Member] | Formula [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsLineItems', window );"><strong>Income Tax (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_CumulativeLossesForTaxPurposes', window );">Cumulative losses for tax purposes</a></td>
<td class="nump">$ 41,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and cash equivalents held by the Group's investees outside of Israel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CumulativeLossesForTaxPurpose">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CumulativeLossesForTaxPurpose</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_CumulativeLossesForTaxPurposes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cumulative losses for tax purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_CumulativeLossesForTaxPurposes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DescriptionOfNewAmendmentTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of new amendment tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DescriptionOfNewAmendmentTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FederalCorporateIncomeTaxRateDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Federal corporate income tax rate description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FederalCorporateIncomeTaxRateDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeTaxAssessmentsDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income tax assessments, description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeTaxAssessmentsDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeTaxDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeTaxDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Undistributed earnings of foreign subsidiaries and affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liability associated with regulatory deferral account balances. [Refer: Deferred tax liabilities; Regulatory deferral account balances [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 14<br> -IssueDate 2021-01-01<br> -Paragraph 24<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=14&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_24&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 14<br> -IssueDate 2021-01-01<br> -Paragraph B11<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=14&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B11_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfTaxLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax losses. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfTaxLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxRateEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from a change in tax rate. [Refer: Average effective tax rate; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxRateEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_PreferredTechnologyEnterpriseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_PreferredTechnologyEnterpriseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_FormulaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_FormulaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InvesteeNameAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InvesteeNameAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_ILS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_ILS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=forty_IsraeliSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=forty_IsraeliSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725723160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of deferred tax liabilities, net - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract', window );"><strong>Schedule of deferred tax liabilities, net [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Deferred taxes assets</a></td>
<td class="nump">$ 46,364<span></span>
</td>
<td class="nump">$ 39,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate', window );">Deferred tax liabilities</a></td>
<td class="num">(78,135)<span></span>
</td>
<td class="num">(68,367)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total</a></td>
<td class="num">$ (31,771)<span></span>
</td>
<td class="num">$ (28,617)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for deferred tax liabilities assumed in a business combination. [Refer: Deferred tax liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>149
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731506040">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of composition - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfCompositionAbstract', window );"><strong>Schedule of composition [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects', window );">Net operating losses carried forward</a></td>
<td class="nump">$ 8,775<span></span>
</td>
<td class="nump">$ 5,377<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Intangibles, fixed asset and right-of-use assets</a></td>
<td class="num">(82,313)<span></span>
</td>
<td class="num">(78,885)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLeaseLiabilities', window );">Lease liability</a></td>
<td class="nump">30,362<span></span>
</td>
<td class="nump">31,358<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Differences in measurement basis (cash basis for tax purposes)</a></td>
<td class="nump">3,084<span></span>
</td>
<td class="num">(683)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other</a></td>
<td class="nump">8,321<span></span>
</td>
<td class="nump">14,216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Total</a></td>
<td class="num">$ (31,771)<span></span>
</td>
<td class="num">$ (28,617)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfCompositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfCompositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual undiscounted cash flows in relation to lease liabilities before deducting finance charges. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 58<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_58&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2021-01-01<br> -Paragraph B11D<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B11D_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to ordinary equity holders of the parent entity, adjusted for the effects of all dilutive potential ordinary shares. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 70<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_70_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735049928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of pre-tax income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems', window );"><strong>Income Tax (Details) - Schedule of pre-tax income [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProfitLossesBeforeTax', window );">Total</a></td>
<td class="nump">$ 184,011<span></span>
</td>
<td class="nump">$ 143,756<span></span>
</td>
<td class="nump">$ 119,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember', window );">Domestic (Israel) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems', window );"><strong>Income Tax (Details) - Schedule of pre-tax income [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProfitLossesBeforeTax', window );">Total</a></td>
<td class="nump">137,213<span></span>
</td>
<td class="nump">106,974<span></span>
</td>
<td class="nump">88,942<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Foreign [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems', window );"><strong>Income Tax (Details) - Schedule of pre-tax income [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ProfitLossesBeforeTax', window );">Total</a></td>
<td class="nump">$ 46,798<span></span>
</td>
<td class="nump">$ 36,782<span></span>
</td>
<td class="nump">$ 30,895<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ProfitLossesBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ProfitLossesBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>151
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733100744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of taxes on income (tax benefit) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract', window );"><strong>Schedule of taxes on income (tax benefit) [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current taxes</a></td>
<td class="nump">$ 52,956<span></span>
</td>
<td class="nump">$ 23,015<span></span>
</td>
<td class="nump">$ 40,181<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred taxes</a></td>
<td class="num">(10,342)<span></span>
</td>
<td class="nump">8,254<span></span>
</td>
<td class="num">(12,980)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total</a></td>
<td class="nump">$ 42,614<span></span>
</td>
<td class="nump">$ 31,269<span></span>
</td>
<td class="nump">$ 27,201<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2021-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033731447272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of theoretical tax expense - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTheoreticalTaxExpenseAbstract', window );"><strong>Schedule of theoretical tax expense [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations', window );">Income before income taxes, as per the statement of operations</a></td>
<td class="nump">$ 184,011<span></span>
</td>
<td class="nump">$ 143,756<span></span>
</td>
<td class="nump">$ 119,837<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxRateEffectFromChangeInTaxRate', window );">Statutory tax rate in Israel</a></td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Tax computed at the statutory tax rate</a></td>
<td class="nump">$ 42,323<span></span>
</td>
<td class="nump">$ 33,064<span></span>
</td>
<td class="nump">$ 27,563<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost', window );">Non-deductible expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs</a></td>
<td class="nump">3,667<span></span>
</td>
<td class="nump">2,544<span></span>
</td>
<td class="nump">792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectFromChangeInTaxRate', window );">Effect of different tax rates</a></td>
<td class="nump">852<span></span>
</td>
<td class="num">(774)<span></span>
</td>
<td class="nump">1,114<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ReleaseOfTrappedEarningsseeNote21a2', window );">Release of trapped earnings</a></td>
<td class="nump">3,531<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus', window );">Effect of &#8220;Approved, Beneficiary or Preferred Enterprise&#8221; status</a></td>
<td class="num">(7,338)<span></span>
</td>
<td class="num">(5,426)<span></span>
</td>
<td class="num">(2,557)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DeferredTaxesOnCurrentLosses', window );">Deferred taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was provided, net</a></td>
<td class="num">(84)<span></span>
</td>
<td class="nump">1,877<span></span>
</td>
<td class="nump">1,087<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TaxesInRespectOfPriorYears', window );">Taxes in respect of prior years</a></td>
<td class="nump">891<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="num">(569)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NonRefundableWithholdingTaxAndTaxAdvances', window );">Uncertain tax positions</a></td>
<td class="nump">401<span></span>
</td>
<td class="nump">285<span></span>
</td>
<td class="nump">1,889<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForOtherTaxes', window );">Other</a></td>
<td class="num">(1,629)<span></span>
</td>
<td class="num">(581)<span></span>
</td>
<td class="num">(2,118)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Taxes on income</a></td>
<td class="nump">$ 42,614<span></span>
</td>
<td class="nump">$ 31,269<span></span>
</td>
<td class="nump">$ 27,201<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DeferredTaxesOnCurrentLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred taxes on current losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DeferredTaxesOnCurrentLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Effect of "Approved, Beneficiary or Preferred Enterprise" status.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NonRefundableWithholdingTaxAndTaxAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Uncertain tax positions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NonRefundableWithholdingTaxAndTaxAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ReleaseOfTrappedEarningsseeNote21a2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Release of trapped earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ReleaseOfTrappedEarningsseeNote21a2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTheoreticalTaxExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTheoreticalTaxExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TaxesInRespectOfPriorYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes in respect of prior years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TaxesInRespectOfPriorYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2021-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in the tax rate. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxRateEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from a change in tax rate. [Refer: Average effective tax rate; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxRateEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of reported income tax expense (benefit) in excess of (less than) expected income tax expense (benefit) computed by applying domestic federal statutory income tax rate to pretax income (loss) from continuing operation, attributable to nondeductible expense for award under share-based payment arrangement. Includes, but is not limited to, expense determined to be nondeductible upon grant or after for award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForOtherTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for taxes classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=123570139&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForOtherTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033619623672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - Schedule of total unrecognized tax benefits - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract', window );"><strong>Schedule of total unrecognized tax benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedTaxOnIncomeBenefits', window );">Beginning Balance</a></td>
<td class="nump">$ 9,091<span></span>
</td>
<td class="nump">$ 8,357<span></span>
</td>
<td class="nump">$ 6,601<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AcquisitionOfSubsidiaries', window );">Acquisition of subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,057<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DecreaseRelatedToPriorYearsTaxPositions', window );">Decrease related to prior years' tax positions</a></td>
<td class="num">(1,457)<span></span>
</td>
<td class="num">(1,733)<span></span>
</td>
<td class="num">(243)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncreaseRelatedToCurrentYearTaxPositions', window );">Increase related to current year tax positions</a></td>
<td class="nump">2,906<span></span>
</td>
<td class="nump">1,410<span></span>
</td>
<td class="nump">1,999<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnrecognizedTaxOnIncomeBenefits', window );">Ending Balance</a></td>
<td class="nump">$ 10,540<span></span>
</td>
<td class="nump">$ 9,091<span></span>
</td>
<td class="nump">$ 8,357<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AcquisitionOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AcquisitionOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DecreaseRelatedToPriorYearsTaxPositions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease related to prior years' tax positions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DecreaseRelatedToPriorYearsTaxPositions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncreaseRelatedToCurrentYearTaxPositions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase related to current year tax positions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncreaseRelatedToCurrentYearTaxPositions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UnrecognizedTaxOnIncomeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UnrecognizedTaxOnIncomeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>154
<FILENAME>R137.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033736889688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 638,827<span></span>
</td>
<td class="nump">$ 605,342<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ValuationtechniquesAxis=forty_MatrixMember', window );">Matrix and its subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">161,947<span></span>
</td>
<td class="nump">147,662<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ValuationtechniquesAxis=forty_SapiensMember', window );">Sapiens and its subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">320,448<span></span>
</td>
<td class="nump">306,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ValuationtechniquesAxis=forty_MagicSoftwareMember', window );">Magic Software and its subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">153,706<span></span>
</td>
<td class="nump">150,808<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_ValuationtechniquesAxis=forty_OtherMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 2,726<span></span>
</td>
<td class="nump">$ 188<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2021-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ValuationtechniquesAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ValuationtechniquesAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ValuationtechniquesAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ValuationtechniquesAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ValuationtechniquesAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ValuationtechniquesAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_ValuationtechniquesAxis=forty_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_ValuationtechniquesAxis=forty_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>155
<FILENAME>R138.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735978088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialExpensesAbstract', window );"><strong>Financial expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations', window );">Financial expenses related to liabilities in respect of business combinations</a></td>
<td class="nump">$ 3,539<span></span>
</td>
<td class="nump">$ 3,738<span></span>
</td>
<td class="nump">$ 1,061<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestExpensesOnShortTermAndLongTermLoans', window );">Interest expenses on loans and borrowings</a></td>
<td class="nump">6,249<span></span>
</td>
<td class="nump">6,863<span></span>
</td>
<td class="nump">6,376<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialCostsRelatedToDebentures', window );">Financial costs related to Debentures</a></td>
<td class="nump">6,948<span></span>
</td>
<td class="nump">6,546<span></span>
</td>
<td class="nump">5,632<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestExpensesAttributedToIfrs', window );">Interest expenses attributed to IFRS 16</a></td>
<td class="nump">4,873<span></span>
</td>
<td class="nump">5,367<span></span>
</td>
<td class="nump">4,195<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_BankChargesInterestAndForeignExchangeDifferences', window );">Bank charges, negative foreign exchange differences and other financial expenses</a></td>
<td class="nump">8,385<span></span>
</td>
<td class="nump">6,930<span></span>
</td>
<td class="nump">5,179<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialExpenses', window );">Financial expenses</a></td>
<td class="nump">29,994<span></span>
</td>
<td class="nump">29,444<span></span>
</td>
<td class="nump">22,443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialIncomeAbstract', window );"><strong>Financial income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IncomeFromMarketableSecurities', window );">Income from marketable securities and embedded derivative</a></td>
<td class="nump">3,338<span></span>
</td>
<td class="nump">204<span></span>
</td>
<td class="nump">747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_InterestIncomeFromDepositsAndForeignExchangeDifferences', window );">Interest income from deposits, positive foreign exchange differences and other financial income</a></td>
<td class="nump">2,651<span></span>
</td>
<td class="nump">2,355<span></span>
</td>
<td class="nump">3,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_FinancialIncome', window );">Financial income</a></td>
<td class="nump">5,989<span></span>
</td>
<td class="nump">2,559<span></span>
</td>
<td class="nump">3,791<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTradingIncomeExpense', window );">Financial expenses, net</a></td>
<td class="nump">$ 24,005<span></span>
</td>
<td class="nump">$ 26,885<span></span>
</td>
<td class="nump">$ 18,652<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_BankChargesInterestAndForeignExchangeDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bank charges, interest and foreign exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_BankChargesInterestAndForeignExchangeDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialCostsRelatedToDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial costs related to debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialCostsRelatedToDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>inancial expenses related to liabilities in respect of business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_FinancialIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_FinancialIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IncomeFromMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income from marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IncomeFromMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestExpensesAttributedToIfrs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expenses attributed to IFRS 16.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestExpensesAttributedToIfrs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestExpensesOnShortTermAndLongTermLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expenses on short-term and long-term loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestExpensesOnShortTermAndLongTermLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_InterestIncomeFromDepositsAndForeignExchangeDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest income from deposits and foreign exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_InterestIncomeFromDepositsAndForeignExchangeDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTradingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trading income (expense) that the entity does not separately disclose in the same statement or note. [Refer: Trading income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTradingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725442408">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">$ 56,886<span></span>
</td>
<td class="nump">$ 59,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember', window );">Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">44,221<span></span>
</td>
<td class="nump">44,105<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfCountryAxis=srt_AmericasMember', window );">United States [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">3,144<span></span>
</td>
<td class="nump">4,517<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfCountryAxis=forty_EuropeanMember', window );">Europe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">2,820<span></span>
</td>
<td class="nump">3,303<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfCountryAxis=forty_JapanCountryMember', window );">Japan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">211<span></span>
</td>
<td class="nump">283<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_TypeOfCountryAxis=forty_OtherMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">$ 6,490<span></span>
</td>
<td class="nump">$ 6,968<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2021-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfCountryAxis=srt_AmericasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfCountryAxis=srt_AmericasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfCountryAxis=forty_EuropeanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfCountryAxis=forty_EuropeanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfCountryAxis=forty_JapanCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfCountryAxis=forty_JapanCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_TypeOfCountryAxis=forty_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_TypeOfCountryAxis=forty_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R140.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725102840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">$ 2,404,376<span></span>
</td>
<td class="nump">$ 1,933,918<span></span>
</td>
<td class="nump">$ 1,701,115<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember', window );">Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">1,506,566<span></span>
</td>
<td class="nump">1,203,109<span></span>
</td>
<td class="nump">1,047,265<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_AmericaMember', window );">United States [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">591,794<span></span>
</td>
<td class="nump">501,785<span></span>
</td>
<td class="nump">462,803<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_EuropeanMember', window );">Europe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">255,680<span></span>
</td>
<td class="nump">189,152<span></span>
</td>
<td class="nump">145,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_AfricaianMember', window );">Africa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">18,012<span></span>
</td>
<td class="nump">11,702<span></span>
</td>
<td class="nump">15,336<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_JapanCountryMember', window );">Japan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">12,890<span></span>
</td>
<td class="nump">14,282<span></span>
</td>
<td class="nump">14,925<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_OtherMainlyAsiaPacificMember', window );">Other (mainly Asia pacific) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems', window );"><strong>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">$ 19,434<span></span>
</td>
<td class="nump">$ 13,888<span></span>
</td>
<td class="nump">$ 15,222<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2021-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_IsraelCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_AmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_AmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_EuropeanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_EuropeanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_AfricaianMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_AfricaianMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_JapanCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_JapanCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_OtherMainlyAsiaPacificMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_OtherMainlyAsiaPacificMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R141.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033733174696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NumeratorAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders', window );">Basic earnings per share &#8211; net income attributable to equity holders of the Company (in Dollars)</a></td>
<td class="nump">$ 54,585<span></span>
</td>
<td class="nump">$ 46,776<span></span>
</td>
<td class="nump">$ 38,820<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders', window );">Diluted earnings per share &#8211; net income attributable to equity holders of the Company (in Dollars)</a></td>
<td class="nump">$ 53,974<span></span>
</td>
<td class="nump">$ 45,969<span></span>
</td>
<td class="nump">$ 37,457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DenominatorAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DenominatorForBasicNetEarningsPerShare', window );">Basic earnings per share &#8211; weighted average shares outstanding</a></td>
<td class="nump">15,290<span></span>
</td>
<td class="nump">15,286<span></span>
</td>
<td class="nump">15,190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_EffectOfDilutiveSecurities', window );">Effect of dilutive securities</a></td>
<td class="nump">114<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">151<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DenominatorForDilutedNetEarningsPerShare', window );">Diluted earnings per share &#8211; adjusted weighted average shares outstanding</a></td>
<td class="nump">15,404<span></span>
</td>
<td class="nump">15,292<span></span>
</td>
<td class="nump">15,341<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic net earnings per share (in Dollars per share)</a></td>
<td class="nump">$ 3.57<span></span>
</td>
<td class="nump">$ 3.05<span></span>
</td>
<td class="nump">$ 2.56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted net earnings per share (in Dollars per share)</a></td>
<td class="nump">$ 3.5<span></span>
</td>
<td class="nump">$ 3.01<span></span>
</td>
<td class="nump">$ 2.44<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The explanation of the adjustments made to the numerator in the calculation of diluted earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DenominatorAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DenominatorAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DenominatorForBasicNetEarningsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Denominator for basic net earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DenominatorForBasicNetEarningsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DenominatorForDilutedNetEarningsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Denominator for diluted net earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DenominatorForDilutedNetEarningsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_EffectOfDilutiveSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Effect of dilutive securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_EffectOfDilutiveSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The explanation of the adjustments made to the numerator in the calculation of the basic earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_NumeratorAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_NumeratorAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 67<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2021-01-01<br> -Paragraph 67<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<FILENAME>R142.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033735263160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating Segments (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">In 2021, activity in the U.S accounted for approximately 8% of Matrix&#8217;s revenues and approximately 11%
of its operating income.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PercentageOfEstimatedOnlinePurchaseVolume', window );">Percentage of estimated online purchase volume</a></td>
<td class="nump">14.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_SoftwareSolutionsAndServicesInIsraelMember', window );">Information Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">In 2021, activity in software solutions and value-added
services in Israel accounted for approximately 54% of Matrix&#8217;s revenues and approximately 57% of its operating income.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_LearningAndIntegrationMember', window );">Training and integration [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">In 2021, activity in training and integration accounted for approximately 4% of Matrix&#8217;s revenues
and for approximately 5% of its operating income.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_ComputerInfrastructureAndIntegrationSolutionsMember', window );">Computer infrastructure and integration solutions [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">In 2021, activity in computer and cloud infrastructure and
integration solutions accounted for approximately 28% of Matrix&#8217;s revenues and for approximately 19% of its operating income.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_SoftwareProductMarketingAndSupportMember', window );">Software Product Marketing And Support [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">In 2021, activity in software product marketing
and support accounted for approximately 6% of Matrix&#8217;s revenues and approximately 8% of its operating income.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=forty_MichpalMember', window );">Michpal [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsLineItems', window );"><strong>Operating Segments (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments', window );">Description of factors used to segments</a></td>
<td class="text">As of December&#160;31,
2021, Michpal serves approximately 8,000 customers, most of which are long-term customers.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingSegmentsDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingSegmentsDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PercentageOfEstimatedOnlinePurchaseVolume">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PercentageOfEstimatedOnlinePurchaseVolume</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the factors used to identify the entity's reportable segments, including the basis of organisation (for example, whether management has chosen to organise the entity around differences in products and services, geographical areas, regulatory environments or a combination of factors and whether operating segments have been aggregated). [Refer: Geographical areas [member]; Operating segments [member]; Products and services [member]; Reportable segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 22<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_22_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_SoftwareSolutionsAndServicesInIsraelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_SoftwareSolutionsAndServicesInIsraelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_LearningAndIntegrationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_LearningAndIntegrationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_ComputerInfrastructureAndIntegrationSolutionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_ComputerInfrastructureAndIntegrationSolutionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_SoftwareProductMarketingAndSupportMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_SoftwareProductMarketingAndSupportMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=forty_MichpalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=forty_MichpalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R143.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033732778280">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 932,854<span></span>
</td>
<td class="nump">$ 872,424<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">306,421<span></span>
</td>
<td class="nump">290,662<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">406,498<span></span>
</td>
<td class="nump">409,646<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MagicMember', window );">Magic [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">146,803<span></span>
</td>
<td class="nump">135,682<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MichpalAndItsSubsidiariesMember', window );">Michpal and its subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">36,108<span></span>
</td>
<td class="nump">34,758<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZAPAndItsSubsidiariesMember', window );">ZAP and its subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">35,292<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_OfekMember', window );">Ofek [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems', window );"><strong>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 1,732<span></span>
</td>
<td class="nump">$ 1,676<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2021-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2021-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MagicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MagicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MichpalAndItsSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_MichpalAndItsSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZAPAndItsSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_ZAPAndItsSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=forty_OfekMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=forty_OfekMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033724926856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating Segments (Details) - Schedule of reporting on operating segments - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">$ 2,404,376<span></span>
</td>
<td class="nump">$ 1,933,918<span></span>
</td>
<td class="nump">$ 1,701,115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">2,404,376<span></span>
</td>
<td class="nump">1,933,918<span></span>
</td>
<td class="nump">1,701,115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">122,184<span></span>
</td>
<td class="nump">95,507<span></span>
</td>
<td class="nump">86,932<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">219,171<span></span>
</td>
<td class="nump">174,906<span></span>
</td>
<td class="nump">141,216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_UnallocatedCorporateExpenses', window );">Unallocated corporate expenses</a></td>
<td class="num">(11,155)<span></span>
</td>
<td class="num">(4,265)<span></span>
</td>
<td class="num">(2,727)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total operating income</a></td>
<td class="nump">208,016<span></span>
</td>
<td class="nump">170,641<span></span>
</td>
<td class="nump">138,489<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial expenses, net</a></td>
<td class="num">(24,005)<span></span>
</td>
<td class="num">(26,885)<span></span>
</td>
<td class="num">(18,652)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod', window );">Group&#8217;s share of profits of companies accounted for at equity, net</a></td>
<td class="nump">505<span></span>
</td>
<td class="nump">1,535<span></span>
</td>
<td class="nump">1,787<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Taxes on income</a></td>
<td class="num">(42,614)<span></span>
</td>
<td class="num">(31,269)<span></span>
</td>
<td class="num">(27,201)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">141,902<span></span>
</td>
<td class="nump">114,022<span></span>
</td>
<td class="nump">94,423<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_MatrixMember', window );">Matrix [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">1,344,088<span></span>
</td>
<td class="nump">1,116,178<span></span>
</td>
<td class="nump">1,005,721<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="nump">6,529<span></span>
</td>
<td class="nump">5,316<span></span>
</td>
<td class="nump">3,986<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">1,350,617<span></span>
</td>
<td class="nump">1,121,494<span></span>
</td>
<td class="nump">1,009,707<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">45,736<span></span>
</td>
<td class="nump">36,244<span></span>
</td>
<td class="nump">34,780<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">102,054<span></span>
</td>
<td class="nump">84,181<span></span>
</td>
<td class="nump">71,552<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_SapiensMember', window );">Sapiens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">461,035<span></span>
</td>
<td class="nump">382,903<span></span>
</td>
<td class="nump">325,674<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">461,035<span></span>
</td>
<td class="nump">382,903<span></span>
</td>
<td class="nump">325,674<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">45,732<span></span>
</td>
<td class="nump">35,965<span></span>
</td>
<td class="nump">32,196<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">44,210<span></span>
</td>
<td class="nump">35,337<span></span>
</td>
<td class="nump">32,336<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_MagicSoftwareMember', window );">Magic Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">477,643<span></span>
</td>
<td class="nump">368,357<span></span>
</td>
<td class="nump">322,401<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="nump">2,682<span></span>
</td>
<td class="nump">2,837<span></span>
</td>
<td class="nump">3,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">480,325<span></span>
</td>
<td class="nump">371,194<span></span>
</td>
<td class="nump">325,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">19,837<span></span>
</td>
<td class="nump">18,861<span></span>
</td>
<td class="nump">17,584<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">59,785<span></span>
</td>
<td class="nump">47,757<span></span>
</td>
<td class="nump">33,817<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_MichpalMember', window );">Michpal [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">32,087<span></span>
</td>
<td class="nump">26,244<span></span>
</td>
<td class="nump">21,271<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">32,087<span></span>
</td>
<td class="nump">26,244<span></span>
</td>
<td class="nump">21,271<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">4,023<span></span>
</td>
<td class="nump">3,506<span></span>
</td>
<td class="nump">2,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">6,838<span></span>
</td>
<td class="nump">6,333<span></span>
</td>
<td class="nump">5,279<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_ZAPGroupMember', window );">ZAP Group [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">51,640<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">51,640<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">7,486<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">5,962<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_OtherMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="nump">127,641<span></span>
</td>
<td class="nump">120,330<span></span>
</td>
<td class="nump">117,245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="nump">127,641<span></span>
</td>
<td class="nump">120,330<span></span>
</td>
<td class="nump">117,245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">3,776<span></span>
</td>
<td class="nump">3,377<span></span>
</td>
<td class="nump">2,158<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="nump">3,841<span></span>
</td>
<td class="nump">4,753<span></span>
</td>
<td class="nump">5,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=forty_AdjustmentsMember', window );">Adjustments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems', window );"><strong>Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues from external customers</a></td>
<td class="num">(89,758)<span></span>
</td>
<td class="num">(80,094)<span></span>
</td>
<td class="num">(91,197)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_IntersegmentRevenues', window );">Inter-segment revenues</a></td>
<td class="num">(9,211)<span></span>
</td>
<td class="num">(8,153)<span></span>
</td>
<td class="num">(7,215)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_RevenuesByProductServices', window );">Total revenues</a></td>
<td class="num">(98,969)<span></span>
</td>
<td class="num">(88,247)<span></span>
</td>
<td class="num">(98,412)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="num">(4,406)<span></span>
</td>
<td class="num">(2,446)<span></span>
</td>
<td class="num">(2,286)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Segment operating income</a></td>
<td class="num">$ (3,519)<span></span>
</td>
<td class="num">$ (3,455)<span></span>
</td>
<td class="num">$ (7,553)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_IntersegmentRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Inter-segment revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_IntersegmentRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_RevenuesByProductServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues by product services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_RevenuesByProductServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_UnallocatedCorporateExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unallocated corporate expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_UnallocatedCorporateExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2021-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2021-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2021-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2021-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2021-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of joint ventures accounted for using the equity method. [Refer: Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=124509347&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22663-107794<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442526-122756<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442552-122756<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8736-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8933-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 40<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123482062&amp;loc=SL123482106-238011<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442526-122756<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iv))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442552-122756<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=124431353&amp;loc=SL124452729-227067<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8906-108599<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123570139&amp;loc=d3e3000-108585<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=123454820&amp;loc=SL4569616-111683<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8933-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(A))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442552-122756<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721683-107760<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22499-107794<br><br>Reference 21: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123596393&amp;loc=d3e14064-108612<br><br>Reference 22: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 23: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8924-108599<br><br>Reference 24: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=124509347&amp;loc=SL7669625-108580<br><br>Reference 25: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iv))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442526-122756<br><br>Reference 26: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iii)(A))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442526-122756<br><br>Reference 27: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442552-122756<br><br>Reference 28: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(B))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442552-122756<br><br>Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=124359900&amp;loc=SL124442526-122756<br><br>Reference 30: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=SL4573702-111684<br><br>Reference 31: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=120409616&amp;loc=SL4591551-111686<br><br>Reference 32: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=120409616&amp;loc=SL4591552-111686<br><br>Reference 33: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22658-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_MatrixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_MatrixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_SapiensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_SapiensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_MagicSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_MagicSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_MichpalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_MichpalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_ZAPGroupMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_ZAPGroupMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=forty_AdjustmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=forty_AdjustmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140033725411480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 02, 2021</div></th>
<th class="th">
<div>Mar. 31, 2022 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Mar. 31, 2022 </div>
<div>ILS (&#8362;) </div>
<div>&#8362; / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SubsequentEventsDetailsLineItems', window );"><strong>Subsequent Events (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_PurchaseAgreement', window );">Description of purchase agreement</a></td>
<td class="text">Magic Software entered into a Share Purchase Agreement (&#8220;the Agreement&#8221;) to acquire 50.1% of the outstanding share capital of Vidstart Ltd. (&#8220;Vidstart&#8221;). Vidstart is a provider of a video advertising platform that offers personalized automated methods and real-time smart optimization, helping its clients achieve high yields in the competitive digital ecosystem. The final closing and execution of the Agreement occurred on January&#160;27, 2022. The total purchase price was approximately $11,292 in cash. Furthermore, according to the Agreement, Magic Software is obliged to purchase the remainder of Vidstart&#8217;s shares (30% on December&#160;31, 2022 and 19.9% on December&#160;31, 2023) for a price to be determined based on Vidstart&#8217;s future operating results during 2022 and 2023.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms', window );">Description of bank loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#8220;Bank Loan&#8221;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.<span></span>
</td>
<td class="text">Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#8220;Bank Loan&#8221;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_SubsequentEventsDetailsLineItems', window );"><strong>Subsequent Events (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,930<span></span>
</td>
<td class="nump">&#8362; 39,213<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_forty_DividendPayableAmountPerShares', window );">Dividend per share | (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.78<span></span>
</td>
<td class="nump">&#8362; 2.56<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_DividendPayableAmountPerShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends payable, amount per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_DividendPayableAmountPerShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_PurchaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase agreement ,description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_PurchaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_forty_SubsequentEventsDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">forty_SubsequentEventsDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>forty_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2021-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2021-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2021-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2021-en-r&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2021-03-24<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Describes the general term and nature of the advances from the Federal Home Loan Bank outstanding as of the Balance Sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6479118&amp;loc=d3e64650-112822<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=123599511&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>f20f2021_formulasystems_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:currency="http://xbrl.sec.gov/currency/2021"
  xmlns:dei="http://xbrl.sec.gov/dei/2021q4"
  xmlns:forty="http://formulasystems.com/20211231"
  xmlns:ifrs-full="http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:srt="http://fasb.org/srt/2021-01-31"
  xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xhtml="http://www.w3.org/1999/xhtml"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef xlink:href="forty-20211231.xsd" xlink:type="simple"/>
    <context id="c0">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="dei:EntityAddressesAddressTypeAxis">dei:BusinessContactMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c2">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c3">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c4">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c5">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c6">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c7">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c8">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c9">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c10">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c11">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c12">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c13">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c14">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c15">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c16">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c17">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c18">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c19">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c20">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c21">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c22">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c23">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c24">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c25">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c26">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c27">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c28">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c29">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c30">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2019-12-31</instant>
        </period>
    </context>
    <context id="c31">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c32">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c33">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c34">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c35">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c36">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c37">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c38">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c39">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c40">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c41">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c42">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c43">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2018-12-31</instant>
        </period>
    </context>
    <context id="c44">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c45">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c46">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c47">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c48">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:TreasurySharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c49">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c50">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c51">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c52">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c53">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c54">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c55">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c56">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:InsyncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c57">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:InsyncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c58">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c59">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c60">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c61">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c62">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c63">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c64">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c65">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c66">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c67">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c68">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c69">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c70">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c71">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandAndBuildingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c72">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandAndBuildingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c73">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:ComputersSoftwareAndPeripheralEquipmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c74">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:ComputersSoftwareAndPeripheralEquipmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c75">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:OfficeFurnitureAndEquipmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c76">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">forty:OfficeFurnitureAndEquipmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c77">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c78">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c79">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:CustomerRelationshipAndBacklogMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c80">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:CustomerRelationshipAndBacklogMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c81">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c82">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c83">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:AcquiredTechnologyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c84">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:AcquiredTechnologyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c85">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">forty:BrandNamesAndPatentsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c86">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">forty:ZapGroupAcquisitionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-03-28</startDate>
            <endDate>2021-04-06</endDate>
        </period>
    </context>
    <context id="c87">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">forty:ZapGroupAcquisitionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-06</instant>
        </period>
    </context>
    <context id="c88">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfOfekAerialPhotographyLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-03-13</instant>
        </period>
    </context>
    <context id="c89">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfOfekAerialPhotographyLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-03-01</startDate>
            <endDate>2020-03-13</endDate>
        </period>
    </context>
    <context id="c90">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ThorDenmarkHoldingApSAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-01</startDate>
            <endDate>2020-11-30</endDate>
        </period>
    </context>
    <context id="c91">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ThorDenmarkHoldingApSAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-30</instant>
        </period>
    </context>
    <context id="c92">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-02-01</startDate>
            <endDate>2020-02-06</endDate>
        </period>
    </context>
    <context id="c93">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-02-06</instant>
        </period>
    </context>
    <context id="c94">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-07-01</startDate>
            <endDate>2020-07-27</endDate>
        </period>
    </context>
    <context id="c95">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-27</instant>
        </period>
    </context>
    <context id="c96">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-04-03</startDate>
            <endDate>2020-04-22</endDate>
        </period>
    </context>
    <context id="c97">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-04-22</instant>
        </period>
    </context>
    <context id="c98">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:TifulGemelLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-06-01</instant>
        </period>
    </context>
    <context id="c99">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-07-08</instant>
        </period>
    </context>
    <context id="c100">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-09-27</instant>
        </period>
    </context>
    <context id="c101">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-09-30</instant>
        </period>
    </context>
    <context id="c102">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c103">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-09-01</startDate>
            <endDate>2019-09-27</endDate>
        </period>
    </context>
    <context id="c104">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-01</instant>
        </period>
    </context>
    <context id="c105">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-03-30</startDate>
            <endDate>2021-04-01</endDate>
        </period>
    </context>
    <context id="c106">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-12-30</startDate>
            <endDate>2021-01-02</endDate>
        </period>
    </context>
    <context id="c107">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-01-02</instant>
        </period>
    </context>
    <context id="c108">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-07-04</instant>
        </period>
    </context>
    <context id="c109">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-05-07</instant>
        </period>
    </context>
    <context id="c110">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-05-01</startDate>
            <endDate>2020-05-07</endDate>
        </period>
    </context>
    <context id="c111">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-04-17</startDate>
            <endDate>2020-05-07</endDate>
        </period>
    </context>
    <context id="c112">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-05-07</instant>
        </period>
    </context>
    <context id="c113">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-08-26</startDate>
            <endDate>2020-09-02</endDate>
        </period>
    </context>
    <context id="c114">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-09-02</instant>
        </period>
    </context>
    <context id="c115">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2020-09-02</instant>
        </period>
    </context>
    <context id="c116">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-07-01</startDate>
            <endDate>2020-07-31</endDate>
        </period>
    </context>
    <context id="c117">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftAndMagicHandsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-31</instant>
        </period>
    </context>
    <context id="c118">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MobisoftLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-31</instant>
        </period>
    </context>
    <context id="c119">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-07-01</instant>
        </period>
    </context>
    <context id="c120">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-06-28</startDate>
            <endDate>2019-07-01</endDate>
        </period>
    </context>
    <context id="c121">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOf9540YGSoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-07-01</instant>
        </period>
    </context>
    <context id="c122">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c123">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c124">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-04-01</instant>
        </period>
    </context>
    <context id="c125">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-03-30</startDate>
            <endDate>2019-04-01</endDate>
        </period>
    </context>
    <context id="c126">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-02-01</startDate>
            <endDate>2019-02-28</endDate>
        </period>
    </context>
    <context id="c127">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-10-01</instant>
        </period>
    </context>
    <context id="c128">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:RangesAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-10-01</instant>
        </period>
    </context>
    <context id="c129">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:RangesAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-10-01</instant>
        </period>
    </context>
    <context id="c130">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-10-01</startDate>
            <endDate>2021-10-05</endDate>
        </period>
    </context>
    <context id="c131">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-10-01</startDate>
            <endDate>2021-10-05</endDate>
        </period>
    </context>
    <context id="c132">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-10-01</startDate>
            <endDate>2021-10-05</endDate>
        </period>
    </context>
    <context id="c133">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-10-05</instant>
        </period>
    </context>
    <context id="c134">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfITDGroupLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-03-28</startDate>
            <endDate>2021-04-29</endDate>
        </period>
    </context>
    <context id="c135">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-03-28</startDate>
            <endDate>2021-04-05</endDate>
        </period>
    </context>
    <context id="c136">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-05</instant>
        </period>
    </context>
    <context id="c137">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-03-28</startDate>
            <endDate>2021-04-05</endDate>
        </period>
    </context>
    <context id="c138">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-05</instant>
        </period>
    </context>
    <context id="c139">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-09</instant>
        </period>
    </context>
    <context id="c140">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-07-01</startDate>
            <endDate>2020-07-09</endDate>
        </period>
    </context>
    <context id="c141">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-09</instant>
        </period>
    </context>
    <context id="c142">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-16</instant>
        </period>
    </context>
    <context id="c143">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-01</startDate>
            <endDate>2020-11-16</endDate>
        </period>
    </context>
    <context id="c144">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">forty:EventsAfterReportingPeriodMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-16</instant>
        </period>
    </context>
    <context id="c145">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-01-31</endDate>
        </period>
    </context>
    <context id="c146">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:TechtopLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-05-07</instant>
        </period>
    </context>
    <context id="c147">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-21</startDate>
            <endDate>2019-02-20</endDate>
        </period>
    </context>
    <context id="c148">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DanaEngineeringLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-02-06</instant>
        </period>
    </context>
    <context id="c149">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:LiramFinancialSoftwareLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-05-17</instant>
        </period>
    </context>
    <context id="c150">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-11-01</startDate>
            <endDate>2019-11-30</endDate>
        </period>
    </context>
    <context id="c151">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-04-06</instant>
        </period>
    </context>
    <context id="c152">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ZAPGroupLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c153">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:ZAPGroupLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-06</instant>
        </period>
    </context>
    <context id="c154">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c155">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-03-13</instant>
        </period>
    </context>
    <context id="c156">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-03-13</instant>
        </period>
    </context>
    <context id="c157">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:OfekAerialPhotographyLtdMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-03-01</startDate>
            <endDate>2020-03-13</endDate>
        </period>
    </context>
    <context id="c158">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c159">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:SapiensMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-30</instant>
        </period>
    </context>
    <context id="c160">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-30</instant>
        </period>
    </context>
    <context id="c161">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfSumcumoGmbHMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c162">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c163">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DelphiTechnologyIncAndItsSubsidiaryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-07-27</instant>
        </period>
    </context>
    <context id="c164">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:CalculoSAUMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c165">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:EnableITLLCMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c166">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:EnableITLLCMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-01</instant>
        </period>
    </context>
    <context id="c167">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenarvaLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c168">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MenravaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-01</instant>
        </period>
    </context>
    <context id="c169">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c170">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SoftITLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-01-01</instant>
        </period>
    </context>
    <context id="c171">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c172">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:AptonetIncMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AptonetIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-05-07</instant>
        </period>
    </context>
    <context id="c173">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:StockellInformationSystemsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c174">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AcquisitionOfMobisoftMagicHandsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c175">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:NetEffectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c176">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:PowWowIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c177">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c178">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:OnTargetGroupIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-02-28</instant>
        </period>
    </context>
    <context id="c179">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c180">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AVBTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-10-05</instant>
        </period>
    </context>
    <context id="c181">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ITDGroupLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c182">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:ITDGroupsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-29</instant>
        </period>
    </context>
    <context id="c183">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualityLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c184">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:SQServiceQualitysMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-05</instant>
        </period>
    </context>
    <context id="c185">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c186">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:AAEngineeringsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-04-05</instant>
        </period>
    </context>
    <context id="c187">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:GestetnertecLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c188">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:RightStarIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c189">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c190">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:BusinessCombinationAxis">forty:TechtopLtdMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:MedatechInformationTechnologiesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-02-20</instant>
        </period>
    </context>
    <context id="c191">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:DanaEngineeringLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c192">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:LiramFinancialSoftwareLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c193">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c194">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">forty:UniqueSoftwareIndustriesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-11-30</instant>
        </period>
    </context>
    <context id="c195">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level2OfFairValueHierarchyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c196">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level3OfFairValueHierarchyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c197">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level2OfFairValueHierarchyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c198">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:LevelsOfFairValueHierarchyAxis">ifrs-full:Level3OfFairValueHierarchyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c199">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c200">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c201">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c202">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c203">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInvestmentPropertyAxis">forty:TsgMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c204">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ComputerEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c205">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ComputerEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c206">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c207">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c208">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:BuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c209">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:BuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c210">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c211">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c212">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c213">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c214">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c215">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c216">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:TechnologybasedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c217">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:TechnologybasedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c218">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:BacklogAndNonCompeteAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c219">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:BacklogAndNonCompeteAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c220">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:PatentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c221">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">forty:PatentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c222">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c223">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c224">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c225">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c226">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c227">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c228">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c229">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c230">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c231">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:ShorttermBankLoans1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c232">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c233">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c234">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c235">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CommercialSecuritiesNotListedMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c236">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c237">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c238">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c239">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:otherFinancialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c240">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c241">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c242">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c243">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:CurrentMaturitiesOfLongtermLoansFromBanksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c244">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c245">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c246">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c247">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:financialInstitutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c248">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c249">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c250">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c251">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c252">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c253">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c254">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c255">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:LinkageBasisCurrencyOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c256">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2015-09-16</instant>
        </period>
    </context>
    <context id="c257">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2015-09-16</startDate>
            <endDate>2015-09-16</endDate>
        </period>
    </context>
    <context id="c258">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2015-09-01</startDate>
            <endDate>2015-09-16</endDate>
        </period>
    </context>
    <context id="c259">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2018-01-01</startDate>
            <endDate>2018-01-31</endDate>
        </period>
    </context>
    <context id="c260">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c261">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesASecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c262">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-03-01</startDate>
            <endDate>2019-03-31</endDate>
        </period>
    </context>
    <context id="c263">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2019-03-31</instant>
        </period>
    </context>
    <context id="c264">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2019-03-01</startDate>
            <endDate>2019-03-31</endDate>
        </period>
    </context>
    <context id="c265">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-04-02</startDate>
            <endDate>2021-04-12</endDate>
        </period>
    </context>
    <context id="c266">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c267">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SeriesCSecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c268">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2017-09-01</startDate>
            <endDate>2017-09-17</endDate>
        </period>
    </context>
    <context id="c269">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-06-01</startDate>
            <endDate>2020-06-08</endDate>
        </period>
    </context>
    <context id="c270">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c271">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfSeriesDebentureAxis">forty:SapiensSeriesBDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c272">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c273">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c274">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c275">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c276">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c277">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c278">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c279">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c280">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c281">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebentureOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c282">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c283">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">forty:SecuredDebenturesTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c284">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c285">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c286">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c287">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c288">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c289">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c290">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c291">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c292">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c293">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c294">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c295">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFiveYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c296">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2017-08-31</instant>
        </period>
    </context>
    <context id="c297">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2017-08-01</startDate>
            <endDate>2017-08-31</endDate>
        </period>
    </context>
    <context id="c298">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c299">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c300">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2018-11-30</instant>
        </period>
    </context>
    <context id="c301">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2018-11-03</startDate>
            <endDate>2018-11-30</endDate>
        </period>
    </context>
    <context id="c302">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-11-30</instant>
        </period>
    </context>
    <context id="c303">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:TwoThousandElevenPlanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-01</startDate>
            <endDate>2020-11-30</endDate>
        </period>
    </context>
    <context id="c304">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c305">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c306">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:EmployeeOptionPlansAxis">forty:GutmanMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2017-12-01</startDate>
            <endDate>2017-12-31</endDate>
        </period>
    </context>
    <context id="c307">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-01-31</endDate>
        </period>
    </context>
    <context id="c308">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:GeneralAssemblyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-02-01</startDate>
            <endDate>2019-02-28</endDate>
        </period>
    </context>
    <context id="c309">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c310">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c311">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c312">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c313">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c314">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c315">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c316">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-02-06</instant>
        </period>
    </context>
    <context id="c317">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-08-03</instant>
        </period>
    </context>
    <context id="c318">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c319">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c320">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c321">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c322">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c323">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">forty:SellingAndMarketingExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c324">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c325">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c326">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:LocationOfIncomeStatementAxis">us-gaap:SellingGeneralAndAdministrativeExpensesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c327">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c328">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c329">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensThreeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c330">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensFourMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c331">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanOfNameAxis">forty:SapiensFiveMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c332">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c333">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c334">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c335">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c336">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangesOfExercisePricesForOutstandingShareOptionsAxis">forty:RangeOfExercisePriceZeroMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-10-01</startDate>
            <endDate>2021-09-30</endDate>
        </period>
    </context>
    <context id="c337">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:RangesOfExercisePricesForOutstandingShareOptionsAxis">forty:RangeOfExercisePriceFourthreeTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-10-01</startDate>
            <endDate>2021-09-30</endDate>
        </period>
    </context>
    <context id="c338">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PlanNamesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-10-01</startDate>
            <endDate>2021-09-30</endDate>
        </period>
    </context>
    <context id="c339">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c340">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:FormulaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c341">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c342">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c343">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c344">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2016-09-01</startDate>
            <endDate>2016-09-30</endDate>
        </period>
    </context>
    <context id="c345">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:KeyManagementPersonnelOfEntityOrParentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c346">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:CreditFacilityAgreementsAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2016-09-30</instant>
        </period>
    </context>
    <context id="c347">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2019-12-01</startDate>
            <endDate>2019-12-24</endDate>
        </period>
    </context>
    <context id="c348">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2021-07-01</startDate>
            <endDate>2021-07-15</endDate>
        </period>
    </context>
    <context id="c349">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c350">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c351">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:PledgeAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c352">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2019-08-31</instant>
        </period>
    </context>
    <context id="c353">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2019-11-30</instant>
        </period>
    </context>
    <context id="c354">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2020-08-31</instant>
        </period>
    </context>
    <context id="c355">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">forty:EventsAfterReportingPeriodMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-02-28</instant>
        </period>
    </context>
    <context id="c356">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-02-28</instant>
        </period>
    </context>
    <context id="c357">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <instant>2021-08-31</instant>
        </period>
    </context>
    <context id="c358">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2021-08-31</startDate>
            <endDate>2021-08-31</endDate>
        </period>
    </context>
    <context id="c359">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:PreferredTechnologyEnterpriseMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2016-01-01</startDate>
            <endDate>2016-12-31</endDate>
        </period>
    </context>
    <context id="c360">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">forty:IsraeliSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c361">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">forty:IsraeliSubsidiariesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:FormulaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c362">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:ILS</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c363">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZapMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c364">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:InvesteeNameAxis">forty:FormulaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c365">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c366">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c367">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:CountryOfDomicileMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c368">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c369">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c370">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">ifrs-full:ForeignCountriesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c371">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c372">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c373">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c374">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c375">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c376">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c377">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c378">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:ValuationtechniquesAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c379">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c380">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c381">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">srt:AmericasMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c382">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">srt:AmericasMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c383">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:EuropeanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c384">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:EuropeanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c385">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:JapanCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c386">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:JapanCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c387">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c388">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="forty:TypeOfCountryAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c389">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c390">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c391">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:IsraelCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c392">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c393">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c394">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AmericaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c395">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c396">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c397">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:EuropeanMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c398">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c399">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c400">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:AfricaianMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c401">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c402">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c403">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:JapanCountryMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c404">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c405">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c406">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:OtherMainlyAsiaPacificMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c407">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:SoftwareSolutionsAndServicesInIsraelMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c408">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:LearningAndIntegrationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c409">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:ComputerInfrastructureAndIntegrationSolutionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c410">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:SoftwareProductMarketingAndSupportMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c411">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c412">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c413">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c414">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c415">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c416">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c417">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MagicMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c418">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MichpalAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c419">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:MichpalAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c420">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZAPAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c421">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:ZAPAndItsSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c422">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="c423">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">forty:OfekMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="c424">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c425">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c426">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c427">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c428">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c429">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c430">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="c431">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c432">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c433">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c434">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c435">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c436">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c437">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="c438">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MatrixMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c439">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:SapiensMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c440">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MagicSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c441">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:MichpalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c442">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:ZAPGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c443">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:OtherMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c444">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">forty:AdjustmentsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="c445">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-03-01</startDate>
            <endDate>2022-03-31</endDate>
        </period>
    </context>
    <context id="c446">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2021-12-02</startDate>
            <endDate>2021-12-02</endDate>
        </period>
    </context>
    <context id="c447">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001045986</identifier>
        </entity>
        <period>
            <startDate>2022-03-01</startDate>
            <endDate>2022-03-31</endDate>
        </period>
    </context>
    <unit id="shares">
        <measure>shares</measure>
    </unit>
    <unit id="usd">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="ilsPershares">
        <divide>
            <unitNumerator>
                <measure>iso4217:ILS</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <unit id="usdPershares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="ils">
        <measure>iso4217:ILS</measure>
    </unit>
    <dei:DocumentType contextRef="c0">20-F</dei:DocumentType>
    <dei:DocumentRegistrationStatement contextRef="c0">false</dei:DocumentRegistrationStatement>
    <dei:DocumentAnnualReport contextRef="c0">true</dei:DocumentAnnualReport>
    <dei:DocumentPeriodEndDate contextRef="c0">2021-12-31</dei:DocumentPeriodEndDate>
    <dei:CurrentFiscalYearEndDate contextRef="c0">--12-31</dei:CurrentFiscalYearEndDate>
    <dei:DocumentFiscalYearFocus contextRef="c0">2021</dei:DocumentFiscalYearFocus>
    <dei:DocumentTransitionReport contextRef="c0">false</dei:DocumentTransitionReport>
    <dei:DocumentShellCompanyReport contextRef="c0">false</dei:DocumentShellCompanyReport>
    <dei:EntityFileNumber contextRef="c0">000-29442</dei:EntityFileNumber>
    <dei:EntityRegistrantName contextRef="c0">FORMULA SYSTEMS (1985) LTD</dei:EntityRegistrantName>
    <dei:EntityAddressCountry contextRef="c0">IL</dei:EntityAddressCountry>
    <dei:EntityAddressAddressLine1 contextRef="c0">Yahadut Canada 1 Street</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="c0">Or Yehuda</dei:EntityAddressCityOrTown>
    <dei:EntityAddressPostalZipCode contextRef="c0">6037501</dei:EntityAddressPostalZipCode>
    <dei:EntityIncorporationStateCountryCode contextRef="c0">L3</dei:EntityIncorporationStateCountryCode>
    <dei:ContactPersonnelName contextRef="c1">Asaf Berenstin</dei:ContactPersonnelName>
    <dei:EntityAddressAddressLine1 contextRef="c1">Yahadut Canada 1 Street</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="c1">Or Yehuda</dei:EntityAddressCityOrTown>
    <dei:EntityAddressPostalZipCode contextRef="c1">6037501</dei:EntityAddressPostalZipCode>
    <dei:EntityAddressCountry contextRef="c1">IL</dei:EntityAddressCountry>
    <dei:CityAreaCode contextRef="c1">972</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c1">3 5389389</dei:LocalPhoneNumber>
    <dei:ContactPersonnelFaxNumber contextRef="c1">972 3 5389300</dei:ContactPersonnelFaxNumber>
    <dei:Security12bTitle contextRef="c0">American Depositary Shares, each representing one Ordinary Share, NIS 1 par value</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c0">FORTY</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c0">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityCommonStockSharesOutstanding contextRef="c2" decimals="INF" unitRef="shares">15294267</dei:EntityCommonStockSharesOutstanding>
    <dei:EntityWellKnownSeasonedIssuer contextRef="c0">Yes</dei:EntityWellKnownSeasonedIssuer>
    <dei:EntityVoluntaryFilers contextRef="c0">No</dei:EntityVoluntaryFilers>
    <dei:EntityCurrentReportingStatus contextRef="c0">Yes</dei:EntityCurrentReportingStatus>
    <dei:EntityInteractiveDataCurrent contextRef="c0">Yes</dei:EntityInteractiveDataCurrent>
    <dei:EntityFilerCategory contextRef="c0">Large Accelerated Filer</dei:EntityFilerCategory>
    <dei:EntityEmergingGrowthCompany contextRef="c0">false</dei:EntityEmergingGrowthCompany>
    <dei:IcfrAuditorAttestationFlag contextRef="c0">true</dei:IcfrAuditorAttestationFlag>
    <dei:EntityShellCompany contextRef="c0">false</dei:EntityShellCompany>
    <dei:AuditorFirmId contextRef="c0">1281</dei:AuditorFirmId>
    <dei:AuditorName contextRef="c0">KOST FORER GABBAY &amp; KASIERER</dei:AuditorName>
    <dei:AuditorLocation contextRef="c0">Tel-Aviv, Israel</dei:AuditorLocation>
    <ifrs-full:Cash contextRef="c2" decimals="-3" unitRef="usd">485391000</ifrs-full:Cash>
    <ifrs-full:Cash contextRef="c3" decimals="-3" unitRef="usd">501650000</ifrs-full:Cash>
    <ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents contextRef="c2" decimals="-3" unitRef="usd">25924000</ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents contextRef="c3" decimals="-3" unitRef="usd">30289000</ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents>
    <ifrs-full:CurrentInvestments contextRef="c2" decimals="-3" unitRef="usd">1142000</ifrs-full:CurrentInvestments>
    <ifrs-full:CurrentInvestments contextRef="c3" decimals="-3" unitRef="usd">1238000</ifrs-full:CurrentInvestments>
    <ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction contextRef="c3" decimals="-3" unitRef="usd">9717000</ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction>
    <ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction contextRef="c2" decimals="-3" unitRef="usd">12855000</ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction>
    <ifrs-full:CurrentTradeReceivables contextRef="c2" decimals="-3" unitRef="usd">696321000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables contextRef="c3" decimals="-3" unitRef="usd">519885000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:OtherCurrentNonfinancialAssets contextRef="c2" decimals="-3" unitRef="usd">72118000</ifrs-full:OtherCurrentNonfinancialAssets>
    <ifrs-full:OtherCurrentNonfinancialAssets contextRef="c3" decimals="-3" unitRef="usd">83820000</ifrs-full:OtherCurrentNonfinancialAssets>
    <ifrs-full:Inventories contextRef="c2" decimals="-3" unitRef="usd">21221000</ifrs-full:Inventories>
    <ifrs-full:Inventories contextRef="c3" decimals="-3" unitRef="usd">23988000</ifrs-full:Inventories>
    <ifrs-full:CurrentAssets contextRef="c2" decimals="-3" unitRef="usd">1302117000</ifrs-full:CurrentAssets>
    <ifrs-full:CurrentAssets contextRef="c3" decimals="-3" unitRef="usd">1160870000</ifrs-full:CurrentAssets>
    <ifrs-full:DeferredTaxAssets contextRef="c2" decimals="-3" unitRef="usd">46364000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:DeferredTaxAssets contextRef="c3" decimals="-3" unitRef="usd">39750000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:OtherNoncurrentNonfinancialAssets contextRef="c2" decimals="-3" unitRef="usd">23676000</ifrs-full:OtherNoncurrentNonfinancialAssets>
    <ifrs-full:OtherNoncurrentNonfinancialAssets contextRef="c3" decimals="-3" unitRef="usd">22872000</ifrs-full:OtherNoncurrentNonfinancialAssets>
    <forty:TotalOtherLongtermAssets contextRef="c2" decimals="-3" unitRef="usd">70040000</forty:TotalOtherLongtermAssets>
    <forty:TotalOtherLongtermAssets contextRef="c3" decimals="-3" unitRef="usd">62622000</forty:TotalOtherLongtermAssets>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c2" decimals="-3" unitRef="usd">28900000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c3" decimals="-3" unitRef="usd">28311000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:RightofuseAssets contextRef="c2" decimals="-3" unitRef="usd">115833000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets contextRef="c3" decimals="-3" unitRef="usd">114414000</ifrs-full:RightofuseAssets>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c2" decimals="-3" unitRef="usd">56886000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c3" decimals="-3" unitRef="usd">59176000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="c2" decimals="-3" unitRef="usd">241936000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
    <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="c3" decimals="-3" unitRef="usd">222263000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
    <ifrs-full:Goodwill contextRef="c2" decimals="-3" unitRef="usd">932854000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c3" decimals="-3" unitRef="usd">872424000</ifrs-full:Goodwill>
    <ifrs-full:Assets contextRef="c2" decimals="-3" unitRef="usd">2748566000</ifrs-full:Assets>
    <ifrs-full:Assets contextRef="c3" decimals="-3" unitRef="usd">2520080000</ifrs-full:Assets>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">175696000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">120444000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c2" decimals="-3" unitRef="usd">48455000</ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c3" decimals="-3" unitRef="usd">41454000</ifrs-full:CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <ifrs-full:CurrentLeaseLiabilities contextRef="c2" decimals="-3" unitRef="usd">41655000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:CurrentLeaseLiabilities contextRef="c3" decimals="-3" unitRef="usd">32065000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="c2" decimals="-3" unitRef="usd">205835000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
    <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="c3" decimals="-3" unitRef="usd">153322000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
    <forty:DeferredIncomeClassifiedCurrent contextRef="c2" decimals="-3" unitRef="usd">140660000</forty:DeferredIncomeClassifiedCurrent>
    <forty:DeferredIncomeClassifiedCurrent contextRef="c3" decimals="-3" unitRef="usd">128898000</forty:DeferredIncomeClassifiedCurrent>
    <ifrs-full:AccrualsClassifiedAsCurrent contextRef="c2" decimals="-3" unitRef="usd">207553000</ifrs-full:AccrualsClassifiedAsCurrent>
    <ifrs-full:AccrualsClassifiedAsCurrent contextRef="c3" decimals="-3" unitRef="usd">190247000</ifrs-full:AccrualsClassifiedAsCurrent>
    <ifrs-full:OtherCurrentNonfinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">80411000</ifrs-full:OtherCurrentNonfinancialLiabilities>
    <ifrs-full:OtherCurrentNonfinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">68976000</ifrs-full:OtherCurrentNonfinancialLiabilities>
    <forty:LiabilitiesInRespectOfBusinessCombinations contextRef="c2" decimals="-3" unitRef="usd">7773000</forty:LiabilitiesInRespectOfBusinessCombinations>
    <forty:LiabilitiesInRespectOfBusinessCombinations contextRef="c3" decimals="-3" unitRef="usd">8654000</forty:LiabilitiesInRespectOfBusinessCombinations>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">39558000</ifrs-full:OtherCurrentFinancialLiabilities>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">35843000</ifrs-full:OtherCurrentFinancialLiabilities>
    <ifrs-full:CurrentLiabilities contextRef="c2" decimals="-3" unitRef="usd">947596000</ifrs-full:CurrentLiabilities>
    <ifrs-full:CurrentLiabilities contextRef="c3" decimals="-3" unitRef="usd">779903000</ifrs-full:CurrentLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">157229000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">180316000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c2" decimals="-3" unitRef="usd">205035000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c3" decimals="-3" unitRef="usd">203070000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:LongtermOperatingLeaseLiabilities contextRef="c2" decimals="-3" unitRef="usd">84839000</forty:LongtermOperatingLeaseLiabilities>
    <forty:LongtermOperatingLeaseLiabilities contextRef="c3" decimals="-3" unitRef="usd">91188000</forty:LongtermOperatingLeaseLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities contextRef="c2" decimals="-3" unitRef="usd">12183000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities contextRef="c3" decimals="-3" unitRef="usd">12191000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:DeferredTaxLiabilities contextRef="c2" decimals="-3" unitRef="usd">78135000</ifrs-full:DeferredTaxLiabilities>
    <ifrs-full:DeferredTaxLiabilities contextRef="c3" decimals="-3" unitRef="usd">68367000</ifrs-full:DeferredTaxLiabilities>
    <forty:DeferredIncomeClassifiedNoncurrent contextRef="c2" decimals="-3" unitRef="usd">17757000</forty:DeferredIncomeClassifiedNoncurrent>
    <forty:DeferredIncomeClassifiedNoncurrent contextRef="c3" decimals="-3" unitRef="usd">16626000</forty:DeferredIncomeClassifiedNoncurrent>
    <ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate contextRef="c2" decimals="-3" unitRef="usd">21644000</ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate>
    <ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate contextRef="c3" decimals="-3" unitRef="usd">16582000</ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentNonfinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">31720000</ifrs-full:OtherNoncurrentNonfinancialLiabilities>
    <ifrs-full:OtherNoncurrentNonfinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">28175000</ifrs-full:OtherNoncurrentNonfinancialLiabilities>
    <ifrs-full:NoncurrentProvisionsForEmployeeBenefits contextRef="c2" decimals="-3" unitRef="usd">12641000</ifrs-full:NoncurrentProvisionsForEmployeeBenefits>
    <ifrs-full:NoncurrentProvisionsForEmployeeBenefits contextRef="c3" decimals="-3" unitRef="usd">15119000</ifrs-full:NoncurrentProvisionsForEmployeeBenefits>
    <ifrs-full:NoncurrentLiabilities contextRef="c2" decimals="-3" unitRef="usd">621183000</ifrs-full:NoncurrentLiabilities>
    <ifrs-full:NoncurrentLiabilities contextRef="c3" decimals="-3" unitRef="usd">631634000</ifrs-full:NoncurrentLiabilities>
    <ifrs-full:ParValuePerShare contextRef="c2" decimals="0" unitRef="ilsPershares">1</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare contextRef="c3" decimals="0" unitRef="ilsPershares">1</ifrs-full:ParValuePerShare>
    <ifrs-full:NumberOfSharesAuthorised contextRef="c2" decimals="0" unitRef="shares">25000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="c3" decimals="0" unitRef="shares">25000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesIssued contextRef="c2" decimals="0" unitRef="shares">15862887</ifrs-full:NumberOfSharesIssued>
    <ifrs-full:NumberOfSharesIssued contextRef="c3" decimals="0" unitRef="shares">15862887</ifrs-full:NumberOfSharesIssued>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c2" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c3" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:IssuedCapital contextRef="c2" decimals="-3" unitRef="usd">4340000</ifrs-full:IssuedCapital>
    <ifrs-full:IssuedCapital contextRef="c3" decimals="-3" unitRef="usd">4340000</ifrs-full:IssuedCapital>
    <ifrs-full:AdditionalPaidinCapital contextRef="c2" decimals="-3" unitRef="usd">153048000</ifrs-full:AdditionalPaidinCapital>
    <ifrs-full:AdditionalPaidinCapital contextRef="c3" decimals="-3" unitRef="usd">149249000</ifrs-full:AdditionalPaidinCapital>
    <ifrs-full:RetainedEarnings contextRef="c2" decimals="-3" unitRef="usd">358315000</ifrs-full:RetainedEarnings>
    <ifrs-full:RetainedEarnings contextRef="c3" decimals="-3" unitRef="usd">324358000</ifrs-full:RetainedEarnings>
    <ifrs-full:AccumulatedOtherComprehensiveIncome contextRef="c2" decimals="-3" unitRef="usd">25516000</ifrs-full:AccumulatedOtherComprehensiveIncome>
    <ifrs-full:AccumulatedOtherComprehensiveIncome contextRef="c3" decimals="-3" unitRef="usd">25513000</ifrs-full:AccumulatedOtherComprehensiveIncome>
    <forty:NumberOfTreasurySharesOutstanding contextRef="c2" decimals="0" unitRef="shares">568620</forty:NumberOfTreasurySharesOutstanding>
    <forty:NumberOfTreasurySharesOutstanding contextRef="c3" decimals="0" unitRef="shares">568620</forty:NumberOfTreasurySharesOutstanding>
    <ifrs-full:TreasuryShares contextRef="c2" decimals="-3" unitRef="usd">259000</ifrs-full:TreasuryShares>
    <ifrs-full:TreasuryShares contextRef="c3" decimals="-3" unitRef="usd">259000</ifrs-full:TreasuryShares>
    <ifrs-full:EquityAttributableToOwnersOfParent contextRef="c2" decimals="-3" unitRef="usd">540960000</ifrs-full:EquityAttributableToOwnersOfParent>
    <ifrs-full:EquityAttributableToOwnersOfParent contextRef="c3" decimals="-3" unitRef="usd">503201000</ifrs-full:EquityAttributableToOwnersOfParent>
    <ifrs-full:NoncontrollingInterests contextRef="c2" decimals="-3" unitRef="usd">638827000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c3" decimals="-3" unitRef="usd">605342000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:Equity contextRef="c2" decimals="-3" unitRef="usd">1179787000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c3" decimals="-3" unitRef="usd">1108543000</ifrs-full:Equity>
    <ifrs-full:EquityAndLiabilities contextRef="c2" decimals="-3" unitRef="usd">2748566000</ifrs-full:EquityAndLiabilities>
    <ifrs-full:EquityAndLiabilities contextRef="c3" decimals="-3" unitRef="usd">2520080000</ifrs-full:EquityAndLiabilities>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices contextRef="c0" decimals="-3" unitRef="usd">632986000</ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices contextRef="c4" decimals="-3" unitRef="usd">509109000</ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices contextRef="c5" decimals="-3" unitRef="usd">438256000</ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices contextRef="c0" decimals="-3" unitRef="usd">1771390000</ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices contextRef="c4" decimals="-3" unitRef="usd">1424809000</ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices>
    <ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices contextRef="c5" decimals="-3" unitRef="usd">1262859000</ifrs-full:RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices>
    <ifrs-full:Revenue contextRef="c0" decimals="-3" unitRef="usd">2404376000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c4" decimals="-3" unitRef="usd">1933918000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c5" decimals="-3" unitRef="usd">1701115000</ifrs-full:Revenue>
    <forty:ProprietarySoftwareProductsAndRelatedServices contextRef="c0" decimals="-3" unitRef="usd">350788000</forty:ProprietarySoftwareProductsAndRelatedServices>
    <forty:ProprietarySoftwareProductsAndRelatedServices contextRef="c4" decimals="-3" unitRef="usd">284325000</forty:ProprietarySoftwareProductsAndRelatedServices>
    <forty:ProprietarySoftwareProductsAndRelatedServices contextRef="c5" decimals="-3" unitRef="usd">248957000</forty:ProprietarySoftwareProductsAndRelatedServices>
    <forty:OtherSoftwareProductsAndRelatedServices contextRef="c0" decimals="-3" unitRef="usd">1489729000</forty:OtherSoftwareProductsAndRelatedServices>
    <forty:OtherSoftwareProductsAndRelatedServices contextRef="c4" decimals="-3" unitRef="usd">1202160000</forty:OtherSoftwareProductsAndRelatedServices>
    <forty:OtherSoftwareProductsAndRelatedServices contextRef="c5" decimals="-3" unitRef="usd">1066109000</forty:OtherSoftwareProductsAndRelatedServices>
    <ifrs-full:CostOfSales contextRef="c0" decimals="-3" unitRef="usd">1840517000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales contextRef="c4" decimals="-3" unitRef="usd">1486485000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales contextRef="c5" decimals="-3" unitRef="usd">1315066000</ifrs-full:CostOfSales>
    <ifrs-full:GrossProfit contextRef="c0" decimals="-3" unitRef="usd">563859000</ifrs-full:GrossProfit>
    <ifrs-full:GrossProfit contextRef="c4" decimals="-3" unitRef="usd">447433000</ifrs-full:GrossProfit>
    <ifrs-full:GrossProfit contextRef="c5" decimals="-3" unitRef="usd">386049000</ifrs-full:GrossProfit>
    <ifrs-full:ResearchAndDevelopmentExpense contextRef="c0" decimals="-3" unitRef="usd">65858000</ifrs-full:ResearchAndDevelopmentExpense>
    <ifrs-full:ResearchAndDevelopmentExpense contextRef="c4" decimals="-3" unitRef="usd">52604000</ifrs-full:ResearchAndDevelopmentExpense>
    <ifrs-full:ResearchAndDevelopmentExpense contextRef="c5" decimals="-3" unitRef="usd">46690000</ifrs-full:ResearchAndDevelopmentExpense>
    <ifrs-full:SellingGeneralAndAdministrativeExpense contextRef="c0" decimals="-3" unitRef="usd">289985000</ifrs-full:SellingGeneralAndAdministrativeExpense>
    <ifrs-full:SellingGeneralAndAdministrativeExpense contextRef="c4" decimals="-3" unitRef="usd">224188000</ifrs-full:SellingGeneralAndAdministrativeExpense>
    <ifrs-full:SellingGeneralAndAdministrativeExpense contextRef="c5" decimals="-3" unitRef="usd">200870000</ifrs-full:SellingGeneralAndAdministrativeExpense>
    <us-gaap:OperatingIncomeLoss contextRef="c0" decimals="-3" unitRef="usd">208016000</us-gaap:OperatingIncomeLoss>
    <us-gaap:OperatingIncomeLoss contextRef="c4" decimals="-3" unitRef="usd">170641000</us-gaap:OperatingIncomeLoss>
    <us-gaap:OperatingIncomeLoss contextRef="c5" decimals="-3" unitRef="usd">138489000</us-gaap:OperatingIncomeLoss>
    <ifrs-full:FinanceCosts contextRef="c0" decimals="-3" unitRef="usd">29994000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts contextRef="c4" decimals="-3" unitRef="usd">29444000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts contextRef="c5" decimals="-3" unitRef="usd">22443000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceIncome contextRef="c0" decimals="-3" unitRef="usd">5989000</ifrs-full:FinanceIncome>
    <ifrs-full:FinanceIncome contextRef="c4" decimals="-3" unitRef="usd">2559000</ifrs-full:FinanceIncome>
    <ifrs-full:FinanceIncome contextRef="c5" decimals="-3" unitRef="usd">3791000</ifrs-full:FinanceIncome>
    <ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c0" decimals="-3" unitRef="usd">184011000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c4" decimals="-3" unitRef="usd">143756000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c5" decimals="-3" unitRef="usd">119837000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet contextRef="c0" decimals="-3" unitRef="usd">-505000</forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet>
    <forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet contextRef="c4" decimals="-3" unitRef="usd">-1535000</forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet>
    <forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet contextRef="c5" decimals="-3" unitRef="usd">-1787000</forty:PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c0" decimals="-3" unitRef="usd">42614000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c4" decimals="-3" unitRef="usd">31269000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c5" decimals="-3" unitRef="usd">27201000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:ProfitLoss contextRef="c0" decimals="-3" unitRef="usd">141902000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c4" decimals="-3" unitRef="usd">114022000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c5" decimals="-3" unitRef="usd">94423000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="c0" decimals="-3" unitRef="usd">54585000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="c4" decimals="-3" unitRef="usd">46776000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="c5" decimals="-3" unitRef="usd">38820000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <forty:ProfitLossAttributableToNoncontrollingInterest contextRef="c0" decimals="-3" unitRef="usd">87317000</forty:ProfitLossAttributableToNoncontrollingInterest>
    <forty:ProfitLossAttributableToNoncontrollingInterest contextRef="c4" decimals="-3" unitRef="usd">67246000</forty:ProfitLossAttributableToNoncontrollingInterest>
    <forty:ProfitLossAttributableToNoncontrollingInterest contextRef="c5" decimals="-3" unitRef="usd">55603000</forty:ProfitLossAttributableToNoncontrollingInterest>
    <ifrs-full:ProfitLoss contextRef="c0" decimals="-3" unitRef="usd">141902000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c4" decimals="-3" unitRef="usd">114022000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c5" decimals="-3" unitRef="usd">94423000</ifrs-full:ProfitLoss>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c0" decimals="2" unitRef="usdPershares">3.57</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c4" decimals="2" unitRef="usdPershares">3.05</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c5" decimals="2" unitRef="usdPershares">2.56</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c0" decimals="2" unitRef="usdPershares">3.5</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c4" decimals="2" unitRef="usdPershares">3.01</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c5" decimals="2" unitRef="usdPershares">2.44</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:ProfitLoss contextRef="c0" decimals="-3" unitRef="usd">141902000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c4" decimals="-3" unitRef="usd">114022000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c5" decimals="-3" unitRef="usd">94423000</ifrs-full:ProfitLoss>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c0" decimals="-3" unitRef="usd">3007000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c4" decimals="-3" unitRef="usd">840000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c5" decimals="-3" unitRef="usd">-26000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c0" decimals="-3" unitRef="usd">128000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c4" decimals="-3" unitRef="usd">-169000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c5" decimals="-3" unitRef="usd">62000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments contextRef="c0" decimals="-3" unitRef="usd">10343000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments contextRef="c4" decimals="-3" unitRef="usd">17436000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments contextRef="c5" decimals="-3" unitRef="usd">41116000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c4" decimals="-3" unitRef="usd">-2000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c5" decimals="-3" unitRef="usd">95000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax contextRef="c0" decimals="-3" unitRef="usd">-10580000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax>
    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax contextRef="c4" decimals="-3" unitRef="usd">16670000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax>
    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax contextRef="c5" decimals="-3" unitRef="usd">-18823000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax>
    <ifrs-full:OtherComprehensiveIncome contextRef="c0" decimals="-3" unitRef="usd">2898000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c4" decimals="-3" unitRef="usd">34775000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c5" decimals="-3" unitRef="usd">22424000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c0" decimals="-3" unitRef="usd">144800000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c4" decimals="-3" unitRef="usd">148797000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c5" decimals="-3" unitRef="usd">116847000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="c0" decimals="-3" unitRef="usd">56048000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
    <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="c4" decimals="-3" unitRef="usd">61009000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
    <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="c5" decimals="-3" unitRef="usd">47350000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
    <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">88752000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
    <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">87788000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
    <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">69497000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
    <ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax contextRef="c0" decimals="-3" unitRef="usd">144800000</ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax>
    <ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax contextRef="c4" decimals="-3" unitRef="usd">148797000</ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax>
    <ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax contextRef="c5" decimals="-3" unitRef="usd">116847000</ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c6" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c6" decimals="-3" unitRef="usd">4340000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c7" decimals="-3" unitRef="usd">149249000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c8" decimals="-3" unitRef="usd">324358000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c9" decimals="-3" unitRef="usd">25513000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c10" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c11" decimals="-3" unitRef="usd">605342000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c3" decimals="-3" unitRef="usd">1108543000</ifrs-full:Equity>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c14" decimals="-3" unitRef="usd">54585000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c17" decimals="-3" unitRef="usd">87317000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">141902000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <forty:ForeignCurrencyTranslation contextRef="c15" decimals="-3" unitRef="usd">-125000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c17" decimals="-3" unitRef="usd">-112000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c0" decimals="-3" unitRef="usd">-237000</forty:ForeignCurrencyTranslation>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c14" decimals="-3" unitRef="usd">1460000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c17" decimals="-3" unitRef="usd">1547000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c0" decimals="-3" unitRef="usd">3007000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c15" decimals="-3" unitRef="usd">128000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c0" decimals="-3" unitRef="usd">128000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:OtherComprehensiveIncome contextRef="c14" decimals="-3" unitRef="usd">1460000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c15" decimals="-3" unitRef="usd">3000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c17" decimals="-3" unitRef="usd">1435000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c0" decimals="-3" unitRef="usd">2898000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c14" decimals="-3" unitRef="usd">56045000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c15" decimals="-3" unitRef="usd">3000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c17" decimals="-3" unitRef="usd">88752000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c0" decimals="-3" unitRef="usd">144800000</ifrs-full:ComprehensiveIncome>
    <forty:CostOfSharebasedPayment contextRef="c13" decimals="-3" unitRef="usd">7434000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c17" decimals="-3" unitRef="usd">7405000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c0" decimals="-3" unitRef="usd">14839000</forty:CostOfSharebasedPayment>
    <forty:DividendToFormulasShareholders contextRef="c14" decimals="-3" unitRef="usd">-22088000</forty:DividendToFormulasShareholders>
    <forty:DividendToFormulasShareholders contextRef="c0" decimals="-3" unitRef="usd">-22088000</forty:DividendToFormulasShareholders>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c17" decimals="-3" unitRef="usd">62662000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">62662000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c13" decimals="-3" unitRef="usd">-540000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c17" decimals="-3" unitRef="usd">3211000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c0" decimals="-3" unitRef="usd">2671000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c13" decimals="-3" unitRef="usd">1005000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c17" decimals="-3" unitRef="usd">-2705000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">-1700000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c13" decimals="-3" unitRef="usd">-4100000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c17" decimals="-3" unitRef="usd">-4532000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">-8632000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c17" decimals="-3" unitRef="usd">4016000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c0" decimals="-3" unitRef="usd">4016000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c18" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c18" decimals="-3" unitRef="usd">4340000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c19" decimals="-3" unitRef="usd">153048000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c20" decimals="-3" unitRef="usd">358315000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c21" decimals="-3" unitRef="usd">25516000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c22" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c23" decimals="-3" unitRef="usd">638827000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c2" decimals="-3" unitRef="usd">1179787000</ifrs-full:Equity>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c24" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c24" decimals="-3" unitRef="usd">4340000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c25" decimals="-3" unitRef="usd">120737000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c26" decimals="-3" unitRef="usd">285146000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c27" decimals="-3" unitRef="usd">11676000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c28" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c29" decimals="-3" unitRef="usd">474694000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c30" decimals="-3" unitRef="usd">896334000</ifrs-full:Equity>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c33" decimals="-3" unitRef="usd">46776000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c36" decimals="-3" unitRef="usd">67246000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">114022000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <forty:ForeignCurrencyTranslation contextRef="c34" decimals="-3" unitRef="usd">14007000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c36" decimals="-3" unitRef="usd">20099000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c4" decimals="-3" unitRef="usd">34106000</forty:ForeignCurrencyTranslation>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c33" decimals="-3" unitRef="usd">396000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c36" decimals="-3" unitRef="usd">444000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c4" decimals="-3" unitRef="usd">840000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c34" decimals="-3" unitRef="usd">-1000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c36" decimals="-3" unitRef="usd">-1000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c4" decimals="-3" unitRef="usd">-2000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c34" decimals="-3" unitRef="usd">-169000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c4" decimals="-3" unitRef="usd">-169000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:OtherComprehensiveIncome contextRef="c33" decimals="-3" unitRef="usd">396000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c34" decimals="-3" unitRef="usd">13837000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c36" decimals="-3" unitRef="usd">20542000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c4" decimals="-3" unitRef="usd">34775000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c33" decimals="-3" unitRef="usd">47172000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c34" decimals="-3" unitRef="usd">13837000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c36" decimals="-3" unitRef="usd">87788000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c4" decimals="-3" unitRef="usd">148797000</ifrs-full:ComprehensiveIncome>
    <forty:CostOfSharebasedPayment contextRef="c32" decimals="-3" unitRef="usd">1310000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c36" decimals="-3" unitRef="usd">6546000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c4" decimals="-3" unitRef="usd">7856000</forty:CostOfSharebasedPayment>
    <forty:DividendToFormulasShareholders contextRef="c33" decimals="-3" unitRef="usd">-7960000</forty:DividendToFormulasShareholders>
    <forty:DividendToFormulasShareholders contextRef="c4" decimals="-3" unitRef="usd">-7960000</forty:DividendToFormulasShareholders>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c36" decimals="-3" unitRef="usd">39056000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">39056000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c32" decimals="-3" unitRef="usd">847000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c36" decimals="-3" unitRef="usd">4459000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c4" decimals="-3" unitRef="usd">5306000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c32" decimals="-3" unitRef="usd">-6538000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c36" decimals="-3" unitRef="usd">-13114000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">-19652000</forty:AcquisitionOfNoncontrollingInterests>
    <ifrs-full:IssueOfEquity contextRef="c32" decimals="-3" unitRef="usd">34462000</ifrs-full:IssueOfEquity>
    <ifrs-full:IssueOfEquity contextRef="c36" decimals="-3" unitRef="usd">74275000</ifrs-full:IssueOfEquity>
    <ifrs-full:IssueOfEquity contextRef="c4" decimals="-3" unitRef="usd">108737000</ifrs-full:IssueOfEquity>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c32" decimals="-3" unitRef="usd">-1569000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c36" decimals="-3" unitRef="usd">-4137000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">-5706000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c36" decimals="-3" unitRef="usd">13887000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c4" decimals="-3" unitRef="usd">13887000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c6" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c6" decimals="-3" unitRef="usd">4340000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c7" decimals="-3" unitRef="usd">149249000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c8" decimals="-3" unitRef="usd">324358000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c9" decimals="-3" unitRef="usd">25513000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c10" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c11" decimals="-3" unitRef="usd">605342000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c3" decimals="-3" unitRef="usd">1108543000</ifrs-full:Equity>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c37" decimals="0" unitRef="shares">14750338</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c37" decimals="-3" unitRef="usd">4190000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c38" decimals="-3" unitRef="usd">98008000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c39" decimals="-3" unitRef="usd">262557000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c40" decimals="-3" unitRef="usd">3134000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c41" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c42" decimals="-3" unitRef="usd">437767000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c43" decimals="-3" unitRef="usd">805397000</ifrs-full:Equity>
    <forty:ImpactOfTheAdoptionOfIFRS15 contextRef="c46" decimals="-3" unitRef="usd">-1187000</forty:ImpactOfTheAdoptionOfIFRS15>
    <forty:ImpactOfTheAdoptionOfIFRS15 contextRef="c49" decimals="-3" unitRef="usd">-1225000</forty:ImpactOfTheAdoptionOfIFRS15>
    <forty:ImpactOfTheAdoptionOfIFRS15 contextRef="c5" decimals="-3" unitRef="usd">-2412000</forty:ImpactOfTheAdoptionOfIFRS15>
    <forty:NumberOfSharesIncludingImpactOfAdoptionOfIfrs15 contextRef="c44" decimals="0" unitRef="shares">14750338</forty:NumberOfSharesIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c44" decimals="-3" unitRef="usd">4190000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c45" decimals="-3" unitRef="usd">98008000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c46" decimals="-3" unitRef="usd">261370000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c47" decimals="-3" unitRef="usd">3134000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c48" decimals="-3" unitRef="usd">-259000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c49" decimals="-3" unitRef="usd">436542000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <forty:EquityIncludingImpactOfAdoptionOfIfrs15 contextRef="c5" decimals="-3" unitRef="usd">802985000</forty:EquityIncludingImpactOfAdoptionOfIfrs15>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c46" decimals="-3" unitRef="usd">38820000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c49" decimals="-3" unitRef="usd">55603000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">94423000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
    <forty:ForeignCurrencyTranslation contextRef="c47" decimals="-3" unitRef="usd">8437000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c49" decimals="-3" unitRef="usd">13856000</forty:ForeignCurrencyTranslation>
    <forty:ForeignCurrencyTranslation contextRef="c5" decimals="-3" unitRef="usd">22293000</forty:ForeignCurrencyTranslation>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c46" decimals="-3" unitRef="usd">-12000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c49" decimals="-3" unitRef="usd">-14000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="c5" decimals="-3" unitRef="usd">-26000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c47" decimals="-3" unitRef="usd">43000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c49" decimals="-3" unitRef="usd">52000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax contextRef="c5" decimals="-3" unitRef="usd">95000</ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c47" decimals="-3" unitRef="usd">62000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c5" decimals="-3" unitRef="usd">62000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:OtherComprehensiveIncome contextRef="c46" decimals="-3" unitRef="usd">-12000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c47" decimals="-3" unitRef="usd">8542000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c49" decimals="-3" unitRef="usd">13894000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:OtherComprehensiveIncome contextRef="c5" decimals="-3" unitRef="usd">22424000</ifrs-full:OtherComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c46" decimals="-3" unitRef="usd">38808000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c47" decimals="-3" unitRef="usd">8542000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c49" decimals="-3" unitRef="usd">69497000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome contextRef="c5" decimals="-3" unitRef="usd">116847000</ifrs-full:ComprehensiveIncome>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebenturesShares contextRef="c44" decimals="0" unitRef="shares">543929</forty:IssuanceOfSharesUponConversionOfConvertibleDebenturesShares>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures contextRef="c44" decimals="-3" unitRef="usd">150000</forty:IssuanceOfSharesUponConversionOfConvertibleDebentures>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures contextRef="c45" decimals="-3" unitRef="usd">22321000</forty:IssuanceOfSharesUponConversionOfConvertibleDebentures>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures contextRef="c5" decimals="-3" unitRef="usd">22471000</forty:IssuanceOfSharesUponConversionOfConvertibleDebentures>
    <forty:CostOfSharebasedPayment contextRef="c45" decimals="-3" unitRef="usd">257000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c49" decimals="-3" unitRef="usd">3617000</forty:CostOfSharebasedPayment>
    <forty:CostOfSharebasedPayment contextRef="c5" decimals="-3" unitRef="usd">3874000</forty:CostOfSharebasedPayment>
    <forty:DividendToFormulasShareholders contextRef="c46" decimals="-3" unitRef="usd">-15032000</forty:DividendToFormulasShareholders>
    <forty:DividendToFormulasShareholders contextRef="c5" decimals="-3" unitRef="usd">-15032000</forty:DividendToFormulasShareholders>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c49" decimals="-3" unitRef="usd">38233000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <ifrs-full:DividendsPaidToNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">38233000</ifrs-full:DividendsPaidToNoncontrollingInterests>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c45" decimals="-3" unitRef="usd">-100000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c49" decimals="-3" unitRef="usd">1053000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions contextRef="c5" decimals="-3" unitRef="usd">953000</forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c45" decimals="-3" unitRef="usd">-9000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c49" decimals="-3" unitRef="usd">-3838000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:AcquisitionOfNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">-3847000</forty:AcquisitionOfNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c45" decimals="-3" unitRef="usd">260000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c49" decimals="-3" unitRef="usd">5597000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">5857000</forty:SettlementOfPutOptionsOverNoncontrollingInterests>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c49" decimals="-3" unitRef="usd">459000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies contextRef="c5" decimals="-3" unitRef="usd">459000</forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies>
    <ifrs-full:NumberOfSharesOutstanding contextRef="c24" decimals="0" unitRef="shares">15294267</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:Equity contextRef="c24" decimals="-3" unitRef="usd">4340000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c25" decimals="-3" unitRef="usd">120737000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c26" decimals="-3" unitRef="usd">285146000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c27" decimals="-3" unitRef="usd">11676000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c28" decimals="-3" unitRef="usd">-259000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c29" decimals="-3" unitRef="usd">474694000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c30" decimals="-3" unitRef="usd">896334000</ifrs-full:Equity>
    <ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets contextRef="c2" decimals="-3" unitRef="usd">404000</ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets>
    <ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets contextRef="c3" decimals="-3" unitRef="usd">404000</ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets>
    <ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets contextRef="c30" decimals="-3" unitRef="usd">405000</ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets>
    <ifrs-full:ReserveOfExchangeDifferencesOnTranslation contextRef="c2" decimals="-3" unitRef="usd">-18494000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
    <ifrs-full:ReserveOfExchangeDifferencesOnTranslation contextRef="c3" decimals="-3" unitRef="usd">-12964000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
    <ifrs-full:ReserveOfExchangeDifferencesOnTranslation contextRef="c30" decimals="-3" unitRef="usd">-18897000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
    <forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation contextRef="c2" decimals="-3" unitRef="usd">45642000</forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation>
    <forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation contextRef="c3" decimals="-3" unitRef="usd">40237000</forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation>
    <forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation contextRef="c30" decimals="-3" unitRef="usd">32163000</forty:AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation>
    <forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet contextRef="c2" decimals="-3" unitRef="usd">-2036000</forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet>
    <forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet contextRef="c3" decimals="-3" unitRef="usd">-2164000</forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet>
    <forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet contextRef="c30" decimals="-3" unitRef="usd">-1995000</forty:ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet>
    <forty:AccumulatedOtherComprehensiveIncomeloss contextRef="c2" decimals="-3" unitRef="usd">25516000</forty:AccumulatedOtherComprehensiveIncomeloss>
    <forty:AccumulatedOtherComprehensiveIncomeloss contextRef="c3" decimals="-3" unitRef="usd">25513000</forty:AccumulatedOtherComprehensiveIncomeloss>
    <forty:AccumulatedOtherComprehensiveIncomeloss contextRef="c30" decimals="-3" unitRef="usd">11676000</forty:AccumulatedOtherComprehensiveIncomeloss>
    <ifrs-full:ProfitLoss contextRef="c0" decimals="-3" unitRef="usd">141902000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c4" decimals="-3" unitRef="usd">114022000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c5" decimals="-3" unitRef="usd">94423000</ifrs-full:ProfitLoss>
    <forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity contextRef="c0" decimals="-3" unitRef="usd">-505000</forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity>
    <forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity contextRef="c4" decimals="-3" unitRef="usd">-1535000</forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity>
    <forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity contextRef="c5" decimals="-3" unitRef="usd">-1787000</forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity>
    <ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense contextRef="c0" decimals="-3" unitRef="usd">122184000</ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense>
    <ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense contextRef="c4" decimals="-3" unitRef="usd">95507000</ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense>
    <ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense contextRef="c5" decimals="-3" unitRef="usd">86932000</ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures contextRef="c0" decimals="-3" unitRef="usd">-624000</forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures contextRef="c4" decimals="-3" unitRef="usd">-42000</forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures contextRef="c5" decimals="-3" unitRef="usd">-2067000</forty:AdjustmentsForIncreaseDecreaseInValueOfDebentures>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities contextRef="c0" decimals="-3" unitRef="usd">-220000</ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities contextRef="c4" decimals="-3" unitRef="usd">1194000</ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities contextRef="c5" decimals="-3" unitRef="usd">114000</ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities>
    <ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment contextRef="c0" decimals="-3" unitRef="usd">-21000</ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment>
    <ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment contextRef="c4" decimals="-3" unitRef="usd">118000</ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment>
    <ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment contextRef="c5" decimals="-3" unitRef="usd">-23000</ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment>
    <ifrs-full:AdjustmentsForSharebasedPayments contextRef="c0" decimals="-3" unitRef="usd">14767000</ifrs-full:AdjustmentsForSharebasedPayments>
    <ifrs-full:AdjustmentsForSharebasedPayments contextRef="c4" decimals="-3" unitRef="usd">7779000</ifrs-full:AdjustmentsForSharebasedPayments>
    <ifrs-full:AdjustmentsForSharebasedPayments contextRef="c5" decimals="-3" unitRef="usd">3874000</ifrs-full:AdjustmentsForSharebasedPayments>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet contextRef="c0" decimals="-3" unitRef="usd">2030000</forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet contextRef="c4" decimals="-3" unitRef="usd">5482000</forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet>
    <forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet contextRef="c5" decimals="-3" unitRef="usd">5621000</forty:AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet>
    <forty:AdjustmentsForChangesInDeferredTaxesNet contextRef="c0" decimals="-3" unitRef="usd">-7997000</forty:AdjustmentsForChangesInDeferredTaxesNet>
    <forty:AdjustmentsForChangesInDeferredTaxesNet contextRef="c4" decimals="-3" unitRef="usd">-6348000</forty:AdjustmentsForChangesInDeferredTaxesNet>
    <forty:AdjustmentsForChangesInDeferredTaxesNet contextRef="c5" decimals="-3" unitRef="usd">-13157000</forty:AdjustmentsForChangesInDeferredTaxesNet>
    <forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations contextRef="c0" decimals="-3" unitRef="usd">4740000</forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations>
    <forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations contextRef="c4" decimals="-3" unitRef="usd">-643000</forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations>
    <forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations contextRef="c5" decimals="-3" unitRef="usd">523000</forty:AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations>
    <forty:AdjustmentsForImpairmentOfRightofuseAsset contextRef="c0" decimals="-3" unitRef="usd">1439000</forty:AdjustmentsForImpairmentOfRightofuseAsset>
    <forty:AdjustmentsForImpairmentOfRightofuseAsset contextRef="c4" decimals="-3" unitRef="usd">351000</forty:AdjustmentsForImpairmentOfRightofuseAsset>
    <forty:AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading contextRef="c5" decimals="-3" unitRef="usd">35000</forty:AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading>
    <forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities contextRef="c0" decimals="-3" unitRef="usd">96000</forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities>
    <forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities contextRef="c4" decimals="-3" unitRef="usd">-70000</forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities>
    <forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities contextRef="c5" decimals="-3" unitRef="usd">82000</forty:AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities>
    <forty:ChangeInValueOfDividendPreferenceDerivativeInTsg contextRef="c0" decimals="-3" unitRef="usd">-255000</forty:ChangeInValueOfDividendPreferenceDerivativeInTsg>
    <forty:ChangeInValueOfDividendPreferenceDerivativeInTsg contextRef="c4" decimals="-3" unitRef="usd">-48000</forty:ChangeInValueOfDividendPreferenceDerivativeInTsg>
    <forty:ChangeInValueOfDividendPreferenceDerivativeInTsg contextRef="c5" decimals="-3" unitRef="usd">-93000</forty:ChangeInValueOfDividendPreferenceDerivativeInTsg>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInInventories contextRef="c0" decimals="-3" unitRef="usd">4642000</ifrs-full:AdjustmentsForDecreaseIncreaseInInventories>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInInventories contextRef="c4" decimals="-3" unitRef="usd">-10966000</ifrs-full:AdjustmentsForDecreaseIncreaseInInventories>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInInventories contextRef="c5" decimals="-3" unitRef="usd">-938000</ifrs-full:AdjustmentsForDecreaseIncreaseInInventories>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable contextRef="c0" decimals="-3" unitRef="usd">-150818000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable contextRef="c4" decimals="-3" unitRef="usd">23312000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable contextRef="c5" decimals="-3" unitRef="usd">16265000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="c0" decimals="-3" unitRef="usd">20506000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="c4" decimals="-3" unitRef="usd">8735000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
    <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="c5" decimals="-3" unitRef="usd">12692000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable contextRef="c0" decimals="-3" unitRef="usd">40076000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable contextRef="c4" decimals="-3" unitRef="usd">10954000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable contextRef="c5" decimals="-3" unitRef="usd">-18010000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="c0" decimals="-3" unitRef="usd">7255000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="c4" decimals="-3" unitRef="usd">34859000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
    <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="c5" decimals="-3" unitRef="usd">5937000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
    <forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes contextRef="c0" decimals="-3" unitRef="usd">9283000</forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes>
    <forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes contextRef="c4" decimals="-3" unitRef="usd">4282000</forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes>
    <forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes contextRef="c5" decimals="-3" unitRef="usd">5658000</forty:AdjustmentsForIncreaseDecreaseInDeferredIncomes>
    <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="c0" decimals="-3" unitRef="usd">208480000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
    <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="c4" decimals="-3" unitRef="usd">286943000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
    <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="c5" decimals="-3" unitRef="usd">196081000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">77155000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">141364000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">52457000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
    <forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations contextRef="c0" decimals="-3" unitRef="usd">8630000</forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations>
    <forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations contextRef="c4" decimals="-3" unitRef="usd">9111000</forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations>
    <forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations contextRef="c5" decimals="-3" unitRef="usd">8321000</forty:CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations>
    <forty:PaymentsToFormerShareholdersOfConsolidatedCompany contextRef="c0" decimals="-3" unitRef="usd">161000</forty:PaymentsToFormerShareholdersOfConsolidatedCompany>
    <forty:PaymentsToFormerShareholdersOfConsolidatedCompany contextRef="c4" decimals="-3" unitRef="usd">6656000</forty:PaymentsToFormerShareholdersOfConsolidatedCompany>
    <forty:PaymentsToFormerShareholdersOfConsolidatedCompany contextRef="c5" decimals="-3" unitRef="usd">996000</forty:PaymentsToFormerShareholdersOfConsolidatedCompany>
    <ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">872000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
    <ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">2852000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
    <ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">4399000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
    <forty:PurchaseOfOtherInvestment contextRef="c0" decimals="-3" unitRef="usd">500000</forty:PurchaseOfOtherInvestment>
    <forty:PurchaseOfOtherInvestment contextRef="c5" decimals="-3" unitRef="usd">178000</forty:PurchaseOfOtherInvestment>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">17352000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">16651000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">22379000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod contextRef="c4" decimals="-3" unitRef="usd">5429000</ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod contextRef="c5" decimals="-3" unitRef="usd">3356000</ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">2283000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">693000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">1660000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">303000</forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities>
    <forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">-283000</forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities>
    <forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">37000</forty:CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities>
    <forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition contextRef="c4" decimals="-3" unitRef="usd">-22890000</forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition>
    <forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition contextRef="c5" decimals="-3" unitRef="usd">22890000</forty:InvestmentInRestrictedDepositOnAccountOfFutureAcquisition>
    <forty:DividendFromJointVenture contextRef="c0" decimals="-3" unitRef="usd">83000</forty:DividendFromJointVenture>
    <forty:DividendFromJointVenture contextRef="c4" decimals="-3" unitRef="usd">3000000</forty:DividendFromJointVenture>
    <ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments contextRef="c0" decimals="-3" unitRef="usd">4641000</ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments>
    <ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments contextRef="c4" decimals="-3" unitRef="usd">-22822000</ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments>
    <ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments contextRef="c5" decimals="-3" unitRef="usd">8160000</ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments>
    <forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts contextRef="c0" decimals="-3" unitRef="usd">12832000</forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts>
    <forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts contextRef="c4" decimals="-3" unitRef="usd">9305000</forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts>
    <forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts contextRef="c5" decimals="-3" unitRef="usd">9808000</forty:PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts>
    <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="c0" decimals="-3" unitRef="usd">-110192000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
    <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="c4" decimals="-3" unitRef="usd">-177032000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
    <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="c5" decimals="-3" unitRef="usd">-108215000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
    <ifrs-full:ProceedsFromExerciseOfOptions contextRef="c0" decimals="-3" unitRef="usd">2079000</ifrs-full:ProceedsFromExerciseOfOptions>
    <ifrs-full:ProceedsFromExerciseOfOptions contextRef="c4" decimals="-3" unitRef="usd">5306000</ifrs-full:ProceedsFromExerciseOfOptions>
    <ifrs-full:ProceedsFromExerciseOfOptions contextRef="c5" decimals="-3" unitRef="usd">953000</ifrs-full:ProceedsFromExerciseOfOptions>
    <forty:IssuanceOfOrdinarySharesNet contextRef="c4" decimals="-3" unitRef="usd">108737000</forty:IssuanceOfOrdinarySharesNet>
    <ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities contextRef="c0" decimals="-3" unitRef="usd">62993000</ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities contextRef="c4" decimals="-3" unitRef="usd">40519000</ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities contextRef="c5" decimals="-3" unitRef="usd">37656000</ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="c0" decimals="-3" unitRef="usd">22081000</ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="c4" decimals="-3" unitRef="usd">14939000</ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="c5" decimals="-3" unitRef="usd">12966000</ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities>
    <forty:ShorttermBankCreditNet contextRef="c0" decimals="-3" unitRef="usd">-36261000</forty:ShorttermBankCreditNet>
    <forty:ShorttermBankCreditNet contextRef="c4" decimals="-3" unitRef="usd">29630000</forty:ShorttermBankCreditNet>
    <forty:ShorttermBankCreditNet contextRef="c5" decimals="-3" unitRef="usd">-49142000</forty:ShorttermBankCreditNet>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="c0" decimals="-3" unitRef="usd">84241000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="c4" decimals="-3" unitRef="usd">79348000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="c5" decimals="-3" unitRef="usd">75548000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <forty:ReceiptOfLongTermLoans contextRef="c0" decimals="-3" unitRef="usd">-62707000</forty:ReceiptOfLongTermLoans>
    <forty:ReceiptOfLongTermLoans contextRef="c4" decimals="-3" unitRef="usd">-91024000</forty:ReceiptOfLongTermLoans>
    <forty:ReceiptOfLongTermLoans contextRef="c5" decimals="-3" unitRef="usd">-73819000</forty:ReceiptOfLongTermLoans>
    <ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures contextRef="c0" decimals="-3" unitRef="usd">50295000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
    <ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures contextRef="c4" decimals="-3" unitRef="usd">60346000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
    <ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures contextRef="c5" decimals="-3" unitRef="usd">81676000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
    <forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist contextRef="c0" decimals="-3" unitRef="usd">825000</forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist>
    <forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist contextRef="c4" decimals="-3" unitRef="usd">457000</forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist>
    <forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist contextRef="c5" decimals="-3" unitRef="usd">617000</forty:RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist>
    <ifrs-full:RepaymentsOfBondsNotesAndDebentures contextRef="c0" decimals="-3" unitRef="usd">46981000</ifrs-full:RepaymentsOfBondsNotesAndDebentures>
    <ifrs-full:RepaymentsOfBondsNotesAndDebentures contextRef="c4" decimals="-3" unitRef="usd">29844000</ifrs-full:RepaymentsOfBondsNotesAndDebentures>
    <ifrs-full:RepaymentsOfBondsNotesAndDebentures contextRef="c5" decimals="-3" unitRef="usd">30811000</ifrs-full:RepaymentsOfBondsNotesAndDebentures>
    <forty:PurchaseOfNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">1700000</forty:PurchaseOfNoncontrollingInterests>
    <forty:PurchaseOfNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">6330000</forty:PurchaseOfNoncontrollingInterests>
    <forty:PurchaseOfNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">947000</forty:PurchaseOfNoncontrollingInterests>
    <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="c0" decimals="-3" unitRef="usd">44086000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
    <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="c4" decimals="-3" unitRef="usd">33583000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
    <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="c5" decimals="-3" unitRef="usd">34500000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
    <forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">2565000</forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests>
    <forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">21030000</forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests>
    <forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">6532000</forty:CashPaidDueToExerciseofPutOptionByNoncontrollingInterests>
    <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="c0" decimals="-3" unitRef="usd">-114130000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
    <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="c4" decimals="-3" unitRef="usd">9733000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
    <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="c5" decimals="-3" unitRef="usd">6013000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
    <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="c0" decimals="-3" unitRef="usd">-416000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
    <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="c4" decimals="-3" unitRef="usd">13340000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
    <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="c5" decimals="-3" unitRef="usd">6295000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
    <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="c0" decimals="-3" unitRef="usd">-16258000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
    <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="c4" decimals="-3" unitRef="usd">132984000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
    <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="c5" decimals="-3" unitRef="usd">100174000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c3" decimals="-3" unitRef="usd">501650000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c30" decimals="-3" unitRef="usd">368666000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c43" decimals="-3" unitRef="usd">268492000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c2" decimals="-3" unitRef="usd">485392000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c3" decimals="-3" unitRef="usd">501650000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="c30" decimals="-3" unitRef="usd">368666000</ifrs-full:CashAndCashEquivalents>
    <forty:InterestsPaid contextRef="c0" decimals="-3" unitRef="usd">15344000</forty:InterestsPaid>
    <forty:InterestsPaid contextRef="c4" decimals="-3" unitRef="usd">16571000</forty:InterestsPaid>
    <forty:InterestsPaid contextRef="c5" decimals="-3" unitRef="usd">15733000</forty:InterestsPaid>
    <forty:InterestReceived contextRef="c0" decimals="-3" unitRef="usd">459000</forty:InterestReceived>
    <forty:InterestReceived contextRef="c4" decimals="-3" unitRef="usd">511000</forty:InterestReceived>
    <forty:InterestReceived contextRef="c5" decimals="-3" unitRef="usd">1380000</forty:InterestReceived>
    <forty:TaxesPaidNet contextRef="c0" decimals="-3" unitRef="usd">38393000</forty:TaxesPaidNet>
    <forty:TaxesPaidNet contextRef="c4" decimals="-3" unitRef="usd">44659000</forty:TaxesPaidNet>
    <forty:TaxesPaidNet contextRef="c5" decimals="-3" unitRef="usd">39063000</forty:TaxesPaidNet>
    <forty:DividendPayableToShareholders contextRef="c5" decimals="-3" unitRef="usd">7081000</forty:DividendPayableToShareholders>
    <forty:PurchaseOfPropertyAndEquipment contextRef="c0" decimals="-3" unitRef="usd">1627000</forty:PurchaseOfPropertyAndEquipment>
    <forty:PurchaseOfPropertyAndEquipment contextRef="c5" decimals="-3" unitRef="usd">315000</forty:PurchaseOfPropertyAndEquipment>
    <forty:DeferredPaymentRelatedtoBusinessCombinations contextRef="c0" decimals="-3" unitRef="usd">7663000</forty:DeferredPaymentRelatedtoBusinessCombinations>
    <forty:DeferredPaymentRelatedtoBusinessCombinations contextRef="c4" decimals="-3" unitRef="usd">5114000</forty:DeferredPaymentRelatedtoBusinessCombinations>
    <forty:DeferredPaymentRelatedtoBusinessCombinations contextRef="c5" decimals="-3" unitRef="usd">19871000</forty:DeferredPaymentRelatedtoBusinessCombinations>
    <forty:DividendPayableToRedeemableNoncontrollingInterests contextRef="c0" decimals="-3" unitRef="usd">331000</forty:DividendPayableToRedeemableNoncontrollingInterests>
    <forty:DividendPayableToRedeemableNoncontrollingInterests contextRef="c4" decimals="-3" unitRef="usd">216000</forty:DividendPayableToRedeemableNoncontrollingInterests>
    <forty:DividendPayableToRedeemableNoncontrollingInterests contextRef="c5" decimals="-3" unitRef="usd">1668000</forty:DividendPayableToRedeemableNoncontrollingInterests>
    <forty:OperatingLeaseNonCash contextRef="c0" decimals="-3" unitRef="usd">39116000</forty:OperatingLeaseNonCash>
    <forty:OperatingLeaseNonCash contextRef="c4" decimals="-3" unitRef="usd">20495000</forty:OperatingLeaseNonCash>
    <forty:OperatingLeaseNonCash contextRef="c5" decimals="-3" unitRef="usd">25074000</forty:OperatingLeaseNonCash>
    <forty:IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture contextRef="c5" decimals="-3" unitRef="usd">22471000</forty:IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture>
    <forty:WorkingCapital contextRef="c0" decimals="-3" unitRef="usd">-1623000</forty:WorkingCapital>
    <forty:WorkingCapital contextRef="c4" decimals="-3" unitRef="usd">604000</forty:WorkingCapital>
    <forty:WorkingCapital contextRef="c5" decimals="-3" unitRef="usd">-1656000</forty:WorkingCapital>
    <forty:PropertyAndEquipment contextRef="c0" decimals="-3" unitRef="usd">-1507000</forty:PropertyAndEquipment>
    <forty:PropertyAndEquipment contextRef="c4" decimals="-3" unitRef="usd">-13152000</forty:PropertyAndEquipment>
    <forty:PropertyAndEquipment contextRef="c5" decimals="-3" unitRef="usd">-2929000</forty:PropertyAndEquipment>
    <forty:GoodwillAndIntangibleAssets contextRef="c0" decimals="-3" unitRef="usd">-108048000</forty:GoodwillAndIntangibleAssets>
    <forty:GoodwillAndIntangibleAssets contextRef="c4" decimals="-3" unitRef="usd">-197258000</forty:GoodwillAndIntangibleAssets>
    <forty:GoodwillAndIntangibleAssets contextRef="c5" decimals="-3" unitRef="usd">-98194000</forty:GoodwillAndIntangibleAssets>
    <forty:OperatingLeaseRightofuseAssets contextRef="c0" decimals="-3" unitRef="usd">-2401000</forty:OperatingLeaseRightofuseAssets>
    <forty:OperatingLeaseRightofuseAssets contextRef="c4" decimals="-3" unitRef="usd">-2324000</forty:OperatingLeaseRightofuseAssets>
    <forty:OperatingLeaseRightofuseAssets contextRef="c5" decimals="-3" unitRef="usd">-1001000</forty:OperatingLeaseRightofuseAssets>
    <forty:OtherLongTermAssets contextRef="c0" decimals="-3" unitRef="usd">-187000</forty:OtherLongTermAssets>
    <forty:OtherLongTermAssets contextRef="c4" decimals="-3" unitRef="usd">-8773000</forty:OtherLongTermAssets>
    <forty:OtherLongTermAssets contextRef="c5" decimals="-3" unitRef="usd">-50000</forty:OtherLongTermAssets>
    <forty:LiabilitiesToBanksAndOthers contextRef="c0" decimals="-3" unitRef="usd">-6431000</forty:LiabilitiesToBanksAndOthers>
    <forty:LiabilitiesToBanksAndOthers contextRef="c4" decimals="-3" unitRef="usd">-10598000</forty:LiabilitiesToBanksAndOthers>
    <forty:LiabilitiesToBanksAndOthers contextRef="c5" decimals="-3" unitRef="usd">-5551000</forty:LiabilitiesToBanksAndOthers>
    <forty:LongTermLiabilities contextRef="c0" decimals="-3" unitRef="usd">-1306000</forty:LongTermLiabilities>
    <forty:LongTermLiabilities contextRef="c4" decimals="-3" unitRef="usd">-13739000</forty:LongTermLiabilities>
    <forty:LongTermLiabilities contextRef="c5" decimals="-3" unitRef="usd">-2180000</forty:LongTermLiabilities>
    <forty:OperatingLeaseLiabilities contextRef="c0" decimals="-3" unitRef="usd">-2769000</forty:OperatingLeaseLiabilities>
    <forty:OperatingLeaseLiabilities contextRef="c4" decimals="-3" unitRef="usd">-2324000</forty:OperatingLeaseLiabilities>
    <forty:OperatingLeaseLiabilities contextRef="c5" decimals="-3" unitRef="usd">-1109000</forty:OperatingLeaseLiabilities>
    <forty:DeferredTaxLiabilityNet contextRef="c0" decimals="-3" unitRef="usd">-9662000</forty:DeferredTaxLiabilityNet>
    <forty:DeferredTaxLiabilityNet contextRef="c4" decimals="-3" unitRef="usd">-18626000</forty:DeferredTaxLiabilityNet>
    <forty:DeferredTaxLiabilityNet contextRef="c5" decimals="-3" unitRef="usd">-7407000</forty:DeferredTaxLiabilityNet>
    <forty:LiabilityToFormerlyShareholders contextRef="c0" decimals="-3" unitRef="usd">-1518000</forty:LiabilityToFormerlyShareholders>
    <forty:LiabilityToFormerlyShareholders contextRef="c4" decimals="-3" unitRef="usd">-7596000</forty:LiabilityToFormerlyShareholders>
    <forty:LiabilityToFormerlyShareholders contextRef="c5" decimals="-3" unitRef="usd">-1060000</forty:LiabilityToFormerlyShareholders>
    <forty:DeferredPaymentsandContingentConsideration contextRef="c0" decimals="-3" unitRef="usd">7663000</forty:DeferredPaymentsandContingentConsideration>
    <forty:DeferredPaymentsandContingentConsideration contextRef="c4" decimals="-3" unitRef="usd">4536000</forty:DeferredPaymentsandContingentConsideration>
    <forty:DeferredPaymentsandContingentConsideration contextRef="c5" decimals="-3" unitRef="usd">19965000</forty:DeferredPaymentsandContingentConsideration>
    <forty:RedeemableNonControllingInterestsAtAcquisitionDate contextRef="c0" decimals="-3" unitRef="usd">4016000</forty:RedeemableNonControllingInterestsAtAcquisitionDate>
    <forty:RedeemableNonControllingInterestsAtAcquisitionDate contextRef="c4" decimals="-3" unitRef="usd">23328000</forty:RedeemableNonControllingInterestsAtAcquisitionDate>
    <forty:RedeemableNonControllingInterestsAtAcquisitionDate contextRef="c5" decimals="-3" unitRef="usd">5906000</forty:RedeemableNonControllingInterestsAtAcquisitionDate>
    <forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate contextRef="c0" decimals="-3" unitRef="usd">-77155000</forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate>
    <forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate contextRef="c4" decimals="-3" unitRef="usd">-141364000</forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate>
    <forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate contextRef="c5" decimals="-3" unitRef="usd">-57340000</forty:AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate>
    <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0%; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;NOTE
                           1:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;GENERAL&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0%; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;General:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
Systems (1985) Ltd. (&#x201c;Formula&#x201d; or the &#x201c;Company&#x201d;) was incorporated in Israel and began its business operations
in 1985. Since 1991, Formula&#x2019;s ordinary shares, par value NIS 1.0 per share, have been traded on the Tel-Aviv Stock Exchange
(&#x201c;TASE&#x201d;), and, in 1997, began trading through American Depositary Shares (&#x201c;ADSs&#x201d;) under the symbol &#x201c;FORTY&#x201d;
on the Nasdaq Global Market in the United States until January&#160;3, 2011, at which date the listing of Formula&#x2019;s ADSs
was transferred to the Nasdaq Global Select Market (&#x201c;Nasdaq&#x201d;). Each ADS represents one ordinary share of Formula.
The Company is considered an Israeli resident. The controlling shareholder of the Company is Asseco Poland S.A. (&#x201c;Asseco&#x201d;),
a Polish public company, traded on the Warsaw Stock Exchange.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
                                         is a global information technology group providing software services, proprietary and
                                         non-proprietary software solutions, software product marketing and support, computer
                                         infrastructure and integration solutions and training, integration and digital advertising
                                         solutions (the &#x201c;Group&#x201d;). The Group manages and operates its businesses through
                                         seven directly held subsidiaries; Matrix IT Ltd. (&#x201c;Matrix&#x201d;), Sapiens International
                                         Corporation N.V (&#x201c;Sapiens&#x201d;), Magic Software Enterprises Ltd. (&#x201c;Magic
                                         Software&#x201d;), Zap Group Ltd. (&#x201c;ZAP Group&#x201d;), Insync Staffing Solutions,
                                         Inc. (&#x201c;Insync&#x201d;), Michpal Micro Computers (1983) Ltd. (&#x201c;Michpal&#x201d;)
                                         and Ofek Aerial Photography Ltd. (&#x201c;Ofek&#x201d;) and one jointly controlled entity:
                                         TSG IT Advanced Systems Ltd. (&#x201c;TSG&#x201d;).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
                                         of the date of these financial statements, the direct effects of the Coronavirus (COVID-19)
                                         crisis on the results of the Group&#x2019;s operations and business are still being felt,
                                         but these effects are considered insignificant. It is management&#x2019;s opinion that
                                         during the period covered by these financial statements up to the date of approval of
                                         these financial statements, the Group&#x2019;s business and financial results were not
                                         materially affected by the spread of the Coronavirus, and there were no significant developments
                                         or significant effects on any significant aspect, including liquidity, financial condition,
                                         and sources of financing.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table presents the ownership of the Company&#x2019;s seven directly held subsidiaries
                                         and one jointly controlled entity directly held as of the dates indicated (the list consists
                                         only of active companies):&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Percentage
    of ownership&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48.92&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;49.28&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43.64&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43.96&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45.59&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45.53&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Insync&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;90.09&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;90.09&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Ofek&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;80.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86.02&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP
    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-180"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG&#x2019;s results of operations are reflected in the Company&#x2019;s results of operations using the equity method of accounting.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Definitions:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
these financial statements:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 0.5in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 27%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    Company or Formula&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
    Systems (1985) Ltd.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    Group&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
    Systems (1985) Ltd. and its investees.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Subsidiaries&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Companies
    that are controlled by the Company (as defined in IFRS 10) and whose accounts are consolidated with those of the Company.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Jointly
    controlled entities&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Companies
    owned by various entities that have a contractual arrangement for joint control and are accounted for using the equity method
    of accounting.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Associates&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Companies
    over which the Company has significant influence and that are not subsidiaries. The Company&#x2019;s investment therein is
    included in the financial statements using the equity method of accounting.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Subsidiaries,
    jointly controlled entities, and associates.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Interested
    parties and controlling shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
    defined in the Israeli Securities Regulations (Annual Financial Statements), 2010.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Related
    parties&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
    defined in IAS 24.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
    <ifrs-full:ParValuePerShare contextRef="c2" decimals="1" unitRef="ilsPershares">1</ifrs-full:ParValuePerShare>
    <forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Percentage
    of ownership&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48.92&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;49.28&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43.64&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43.96&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45.59&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45.53&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Insync&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;90.09&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;90.09&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Ofek&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;80.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86.02&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP
    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-180"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG&#x2019;s results of operations are reflected in the Company&#x2019;s results of operations using the equity method of accounting.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c50" decimals="4" unitRef="pure">0.4892</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c51" decimals="4" unitRef="pure">0.4928</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c52" decimals="4" unitRef="pure">0.4364</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c53" decimals="4" unitRef="pure">0.4396</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c54" decimals="4" unitRef="pure">0.4559</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c55" decimals="4" unitRef="pure">0.4553</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c56" decimals="4" unitRef="pure">0.9009</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c57" decimals="4" unitRef="pure">0.9009</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c58" decimals="4" unitRef="pure">1</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c59" decimals="4" unitRef="pure">1</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c60" decimals="4" id="ix_0_fact" unitRef="pure">0.50</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c61" decimals="4" id="ix_1_fact" unitRef="pure">0.50</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c62" decimals="4" unitRef="pure">0.80</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c63" decimals="4" unitRef="pure">0.8602</forty:PercentageOfOwnershipInterestInInvestees>
    <forty:PercentageOfOwnershipInterestInInvestees contextRef="c64" decimals="4" unitRef="pure">1</forty:PercentageOfOwnershipInterestInInvestees>
    <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;NOTE
                            2:- &lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;SIGNIFICANT
                                         ACCOUNTING POLICIES&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following accounting policies have been applied consistently in the financial statements for all periods presented, unless otherwise
stated.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Basis of presentation of the financial statements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;These
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#x201c;IFRS&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements for the year ended December&#160;31, 2016 were the Company&#x2019;s first consolidated financial statements
prepared in accordance with IFRS. The date of transition to IFRS was January&#160;1, 2015. For all periods up to and including
the year ended December&#160;31, 2015, the Company prepared its financial statements in accordance with United States generally
accepted accounting principles (&#x201c;U.S. GAAP&#x201d;). Accordingly, the Company&#x2019;s first consolidated financial statements
that comply with IFRS are applicable as of December&#160;31, 2016, together with the comparative period data for the year ended
December&#160;31, 2015.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company&#x2019;s financial statements have been prepared on a cost basis, except for certain assets and liabilities such as: financial
assets measured at fair value through other comprehensive income; contingent liabilities related to business combination; and
other financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company has elected to present the profit or loss items using the function of expense method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Use of estimates, judgments and assumptions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
preparation of the consolidated financial statements requires management to make estimates, judgments, and assumptions, that have
an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses
in the financial statements. Such judgments, estimates and assumptions are related, but not limited to effective control, contingent
liabilities related to acquisitions, goodwill and identifiable intangible assets and their subsequent impairment analysis, determination
of fair value of put options of non-controlling interests, legal contingencies, research and development capitalization, classification
of leases, income tax uncertainties, deferred taxes, share-based compensation, as well as the determination of revenue recognition
from contracts accounted for based on the estimate of percentage of completion. The Company&#x2019;s management believes that the
estimates, judgments, and assumptions used, are reasonable based upon information available at the time they are made. These estimates,
judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. Changes in accounting estimates are reported in the period of the change
in estimate.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Consolidated financial statements:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
consolidated financial statements comprise the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing
whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained
and ends when such control ceases.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements of the Company and of the investees, after being adjusted to comply with IFRS, are prepared for the same
reporting period and using consistent accounting treatment of similar transactions and economic activities. Any discrepancies
in the applied accounting policies are eliminated by making appropriate adjustments. Significant intragroup balances and transactions
and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Effective
control&lt;/span&gt;:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
a situation where the Company holds less than a majority of voting power in a given entity, but that power is sufficient to enable
the Company to unilaterally direct the relevant activities of such entity, then control is exercised. When assessing whether voting
rights held by the Company are sufficient to give it power, the Company considers all facts and circumstances, including: the
amount of those voting rights relative to the amount and dispersion of other vote holders; potential voting rights held by the
Company and other shareholders or parties; rights arising from other contractual arrangements; significant personal ties; and
any additional facts and circumstances that may indicate that the Company has, or does not have the ability to direct the relevant
activities when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company&#x2019;s management has concluded that despite the lack of absolute majority of voting power at the general meetings of
shareholders of Matrix, Sapiens and Magic Software, in accordance with IFRS 10, these investees are controlled by the Company.
The conclusion regarding the existence of control during the years ended December&#160;31, 2019, 2020 and 2021 with respect to
Matrix, Sapiens and Magic Software, in accordance with IFRS 10, was made in accordance with the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Matrix, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Matrix:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Matrix&#x2019;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Matrix&#x2019;s independent auditors
for the next year, as well as approve Matrix&#x2019;s financial statements and management&#x2019;s report on operations; in accordance
with Matrix&#x2019;s articles of association, the board of directors of Matrix is responsible for managing its current business
operations and is authorized to take substantially all decisions which are not specifically reserved to Matrix&#x2019;s shareholders
by its articles of association, including the decision to pay out dividends; Matrix&#x2019;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#x2019;s chief executive officer who
serves as the chairman of Matrix&#x2019;s board of directors.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Matrix:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
shareholders structure may be considered dispersed because, apart from the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#x2019;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#x2019;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#x2019;s other shareholders is relatively moderate
or low. The attendance by Matrix&#x2019;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#x2019;s shareholders&#x2019;
meetings in recent years, it is the Company&#x2019;s management&#x2019;s belief that achieving such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore,
it is management&#x2019;s opinion that despite the lack of an absolute majority of shares held by it in Matrix, the Company is
still able to influence the appointment of directors at Matrix and therefore may affect Matrix&#x2019;s directions of development
as well as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Sapiens, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Sapiens:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Sapiens&#x2019; shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to appoint individual directors, choose Sapiens&#x2019; independent auditors
for the next year, as well as approve the company&#x2019;s financial statements and the management&#x2019;s report on operations;
in accordance with Sapiens&#x2019; articles of association, the board of directors of Sapiens is responsible for managing its current
business operations and is authorized to take substantially all decisions which are not specifically reserved to Sapiens&#x2019;
shareholders by its articles of association, including the decision to pay out dividends. Sapiens&#x2019; board of directors is
composed of 6 members, 3 of whom are independent directors, and one being Formula&#x2019;s chief executive officer who serves as
the chairman of Sapiens&#x2019; board of directors.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Sapiens:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens&#x2019;
shareholders structure is dispersed because, apart from the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#x2019;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#x2019; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting. In accordance with voting patterns at Sapiens&#x2019; shareholders&#x2019; meetings in recent years,
it is the Company&#x2019;s management&#x2019;s belief that achieving such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore
it is of management&#x2019;s opinion that despite the lack of an absolute majority of shares in Sapiens, the Company is still able
to influence the appointment of directors at Sapiens and therefore may affect Sapiens&#x2019; directions of development as well
as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
Software&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Magic Software, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Magic Software:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Magic Software&#x2019;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting;
the annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Magic Software&#x2019;s independent
auditors for the next year, as well as to approve Magic Software&#x2019;s financial statements and the management&#x2019;s report
on operations; in accordance with Magic Software&#x2019;s articles of association, the board of directors of Magic Software is
responsible for managing Magic Software&#x2019;s current business operations and is authorized to take substantially all decisions
which are not specifically reserved to Magic Software&#x2019;s shareholders by its articles of association, including the decision
to pay out dividends; and, Magic Software&#x2019;s board of directors is composed of 5 members, 2 of whom are external directors
as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent director and a fourth of whom is Formula&#x2019;s
chief executive officer, who also serves as Magic Software&#x2019;s chief executive officer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Magic Software:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software&#x2019;s shareholders structure is dispersed because, apart from the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#x2019;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#x2019;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#x2019;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting. In accordance with voting patterns at
Magic Software&#x2019;s shareholders&#x2019; meetings in recent years, it is the Company&#x2019;s management belief that achieving
such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore,
it is management&#x2019;s opinion that despite the lack of an absolute majority of shares in Magic Software, the Company is still
able to influence the appointment of directors at Magic Software and therefore may affect Magic Software&#x2019;s directions of
development as well as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-controlling
interests in subsidiaries, represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Profit or loss
and components of other comprehensive income are attributed to the Company and to non-controlling interests. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as a change
in equity by adjusting the carrying amount of the non-controlling interests with a corresponding adjustment of the equity attributable
to equity holders of the Company less / plus the consideration paid or received.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Business combinations and goodwill:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Business
combinations are accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of
the consideration transferred on the acquisition date with the addition of non-controlling interests in the acquiree. In each
business combination, the Company determines whether to measure the non-controlling interests in the acquiree based on their fair
value on the acquisition date or at their proportionate share in the fair value of the acquiree&#x2019;s net identifiable assets.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Direct
acquisition costs are carried to the statement of profit or loss as incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
a business combination achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining
control are measured at the acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the
prior investment on the date of achieving control.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
consideration is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance
with IFRS 9, &#x201c;Financial Instruments&#x201d;. Subsequent changes in the fair value of the contingent consideration are recognized
in profit or loss. If the contingent consideration is classified as an equity instrument, it is measured at fair value on the
acquisition date without subsequent remeasurement.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests
over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment in joint arrangements:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
arrangements are arrangements in which the Company has joint control. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
                                         ventures:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
joint ventures the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint
venture is accounted for by using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
                                         operations:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
joint operations the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities
relating to the arrangement. The Company recognizes in relation to its interest its share of the assets, liabilities, revenues
and expenses of the joint operation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
acquisition of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition
method, including the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes
arising from this measurement, the accounting treatment of the related transaction costs and the recognition of goodwill or bargain
purchase gains. This applies to the acquisition of the initial interest and additional interests in a joint operation that represents
a business.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments in associates:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Associates
are companies in which the Group has significant influence over the financial and operating policies without having control. The
investment in an associate is accounted for using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments accounted for using the equity method:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s investments in associates and joint ventures are accounted for using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the equity method, the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition
changes in the Group&#x2019;s share of net assets, including other comprehensive income of the associate or the joint venture.
Gains and losses resulting from transactions between the Group and the associate or the joint venture are eliminated to the extent
of the interest in the associate or in the joint venture.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
relating to the acquisition of an associate or a joint venture is presented as part of the investment in the associate or the
joint venture, measured at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment
in the associate or in the joint venture as a whole.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements of the Company and of the associate or joint venture are prepared as of the same dates and periods. The accounting
policies applied in the financial statements of the associate or the joint venture are uniform and consistent with the policies
applied in the financial statements of the Group.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Upon
the acquisition of an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted
for pursuant to the provisions of IFRS 9, the Group adopts the principles of IFRS 3 regarding business combinations achieved in
stages. Consequently, equity interests in the acquiree that had been held by the Group prior to achieving significant influence
or joint control are measured at fair value on the acquisition date and are included in the acquisition consideration while recognizing
a gain or loss resulting from the fair value measurement.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
equity method is applied until the loss of significant influence in the associate or loss of joint control in the joint venture
or classification as investment held for sale.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the date of loss of significant influence or joint control, the Group measures any remaining investment in the associate or the
joint venture at fair value and recognizes in profit or loss the difference between the fair value of any remaining investment
plus any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment
on that date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Functional currency, presentation currency and foreign currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Functional
                                         currency and presentation currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
presentation currency of these consolidated financial statements of the Group is the U.S dollar (the &#x201c;dollar&#x201d;), since
the Company believes that financial statements in U.S dollars provide more relevant information to its investors and users of
the financial statements. The functional currency applied by Formula, on a stand-alone basis, until December&#160;31, 2018, was
the dollar. Following an examination and reevaluation of the primary economic environment in which it currently operates and expects
to continue operating and taking into consideration the recent trends and its forward-looking business strategy, in accordance
with the International Accounting Standard 21 (IAS 21), Formula concluded that its functional currency on a stand-alone basis
commencing January&#160;1, 2019 is the NIS. The functional currencies applied by Formula&#x2019;s subsidiaries and companies accounted
for at equity are the currencies of the primary economic environment in which each one of them operates.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated
at the closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented.
The resulting translation differences are recognized in other comprehensive income (loss).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded
in other comprehensive income (loss).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain
(loss) from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon
the partial disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion
of the amount recognized in other comprehensive income is reattributed to non-controlling interests.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions,
                                         assets and liabilities in foreign currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After
initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into
the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. Non-monetary
assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of
the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated
into the functional currency using the exchange rate prevailing at the date when the fair value was determined.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash equivalents:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash
equivalents are considered highly liquid investments, including unrestricted short-term bank deposits with an original maturity
of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on
demand without penalty and which form part of the Group&#x2019;s cash management. Cash and cash equivalent includes amounts held
primarily in New-Israeli Shekel, dollars, Euro, Japanese Yen, Indian Rupee and British Pound.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term and restricted deposits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
bank deposits are deposits with an original maturity of more than three months from the date of investment and which do not meet
the definition of cash equivalents. The deposits are presented according to their terms of deposit. Restricted deposits include
deposits used to secure certain subsidiaries&#x2019; ongoing projects, as well as security deposits with respect to leases, and
are classified under other short-term and long-term receivables.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories
are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred
in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. Inventories are
mainly comprised of purchased merchandise and products which consist of educational software kits, computers, peripheral equipment
and spare parts. Cost is determined on the &#x201c;first in - first out&#x201d; basis.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group periodically evaluates the condition and aging of its inventories and makes provisions for slow-moving inventories accordingly.
No such impairments have been recognized in any period presented.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;13)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue recognition:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction
price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected
on behalf of third parties (such as taxes).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
determining the amount of revenue from contracts with customers, the Group evaluates whether it is a principal or an agent in
the arrangement. The Group is a principal when the Group controls the promised goods or services before transferring them to the
customer. In these circumstances, the Group recognizes revenue for the gross amount of the consideration. When the Group is an
agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of software licensing, maintenance services and post implementation consulting services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
software licensing transaction which does not require significant implementation services is considered a distinct performance
obligation as the customer can benefit from the software on its own or together with other readily available resources.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group recognizes revenue from software licensing transactions at a point in time when the Group provides the customer a right
to use the Group&#x2019;s intellectual property as it exists at the point in time at which the license is granted to the customer.
The Group recognizes revenue from software licensing transactions over time when the Group provides the customer a right to access
the Group&#x2019;s intellectual property throughout the license period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group may generate revenue from sale of software licensing which includes significant implementation and customization services.
In such contracts the Group is normally committed to provide the customer with a functional IT system and the customer can only
benefit from such functional system, being the final product that would normally be comprised of proprietary licenses and significant
related services. Revenues from these contracts are based on either fixed price or time and material.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Software
licensing transactions which involve significant implementation, customization, or integration of the Group&#x2019;s software license
to customer-specific requirements, are considered as one performance obligation satisfied over-time. The underlying deliverable
is owned and controlled by the customer and does not create an asset with an alternative use to the Group. In addition, the Group
has enforceable right to payment for performance completed throughout the duration of the contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accordingly,
the Group recognizes revenue from such contracts over time, using the percentage of completion accounting method. The Group recognizes
revenue and gross profit as the work is performed based on a ratio between actual costs incurred compared to the total estimated
costs for the contract. Provisions for estimated losses on uncompleted contracts are made during the period in which such losses
are first determined, in the amount of the estimated loss for the entire contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
post implementation and consulting services do not involve significant customization, the Group accounts for such services as
performance obligations satisfied over time and revenues are recognized as the services are provided.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from maintenance is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided
by the Group&#x2019;s performance. When payments from customers are made before or after the service is performed, the Group recognizes
the resulting contract asset or liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of hardware and infrastructure&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from sale of hardware and infrastructure is recognized in profit or loss at the point in time when the control of the goods is
transferred to the customer, generally upon delivery of the goods to the customer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of training and implementation services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenues
from training and implementation services are recognized when the service is provided. revenue from training services in respect
of public courses whose operating range is up to 3 months will be recognized at the end of the course period. Revenues from training
services in respect of long-term courses will be recognized over the term of the course. Revenues from implementation projects
ordered by organizations will be recognized according to actual inputs (actually worked hours).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenue
of contracts according to actual inputs&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from framework agreements for the performance of work according to actual inputs is recognized according to the hours invested.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenue
of fixed price contracts&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from fixed price contracts is recognized according to the completion rate method when all the following conditions are met: the
revenue is known or can be estimated reliably, the collection of income is expected, the costs involved in performing the work
are known or can be estimated, there is no material uncertainty about the Group&#x2019;s ability to complete the work and, the
customer and the completion rate can be reliably estimated.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group applies a cost-based input method for measuring the progress of performance obligations that are satisfied over time. In
applying this cost-based input method, the Group estimates the costs to complete contract performance in order to determine the
amount of the revenue to be recognized. These estimated costs include the direct costs and the indirect costs that are directly
attributable to a contract based on a reasonable allocation method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain circumstances, the Group is unable to measure the outcome of a contract, but the Group expects to recover the costs incurred
in fulfilling the contract as of the reporting date. In such circumstances, the Group recognizes revenue to the extent of the
costs incurred as of the reporting date until such time the outcome of the contract can be reasonably measured. If a loss is anticipated
from a contract, the loss is recognized in full regardless of the percentage of completion.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration
from a customer in an amount that corresponds directly with the value to the customer of the Group&#x2019;s performance completed
to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group
may recognize revenue in the amount it is entitled to invoice. Deferred revenues, which represent a contract liability, include
unearned amounts received under maintenance and support (mainly) and amounts received from customers for which revenues have not
yet been recognized.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Allocating
the transaction price&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
contracts that consist of more than one performance obligation, at contract inception the Group allocates the contract transaction
price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone
selling price is the price at which the Group would sell the promised goods or services separately to a customer. The Group determines
the stand-alone selling price for the purposes of allocating the transaction price to each performance obligation by considering
several external and internal factors including, but not limited to, transactions where the specific performance obligation is
sold separately, historical actual pricing practices and geographies in which the Group offers its products and services. If a
specific performance obligation, such as the software license, is sold for a broad range of amounts (that is, the selling price
is highly variable) or if the Group has not yet established a price for that good or service, and the good or service has not
previously been sold on a stand-alone basis (that is, the selling price is uncertain), the Group applies the residual approach
whereby all other performance obligations within a contract are first allocated a portion of the transaction price based upon
their respective stand-alone selling prices, with any residual amount of transaction price allocated to the remaining specific
performance obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
consideration&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group determines the transaction price separately for each contract with a customer. When exercising this judgment, the Group
evaluates the effect of each variable amount in the contract, taking into consideration discounts, penalties, variations, claims,
and non-cash consideration. In determining the effect of the variable consideration, the Group normally uses the &#x201c;most likely
amount&#x201d; method described in the Standard. Pursuant to this method, the amount of the consideration is determined as the
single most likely amount in the range of possible consideration amounts in the contract. According to the Standard, variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Costs
of obtaining a contract&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
order to obtain certain contracts with customers, the Group incurs incremental costs in obtaining the contract (such as sales
commissions which are contingent on making binding sales). Costs incurred in obtaining the contract with the customer which would
not have been incurred if the contract had not been obtained and which the Group expects to recover are recognized as an asset
and amortized on a systematic basis that is consistent with the provision of the services under the specific contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss in respect of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount
of the asset exceeds the remaining amount of consideration that the Group expects to receive for the goods or services to which
the asset relates less the costs that relate directly to providing those goods or services and that have not been recognized as
expenses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract
are recognized as an expense when incurred if the amortization period of the asset is one year or less.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;A
significant benefit of financing&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain contracts, the Group provides the customer with financing for a period exceeding one year. In such circumstances, the
Group recognizes revenue based on the amount that reflects the price that would have been paid by the customer in cash on the
date of receipt of the goods or services, and the balance is recognized in finance income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
long-term advances are received for services which the Group is to provide in the future, the Group accrues interest on the advances
and recognizes finance expense over the expected period of the contract, provided that the contract contains a significant financing
component. As the advances are recognized in revenue, the Group also recognizes the accrued interest as part of revenue from services.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which the Group does not separate the financing
component in transactions for which the period of financing is one year or less and recognizes revenue in the amount of the consideration
stated in the contract even if the customer pays for the goods or services before or subsequent to their receipt.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenues
that include warranty services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain cases, the Group also provides a warranty for goods and services sold (i.e., extended warranties when the Group contractually
undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when the scope of which
is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications). The Group
has ascertained that such warranties granted by the Group meet the definition of service. The conclusion regarding the extended
nature of a warranty is made whenever the Group contractually undertakes to repair any errors in the delivered software within
a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. Under IFRS 15, the
fact of granting an extended warranty indicates that the Group provides an additional service. As such, the Group recognizes an
extended warranty as a separate performance obligation and allocates a portion of the transaction price to such service. In all
cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty
itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the
provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service.
Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance
service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be
deferred until the warranty service is actually fulfilled.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Disaggregation
of revenue&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Service
revenue include contracts primarily for the provision of supplies and services other than design, development, customization,
implementation, software maintenance and support and software updates associated with delivery of products or proprietary software.
It may be a stand-alone service contract or a service performance obligation which is distinct from a contract or performance
obligation for design, development, customization, support and upgrade or delivery of product. The Group&#x2019;s service contracts
include contracts in which the customer simultaneously receives and consumes the benefits provided as the performance obligations
are satisfied. The Group&#x2019;s service contracts primarily include operation-type contracts, outsourcing, consulting, remote
development services, digital advertising management, training and similar activities.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
by products and services was as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Proprietary
    software and related services&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;632,986&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;509,109&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;438,256&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    products and third party&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;472,045&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;312,315&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;229,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Services&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,299,345&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,112,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,033,755&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
by timing of revenue recognition was as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    and services transferred over time&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,072,841&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,697,312&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,518,221&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    transferred at a point in time&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;331,535&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;236,606&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;182,894&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Government grants:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Government
grants are recognized when there is reasonable assurance that the grants will be received, and the Group will comply with the
attached conditions. Government grants received from the Office of the Israel Innovation Authority (&#x201c;IIA&#x201d;), formerly
the Office of the Chief Scientist (&#x201c;OCS&#x201d;), are recognized upon receipt as a liability if future economic benefits
are expected from the research project that will result in royalty-bearing sales.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
liability for the loan is first measured at fair value using a discount rate that reflects a market participant rate of interest.
The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant
and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized
cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits
are expected from the research activity, the grant receipts are recognized as a reduction of the related research and development
expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At
each reporting date, the Group evaluates whether there is reasonable assurance that the liability recognized, in whole or in part,
will not be repaid (since the Group will not be required to pay royalties) based on the best estimate of future sales and using
the original effective interest method, and if so, the appropriate amount of the liability is derecognized against a corresponding
reduction in research and development expenses. Amounts paid as royalties are recognized as settlement of the liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debentures:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group accounts for outstanding principal amount of debentures as long-term liability, in accordance with IFRS 9, with current
maturities classified as a short-term liability. The Group identifies and separates equity components contains in convertible
debentures by first determining the liability component, in accordance with IAS 32, based on the fair value of an equivalent non-convertible
liability. The conversion component valued is being determined to be the residual amount. Debt issuance costs are capitalized
and reported as deferred financing costs, which are amortized over the life of the debentures using the effective interest rate
method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income tax:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
                                         taxes:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
                                         taxes:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts
attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized
or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible
carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting
date and a respective deferred tax asset is recognized to the extent that their utilization is probable.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
that would apply in the event of the disposal of investments in investees have not been considered in computing deferred taxes,
as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would
apply in the event of distribution of earnings by investees as dividends have not been considered in computing deferred taxes,
since the distribution of dividends does not involve an additional tax liability or since it is the Group&#x2019;s policy not to
initiate distribution of dividends from a subsidiary that would trigger an additional tax liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted
for pursuant to IAS 12.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the
deferred taxes relate to the same taxpayer and the same taxation authority.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;17)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leases:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for
a period of time in exchange for consideration.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group as lessee&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
leases in which the Group is the lessee, the Group recognizes on the commencement date of the lease a right-of-use asset and a
lease liability, excluding leases whose term is up to twelve months and leases for which the underlying asset is of low value.
For these excluded leases, the Group has elected to recognize the lease payments as an expense in profit or loss on a straight-line
basis over the lease term. In measuring the lease liability, the Group has elected to apply the practical expedient in the Standard
and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included
in a single contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leases
which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance
with the provisions of IAS 19 and not as subleases.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the
lease, if that rate can be readily determined, or otherwise using the Group&#x2019;s incremental borrowing rate. After the commencement
date, the Group measures the lease liability using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already
made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost
model and depreciated over the shorter of its useful life and the lease term.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
are the amortization periods of the right-of-use assets by class of underlying asset:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Mainly&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-23&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of
IAS 36.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
                                         lease payments that depend on an index&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the Group uses the index rate prevailing on the commencement date to calculate the future lease payments.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
leases in which the Group is the lessee, the aggregate changes in future lease payments resulting from a change in the index are
discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease
liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that
is, when the adjustment to the lease payments takes effect).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
                                         lease payments&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Variable
lease payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense
as incurred when the Group is the lessee.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iv)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Lease
                                         extension and termination options&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that
the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that
the termination option will not be exercised.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination
option, the Group remeasures the lease liability based on the revised lease term using a revised discount rate as of the date
of the change in expectations. The total change is recognized in the carrying amount of the right-of-use asset until it is reduced
to zero, and any further reductions are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;v)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
                                         modifications:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Group remeasures the
lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change
in the lease liability as an adjustment to the right-of-use asset.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a lease modification reduces the scope of the lease, the Group recognizes a gain or loss arising from the partial or full reduction
of the carrying amount of the right-of-use asset and the lease liability. The Group subsequently remeasures the carrying amount
of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records
the change in the lease liability as an adjustment to the right-of-use asset.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Property, plant and equipment, net:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Property,
plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are&lt;br/&gt;
used in connection with plant and equipment. The cost of an item of property, plant and equipment comprises the initial estimate
of the costs of dismantling and removing the item and restoring the site on which the item is located.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 - 4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, and peripheral equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20 - 33&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Office
    furniture and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6 - 33 (mainly 7)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14 - 15 (mainly 15)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leasehold
improvements are amortized using the straight-line method over the term of the lease (including option terms that are deemed to
be reasonably assured) or the estimated useful life of the improvements, whichever is shorter.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
useful life, the depreciation method and the residual value of an asset are reviewed at least each year-end (at the end of the
year) and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. For impairment
testing of property, plant and equipment, see Note 2(20) below.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Separately
acquired intangible assets are measured on initial recognition at cost, including directly attributable costs. Intangible assets
acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated
intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least
at each year end.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Research
and development expenditures&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Research
expenditures incurred in the process of software development are recognized in profit or loss when incurred. An intangible asset
arising from a software development project or from the development phase of an internal project is recognized if the Group can
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group&#x2019;s
intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; how the intangible
asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete
the intangible asset; and the ability to measure reliably the respective expenditure asset during its development. The Group establishes
technological feasibility upon completion of a detailed program design or a working model.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Capitalized
software costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product
basis. Amortization of capitalized software costs begin when development is complete, and the product is available for use or
for sale. The Group considers a product to be available for use when the Group completes its internal validation of the product
that is necessary to establish that the product meets its design specifications including functions, features, and technical performance
requirements. Internal validation includes the completion of coding, documentation and testing that ensure bugs are reduced to
a minimum. The internal validation of the product takes place a few weeks before the product is made available to the market.
In certain instances, the Group enters into a short pre-release stage, during which the product is made available to a selected
number of customers as a beta program for their own review and familiarization. Subsequently, the release is made generally available
to customers. Once a product is considered available for use, the capitalization of costs ceases and amortization of such costs
to &#x201c;cost of sales&#x201d; begins.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Capitalized
software costs are amortized on a product-by-product basis by the straight-line method over the estimated useful life of the software
product (between 5-7 years).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Research
and development costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group assesses the recoverability of its capitalized software costs on a regular basis by assessing the net realizable value of
these intangible assets based on the estimated future gross revenues from each product reduced by the estimated future costs of
completing and disposing of it, including the estimated costs of performing maintenance and customer support over its remaining
economical useful life using internally generated projections of future revenues generated by the products, cost of completion
of products and cost of delivery to customers over its remaining economical useful life.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Other
intangible assets&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
assets excluding capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution
rights, brand names, acquired technology and patent, and are amortized over their useful lives using a method of amortization
that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful
life of intangible assets is as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship, backlog and distribution rights&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Brand
    names&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 &#x2013; 8&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patents&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Gains
or losses arising from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable.
If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite
to finite is accounted for prospectively as a change in accounting estimate, and on that date the asset is tested for impairment.
Commencing from that date, the asset is amortized systematically over its useful life.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Impairment of non-financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group evaluates the need to record an impairment of non-financial assets (property, plant and equipment, capitalized software
costs and other intangible assets, goodwill, investments in joint venture) whenever events or changes in circumstances indicate
that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount,
the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and
value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects
the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined
for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine
the asset&#x2019;s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above,
shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization)
had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss
of an asset presented at cost is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following criteria are applied in assessing impairment of these specific assets:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
                                         in respect of subsidiaries:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the purpose of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each
of our cash-generating units that are expected to benefit from the synergies of the combination. The Group reviews goodwill for
impairment once a year, on December&#160;31, or more frequently if events or changes in circumstances indicate that there is an
impairment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
is tested for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to
which the goodwill has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit
(or group of cash-generating units) to which goodwill has been allocated is less than the carrying amount of the cash-generating
unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for
goodwill cannot be reversed in subsequent periods.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
                                         in associate or joint venture using the equity method:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;After
application of the equity method, the Group determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Group determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
                                         assets with an indefinite useful life / capitalized development costs that have not yet
                                         been systematically amortized:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
impairment test is performed annually, on December&#160;31, or more frequently if events or changes in circumstances indicate
that there is an impairment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, no impairment indicators were identified.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction
costs are recorded in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group classifies and measures the debt instruments in its financial statements on the basis of the following criteria:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                         Group&#x2019;s business model for the management of financial assets; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                         contractual cash flow characteristics of the financial asset.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at amortized cost when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s business model is to hold the financial assets in order to collect their contractual cash flows, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. After initial recognition, the instruments in this category are measured according to their
terms at amortized cost using the effective interest rate method, less any provision for impairment. On the date of initial recognition,
the Group may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured
at fair value through profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at fair value through other comprehensive income when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell
the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Subsequent to the initial recognition, the instruments
in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate
differences, are recognized in other comprehensive income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at fair value through profit or loss when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through
other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from
fair value adjustments are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iv.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Equity
                                         instruments and other financial assets held for trading&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments
in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other
financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured
at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity
instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present
subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss.
These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from
investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;B.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Impairment
                                         of financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at
fair value through profit or loss. The Company distinguishes between two types of loss allowances: &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debt
                                         instruments whose credit risk has not increased significantly since initial recognition,
                                         or whose credit risk is low - the loss allowance recognized in respect of this debt instrument
                                         is measured at an amount equal to the expected credit losses within 12 months from the
                                         reporting date; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debt
                                         instruments whose credit risk has increased significantly since initial recognition,
                                         and whose credit risk is not low - the loss allowance recognized is measured at an amount
                                         equal to the expected credit losses over the instrument&#x2019;s remaining term.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has short-term financial assets such as trade receivables in respect of which the Group applies a simplified approach in
IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance
that is offset from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair
value through other comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded
in other comprehensive income and not as a reduction of the carrying amount of the financial asset in the statement of financial
position.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group applies the low credit risk simplification in IFRS 9, according to which the Group assumes the debt instrument&#x2019;s credit
risk has not increased significantly since initial recognition if on the reporting date it is determined that the instrument has
a low credit risk, for example when the instrument has an external rating of &#x201c;investment grade&#x201d;.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;C.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derecognition
                                         of financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group derecognizes a financial asset when and only when:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         contractual rights to the cash flows from the financial asset expire; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Group has transferred substantially all the risks and rewards deriving from the contractual
                                         rights to receive cash flows from the financial asset or has neither transferred nor
                                         retained substantially all the risks and rewards of the asset, but has transferred control
                                         of the asset; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Group has retained its contractual rights to receive cash flows from the financial asset
                                         but has assumed a contractual obligation to pay the cash flows in full without material
                                         delay to a third party.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;D.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities measured at amortized cost:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial
liability. After initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest
rate method, except for:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities at fair value through profit or loss, such as derivatives;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities that arise when a transfer of a financial asset does not qualify for derecognition
                                         or when the continuing involvement approach applies;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         guarantee contracts; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
                                         consideration recognized by an acquirer in a business combination as to which IFRS 3
                                         applies.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities measured at fair value through profit or loss:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At
initial recognition, the Group measures financial liabilities that are not measured at amortized cost at fair value. Transaction
costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;E.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derecognition
                                         of financial liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
financial liability is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires.
A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods
or services or is legally released from the liability. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
there is a modification in the terms of an existing financial liability, the Group evaluates whether the modification is substantial.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the terms of an existing financial liability are substantially modified, such modification is accounted for as an extinguishment
of the original liability and the recognition of a new liability. The difference between the carrying amounts of the above liabilities
is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the modification is not substantial, the Group recalculates the carrying amount of the liability by discounting the revised cash
flows at the original effective interest rate and any resulting difference is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;F.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Offsetting
                                         financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
assets and financial liabilities are offset and the net amount is presented in the statement of financial position if there is
a legally enforceable right to set off the recognized amounts and there is an intention either to settle on a net basis or to
realize the asset and settle the liability simultaneously. The right of set-off must be legally enforceable not only during the
ordinary course of business of the parties to the contract but also in the event of bankruptcy or insolvency of one of the parties.
In order for the right of set-off to be currently available, it must not be contingent on a future event, there may not be periods
during which the right is not available, or there may not be any events that will cause the right to expire.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;G.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Compound
                                         financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
                                         debentures which contain both an equity component and a liability component are separated
                                         into two components. This separation is performed by first determining the liability
                                         component based on the fair value of an equivalent non-convertible liability. The value
                                         of the conversion component is determined to be the residual amount. Directly attributable
                                         transaction costs are apportioned between the equity component and the liability component
                                         based on the allocation of proceeds to the equity and liability components.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
                                         debentures that are denominated in foreign currency contain two components: the conversion
                                         component and the debt component. The liability conversion component is initially recognized
                                         as a financial derivative at fair value. The balance is attributed to the debt component.
                                         Directly attributable transaction costs are allocated between the liability conversion
                                         component and the liability debt component based on the allocation of the proceeds to
                                         each component.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;H.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Put
                                         option granted to non-controlling interests:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
the Group grants to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain
period, even if such purchase obligation is conditional on the counterparty&#x2019;s exercise of its contractual right to cause
such redemption, if the put option agreement does not transfer to the Group any benefits incidental to ownership of the equity
instrument (i.e. the Group does not have a present ownership in the shares concerned) then at the end of each reporting period
the non-controlling interests (to which a portion of net profit attributable to non-controlling interests is allocated) are classified
as a financial liability, as if such put-able equity instrument was redeemed on that date. The difference between the non-controlling
interests carrying amount at the end of the reporting period and the present value of the liability is recognized directly in
equity of the Group, under &#x201c;Additional paid-in capital&#x201d;.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group remeasures the financial liability at the end of each reporting period based on the estimated present value of the consideration
to be transferred upon the exercise of the put option.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the option is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability.
If the put option expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss
of control therein.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Group has present ownership of the non-controlling interests, these non-controlling interests are accounted for as if they
are held by the Group, and changes in the amount of the liability are carried to profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair value measurement:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in
the asset&#x2019;s or the liability&#x2019;s principal market, or in the absence of a principal market, in the most advantageous
market.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial
asset takes into account a market participant&#x2019;s ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;All
assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair
value hierarchy based on the lowest level input that is significant to the entire fair value measurement:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 0.5in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    1&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;quoted
    prices (unadjusted) in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;inputs
    other than quoted prices included within Level 1 that are observable directly or indirectly.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market
    data).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Treasury shares:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Company
shares held by the Company and/or by investees are recognized at cost of purchase and presented as a deduction from equity. Any
gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Provisions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are measured according
to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value
of money and, where appropriate, those risks specific to the liability. When the Group expects part or all of the expense to be
reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement
is virtually certain. The expense is recognized in the statement of profit or loss net of any reimbursement. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
are the types of provisions included in the financial statements:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Legal
                                         claims:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
provision for claims is recognized when the Group has a present legal or constructive obligation as a result of a past event,
it is more likely than not that an outflow of resources embodying economic benefits will be required by the Group to settle the
obligation and a reliable estimate can be made of the amount of the obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
                                         liability recognized in a business combination:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
contingent liability in a business combination is measured at fair value upon initial recognition. In subsequent periods, it is
measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization, and the amount that
would be recognized at the end of the reporting period in accordance with IAS 37.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derivative financial instruments and hedging:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;From
time to time, the Group enters into contracts for derivative financial instruments such as forward currency contracts and options
contracts to hedge risks associated with foreign exchange rates resulting from international activities and interest rate fluctuations.
The derivative instruments primarily hedge or offset exposures to Euro, British Pound, Japanese Yen and New Israeli Shekel (&#x201c;NIS&#x201d;)
exchange rate fluctuations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s options and forward contracts do not qualify for hedging accounting. Any gains or losses arising from changes in
the fair values of the derivatives are recorded immediately in profit or loss as financial income or expense.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employee benefit liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group maintains several employee benefit plans:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
                                         employee benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting
period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave,
recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect
of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment
as a result of past service rendered by an employee and a reliable estimate of the amount can be made.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Post-employment
                                         benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula&#x2019;s
and its Israeli subsidiaries and companies accounted for at equity (as defined with respect to their Israeli employee contribution
plans pursuant to section&#160;14 of Israel&#x2019;s Severance Pay Law, 1963 (the &#x201c;Severance Pay Law&#x201d;)) pay fixed contributions
to those plans and will have no legal or constructive obligation to pay further contributions if the fund into which those contributions
are paid does not hold sufficient amounts to pay all employee benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed
concurrently with performance of the employee&#x2019;s services.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
and its Israeli subsidiaries and companies accounted for at equity also operate a defined benefit plan in respect of severance
or retirement pay to their Israeli employees pursuant to the Severance Pay Law. According to the Severance Pay Law, employees
are entitled to severance pay upon dismissal or retirement. The liability for termination of employment is measured using the
projected unit credit method. The actuarial assumptions include rates of employee turnover and future salary increases based on
the estimated timing of payment. The amounts are presented based on discounted expected future cash flows using a discount rate
determined by reference to market yields at the reporting date on high quality corporate bonds that are linked to Israel&#x2019;s
Consumer Price Index with a term that is consistent with the estimated term of the severance pay obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
respect of its severance pay obligation to certain of its employees, the Group makes current deposits in pension funds and insurance
companies (the &#x201c;plan assets&#x201d;). Plan assets comprise assets held by a long-term employee benefit fund or qualifying
insurance policies. Plan assets are not available to the Group&#x2019;s own creditors and cannot be returned directly to the Group.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
liability for employee benefits shown in the statement of financial position reflects the present value of the defined benefit
obligation, less the fair value of the plan assets. Remeasurements of the net liability are recognized in other comprehensive
income in the period in which they occur.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Severance
expenses for the years 2019, 2020 and 2021 were $37,218, $35,897 and $48,331, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other
                                         long-term employee benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Certain
employees of the Group are entitled to benefits in respect of adaptation grants. These benefits are accounted for as other long-term
benefits since the Group estimates that these benefits will be utilized and the Group&#x2019;s respective obligation will be settled
during the employment period and more than twelve months after the end of the annual reporting period in which the employees rendered
the related service.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s net obligation for other long-term employee benefits, which is computed based on actuarial assumptions, is for the
future benefit due to employees for services rendered in the current period and in prior periods and considering expected salary
increases. The amount of these benefits is discounted to its present value. The discount rate is determined by reference at the
reporting date to market yields on high quality corporate bonds that are linked to the Consumer Price Index and whose term is
consistent with the term of the Group&#x2019;s obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Remeasurement
of the net obligation is recognized in the statement of comprehensive income in the incurred period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share-based payment transactions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s employees and certain service providers are entitled to remuneration in the form of equity-settled share-based payment
transactions. The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted
at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost
of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the
period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees
become entitled to the award (the &#x201c;vesting period&#x201d;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Group&#x2019;s best estimate of the number of equity instruments that will ultimately vest.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other vesting conditions
(service and/or performance) are satisfied.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Group modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification
that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service
provider at the modification date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a grant of an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not
yet recognized for the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified
as a replacement grant on the grant date, the canceled and new grants are accounted for as a modification of the original grant,
as described above.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;28)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings per share:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings
per share are calculated by dividing the net income attributable to equity holders of the Company by the weighted number of ordinary
shares outstanding during the period. Potential ordinary shares are included in the computation of diluted earnings per share
if their conversion decreases earnings per share from continuing operations. Potential ordinary shares that are converted during
the period are included in diluted earnings per share only until the conversion date and from that date in basic earnings per
share. The Company&#x2019;s share of earnings of subsidiaries is included based on its share of earnings per share of the subsidiaries
multiplied by the number of shares held by the Company.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Concentration of credit risk:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents,
short-term bank deposits, restricted cash, trade receivables, marketable securities and foreign currency derivative contracts.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
majority of the Group&#x2019;s cash and cash equivalents, bank deposits, marketable securities and other financial instruments
are invested with major banks in Israel, the United States and across Europe. Management believes that these financial instruments
are held in financial institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these
investments. Cash and cash equivalents and short-term deposits in the United States may be in excess of insured limits and are
not insured in other jurisdictions. Generally, these banks deposits may be redeemed upon demand and therefore bear minimal risk.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s trade receivables are generally derived from sales to large organizations located mainly in Israel, North America,
Europe and Asia Pacific. The Group performs ongoing credit evaluations of its customers using a reliable outside source to determine
payment terms and credit limits which are approved based on the size of the customer and to date has not experienced any material
losses. In certain circumstances, Formula and its subsidiaries and companies accounted for at equity may require letters of credit,
other collateral or additional guarantees. From time to time, the Group&#x2019;s subsidiaries sell certain of their accounts receivable
to financial institutions, within the normal course of business.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group maintains an allowance for doubtful accounts receivable based upon management&#x2019;s experience and estimate of collectability
of each outstanding invoice. The allowance for doubtful accounts is determined with respect to specific debts or which collection
is doubtful. The risk of collection associated with accounts receivable is mitigated by the diversity and number of customers.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Bad
debt expense, net for the years ended December&#160;31, 2019, 2020 and 2021 was $1,176, $3,188 and $1,333 respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;From
time to time, the Group enters into foreign exchange forward and option contracts intended to protect against the changes in value
of forecasted non-dollar currency cash flows. These derivative instruments are designed to offset a portion of the Group&#x2019;s
non-dollar currency exposure (see Note 2 (25) above).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Liquidity risk:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Liquidity
risk arises from managing the Group&#x2019;s working capital as well as from financial expenses and principal payments of the Group&#x2019;s
debt instruments. Liquidity risk consists of the risk that the Group will have difficulty in fulfilling obligations relating to
financial liabilities. The Group&#x2019;s policy is to ascertain constant cash adequacy needed for settling its liabilities when
due. For this purpose, the Group aims to hold cash balances (or adequate credit lines) that will meet anticipated demands.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
and its subsidiaries and companies accounted for at equity examine cash flow forecasts on a monthly basis as well as information
regarding cash balances. As of the reporting date, these forecasts indicate that the Group can expect sufficient liquid sources
for covering its entire liabilities under reasonable assumptions.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Changes in accounting policies - initial adoption of new financial reporting and accounting standards:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amendments
                                         to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
August&#160;2020, the IASB issued amendments to IFRS 9, &#x201c;Financial Instruments&#x201d;, IFRS 7, &#x201c;Financial Instruments:
Disclosures&#x201d;, IAS 39, &#x201c;Financial Instruments: Recognition and Measurement&#x201d;, IFRS 4, &#x201c;Insurance Contracts&#x201d;,
and IFRS 16, &#x201c;Leases&#x201d; (the &#x201c;Amendments&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates
(IBORs) by alternative Risk Free Interest Rates (RFRs). The Amendments are effective for annual periods beginning on or after
January&#160;1, 2021. The Amendments are to be applied retrospectively. However, restatement of comparative periods is not required.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
adoption of the Amendments did not have an effect on the Group&#x2019;s financial statements as of January&#160;1, 2021, since
the Group does not have any IBOR-based hedge transactions which could be affected by the IBOR reform.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additional
                                         amendment in April&#160;2021 to IFRS 16, &#x201c;Leases&#x201d;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
view of the global Covid-19 crisis, in May&#160;2020, the IASB issued &#x201c;Covid-19-Related Rent Concessions - Amendment to
IFRS 16, Leases&#x201d; (the &#x201c;2020 Amendment&#x201d;). The objective of the 2020 Amendment is to allow a lessee to apply a
practical expedient according to which Covid-19 related rent concessions will not be accounted for as lease modifications but
as variable lease payments. The 2020 Amendment applies solely to lessees.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Originally
the 2020 Amendment was applicable only to a reduction in lease payments due on or before June&#160;30, 2021. However, since the
Covid-19 pandemic has continued beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to
a reduction in lease payments due on or before June&#160;30, 2022 (the &#x201c;2021 Amendment&#x201d;). The other criteria for application
of the 2020 Amendment remain unchanged.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
2021 Amendment applies to annual reporting periods beginning on or after April&#160;1, 2021. Early application is permitted.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
2021 Amendment is to be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as
an adjustment to the opening balance of retained earnings at the beginning of the annual reporting period in which the lessee
first applies the 2021 Amendment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
application of the Amendments will not have a material impact on the Group&#x2019;s consolidated financial statements.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;32)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Certain amounts in the prior years&#x2019; financial statements have been reclassified to conform to the current year&#x2019;s presentation.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <forty:DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Basis of presentation of the financial statements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;These
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#x201c;IFRS&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements for the year ended December&#160;31, 2016 were the Company&#x2019;s first consolidated financial statements
prepared in accordance with IFRS. The date of transition to IFRS was January&#160;1, 2015. For all periods up to and including
the year ended December&#160;31, 2015, the Company prepared its financial statements in accordance with United States generally
accepted accounting principles (&#x201c;U.S. GAAP&#x201d;). Accordingly, the Company&#x2019;s first consolidated financial statements
that comply with IFRS are applicable as of December&#160;31, 2016, together with the comparative period data for the year ended
December&#160;31, 2015.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company&#x2019;s financial statements have been prepared on a cost basis, except for certain assets and liabilities such as: financial
assets measured at fair value through other comprehensive income; contingent liabilities related to business combination; and
other financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company has elected to present the profit or loss items using the function of expense method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock>
    <forty:UseOfEstimatesAndJudgmentsPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Use of estimates, judgments and assumptions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
preparation of the consolidated financial statements requires management to make estimates, judgments, and assumptions, that have
an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses
in the financial statements. Such judgments, estimates and assumptions are related, but not limited to effective control, contingent
liabilities related to acquisitions, goodwill and identifiable intangible assets and their subsequent impairment analysis, determination
of fair value of put options of non-controlling interests, legal contingencies, research and development capitalization, classification
of leases, income tax uncertainties, deferred taxes, share-based compensation, as well as the determination of revenue recognition
from contracts accounted for based on the estimate of percentage of completion. The Company&#x2019;s management believes that the
estimates, judgments, and assumptions used, are reasonable based upon information available at the time they are made. These estimates,
judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. Changes in accounting estimates are reported in the period of the change
in estimate.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:UseOfEstimatesAndJudgmentsPolicyTextBlock>
    <forty:DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Consolidated financial statements:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
consolidated financial statements comprise the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing
whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained
and ends when such control ceases.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements of the Company and of the investees, after being adjusted to comply with IFRS, are prepared for the same
reporting period and using consistent accounting treatment of similar transactions and economic activities. Any discrepancies
in the applied accounting policies are eliminated by making appropriate adjustments. Significant intragroup balances and transactions
and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Effective
control&lt;/span&gt;:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
a situation where the Company holds less than a majority of voting power in a given entity, but that power is sufficient to enable
the Company to unilaterally direct the relevant activities of such entity, then control is exercised. When assessing whether voting
rights held by the Company are sufficient to give it power, the Company considers all facts and circumstances, including: the
amount of those voting rights relative to the amount and dispersion of other vote holders; potential voting rights held by the
Company and other shareholders or parties; rights arising from other contractual arrangements; significant personal ties; and
any additional facts and circumstances that may indicate that the Company has, or does not have the ability to direct the relevant
activities when decisions need to be made, inclusive of voting patterns observed at previous meetings of shareholders.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company&#x2019;s management has concluded that despite the lack of absolute majority of voting power at the general meetings of
shareholders of Matrix, Sapiens and Magic Software, in accordance with IFRS 10, these investees are controlled by the Company.
The conclusion regarding the existence of control during the years ended December&#160;31, 2019, 2020 and 2021 with respect to
Matrix, Sapiens and Magic Software, in accordance with IFRS 10, was made in accordance with the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Matrix, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Matrix:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Matrix&#x2019;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Matrix&#x2019;s independent auditors
for the next year, as well as approve Matrix&#x2019;s financial statements and management&#x2019;s report on operations; in accordance
with Matrix&#x2019;s articles of association, the board of directors of Matrix is responsible for managing its current business
operations and is authorized to take substantially all decisions which are not specifically reserved to Matrix&#x2019;s shareholders
by its articles of association, including the decision to pay out dividends; Matrix&#x2019;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#x2019;s chief executive officer who
serves as the chairman of Matrix&#x2019;s board of directors.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Matrix:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
shareholders structure may be considered dispersed because, apart from the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#x2019;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#x2019;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#x2019;s other shareholders is relatively moderate
or low. The attendance by Matrix&#x2019;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#x2019;s shareholders&#x2019;
meetings in recent years, it is the Company&#x2019;s management&#x2019;s belief that achieving such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore,
it is management&#x2019;s opinion that despite the lack of an absolute majority of shares held by it in Matrix, the Company is
still able to influence the appointment of directors at Matrix and therefore may affect Matrix&#x2019;s directions of development
as well as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Sapiens, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Sapiens:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Sapiens&#x2019; shareholders general meeting are taken by a simple majority of votes represented at the general meeting; the
annual (ordinary) general meeting adopts resolutions to appoint individual directors, choose Sapiens&#x2019; independent auditors
for the next year, as well as approve the company&#x2019;s financial statements and the management&#x2019;s report on operations;
in accordance with Sapiens&#x2019; articles of association, the board of directors of Sapiens is responsible for managing its current
business operations and is authorized to take substantially all decisions which are not specifically reserved to Sapiens&#x2019;
shareholders by its articles of association, including the decision to pay out dividends. Sapiens&#x2019; board of directors is
composed of 6 members, 3 of whom are independent directors, and one being Formula&#x2019;s chief executive officer who serves as
the chairman of Sapiens&#x2019; board of directors.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Sapiens:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens&#x2019;
shareholders structure is dispersed because, apart from the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#x2019;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#x2019; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting. In accordance with voting patterns at Sapiens&#x2019; shareholders&#x2019; meetings in recent years,
it is the Company&#x2019;s management&#x2019;s belief that achieving such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore
it is of management&#x2019;s opinion that despite the lack of an absolute majority of shares in Sapiens, the Company is still able
to influence the appointment of directors at Sapiens and therefore may affect Sapiens&#x2019; directions of development as well
as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
Software&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conclusion regarding the existence of control in Magic Software, in line with IFRS 10, was made considering the following factors:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Governing
                                         bodies of Magic Software:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Decisions
of Magic Software&#x2019;s shareholders general meeting are taken by a simple majority of votes represented at the general meeting;
the annual (ordinary) general meeting adopts resolutions to elect individual directors, appoint Magic Software&#x2019;s independent
auditors for the next year, as well as to approve Magic Software&#x2019;s financial statements and the management&#x2019;s report
on operations; in accordance with Magic Software&#x2019;s articles of association, the board of directors of Magic Software is
responsible for managing Magic Software&#x2019;s current business operations and is authorized to take substantially all decisions
which are not specifically reserved to Magic Software&#x2019;s shareholders by its articles of association, including the decision
to pay out dividends; and, Magic Software&#x2019;s board of directors is composed of 5 members, 2 of whom are external directors
as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent director and a fourth of whom is Formula&#x2019;s
chief executive officer, who also serves as Magic Software&#x2019;s chief executive officer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shareholders
                                         structure of Magic Software:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software&#x2019;s shareholders structure is dispersed because, apart from the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#x2019;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#x2019;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#x2019;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting. In accordance with voting patterns at
Magic Software&#x2019;s shareholders&#x2019; meetings in recent years, it is the Company&#x2019;s management belief that achieving
such a high attendance seems unlikely.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Therefore,
it is management&#x2019;s opinion that despite the lack of an absolute majority of shares in Magic Software, the Company is still
able to influence the appointment of directors at Magic Software and therefore may affect Magic Software&#x2019;s directions of
development as well as its current business operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock>
    <forty:DescriptionOfGoverningBodies contextRef="c66">Matrix&#x2019;s board of directors is composed of
5 members, 2 of whom are external directors as required by the Israeli Companies Law, 5759-1999, another one of whom is an independent
director, while the remaining two directors are associated with Formula, including Formula&#x2019;s chief executive officer who
serves as the chairman of Matrix&#x2019;s board of directors.</forty:DescriptionOfGoverningBodies>
    <ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower contextRef="c66">the Company, only one shareholder (a financial institution)
held more than 5% of Matrix&#x2019;s voting power (approximately 10%) during the reporting period; there is no evidence that any
of the shareholders has or had granted to any other shareholder a voting proxy at the general meeting; over the last six years
(i.e., 2016-2021), Matrix&#x2019;s general meetings were attended by shareholders representing not more than between 76% and 82%
of its voting power, including the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately
48.92% of the total voting power, this means that the level of activity of Matrix&#x2019;s other shareholders is relatively moderate
or low. The attendance by Matrix&#x2019;s other shareholders would have to be higher than 97.89% in order to deprive the Company
of an absolute majority of votes at the general meeting. In accordance with voting patterns at Matrix&#x2019;s shareholders&#x2019;
meetings in recent years, it is the Company&#x2019;s management&#x2019;s belief that achieving such a high attendance seems unlikely.</ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower>
    <ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower contextRef="c67">the Company, only two financial institutions held more than 5% of the
voting rights at the general meeting (representing 5.6% and 5.1%); there is no evidence that any shareholders have or had granted
to any other shareholder a voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Sapiens&#x2019;
general meetings were attended by shareholders representing in total between 70% and 81.8% of the total voting power, including
the Company&#x2019;s voting power. Bearing in mind that the Company presently holds approximately 43.64% of total voting rights,
this means that the level of activity of Sapiens&#x2019; other shareholders is relatively moderate or low. As of December&#160;31,
2021, the attendance from shareholders would have to be higher than 88.71% in order to deprive the Company of an absolute majority
of votes at the general meeting.</ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower>
    <ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower contextRef="c68">the Company, as of December&#160;31, 2021, there were
just two shareholders (both Israeli financial institutions) holding more than 5% of Magic Software&#x2019;s voting power (representing
9.4% and 7.5% of the votes); there is no evidence that any of the shareholders have or had granted to any other shareholder a
voting proxy at the general meeting; and, over the last five years from 2017 to 2021, Magic Software&#x2019;s general meetings
were attended by shareholders representing between 65%-87% of total voting rights. Bearing in mind that the Company presently
holds approximately 45.59% of total voting right, this means that the level of activity of Magic Software&#x2019;s other shareholders
is relatively moderate or low. As of December&#160;31, 2021, the attendance by shareholders would have to be higher than 91.9%
in order to deprive the Company of an absolute majority of votes at the general meeting.</ifrs-full:DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower>
    <ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-controlling
interests in subsidiaries, represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Profit or loss
and components of other comprehensive income are attributed to the Company and to non-controlling interests. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as a change
in equity by adjusting the carrying amount of the non-controlling interests with a corresponding adjustment of the equity attributable
to equity holders of the Company less / plus the consideration paid or received.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Business combinations and goodwill:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Business
combinations are accounted for by applying the acquisition method. The cost of the acquisition is measured at the fair value of
the consideration transferred on the acquisition date with the addition of non-controlling interests in the acquiree. In each
business combination, the Company determines whether to measure the non-controlling interests in the acquiree based on their fair
value on the acquisition date or at their proportionate share in the fair value of the acquiree&#x2019;s net identifiable assets.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Direct
acquisition costs are carried to the statement of profit or loss as incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
a business combination achieved in stages, equity interests in the acquiree that had been held by the acquirer prior to obtaining
control are measured at the acquisition date fair value while recognizing a gain or loss resulting from the revaluation of the
prior investment on the date of achieving control.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
consideration is recognized at fair value on the acquisition date and classified as a financial asset or liability in accordance
with IFRS 9, &#x201c;Financial Instruments&#x201d;. Subsequent changes in the fair value of the contingent consideration are recognized
in profit or loss. If the contingent consideration is classified as an equity instrument, it is measured at fair value on the
acquisition date without subsequent remeasurement.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
is initially measured at cost which represents the excess of the acquisition consideration and the amount of non-controlling interests
over the net identifiable assets acquired and liabilities assumed. If the resulting amount is negative, the acquirer recognizes
the resulting gain on the acquisition date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment in joint arrangements:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
arrangements are arrangements in which the Company has joint control. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
                                         ventures:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
joint ventures the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint
venture is accounted for by using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Joint
                                         operations:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
joint operations the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities
relating to the arrangement. The Company recognizes in relation to its interest its share of the assets, liabilities, revenues
and expenses of the joint operation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
acquisition of interests in a joint operation which represents a business, as defined in IFRS 3, is accounted for using the acquisition
method, including the measurement of the identifiable assets and liabilities at fair value, the recognition of deferred taxes
arising from this measurement, the accounting treatment of the related transaction costs and the recognition of goodwill or bargain
purchase gains. This applies to the acquisition of the initial interest and additional interests in a joint operation that represents
a business.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments in associates:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Associates
are companies in which the Group has significant influence over the financial and operating policies without having control. The
investment in an associate is accounted for using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates>
    <forty:DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments accounted for using the equity method:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s investments in associates and joint ventures are accounted for using the equity method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the equity method, the investment in the associate or in the joint venture is presented at cost with the addition of post-acquisition
changes in the Group&#x2019;s share of net assets, including other comprehensive income of the associate or the joint venture.
Gains and losses resulting from transactions between the Group and the associate or the joint venture are eliminated to the extent
of the interest in the associate or in the joint venture.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
relating to the acquisition of an associate or a joint venture is presented as part of the investment in the associate or the
joint venture, measured at cost and not systematically amortized. Goodwill is evaluated for impairment as part of the investment
in the associate or in the joint venture as a whole.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
financial statements of the Company and of the associate or joint venture are prepared as of the same dates and periods. The accounting
policies applied in the financial statements of the associate or the joint venture are uniform and consistent with the policies
applied in the financial statements of the Group.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Upon
the acquisition of an associate or a joint venture achieved in stages when the former investment in the acquiree was accounted
for pursuant to the provisions of IFRS 9, the Group adopts the principles of IFRS 3 regarding business combinations achieved in
stages. Consequently, equity interests in the acquiree that had been held by the Group prior to achieving significant influence
or joint control are measured at fair value on the acquisition date and are included in the acquisition consideration while recognizing
a gain or loss resulting from the fair value measurement.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
equity method is applied until the loss of significant influence in the associate or loss of joint control in the joint venture
or classification as investment held for sale.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the date of loss of significant influence or joint control, the Group measures any remaining investment in the associate or the
joint venture at fair value and recognizes in profit or loss the difference between the fair value of any remaining investment
plus any proceeds from the sale of the investment in the associate or the joint venture and the carrying amount of the investment
on that date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock>
    <ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Functional currency, presentation currency and foreign currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Functional
                                         currency and presentation currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
presentation currency of these consolidated financial statements of the Group is the U.S dollar (the &#x201c;dollar&#x201d;), since
the Company believes that financial statements in U.S dollars provide more relevant information to its investors and users of
the financial statements. The functional currency applied by Formula, on a stand-alone basis, until December&#160;31, 2018, was
the dollar. Following an examination and reevaluation of the primary economic environment in which it currently operates and expects
to continue operating and taking into consideration the recent trends and its forward-looking business strategy, in accordance
with the International Accounting Standard 21 (IAS 21), Formula concluded that its functional currency on a stand-alone basis
commencing January&#160;1, 2019 is the NIS. The functional currencies applied by Formula&#x2019;s subsidiaries and companies accounted
for at equity are the currencies of the primary economic environment in which each one of them operates.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Assets,
including fair value adjustments upon acquisition, and liabilities of an investee which is a foreign operation, are translated
at the closing rate at each reporting date. Profit or loss items are translated at average exchange rates for all periods presented.
The resulting translation differences are recognized in other comprehensive income (loss).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intragroup
loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the investment
in the foreign operation and, accordingly, the exchange rate differences from these loans (net of the tax effect) are recorded
in other comprehensive income (loss).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Upon
the full or partial disposal of a foreign operation resulting in loss of control in the foreign operation, the cumulative gain
(loss) from the foreign operation which had been recognized in other comprehensive income is transferred to profit or loss. Upon
the partial disposal of a foreign operation which results in the retention of control in the subsidiary, the relative portion
of the amount recognized in other comprehensive income is reattributed to non-controlling interests.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions,
                                         assets and liabilities in foreign currency:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After
initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into
the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. Non-monetary
assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of
the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated
into the functional currency using the exchange rate prevailing at the date when the fair value was determined.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash equivalents:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash
equivalents are considered highly liquid investments, including unrestricted short-term bank deposits with an original maturity
of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on
demand without penalty and which form part of the Group&#x2019;s cash management. Cash and cash equivalent includes amounts held
primarily in New-Israeli Shekel, dollars, Euro, Japanese Yen, Indian Rupee and British Pound.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <forty:DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term and restricted deposits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
bank deposits are deposits with an original maturity of more than three months from the date of investment and which do not meet
the definition of cash equivalents. The deposits are presented according to their terms of deposit. Restricted deposits include
deposits used to secure certain subsidiaries&#x2019; ongoing projects, as well as security deposits with respect to leases, and
are classified under other short-term and long-term receivables.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories
are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred
in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. Inventories are
mainly comprised of purchased merchandise and products which consist of educational software kits, computers, peripheral equipment
and spare parts. Cost is determined on the &#x201c;first in - first out&#x201d; basis.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group periodically evaluates the condition and aging of its inventories and makes provisions for slow-moving inventories accordingly.
No such impairments have been recognized in any period presented.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;13)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue recognition:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction
price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected
on behalf of third parties (such as taxes).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
determining the amount of revenue from contracts with customers, the Group evaluates whether it is a principal or an agent in
the arrangement. The Group is a principal when the Group controls the promised goods or services before transferring them to the
customer. In these circumstances, the Group recognizes revenue for the gross amount of the consideration. When the Group is an
agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of software licensing, maintenance services and post implementation consulting services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
software licensing transaction which does not require significant implementation services is considered a distinct performance
obligation as the customer can benefit from the software on its own or together with other readily available resources.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group recognizes revenue from software licensing transactions at a point in time when the Group provides the customer a right
to use the Group&#x2019;s intellectual property as it exists at the point in time at which the license is granted to the customer.
The Group recognizes revenue from software licensing transactions over time when the Group provides the customer a right to access
the Group&#x2019;s intellectual property throughout the license period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group may generate revenue from sale of software licensing which includes significant implementation and customization services.
In such contracts the Group is normally committed to provide the customer with a functional IT system and the customer can only
benefit from such functional system, being the final product that would normally be comprised of proprietary licenses and significant
related services. Revenues from these contracts are based on either fixed price or time and material.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Software
licensing transactions which involve significant implementation, customization, or integration of the Group&#x2019;s software license
to customer-specific requirements, are considered as one performance obligation satisfied over-time. The underlying deliverable
is owned and controlled by the customer and does not create an asset with an alternative use to the Group. In addition, the Group
has enforceable right to payment for performance completed throughout the duration of the contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accordingly,
the Group recognizes revenue from such contracts over time, using the percentage of completion accounting method. The Group recognizes
revenue and gross profit as the work is performed based on a ratio between actual costs incurred compared to the total estimated
costs for the contract. Provisions for estimated losses on uncompleted contracts are made during the period in which such losses
are first determined, in the amount of the estimated loss for the entire contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
post implementation and consulting services do not involve significant customization, the Group accounts for such services as
performance obligations satisfied over time and revenues are recognized as the services are provided.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from maintenance is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided
by the Group&#x2019;s performance. When payments from customers are made before or after the service is performed, the Group recognizes
the resulting contract asset or liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of hardware and infrastructure&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from sale of hardware and infrastructure is recognized in profit or loss at the point in time when the control of the goods is
transferred to the customer, generally upon delivery of the goods to the customer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sale
of training and implementation services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenues
from training and implementation services are recognized when the service is provided. revenue from training services in respect
of public courses whose operating range is up to 3 months will be recognized at the end of the course period. Revenues from training
services in respect of long-term courses will be recognized over the term of the course. Revenues from implementation projects
ordered by organizations will be recognized according to actual inputs (actually worked hours).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenue
of contracts according to actual inputs&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from framework agreements for the performance of work according to actual inputs is recognized according to the hours invested.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenue
of fixed price contracts&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
from fixed price contracts is recognized according to the completion rate method when all the following conditions are met: the
revenue is known or can be estimated reliably, the collection of income is expected, the costs involved in performing the work
are known or can be estimated, there is no material uncertainty about the Group&#x2019;s ability to complete the work and, the
customer and the completion rate can be reliably estimated.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group applies a cost-based input method for measuring the progress of performance obligations that are satisfied over time. In
applying this cost-based input method, the Group estimates the costs to complete contract performance in order to determine the
amount of the revenue to be recognized. These estimated costs include the direct costs and the indirect costs that are directly
attributable to a contract based on a reasonable allocation method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain circumstances, the Group is unable to measure the outcome of a contract, but the Group expects to recover the costs incurred
in fulfilling the contract as of the reporting date. In such circumstances, the Group recognizes revenue to the extent of the
costs incurred as of the reporting date until such time the outcome of the contract can be reasonably measured. If a loss is anticipated
from a contract, the loss is recognized in full regardless of the percentage of completion.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration
from a customer in an amount that corresponds directly with the value to the customer of the Group&#x2019;s performance completed
to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group
may recognize revenue in the amount it is entitled to invoice. Deferred revenues, which represent a contract liability, include
unearned amounts received under maintenance and support (mainly) and amounts received from customers for which revenues have not
yet been recognized.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Allocating
the transaction price&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
contracts that consist of more than one performance obligation, at contract inception the Group allocates the contract transaction
price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone
selling price is the price at which the Group would sell the promised goods or services separately to a customer. The Group determines
the stand-alone selling price for the purposes of allocating the transaction price to each performance obligation by considering
several external and internal factors including, but not limited to, transactions where the specific performance obligation is
sold separately, historical actual pricing practices and geographies in which the Group offers its products and services. If a
specific performance obligation, such as the software license, is sold for a broad range of amounts (that is, the selling price
is highly variable) or if the Group has not yet established a price for that good or service, and the good or service has not
previously been sold on a stand-alone basis (that is, the selling price is uncertain), the Group applies the residual approach
whereby all other performance obligations within a contract are first allocated a portion of the transaction price based upon
their respective stand-alone selling prices, with any residual amount of transaction price allocated to the remaining specific
performance obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
consideration&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group determines the transaction price separately for each contract with a customer. When exercising this judgment, the Group
evaluates the effect of each variable amount in the contract, taking into consideration discounts, penalties, variations, claims,
and non-cash consideration. In determining the effect of the variable consideration, the Group normally uses the &#x201c;most likely
amount&#x201d; method described in the Standard. Pursuant to this method, the amount of the consideration is determined as the
single most likely amount in the range of possible consideration amounts in the contract. According to the Standard, variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Costs
of obtaining a contract&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
order to obtain certain contracts with customers, the Group incurs incremental costs in obtaining the contract (such as sales
commissions which are contingent on making binding sales). Costs incurred in obtaining the contract with the customer which would
not have been incurred if the contract had not been obtained and which the Group expects to recover are recognized as an asset
and amortized on a systematic basis that is consistent with the provision of the services under the specific contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss in respect of capitalized costs of obtaining a contract is recognized in profit or loss when the carrying amount
of the asset exceeds the remaining amount of consideration that the Group expects to receive for the goods or services to which
the asset relates less the costs that relate directly to providing those goods or services and that have not been recognized as
expenses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract
are recognized as an expense when incurred if the amortization period of the asset is one year or less.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;A
significant benefit of financing&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain contracts, the Group provides the customer with financing for a period exceeding one year. In such circumstances, the
Group recognizes revenue based on the amount that reflects the price that would have been paid by the customer in cash on the
date of receipt of the goods or services, and the balance is recognized in finance income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
long-term advances are received for services which the Group is to provide in the future, the Group accrues interest on the advances
and recognizes finance expense over the expected period of the contract, provided that the contract contains a significant financing
component. As the advances are recognized in revenue, the Group also recognizes the accrued interest as part of revenue from services.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has elected to apply the practical expedient allowed by IFRS 15 according to which the Group does not separate the financing
component in transactions for which the period of financing is one year or less and recognizes revenue in the amount of the consideration
stated in the contract even if the customer pays for the goods or services before or subsequent to their receipt.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Revenues
that include warranty services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
certain cases, the Group also provides a warranty for goods and services sold (i.e., extended warranties when the Group contractually
undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when the scope of which
is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications). The Group
has ascertained that such warranties granted by the Group meet the definition of service. The conclusion regarding the extended
nature of a warranty is made whenever the Group contractually undertakes to repair any errors in the delivered software within
a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. Under IFRS 15, the
fact of granting an extended warranty indicates that the Group provides an additional service. As such, the Group recognizes an
extended warranty as a separate performance obligation and allocates a portion of the transaction price to such service. In all
cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than the extended warranty
itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the
provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service.
Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance
service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be
deferred until the warranty service is actually fulfilled.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Disaggregation
of revenue&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Service
revenue include contracts primarily for the provision of supplies and services other than design, development, customization,
implementation, software maintenance and support and software updates associated with delivery of products or proprietary software.
It may be a stand-alone service contract or a service performance obligation which is distinct from a contract or performance
obligation for design, development, customization, support and upgrade or delivery of product. The Group&#x2019;s service contracts
include contracts in which the customer simultaneously receives and consumes the benefits provided as the performance obligations
are satisfied. The Group&#x2019;s service contracts primarily include operation-type contracts, outsourcing, consulting, remote
development services, digital advertising management, training and similar activities.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
by products and services was as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Proprietary
    software and related services&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;632,986&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;509,109&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;438,256&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    products and third party&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;472,045&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;312,315&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;229,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Services&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,299,345&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,112,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,033,755&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenue
by timing of revenue recognition was as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    and services transferred over time&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,072,841&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,697,312&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,518,221&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    transferred at a point in time&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;331,535&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;236,606&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;182,894&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Proprietary
    software and related services&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;632,986&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;509,109&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;438,256&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    products and third party&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;472,045&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;312,315&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;229,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Services&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,299,345&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,112,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,033,755&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock>
    <forty:ProprietarySoftwareAndRelatedServices contextRef="c0" decimals="-3" unitRef="usd">-632986000</forty:ProprietarySoftwareAndRelatedServices>
    <forty:ProprietarySoftwareAndRelatedServices contextRef="c4" decimals="-3" unitRef="usd">-509109000</forty:ProprietarySoftwareAndRelatedServices>
    <forty:ProprietarySoftwareAndRelatedServices contextRef="c5" decimals="-3" unitRef="usd">-438256000</forty:ProprietarySoftwareAndRelatedServices>
    <forty:OtherProductsAndThirdParty contextRef="c0" decimals="-3" unitRef="usd">472045000</forty:OtherProductsAndThirdParty>
    <forty:OtherProductsAndThirdParty contextRef="c4" decimals="-3" unitRef="usd">312315000</forty:OtherProductsAndThirdParty>
    <forty:OtherProductsAndThirdParty contextRef="c5" decimals="-3" unitRef="usd">229104000</forty:OtherProductsAndThirdParty>
    <ifrs-full:ServicesExpense contextRef="c0" decimals="-3" unitRef="usd">1299345000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense contextRef="c4" decimals="-3" unitRef="usd">1112494000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense contextRef="c5" decimals="-3" unitRef="usd">1033755000</ifrs-full:ServicesExpense>
    <ifrs-full:OtherRevenue contextRef="c0" decimals="-3" unitRef="usd">2404376000</ifrs-full:OtherRevenue>
    <ifrs-full:OtherRevenue contextRef="c4" decimals="-3" unitRef="usd">1933918000</ifrs-full:OtherRevenue>
    <ifrs-full:OtherRevenue contextRef="c5" decimals="-3" unitRef="usd">1701115000</ifrs-full:OtherRevenue>
    <ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    and services transferred over time&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,072,841&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,697,312&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,518,221&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Products
    transferred at a point in time&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;331,535&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;236,606&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;182,894&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory>
    <forty:ProductsAndServicesTransferredOverTime contextRef="c0" decimals="-3" unitRef="usd">2072841000</forty:ProductsAndServicesTransferredOverTime>
    <forty:ProductsAndServicesTransferredOverTime contextRef="c4" decimals="-3" unitRef="usd">1697312000</forty:ProductsAndServicesTransferredOverTime>
    <forty:ProductsAndServicesTransferredOverTime contextRef="c5" decimals="-3" unitRef="usd">1518221000</forty:ProductsAndServicesTransferredOverTime>
    <forty:ProductsTransferredAtAPointInTime contextRef="c0" decimals="-3" unitRef="usd">331535000</forty:ProductsTransferredAtAPointInTime>
    <forty:ProductsTransferredAtAPointInTime contextRef="c4" decimals="-3" unitRef="usd">236606000</forty:ProductsTransferredAtAPointInTime>
    <forty:ProductsTransferredAtAPointInTime contextRef="c5" decimals="-3" unitRef="usd">182894000</forty:ProductsTransferredAtAPointInTime>
    <forty:TotalRevenueOfProductsandServices contextRef="c0" decimals="-3" unitRef="usd">2404376000</forty:TotalRevenueOfProductsandServices>
    <forty:TotalRevenueOfProductsandServices contextRef="c4" decimals="-3" unitRef="usd">1933918000</forty:TotalRevenueOfProductsandServices>
    <forty:TotalRevenueOfProductsandServices contextRef="c5" decimals="-3" unitRef="usd">1701115000</forty:TotalRevenueOfProductsandServices>
    <ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Government grants:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Government
grants are recognized when there is reasonable assurance that the grants will be received, and the Group will comply with the
attached conditions. Government grants received from the Office of the Israel Innovation Authority (&#x201c;IIA&#x201d;), formerly
the Office of the Chief Scientist (&#x201c;OCS&#x201d;), are recognized upon receipt as a liability if future economic benefits
are expected from the research project that will result in royalty-bearing sales.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
liability for the loan is first measured at fair value using a discount rate that reflects a market participant rate of interest.
The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant
and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized
cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits
are expected from the research activity, the grant receipts are recognized as a reduction of the related research and development
expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At
each reporting date, the Group evaluates whether there is reasonable assurance that the liability recognized, in whole or in part,
will not be repaid (since the Group will not be required to pay royalties) based on the best estimate of future sales and using
the original effective interest method, and if so, the appropriate amount of the liability is derecognized against a corresponding
reduction in research and development expenses. Amounts paid as royalties are recognized as settlement of the liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants>
    <forty:DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debentures:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group accounts for outstanding principal amount of debentures as long-term liability, in accordance with IFRS 9, with current
maturities classified as a short-term liability. The Group identifies and separates equity components contains in convertible
debentures by first determining the liability component, in accordance with IAS 32, based on the fair value of an equivalent non-convertible
liability. The conversion component valued is being determined to be the residual amount. Debt issuance costs are capitalized
and reported as deferred financing costs, which are amortized over the life of the debentures using the effective interest rate
method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock>
    <ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income tax:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
                                         taxes:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
                                         taxes:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts
attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized
or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible
carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting
date and a respective deferred tax asset is recognized to the extent that their utilization is probable.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
that would apply in the event of the disposal of investments in investees have not been considered in computing deferred taxes,
as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would
apply in the event of distribution of earnings by investees as dividends have not been considered in computing deferred taxes,
since the distribution of dividends does not involve an additional tax liability or since it is the Group&#x2019;s policy not to
initiate distribution of dividends from a subsidiary that would trigger an additional tax liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted
for pursuant to IAS 12.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the
deferred taxes relate to the same taxpayer and the same taxation authority.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;17)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leases:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for
a period of time in exchange for consideration.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group as lessee&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
leases in which the Group is the lessee, the Group recognizes on the commencement date of the lease a right-of-use asset and a
lease liability, excluding leases whose term is up to twelve months and leases for which the underlying asset is of low value.
For these excluded leases, the Group has elected to recognize the lease payments as an expense in profit or loss on a straight-line
basis over the lease term. In measuring the lease liability, the Group has elected to apply the practical expedient in the Standard
and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included
in a single contract.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leases
which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance
with the provisions of IAS 19 and not as subleases.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the
lease, if that rate can be readily determined, or otherwise using the Group&#x2019;s incremental borrowing rate. After the commencement
date, the Group measures the lease liability using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already
made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost
model and depreciated over the shorter of its useful life and the lease term.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
are the amortization periods of the right-of-use assets by class of underlying asset:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Mainly&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-23&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of
IAS 36.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
                                         lease payments that depend on an index&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
the commencement date, the Group uses the index rate prevailing on the commencement date to calculate the future lease payments.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
leases in which the Group is the lessee, the aggregate changes in future lease payments resulting from a change in the index are
discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease
liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that
is, when the adjustment to the lease payments takes effect).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Variable
                                         lease payments&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Variable
lease payments that do not depend on an index or interest rate but are based on performance or usage are recognized as an expense
as incurred when the Group is the lessee.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iv)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Lease
                                         extension and termination options&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that
the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that
the termination option will not be exercised.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination
option, the Group remeasures the lease liability based on the revised lease term using a revised discount rate as of the date
of the change in expectations. The total change is recognized in the carrying amount of the right-of-use asset until it is reduced
to zero, and any further reductions are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;v)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
                                         modifications:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Group remeasures the
lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change
in the lease liability as an adjustment to the right-of-use asset.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a lease modification reduces the scope of the lease, the Group recognizes a gain or loss arising from the partial or full reduction
of the carrying amount of the right-of-use asset and the lease liability. The Group subsequently remeasures the carrying amount
of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records
the change in the lease liability as an adjustment to the right-of-use asset.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
    <ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Mainly&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-23&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2-3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment contextRef="c69">P2Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment contextRef="c70">P23Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment contextRef="c0">P3Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles contextRef="c69">P2Y</forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles>
    <forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles contextRef="c70">P3Y</forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles>
    <forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles contextRef="c0">P3Y</forty:UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Property, plant and equipment, net:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Property,
plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are&lt;br/&gt;
used in connection with plant and equipment. The cost of an item of property, plant and equipment comprises the initial estimate
of the costs of dismantling and removing the item and restoring the site on which the item is located.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 - 4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, and peripheral equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20 - 33&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Office
    furniture and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6 - 33 (mainly 7)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14 - 15 (mainly 15)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Leasehold
improvements are amortized using the straight-line method over the term of the lease (including option terms that are deemed to
be reasonably assured) or the estimated useful life of the improvements, whichever is shorter.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
useful life, the depreciation method and the residual value of an asset are reviewed at least each year-end (at the end of the
year) and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. For impairment
testing of property, plant and equipment, see Note 2(20) below.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <forty:DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 82%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Land
    and Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 15%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 - 4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, and peripheral equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20 - 33&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Office
    furniture and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6 - 33 (mainly 7)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14 - 15 (mainly 15)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock>
    <forty:UsefulLifeOfTheAssetsAtAnnualRates contextRef="c71" decimals="2" unitRef="pure">0.02</forty:UsefulLifeOfTheAssetsAtAnnualRates>
    <forty:UsefulLifeOfTheAssetsAtAnnualRates contextRef="c72" decimals="2" unitRef="pure">0.04</forty:UsefulLifeOfTheAssetsAtAnnualRates>
    <forty:UsefulLifeOfTheAssetsAtAnnualRates contextRef="c73" decimals="2" unitRef="pure">0.20</forty:UsefulLifeOfTheAssetsAtAnnualRates>
    <forty:UsefulLifeOfTheAssetsAtAnnualRates contextRef="c74" decimals="2" unitRef="pure">0.33</forty:UsefulLifeOfTheAssetsAtAnnualRates>
    <forty:UsefulLifeOfOfficeFurnitureAndEquipment contextRef="c75">6 </forty:UsefulLifeOfOfficeFurnitureAndEquipment>
    <forty:UsefulLifeOfOfficeFurnitureAndEquipment contextRef="c76"> 33 (mainly 7)</forty:UsefulLifeOfOfficeFurnitureAndEquipment>
    <forty:UsefulLifeOfMotorVehicles contextRef="c77">14 </forty:UsefulLifeOfMotorVehicles>
    <forty:UsefulLifeOfMotorVehicles contextRef="c78"> 15 (mainly 15)</forty:UsefulLifeOfMotorVehicles>
    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Separately
acquired intangible assets are measured on initial recognition at cost, including directly attributable costs. Intangible assets
acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated
intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least
at each year end.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Research
and development expenditures&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Research
expenditures incurred in the process of software development are recognized in profit or loss when incurred. An intangible asset
arising from a software development project or from the development phase of an internal project is recognized if the Group can
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group&#x2019;s
intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; how the intangible
asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete
the intangible asset; and the ability to measure reliably the respective expenditure asset during its development. The Group establishes
technological feasibility upon completion of a detailed program design or a working model.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Capitalized
software costs are measured at cost less any accumulated amortization and any accumulated impairment losses on a product-by-product
basis. Amortization of capitalized software costs begin when development is complete, and the product is available for use or
for sale. The Group considers a product to be available for use when the Group completes its internal validation of the product
that is necessary to establish that the product meets its design specifications including functions, features, and technical performance
requirements. Internal validation includes the completion of coding, documentation and testing that ensure bugs are reduced to
a minimum. The internal validation of the product takes place a few weeks before the product is made available to the market.
In certain instances, the Group enters into a short pre-release stage, during which the product is made available to a selected
number of customers as a beta program for their own review and familiarization. Subsequently, the release is made generally available
to customers. Once a product is considered available for use, the capitalization of costs ceases and amortization of such costs
to &#x201c;cost of sales&#x201d; begins.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Capitalized
software costs are amortized on a product-by-product basis by the straight-line method over the estimated useful life of the software
product (between 5-7 years).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Research
and development costs incurred in the process of developing product enhancements are generally charged to expenses as incurred.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group assesses the recoverability of its capitalized software costs on a regular basis by assessing the net realizable value of
these intangible assets based on the estimated future gross revenues from each product reduced by the estimated future costs of
completing and disposing of it, including the estimated costs of performing maintenance and customer support over its remaining
economical useful life using internally generated projections of future revenues generated by the products, cost of completion
of products and cost of delivery to customers over its remaining economical useful life.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, no such unrecoverable amounts were identified.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Other
intangible assets&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
assets excluding capitalized development costs are comprised mainly of customer-related intangible assets, backlogs, distribution
rights, brand names, acquired technology and patent, and are amortized over their useful lives using a method of amortization
that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. The useful
life of intangible assets is as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship, backlog and distribution rights&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Brand
    names&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 &#x2013; 8&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patents&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Gains
or losses arising from the derecognition of an intangible asset are determined as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable.
If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite
to finite is accounted for prospectively as a change in accounting estimate, and on that date the asset is tested for impairment.
Commencing from that date, the asset is amortized systematically over its useful life.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory>
    <forty:SoftwareProduct contextRef="c69">P5Y</forty:SoftwareProduct>
    <forty:SoftwareProduct contextRef="c70">P7Y</forty:SoftwareProduct>
    <forty:DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Years&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship, backlog and distribution rights&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Brand
    names&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9 &#x2013; 15&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2 &#x2013; 8&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patents&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c79">P3Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c80">P15Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c81">P9Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c82">P15Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c83">P2Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c84">P8Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <forty:UsefulLifeOfOtherIintangibleAssets contextRef="c85">P10Y</forty:UsefulLifeOfOtherIintangibleAssets>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Impairment of non-financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group evaluates the need to record an impairment of non-financial assets (property, plant and equipment, capitalized software
costs and other intangible assets, goodwill, investments in joint venture) whenever events or changes in circumstances indicate
that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount,
the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and
value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects
the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined
for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine
the asset&#x2019;s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above,
shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization)
had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss
of an asset presented at cost is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following criteria are applied in assessing impairment of these specific assets:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
                                         in respect of subsidiaries:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the purpose of impairment testing, goodwill acquired in a business combination is allocated, at the acquisition date, to each
of our cash-generating units that are expected to benefit from the synergies of the combination. The Group reviews goodwill for
impairment once a year, on December&#160;31, or more frequently if events or changes in circumstances indicate that there is an
impairment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Goodwill
is tested for impairment by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to
which the goodwill has been allocated. An impairment loss is recognized if the recoverable amount of the cash-generating unit
(or group of cash-generating units) to which goodwill has been allocated is less than the carrying amount of the cash-generating
unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment losses recognized for
goodwill cannot be reversed in subsequent periods.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
                                         in associate or joint venture using the equity method:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;After
application of the equity method, the Group determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Group determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
                                         assets with an indefinite useful life / capitalized development costs that have not yet
                                         been systematically amortized:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
impairment test is performed annually, on December&#160;31, or more frequently if events or changes in circumstances indicate
that there is an impairment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, no impairment indicators were identified.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction
costs are recorded in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group classifies and measures the debt instruments in its financial statements on the basis of the following criteria:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                         Group&#x2019;s business model for the management of financial assets; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                         contractual cash flow characteristics of the financial asset.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at amortized cost when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s business model is to hold the financial assets in order to collect their contractual cash flows, and the contractual
terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. After initial recognition, the instruments in this category are measured according to their
terms at amortized cost using the effective interest rate method, less any provision for impairment. On the date of initial recognition,
the Group may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured
at fair value through profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at fair value through other comprehensive income when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell
the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Subsequent to the initial recognition, the instruments
in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate
differences, are recognized in other comprehensive income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;The
                                         Group measures debt instruments at fair value through profit or loss when&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through
other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from
fair value adjustments are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iv.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Equity
                                         instruments and other financial assets held for trading&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investments
in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other
financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured
at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity
instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present
subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss.
These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from
investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;B.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Impairment
                                         of financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at
fair value through profit or loss. The Company distinguishes between two types of loss allowances: &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debt
                                         instruments whose credit risk has not increased significantly since initial recognition,
                                         or whose credit risk is low - the loss allowance recognized in respect of this debt instrument
                                         is measured at an amount equal to the expected credit losses within 12 months from the
                                         reporting date; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debt
                                         instruments whose credit risk has increased significantly since initial recognition,
                                         and whose credit risk is not low - the loss allowance recognized is measured at an amount
                                         equal to the expected credit losses over the instrument&#x2019;s remaining term.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group has short-term financial assets such as trade receivables in respect of which the Group applies a simplified approach in
IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;An
impairment loss on debt instruments measured at amortized cost is recognized in profit or loss with a corresponding loss allowance
that is offset from the carrying amount of the financial asset, whereas the impairment loss on debt instruments measured at fair
value through other comprehensive income is recognized in profit or loss with a corresponding loss allowance that is recorded
in other comprehensive income and not as a reduction of the carrying amount of the financial asset in the statement of financial
position.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group applies the low credit risk simplification in IFRS 9, according to which the Group assumes the debt instrument&#x2019;s credit
risk has not increased significantly since initial recognition if on the reporting date it is determined that the instrument has
a low credit risk, for example when the instrument has an external rating of &#x201c;investment grade&#x201d;.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;C.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derecognition
                                         of financial assets:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group derecognizes a financial asset when and only when:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         contractual rights to the cash flows from the financial asset expire; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Group has transferred substantially all the risks and rewards deriving from the contractual
                                         rights to receive cash flows from the financial asset or has neither transferred nor
                                         retained substantially all the risks and rewards of the asset, but has transferred control
                                         of the asset; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Group has retained its contractual rights to receive cash flows from the financial asset
                                         but has assumed a contractual obligation to pay the cash flows in full without material
                                         delay to a third party.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;D.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities measured at amortized cost:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial
liability. After initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest
rate method, except for:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities at fair value through profit or loss, such as derivatives;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities that arise when a transfer of a financial asset does not qualify for derecognition
                                         or when the continuing involvement approach applies;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         guarantee contracts; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x25cf;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
                                         consideration recognized by an acquirer in a business combination as to which IFRS 3
                                         applies.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         liabilities measured at fair value through profit or loss:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At
initial recognition, the Group measures financial liabilities that are not measured at amortized cost at fair value. Transaction
costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;E.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derecognition
                                         of financial liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
financial liability is derecognized when it is extinguished, that is, when the obligation is discharged or cancelled or expires.
A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods
or services or is legally released from the liability. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
there is a modification in the terms of an existing financial liability, the Group evaluates whether the modification is substantial.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the terms of an existing financial liability are substantially modified, such modification is accounted for as an extinguishment
of the original liability and the recognition of a new liability. The difference between the carrying amounts of the above liabilities
is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the modification is not substantial, the Group recalculates the carrying amount of the liability by discounting the revised cash
flows at the original effective interest rate and any resulting difference is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;F.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Offsetting
                                         financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
assets and financial liabilities are offset and the net amount is presented in the statement of financial position if there is
a legally enforceable right to set off the recognized amounts and there is an intention either to settle on a net basis or to
realize the asset and settle the liability simultaneously. The right of set-off must be legally enforceable not only during the
ordinary course of business of the parties to the contract but also in the event of bankruptcy or insolvency of one of the parties.
In order for the right of set-off to be currently available, it must not be contingent on a future event, there may not be periods
during which the right is not available, or there may not be any events that will cause the right to expire.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;G.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Compound
                                         financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
                                         debentures which contain both an equity component and a liability component are separated
                                         into two components. This separation is performed by first determining the liability
                                         component based on the fair value of an equivalent non-convertible liability. The value
                                         of the conversion component is determined to be the residual amount. Directly attributable
                                         transaction costs are apportioned between the equity component and the liability component
                                         based on the allocation of proceeds to the equity and liability components.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
                                         debentures that are denominated in foreign currency contain two components: the conversion
                                         component and the debt component. The liability conversion component is initially recognized
                                         as a financial derivative at fair value. The balance is attributed to the debt component.
                                         Directly attributable transaction costs are allocated between the liability conversion
                                         component and the liability debt component based on the allocation of the proceeds to
                                         each component.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;H.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Put
                                         option granted to non-controlling interests:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
the Group grants to non-controlling interests a put option to sell part or all of their interests in a subsidiary, during a certain
period, even if such purchase obligation is conditional on the counterparty&#x2019;s exercise of its contractual right to cause
such redemption, if the put option agreement does not transfer to the Group any benefits incidental to ownership of the equity
instrument (i.e. the Group does not have a present ownership in the shares concerned) then at the end of each reporting period
the non-controlling interests (to which a portion of net profit attributable to non-controlling interests is allocated) are classified
as a financial liability, as if such put-able equity instrument was redeemed on that date. The difference between the non-controlling
interests carrying amount at the end of the reporting period and the present value of the liability is recognized directly in
equity of the Group, under &#x201c;Additional paid-in capital&#x201d;.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group remeasures the financial liability at the end of each reporting period based on the estimated present value of the consideration
to be transferred upon the exercise of the put option.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the option is exercised in subsequent periods, the consideration paid upon exercise is treated as settlement of the liability.
If the put option expires, the liability is settled and a portion of the investment in the subsidiary disposed of, without loss
of control therein.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Group has present ownership of the non-controlling interests, these non-controlling interests are accounted for as if they
are held by the Group, and changes in the amount of the liability are carried to profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair value measurement:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in
the asset&#x2019;s or the liability&#x2019;s principal market, or in the absence of a principal market, in the most advantageous
market.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial
asset takes into account a market participant&#x2019;s ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;All
assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair
value hierarchy based on the lowest level input that is significant to the entire fair value measurement:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 0.5in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    1&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;quoted
    prices (unadjusted) in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;inputs
    other than quoted prices included within Level 1 that are observable directly or indirectly.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market
    data).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Treasury shares:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Company
shares held by the Company and/or by investees are recognized at cost of purchase and presented as a deduction from equity. Any
gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Provisions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are measured according
to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value
of money and, where appropriate, those risks specific to the liability. When the Group expects part or all of the expense to be
reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement
is virtually certain. The expense is recognized in the statement of profit or loss net of any reimbursement. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
are the types of provisions included in the financial statements:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Legal
                                         claims:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
provision for claims is recognized when the Group has a present legal or constructive obligation as a result of a past event,
it is more likely than not that an outflow of resources embodying economic benefits will be required by the Group to settle the
obligation and a reliable estimate can be made of the amount of the obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Contingent
                                         liability recognized in a business combination:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
contingent liability in a business combination is measured at fair value upon initial recognition. In subsequent periods, it is
measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization, and the amount that
would be recognized at the end of the reporting period in accordance with IAS 37.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derivative financial instruments and hedging:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;From
time to time, the Group enters into contracts for derivative financial instruments such as forward currency contracts and options
contracts to hedge risks associated with foreign exchange rates resulting from international activities and interest rate fluctuations.
The derivative instruments primarily hedge or offset exposures to Euro, British Pound, Japanese Yen and New Israeli Shekel (&#x201c;NIS&#x201d;)
exchange rate fluctuations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s options and forward contracts do not qualify for hedging accounting. Any gains or losses arising from changes in
the fair values of the derivatives are recorded immediately in profit or loss as financial income or expense.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employee benefit liabilities:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group maintains several employee benefit plans:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
                                         employee benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Short-term
employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting
period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave,
recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect
of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment
as a result of past service rendered by an employee and a reliable estimate of the amount can be made.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Post-employment
                                         benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula&#x2019;s
and its Israeli subsidiaries and companies accounted for at equity (as defined with respect to their Israeli employee contribution
plans pursuant to section&#160;14 of Israel&#x2019;s Severance Pay Law, 1963 (the &#x201c;Severance Pay Law&#x201d;)) pay fixed contributions
to those plans and will have no legal or constructive obligation to pay further contributions if the fund into which those contributions
are paid does not hold sufficient amounts to pay all employee benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed
concurrently with performance of the employee&#x2019;s services.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
and its Israeli subsidiaries and companies accounted for at equity also operate a defined benefit plan in respect of severance
or retirement pay to their Israeli employees pursuant to the Severance Pay Law. According to the Severance Pay Law, employees
are entitled to severance pay upon dismissal or retirement. The liability for termination of employment is measured using the
projected unit credit method. The actuarial assumptions include rates of employee turnover and future salary increases based on
the estimated timing of payment. The amounts are presented based on discounted expected future cash flows using a discount rate
determined by reference to market yields at the reporting date on high quality corporate bonds that are linked to Israel&#x2019;s
Consumer Price Index with a term that is consistent with the estimated term of the severance pay obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
respect of its severance pay obligation to certain of its employees, the Group makes current deposits in pension funds and insurance
companies (the &#x201c;plan assets&#x201d;). Plan assets comprise assets held by a long-term employee benefit fund or qualifying
insurance policies. Plan assets are not available to the Group&#x2019;s own creditors and cannot be returned directly to the Group.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
liability for employee benefits shown in the statement of financial position reflects the present value of the defined benefit
obligation, less the fair value of the plan assets. Remeasurements of the net liability are recognized in other comprehensive
income in the period in which they occur.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Severance
expenses for the years 2019, 2020 and 2021 were $37,218, $35,897 and $48,331, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other
                                         long-term employee benefits:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Certain
employees of the Group are entitled to benefits in respect of adaptation grants. These benefits are accounted for as other long-term
benefits since the Group estimates that these benefits will be utilized and the Group&#x2019;s respective obligation will be settled
during the employment period and more than twelve months after the end of the annual reporting period in which the employees rendered
the related service.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s net obligation for other long-term employee benefits, which is computed based on actuarial assumptions, is for the
future benefit due to employees for services rendered in the current period and in prior periods and considering expected salary
increases. The amount of these benefits is discounted to its present value. The discount rate is determined by reference at the
reporting date to market yields on high quality corporate bonds that are linked to the Consumer Price Index and whose term is
consistent with the term of the Group&#x2019;s obligation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Remeasurement
of the net obligation is recognized in the statement of comprehensive income in the incurred period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <forty:SeveranceExpenses contextRef="c5" decimals="-3" unitRef="usd">37218000</forty:SeveranceExpenses>
    <forty:SeveranceExpenses contextRef="c4" decimals="-3" unitRef="usd">35897000</forty:SeveranceExpenses>
    <forty:SeveranceExpenses contextRef="c0" decimals="-3" unitRef="usd">48331000</forty:SeveranceExpenses>
    <ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share-based payment transactions:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s employees and certain service providers are entitled to remuneration in the form of equity-settled share-based payment
transactions. The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted
at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost
of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the
period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees
become entitled to the award (the &#x201c;vesting period&#x201d;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Group&#x2019;s best estimate of the number of equity instruments that will ultimately vest.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other vesting conditions
(service and/or performance) are satisfied.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Group modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification
that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service
provider at the modification date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
a grant of an equity instrument is canceled, it is accounted for as if it had vested on the cancelation date and any expense not
yet recognized for the grant is recognized immediately. However, if a new grant replaces the canceled grant and is identified
as a replacement grant on the grant date, the canceled and new grants are accounted for as a modification of the original grant,
as described above.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;28)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings per share:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings
per share are calculated by dividing the net income attributable to equity holders of the Company by the weighted number of ordinary
shares outstanding during the period. Potential ordinary shares are included in the computation of diluted earnings per share
if their conversion decreases earnings per share from continuing operations. Potential ordinary shares that are converted during
the period are included in diluted earnings per share only until the conversion date and from that date in basic earnings per
share. The Company&#x2019;s share of earnings of subsidiaries is included based on its share of earnings per share of the subsidiaries
multiplied by the number of shares held by the Company.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
    <forty:DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Concentration of credit risk:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents,
short-term bank deposits, restricted cash, trade receivables, marketable securities and foreign currency derivative contracts.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
majority of the Group&#x2019;s cash and cash equivalents, bank deposits, marketable securities and other financial instruments
are invested with major banks in Israel, the United States and across Europe. Management believes that these financial instruments
are held in financial institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these
investments. Cash and cash equivalents and short-term deposits in the United States may be in excess of insured limits and are
not insured in other jurisdictions. Generally, these banks deposits may be redeemed upon demand and therefore bear minimal risk.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s trade receivables are generally derived from sales to large organizations located mainly in Israel, North America,
Europe and Asia Pacific. The Group performs ongoing credit evaluations of its customers using a reliable outside source to determine
payment terms and credit limits which are approved based on the size of the customer and to date has not experienced any material
losses. In certain circumstances, Formula and its subsidiaries and companies accounted for at equity may require letters of credit,
other collateral or additional guarantees. From time to time, the Group&#x2019;s subsidiaries sell certain of their accounts receivable
to financial institutions, within the normal course of business.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group maintains an allowance for doubtful accounts receivable based upon management&#x2019;s experience and estimate of collectability
of each outstanding invoice. The allowance for doubtful accounts is determined with respect to specific debts or which collection
is doubtful. The risk of collection associated with accounts receivable is mitigated by the diversity and number of customers.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Bad
debt expense, net for the years ended December&#160;31, 2019, 2020 and 2021 was $1,176, $3,188 and $1,333 respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;From
time to time, the Group enters into foreign exchange forward and option contracts intended to protect against the changes in value
of forecasted non-dollar currency cash flows. These derivative instruments are designed to offset a portion of the Group&#x2019;s
non-dollar currency exposure (see Note 2 (25) above).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock>
    <forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts contextRef="c5" decimals="-3" unitRef="usd">1176000</forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts>
    <forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts contextRef="c4" decimals="-3" unitRef="usd">3188000</forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts>
    <forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts contextRef="c0" decimals="-3" unitRef="usd">1333000</forty:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts>
    <forty:DisclosureOfLiquidityRiskPolicyTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Liquidity risk:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Liquidity
risk arises from managing the Group&#x2019;s working capital as well as from financial expenses and principal payments of the Group&#x2019;s
debt instruments. Liquidity risk consists of the risk that the Group will have difficulty in fulfilling obligations relating to
financial liabilities. The Group&#x2019;s policy is to ascertain constant cash adequacy needed for settling its liabilities when
due. For this purpose, the Group aims to hold cash balances (or adequate credit lines) that will meet anticipated demands.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
and its subsidiaries and companies accounted for at equity examine cash flow forecasts on a monthly basis as well as information
regarding cash balances. As of the reporting date, these forecasts indicate that the Group can expect sufficient liquid sources
for covering its entire liabilities under reasonable assumptions.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfLiquidityRiskPolicyTextBlock>
    <forty:DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Changes in accounting policies - initial adoption of new financial reporting and accounting standards:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amendments
                                         to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
August&#160;2020, the IASB issued amendments to IFRS 9, &#x201c;Financial Instruments&#x201d;, IFRS 7, &#x201c;Financial Instruments:
Disclosures&#x201d;, IAS 39, &#x201c;Financial Instruments: Recognition and Measurement&#x201d;, IFRS 4, &#x201c;Insurance Contracts&#x201d;,
and IFRS 16, &#x201c;Leases&#x201d; (the &#x201c;Amendments&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates
(IBORs) by alternative Risk Free Interest Rates (RFRs). The Amendments are effective for annual periods beginning on or after
January&#160;1, 2021. The Amendments are to be applied retrospectively. However, restatement of comparative periods is not required.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
adoption of the Amendments did not have an effect on the Group&#x2019;s financial statements as of January&#160;1, 2021, since
the Group does not have any IBOR-based hedge transactions which could be affected by the IBOR reform.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additional
                                         amendment in April&#160;2021 to IFRS 16, &#x201c;Leases&#x201d;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
view of the global Covid-19 crisis, in May&#160;2020, the IASB issued &#x201c;Covid-19-Related Rent Concessions - Amendment to
IFRS 16, Leases&#x201d; (the &#x201c;2020 Amendment&#x201d;). The objective of the 2020 Amendment is to allow a lessee to apply a
practical expedient according to which Covid-19 related rent concessions will not be accounted for as lease modifications but
as variable lease payments. The 2020 Amendment applies solely to lessees.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Originally
the 2020 Amendment was applicable only to a reduction in lease payments due on or before June&#160;30, 2021. However, since the
Covid-19 pandemic has continued beyond the period envisaged, the IASB updated the condition for lessees to apply the relief to
a reduction in lease payments due on or before June&#160;30, 2022 (the &#x201c;2021 Amendment&#x201d;). The other criteria for application
of the 2020 Amendment remain unchanged.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
2021 Amendment applies to annual reporting periods beginning on or after April&#160;1, 2021. Early application is permitted.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
2021 Amendment is to be applied retrospectively, recognizing the cumulative effect of initially applying the 2021 Amendment as
an adjustment to the opening balance of retained earnings at the beginning of the annual reporting period in which the lessee
first applies the 2021 Amendment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
application of the Amendments will not have a material impact on the Group&#x2019;s consolidated financial statements.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory>
    <forty:DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory contextRef="c0">&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;32)&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Certain amounts in the prior years&#x2019; financial statements have been reclassified to conform to the current year&#x2019;s presentation.&lt;/span&gt;</forty:DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory>
    <ifrs-full:DisclosureOfBusinessCombinationsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;NOTE
                            3:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;BUSINESS
                                         COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of ZAP Group Ltd. (&#x201c;ZAP Group&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;6, 2021 (the &#x201c;Zap Group acquisition date&#x201d;), the Company directly acquired 100% of the share capital of
Zap Group, Israel&#x2019;s largest group of consumer websites which manages more than 20 leading consumer websites from diverse
content worlds. The websites managed and offered by Zap provide small and medium-sized businesses in Israel with a broad and rich
advertising platform and offer consumers a user-friendly search experience with a variety of advanced tools, which enable them
to make educated purchase decisions in the best and most informed way. The cash consideration paid at the closing amounted to
approximately NIS 244,169 (approximately $74,350), or approximately NIS 216,172 (approximately $65,825) net of acquired cash.
Moreover, the former shareholders of Zap are entitled to contingent consideration payments of up to NIS 60,000 (approximately
$18,270) depending on the future results of operations of Zap Group during the first two years following the acquisition. The
fair value of such contingent consideration, as of the acquisition date amounted to NIS 3,577 (or $ 1,089). Acquisition related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#x2019;s consolidated statement of profit or loss. The results of Zap Group&#x2019;s operations have been included in
the consolidated financial statements since April&#160;2021. Zap Group&#x2019;s results of operations have been included in the
consolidated financial statements from the Zap Group Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated consideration for the acquisition of Zap:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Cash
    consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;74,350&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    date fair-value of contingent consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,089&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;75,439&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated fair values &lt;sup&gt;(1)&lt;/sup&gt; allocated to Zap&#x2019;s assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,171&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,735&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,565&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,152&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Trade
    names&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,642&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(10,984&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests in acquiree&#x2019;s subsidiary&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,384&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,400&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;65,825&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of ZAP are provisional and are based on information that was available as of the acquisition
                                         date to estimate the fair value of these amounts. The Group&#x2019;s management believes
                                         the information provides a reasonable basis for estimating the fair values of these amounts,
                                         but is waiting for additional information necessary to finalize those fair values. Therefore,
                                         provisional measurements of fair value that appear are subject to change. The Group expects
                                         to finalize the tangible and intangible assets valuation and complete the acquisition
                                         accounting as soon as practicable but no later than the measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Ofek Aerial Photography Ltd. (&#x201c;Ofek&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
March&#160;13, 2020 (the &#x201c;Ofek Acquisition Date&#x201d;), the Company directly acquired 86.02% of the share capital of Ofek,
Israel&#x2019;s market leader in the fields of aerial and satellite mapping, geographic data collection and processing, and provider
of services in numerous geographic applications, for a total cash consideration of NIS 27,671 (approximately $7,888), or NIS 14,303
(approximately $3,931) net of acquired cash. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss.
Ofek&#x2019;s results of operations have been included in the consolidated financial statements since the Ofek Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to Ofek&#x2019;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,857&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,817&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;874&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Dividend
    payable to former shareholder&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,069&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(34&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(995&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,481&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,931&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Thor Denmark Holding ApS and its subsidiaries (&#x201c;TIA&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
November&#160;30, 2020 (the &#x201c;TIA Acquisition Date&#x201d;), Sapiens completed the acquisition of all of the outstanding shares
of TIA, a leading vendor of digital software solutions. TIA offers comprehensive software solutions primarily for Property &amp;amp;
Casualty insurers, as well as several innovative extension modules. Additionally, TIA offers a full scope of expert implementation,
application management and hosting services, enabling insurers to execute their digital and business strategies. The purchase
price amounted to $75,276 in cash (or $72,984 net of acquired cash), subject to net working capital adjustments. Acquisition related
costs amounted to $719. TIA&#x2019;s results of operations have been included in the consolidated financial statements from the
TIA Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
2021, Sapiens and TIA&#x2019;s former shareholders (the &#x201c;Sellers&#x201d;) agreed on the final working capital adjustments
which resulted in payment of $0.8 million from the Sellers to Sapiens.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to TIA&#x2019;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,045&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,254&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Developed
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,517&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,266&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;163&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;58,120&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,800&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,742&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,962&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,877&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;72,984&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of TIA is primarily attributable to potential synergies with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of sum.cumo GmbH (&#x201c;sum.cumo&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
February&#160;6, 2020 (the &#x201c;sum.cumo Acquisition Date&#x201d;), Sapiens completed the acquisition of all the outstanding
shares of sum.cumo, a German company, which services insurers in the DACH region, helping them to achieve digital transformation
of set up their existing business models or to design entirely new business models based on pure digital processes. sum.cumo&#x2019;s
experts in consulting, user experience, marketing and technology enable the region&#x2019;s insurers to launch highly automated
platforms well suited for e-commerce and real-time processing of transactions.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
purchase price totaled $22,487 in cash (or $21,506 net of acquired cash). At the acquisition date, Sapiens issued an aggregate
of 173,005 RSUs to certain senior executives of sum.cumo, valued at a total of $4,400. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
In addition, sum.cumo&#x2019;s senior executives have retention-based payments over three years (2020-2023) of up to approximately
$2,800. These payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition
related costs amounted to $561. Sum.cumo&#x2019;s results of operations have been included in the consolidated financial statements
from the sum.cumo Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
table below presents the estimated fair value allocated to sum.cumo&#x2019;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;466&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,730&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,211&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,521&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of sum.cumo is primarily attributable to sales growth from future products, new customers and
potential synergy with Sapiens, as well as certain intangible assets that do not qualify for separate recognition. The goodwill
is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Delphi Technology Inc. and its subsidiary (&#x201c;Delphi&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
July&#160;27, 2020 (the &#x201c;Delphi Acquisition Date&#x201d;), Sapiens completed the acquisition of Delphi, a leading vendor
of software solutions for property &amp;amp; casualty (P&amp;amp;C) carriers, with a focus on the Medical Professional Liability (or &#x201c;MPL&#x201d;)
and Healthcare Professional Liability (or &#x201c;HCPL&#x201d;) markets (sometimes referred to as &#x201c;medical malpractice&#x201d;).
The total purchase price was $19,600 in cash (or $13,335 net of acquired cash). Acquisition related costs amounted to $299. Delphi&#x2019;s
results of operations have been included in the consolidated financial statements from the Delphi Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Coronavirus Aid, Relief, and Economic Security Act (&#x201c;CARES Act&#x201d;) was enacted on March&#160;27, 2020 in the United
States. On April&#160;22, 2020, Delphi applied for such aid in the form of U.S. Small Business Administration&#x2019;s Paycheck
Protection Program (&#x201c;PPP Loan&#x201d;) in the amount of $1,546. The PPP Loan is scheduled to mature on April&#160;22, 2022,
has a 1% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the Paycheck Protection
Program as administered by the U.S. Small Business Administration under the CARES Act. The PPP Loan was applied for by Delphi
prior to the acquisition by Sapiens.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
table below presents the estimated fair value allocated to Delphi&#x2019;s acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,789&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,562&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,313&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,875&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,335&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Delphi is primarily attributable to potential synergy with Sapiens, as well as certain intangible
assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Tiful Gemel Ltd. (&#x201c;Tiful Gemel&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
June&#160;1, 2020 (the &#x201c;Tiful Gemel Acquisition Date&#x201d;), Sapiens completed the acquisition of 75% of the outstanding
shares of Tiful Gemel, an Israeli company which provides software solutions and managed services related to pension and provident
funds in the Israeli market, for a total cash consideration of $1,281. In addition, under the share purchase agreement, Sapiens
is committed to acquire the remainder of Tiful Gemel&#x2019;s outstanding shares on June&#160;1, 2023. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit
or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
July&#160;8, 2021, Sapiens concluded the acquisition of additional 20% of the outstanding shares of Tiful Gemel for a total consideration
of $390.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of C&#xe1;lculo S.A.U. (&#x201c;C&#xe1;lculo&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
September&#160;27, 2019 (the &#x201c;Acquisition Date&#x201d;), Sapiens completed the acquisition of all of the share capital of
C&#xe1;lculo, a Spanish-based company engaged in insurance consulting and managed services, and develops, sells and supports
a proprietary core solution to the insurance Spanish market, for a total cash consideration of $5,760 (of which $5,608 were paid
in September&#160;2019, and $152 in the first quarter of 2020). In addition, the sellers and senior executives are entitled to
performance-based payments relating to achievements of various targets over three years (2019-2021) of up to $1,700. Some of these
payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s
consolidated statement of profit or loss. The results of C&#xe1;lculo&#x2019;s operations have been included in the consolidated
financial statements since September&#160;2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to C&#xe1;lculo&#x2019;s acquired assets and assumed liabilities,
with reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,037&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;622&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,706&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iii.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of EnableIT, LLC (&#x201c;EnableIT&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;1, 2021 (the &#x201c;EnableIT Acquisition Date&#x201d;), Magic Software completed the acquisition of all of the share
capital of EnableIT, a U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $
6,000 (or 5,900 net of acquired cash) of which $ 4,000 was paid upon closing and the remaining $ 2,000 to be paid in two equal
installments: one in April&#160;1, 2022 and the second and final one in April&#160;1, 2023. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. EnableIT&#x2019;s results of operations
have been included in the consolidated financial statements since EnableIT Acquisition Date&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to EnableIT acquired assets and assumed liabilities, with reference
to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(35&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,546&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;459&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,171&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,101&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,900&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of EnableIT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Menarva Ltd. (&#x201c;Menrava&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;1, 2021 (the &#x201c;Menrava Acquisition Date&#x201d;), Magic Software completed the acquisition of all of the share
capital of Menarva, an Israeli-based services company which specializes in software solutions for non-profit organizations and
the developer of Nativ, a proprietary comprehensive core system, based on Magic xpa, for management of rehabilitation centers
for a total consideration of $5,595 (or $5,505 net of acquired cash), of which, $3,000 was paid upon closing). The remaining amount
constitutes a contingent payment depending on the future operating results achieved by Menarva during 2021-2022. The fair value
of the contingent consideration on the acquisition date amounted to $2,595. Acquisition related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
acquisition was accounted for according to the purchase method. Menrava&#x2019;s results of operations were included in the consolidated
financial statements of the Company commencing Menarva Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to Menarva&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(129&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,750&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;194&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(787&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,477&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,505&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Menarva is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of 9540 Y.G. Soft IT Ltd. (&#x201c;Soft IT&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
January&#160;1, 2021 (the &#x201c;SoftIT Acquistion Date&#x201d;), Magic Software, through one of its Israeli subsidiaries, acquired
60% of the shares of Soft IT, an Israel-based services company which specializes in outsourcing of software development services
for a total consideration of up to $1,134 (or $834 net of acquired cash), of which $367 were paid upon closing, $256 were paid
on July&#160;4, 2021, and the remaining amount constitutes a contingent payment depending on the future operating results achieved
by Soft IT. The fair value of the contingent consideration as of the acquisition date amounted to $510. In addition, both Magic
Software and Soft IT&#x2019;s minority shareholder hold a mutual call and put options, respectively, for the remaining 40% interest.
Thus, the noncontrolling interests were classified as redeemable noncontrolling interests. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss. The acquisition was accounted for according to the purchase method. Soft IT&#x2019;s results of operations
were included in the consolidated financial statements of the Company commencing SoftIT Acquistion Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to Soft IT&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(351&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,150&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;613&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(826&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(719&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;967&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;834&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
excess of purchase consideration over the fair value of net tangible and intangible assets acquired was recorded as goodwill.
The goodwill from the acquisition of Soft IT is primarily attributable to potential synergies with Magic Software, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Aptonet Inc (&#x201c;Aptonet&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
May&#160;7, 2020 (the &#x201c;Aptonet Acquisition Date&#x201d;), Magic Software acquired all of the share capital of Aptonet, a
U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $ 4,663 (or $3,870 net of
acquired cash), of which $ 3,663 was paid upon closing and the remaining $ 1,000 paid in two equal installments, at the end of
the 6- and 12-months periods following the closing date. Acquisition related costs were immaterial. Unaudited pro forma condensed
results of operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit
or loss. Aptonet&#x2019;s results of operations have been included in the consolidated financial statements since Aptonet Acquisition
Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
goodwill from the acquisition of Aptonet is primarily attributable to potential synergies with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to Apronet&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net assets, excluding cash
    acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;529&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,556&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total assets acquired,
    net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,870&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Stockell Information Systems, Inc (&#x201c;Stockell&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
September&#160;2, 2020 (the &#x201c;Stockell Acquisition Date&#x201d;), Magic Software acquired all of the share capital of Stockell,
a U.S.-based services company, specializing in IT staffing and recruiting, for a total consideration of $ 7,714, of which $ 6,265
was paid upon closing with the remaining $ 1,449 due 12 months following the closing date. In December&#160;2021 and following
a few discrepancies in the sellers&#x2019; disclosures, Magic Software paid as a final consideration additional $760 to settle
the remainder of the consideration. Acquisition&lt;b&gt;-&lt;/b&gt;related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss. Stockell&#x2019;s
results of operations have been included in the consolidated financial statements since the Stockell Acquisition Date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
goodwill from the acquisition of Stockell is primarily attributable to potential synergy with Magic Software U.S. IT staffing
operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes the estimated fair values allocated to Stockell&#x2019;s acquired
                                         assets and assumed liabilities, with reference to the acquisition as of the acquisition
                                         date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,051&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,616&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,047&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,714&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;f.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Mobisoft Ltd (&#x201c;Mobisoft&#x201d;) and Magic Hands B.V (&#x201c;Magic Hands&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
July&#160;2020 and June&#160;2020, Magic Software acquired 70% of the outstanding share capital of Mobisoft and all of the outstanding
share capital of Magic Hands., respectively. The cash consideration paid for both Mobisoft and Magic Hands individually and in
the aggregate, was not material and amounted to $ 11,340. Magic Software and the seller of Mobisoft both hold mutual options to
purchase and sell (respectively) the remaining 30% interest in Mobisoft which may be exercised during the three-year period beginning
following the third-year anniversary of the acquisition. Unaudited pro forma condensed results of operations were not presented
since they were not material to the Company&#x2019;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
Mobisoft&#x2019;s and Magic Hands&#x2019; results of operations were included in the consolidated financial statements of the Company
since their respective acquisition dates.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the aggregated estimated fair values allocated to Mobisfot&#x2019;s and Magic Hands&#x2019; acquired
assets and assumed liabilities, with reference to the acquisition as of their respective acquisition dates:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net assets, excluding cash
    acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,069&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,553&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,718&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total assets acquired,
    net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,340&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;g.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of NetEffects Inc. (&#x201c;NetEffects&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
July&#160;1, 2019, Magic Software acquired a all of the share capital of NetEffects, a U.S based services company, engaged in
IT staffing and recruiting services, for a total consideration of $12,500 (or $12,333 net of acquired cash), of which $9,400 was
paid upon closing, $1,550 was paid during 2020 and the remaining $1,550 was paid during 2021. Acquisition related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss. The results of operations were included in the consolidated financial statements of the Group commencing
July&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
goodwill from the acquisition of NetEffects is primarily attributable to potential synergy with Magic Software&#x2019;s U.S. IT
staffing operations, as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible
for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to Neteffect&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;91&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,716&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,526&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,333&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;h.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of PowWow Inc. (&#x201c;PowWow&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;1, 2019, Magic Software acquired all of the share capital of PowWow, creator of SmartUX&#x2122;, a leading Low-Code
development platform for mobilizing and modernizing enterprise applications, for a total consideration of $8,443 (net of acquired
cash). Total consideration included an estimated deferred consideration of $2,040 contingent upon PowWow meeting various revenue
targets over three years (2020-2022). During 2020, Magic Software reversed the entire contingent amount as its management estimated
that PowWow will not meet its revenue targets. Acquisition related costs amounted to $980. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss.
The results of operations were included in the consolidated financial statements of the Group commencing April&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocated to PowWow&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,557&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,855&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,145&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,443&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of OnTarget Group Inc (&#x201c;OnTarget&#x201d;).&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
February&#160;28, 2019, Magic Software acquired all of the share capital of OnTarget, a U.S.-based services company, specializes
in outsourcing of software development services, for a total consideration of $12,456. Total consideration consists of $7,000
of which $6,000 was paid in cash upon closing with $1,000 deferred and paid in two equal installments on the six-month and 15-month
anniversary of the closing. The remaining amount constitutes a deferred payment contingent upon OnTarget meeting future operating
results over four years (2019-2022). Based on OnTarget&#x2019;s operating results between 2019 and 2021, Magic Software estimates
the total purchase price is expected to amount to approximately $19,617. Beyond the $6,500 paid in 2019, Magic Software paid $1,000
in 2020, $1,000 in 2021 and $2,000 in 2022. Unaudited pro forma condensed results of operations were not presented since they
were not material to the Company&#x2019;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
OnTarget results of operations were included in the consolidated financial statements of the Company commencing March&#160;1,
2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
goodwill from the acquisition of OnTaret is primarily attributable to potential synergy with Magic Software&#x2019;s operations,
as well as certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax
purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values allocate to OnTarget&#x2019;s acquired assets and assumed liabilities, with
reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;444&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,908&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,276&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,380&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,456&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;j.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On October&#160;1, 2019 Magic Software acquired 30% of the share capital of Infinigy Solutions LLC (&#x201c;Infinigy&#x201d;), increasing its share capital interest from 70% to 100%, for a total cash consideration of $4,393, which was paid upon closing. Infinigy is U.S.-based services company focused on expanding the development and implementation of technical solutions which deliver design-driven turnkey solutions, combining Architecture and Engineering, or A&amp;amp;E design, project management and general contracting competencies, across the wireless communications industry.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;iv.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of AVB Technologies Ltd. (&#x201c;AVB Technologies&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
October&#160;5, 2021, Matrix, through Matrix Integration and Infrastructure Ltd., Matrix&#x2019;s wholly owned subsidiary, acquired
60% of the share capital of AVB Technologies for cash consideration of NIS 4,626 (approximately $1,433), or NIS 4,068 (approximately
$1,260) net of acquired cash. As part of the purchase agreement, the sellers may be entitled to additional future consideration
contingent upon AVB Technologies meeting certain future operating profit targets. As of the acquisition date, Matrix estimates
the future value of the contingent consideration at NIS 2,127 (approximately $659). AVB Technologies provides services in the
field of multimedia systems. AVB Technologies&#x2019; services vary from constructing multimedia systems for meeting rooms to video
conference rooms, state of the art digital display solutions, video walls, command and control management rooms, advanced audio
solutions and advanced display solutions. Acquisition related costs were immaterial. Unaudited pro forma condensed results of
operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss. AVB
Technologies results of operations were included in the consolidated financial statements of the Company commencing October&#160;2021.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes the provisional estimated fair values &lt;sup&gt;(1)&lt;/sup&gt; allocated
                                         to AVB Technologies&#x2019; acquired assets and assumed liabilities, with reference to
                                         the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;234&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;101&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,030&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(237&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,114&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(338&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,584&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,260&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of AVB Technologies are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#x2019;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of I.T.D. Group Ltd. (&#x201c;I.T.D. Group&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;29, 2021, Matrix acquired 75% of the share capital of the I.T.D. Group for a cash consideration of NIS 5,750 (approximately
$1,771) or NIS 3,669 net of acquired cash (approximately $1,132). As part of the purchase agreement, the sellers may still be
entitled to future additional consideration contingent upon I.T.D. Group achieving certain future operating profit targets. As
of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 693 (approximately $213). Matrix
also holds a future call option to purchase the remaining 25% of I.T.D. Group&#x2019;s share capital. I.T.D. Group is a leading
provider of software development, regulation and cybersecurity services for the healthcare industry in Israel, assisting companies
to: design and develop innovative solutions, services, and desktop, mobile, and cloud-based apps; ensure rock-solid cybersecurity
and privacy in compliance with HIPAA/GDPR standards; and manage FDA/CE submissions. Acquisition&lt;b&gt;-&lt;/b&gt;related costs were immaterial.
Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss. I.T.D Group&#x2019;s results of operations were included in the consolidated financial statements
of the Company commencing May&#160;2021.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated fair values &lt;sup&gt;(1)&lt;/sup&gt; allocated to I.T.D Group&#x2019;s acquired assets
and assumed liabilities, with reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;179&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;781&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(321&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,574&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(155&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,136&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,132&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of I.T.D. Group are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#x2019;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of SQ Service Quality Ltd. (&#x201c;SQ Service Quality&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;5, 2021, Babcom Centers Ltd., a subsidiary of Matrix, acquired 60% of the share capital of SQ Service Quality for cash
consideration of NIS 4,043 (approximately $1,218) or NIS 2,734 net of acquired cash (approximately $822). As part of the purchase
agreement, the sellers may still be entitled to future additional consideration contingent upon SQ Service Quality achieving certain
future operating profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration
at NIS 344 (approximately $104). Matrix and SQ Service Quality&#x2019;s minority shareholder hold mutual call and put options for
the remaining 40% interest in SQ Service Quality. SQ Service Quality has been active for more than a decade and it accompanies
organizations and companies in service quality improvement processes. Acquisition&lt;b&gt;-&lt;/b&gt;related costs were immaterial. Unaudited
pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s consolidated
statement of profit or loss. SQ Service Quality results of operations were included in the consolidated financial statements of
the Company commencing April&#160;2021.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated fair values &lt;sup&gt;(1)&lt;/sup&gt; allocated to SQ Service Quality&#x2019;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;431&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(99&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(107&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(797&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,246&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;822&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of SQ Service Quality are provisional and are based on information that was available
                                         as of the acquisition date to estimate the fair value of these amounts. The Group&#x2019;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of A.A Engineering Ltd. (&#x201c;A.A Engineering&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;5, 2021, Dana Engineering Ltd. (a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797). As part of the purchase agreement, the
sellers may be entitled to future additional consideration contingent upon A.A Engineering achieving certain future operating
profit targets. As of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 474 (approximately
$143). Matrix holds a call option for the remaining 25% share interest in A.A Engineering. Since 1973, A.A Engineering specializes
in planning, management, coordination and supervision work in civil engineering projects serving a wide range of customers, both
from institutions and public bodies and from leading companies in the Israeli economy.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Acquisition&lt;b&gt;-&lt;/b&gt;related
costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to
the Company&#x2019;s consolidated statement of profit or loss. A.A Engineering&#x2019;s results of operations were included in the
consolidated financial statements of the Company commencing April&#160;2021.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated fair values &lt;sup&gt;(1)&lt;/sup&gt; allocated to A.A Engineering&#x2019;s acquired
assets and assumed liabilities, with reference to the acquisition as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;389&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,139&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(262&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(260&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(527&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,214&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,797&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of A.A Engineering are provisional and are based on information that was available as
                                         of the acquisition date to estimate the fair value of these amounts. The Group&#x2019;s
                                         management believes the information provides a reasonable basis for estimating the fair
                                         values of these amounts, but is waiting for additional information necessary to finalize
                                         those fair values. Therefore, provisional measurements of fair value that appear are
                                         subject to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Gestetnertec Ltd. (&#x201c;Gestetnertec&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
July&#160;9, 2020, Matrix acquired 51% of the share capital of Gestetnertec, an Israeli-based company and a provider of comprehensive
solutions in the area of printing, document production services including, among other things, three-dimensional model printing
solutions, for a total consideration of approximately NIS 49,853 million (or $14,475), or NIS 31,576 (approximately $9,169) net
of acquired cash. In addition, Matrix and the sellers hold mutual call and put options, respectively, for the remaining 49% interest
in Gestetnertec. The fair value of the put option measured on the acquisition date amounted to NIS 61,238 (approximately $17,781).
Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were
not material to the Company&#x2019;s consolidated statement of profit or loss. The results of Gestetnertec&#x2019;s operations have
been included in the consolidated financial statements since July&#160;1, 2020.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
goodwill from the acquisition of Gestetnertec is primarily attributable to potential synergy with Matrix operations, as well as
certain intangible assets that do not qualify for separate recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated&lt;sup&gt;(1)&lt;/sup&gt; fair values of the assets acquired and liabilities at the date
of acquisition:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,746&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank credit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(10,598&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interest&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(135&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liability
    to acquire non-controlling interests (put option)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(17,781&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;16,337&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,621&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,169&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of Gestetnertec are provisional and are based on information that was available as of
                                         the acquisition date to estimate the fair value of these amounts. The Group&#x2019;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value reflected are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;f.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of RightStar Inc. (&#x201c;RightStar&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
November&#160;16, 2020, Matrix acquired all of the share capital of RightStar, a U.S. based company and a seller and an integrator
of BMC and Atlassian Jira solutions, for total consideration of approximately $3,566 (or $100), net of acquired cash, of which
$3,040 was paid in cash and $526 thousands was paid on January&#160;15, 2021. Sellers may also be entitled to a contingent consideration,
estimated as of the acquisition date at $1,032, upon RightStar meeting various operating profit targets. Based on RightStar&#x2019;s
operating results Matrix estimates the contingent consideration as of December&#160;31, 2021 at approximately $2,300. Acquisition
related costs were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material
to the Company&#x2019;s consolidated statement of profit or loss. The results of RightStar&#x2019;s operations have been included
in the consolidated financial statements since November&#160;2020. The goodwill from the acquisition of RightStar is primarily
attributable to potential synergy with Matrix U.S. operations, as well as certain intangible assets that do not qualify for separate
recognition. The goodwill is not deductible for income tax purposes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the provisional estimated &lt;sup&gt;(1)&lt;/sup&gt; fair values of the assets acquired and liabilities at the
date of acquisition:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(763&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    liability in respect of business combinations&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,077&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;354&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(95&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;922&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    liabilities acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(659&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         estimated fair values of the tangible and intangible assets in respect of the acquisition
                                         of RightStar are provisional and are based on information that was available as of the
                                         acquisition date to estimate the fair value of these amounts. The Group&#x2019;s management
                                         believes the information provides a reasonable basis for estimating the fair values of
                                         these amounts, but is waiting for additional information necessary to finalize those
                                         fair values. Therefore, provisional measurements of fair value that appear are subject
                                         to change. The Group expects to finalize the tangible and intangible assets valuation
                                         and complete the acquisition accounting as soon as practicable but no later than the
                                         measurement period.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;g.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In January&#160;2020, Matrix acquired 40% of the share capital of Network Infrastructure Technologies (NIT), increasing its share capital interest from 60% to 100%, for a total cash consideration of $4,500, which was paid upon closing.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;h.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Techtop Ltd. (&#x201c;TechTop&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
May&#160;7, 2019, Matrix purchased the net assets of Techtop, (meeting the definition of a business) for a cash consideration
of NIS 17,087 (approximately $4,764). TechTop is a leasing Israeli supplier of professional sound and systems. As part of the
purchase price allocation, the excess of the purchase price paid over the value of net assets acquired in the amount of NIS 8,602
(approximately $2,398) was allocated to goodwill. Acquisition related costs were immaterial. Unaudited pro forma condensed results
of operations were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss.
Techtop results of operations were included in the consolidated financial statements of the Company commencing April&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Medatech Information Technologies Ltd. (&#x201c;Medatech Technologies&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
February&#160;20, 2019, Matrix acquired all the share capital of Medatech Technologies, an Israeli-based company and a leading
system integrator with many years of experience in distributing and&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;implementing
Priority ERP software, for NIS 85,000 (approximately $23,500) or NIS 77,753 (approximately $21,496) net of acquired cash. On April&#160;7,
2019, Matrix acquired additional 25% of the issued and outstanding share capital of Medatech Systems Inc., (&#x201c;Medatech Systems&#x201d;)
a subsidiary of Medatech Technologies, for NIS 5,175 (approximately $1,443) or NIS 2,007 (approximately $560) net of acquired
cash. Resulting from the acquisition, Medatech Technologies interest in the issued and outstanding share capital of Medatech Systems
increased to 75%. Matrix and the seller both hold mutual options to purchase and sell (respectively) 5% of the remaining share
capital of Medatech Systems at the end of the second-year anniversary following the acquisition. Acquisition related costs were
immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s
consolidated statement of profit or loss. Medatech results of operations were included in the consolidated financial statements
of the Company commencing March&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,340&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,553&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,276&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Credit
    from banks and others&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,550&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(434&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,423&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,056&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;j.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Dana Engineering Ltd. (&#x201c;Dana Engineering&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
February&#160;6, 2019, Matrix acquired 80% of the issued and outstanding share capital of Dana Engineering, an Israeli-based company
providing project management services in the field of national infrastructure in Israel, for total cash consideration of NIS 52,000
(approximately $14,370). Matrix and the seller hold mutual options to purchase and sell (respectively) the remaining 20% interest
in Dana Engineering which may be exercised following the second-year anniversary of the acquisition. Acquisition related costs
were immaterial. Unaudited pro forma condensed results of operations were not presented since they were not material to the Company&#x2019;s
consolidated statement of profit or loss. Dana Engineering results of operations were included in the consolidated financial statements
of the Company commencing February&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(9,270&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,311&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,138&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,235&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,746&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(586&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;v.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Michpal&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Liram Financial Software Ltd. (&#x201c;Liram&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
May&#160;17, 2020, Michpal acquired 70% of the share capital of Liram, an Israeli-based company and a provider of proprietary
integrated specialized solutions in the field of financial accounting, taxation and compliance, for a total cash consideration
of NIS 15,260 (approximately $4,319). In addition, Michpal and the seller hold mutual call and put options, respectively, for
the remaining 30% interest in Liram. Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations
were not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss. Liram results
of operations were included in the consolidated financial statements of the Company commencing May&#160;1, 2020.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(751&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interest&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(821&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,529&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,042&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,319&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Acquisition
                                         of Unique Software Industries Ltd.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
November&#160;2019, Michpal acquired all of the share capital of Unique Software Industries Ltd. (&#x201c;Unique&#x201d;), an Israeli-based
company and a provider of integrated solutions in the field of payroll, including pay-stubs, pension services management, education
funds management, and software solutions for managing employee attendance, for total cash consideration of NIS 48,650 (approximately
$14,049), or NIS 44,945 (approximately $12,979) net of acquired cash. In accordance with the purchase agreement, the seller may
also be entitled to receive a performance-based payment capped at NIS 12,218 (approximately $3,528), estimated on the date of
the acquisition at NIS 9,736 (approximately $2,811), subject to certain milestones to be met by Unique over the four years following
the acquisition date. Acquisition&lt;b&gt;-&lt;/b&gt;related costs were immaterial. Unaudited pro forma condensed results of operations were
not presented since they were not material to the Company&#x2019;s consolidated statement of profit or loss. Unique&#x2019;s results
of operations were included in the consolidated financial statements of the Company commencing November&#160;1, 2019.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the estimated fair values of the acquired assets and assumed liabilities, with reference to the acquisition
as of the acquisition date:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(244&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,425&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,547&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,790&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
    <forty:PercentageOfShareCapital contextRef="c86" decimals="2" unitRef="pure">1</forty:PercentageOfShareCapital>
    <forty:NumberOfCustomer contextRef="c86" decimals="0" unitRef="pure">20</forty:NumberOfCustomer>
    <forty:CashConsiderationAmount contextRef="c87" decimals="0" unitRef="ils">244169</forty:CashConsiderationAmount>
    <forty:CashConsiderationAmount contextRef="c87" decimals="-3" unitRef="usd">74350000</forty:CashConsiderationAmount>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c86" decimals="0" unitRef="ils">216172</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c86" decimals="-3" unitRef="usd">65825000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c87" decimals="0" unitRef="ils">60000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c87" decimals="-3" unitRef="usd">18270000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <forty:FairValueOfContingentConsideration contextRef="c87" decimals="0" unitRef="ils">3577</forty:FairValueOfContingentConsideration>
    <forty:FairValueOfContingentConsideration contextRef="c87" decimals="-3" unitRef="usd">1089000</forty:FairValueOfContingentConsideration>
    <forty:DisclosureOfProvisionalEstimatedConsideration contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Cash
    consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;74,350&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    date fair-value of contingent consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,089&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    consideration&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;75,439&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfProvisionalEstimatedConsideration>
    <forty:CashConsideration contextRef="c151" decimals="-3" unitRef="usd">74350000</forty:CashConsideration>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c151" decimals="-3" unitRef="usd">1089000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <forty:TotalConsideration contextRef="c151" decimals="-3" unitRef="usd">75439000</forty:TotalConsideration>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c152">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,171&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,735&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,565&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,152&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Trade
    names&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,642&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(10,984&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests in acquiree&#x2019;s subsidiary&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,384&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,400&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;65,825&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c153" decimals="-3" unitRef="usd">7171000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c153" decimals="-3" unitRef="usd">8735000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:OtherCurrentLiabilities contextRef="c153" decimals="-3" unitRef="usd">4565000</ifrs-full:OtherCurrentLiabilities>
    <ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c153" decimals="-3" unitRef="usd">39152000</ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c153" decimals="-3" unitRef="usd">8642000</forty:TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c153" decimals="-3" unitRef="usd">10984000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <forty:NoncontrollingInterestsInAcquireesSubsidiary contextRef="c153" decimals="-3" unitRef="usd">-1384000</forty:NoncontrollingInterestsInAcquireesSubsidiary>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c153" decimals="-3" unitRef="usd">33400000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c153" decimals="-3" unitRef="usd">65825000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:ShareCapitalPercentage contextRef="c88" decimals="4" unitRef="pure">0.8602</forty:ShareCapitalPercentage>
    <forty:CashConsiderationAmount contextRef="c88" decimals="-3" unitRef="usd">7888000</forty:CashConsiderationAmount>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c89" decimals="-3" unitRef="usd">3931000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c154">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,857&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,817&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;874&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Dividend
    payable to former shareholder&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,069&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(34&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(995&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,481&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,931&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c155" decimals="-3" unitRef="usd">4857000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c156" decimals="-3" unitRef="usd">4817000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c155" decimals="-3" unitRef="usd">874000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredAssetsDividendPayableToFormerShareholder contextRef="c155" decimals="-3" unitRef="usd">-7069000</forty:DeferredAssetsDividendPayableToFormerShareholder>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet contextRef="c157" decimals="-3" unitRef="usd">-34000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet>
    <forty:DeferredTaxNoncontrollingInterests contextRef="c155" decimals="-3" unitRef="usd">-995000</forty:DeferredTaxNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c155" decimals="-3" unitRef="usd">1481000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c155" decimals="-3" unitRef="usd">3931000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PurchasePriceAmount contextRef="c90" decimals="-3" unitRef="usd">75276000</forty:PurchasePriceAmount>
    <forty:AcquiredCash contextRef="c91" decimals="-3" unitRef="usd">72984000</forty:AcquiredCash>
    <forty:BusinessCombinationAcquisitionsRelatedCosts contextRef="c90" decimals="-3" unitRef="usd">719000</forty:BusinessCombinationAcquisitionsRelatedCosts>
    <forty:CapitalPayment contextRef="c0" decimals="-5" unitRef="usd">800000</forty:CapitalPayment>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c158">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,045&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,254&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Developed
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,517&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,266&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;163&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;58,120&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,800&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,742&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,962&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,877&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;72,984&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c159" decimals="-3" unitRef="usd">4045000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:OtherNoncurrentAssets contextRef="c159" decimals="-3" unitRef="usd">4254000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c160" decimals="-3" unitRef="usd">10517000</ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c160" decimals="-3" unitRef="usd">19266000</ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:BackogIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c160" decimals="-3" unitRef="usd">163000</forty:BackogIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c159" decimals="-3" unitRef="usd">58120000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="c159" decimals="-3" unitRef="usd">4800000</ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan>
    <forty:DeferredRevenues contextRef="c159" decimals="-3" unitRef="usd">-5742000</forty:DeferredRevenues>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c159" decimals="-3" unitRef="usd">-6962000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <forty:LongTermLiabilitiesAndOthersLongtermLiabilities contextRef="c159" decimals="-3" unitRef="usd">5877000</forty:LongTermLiabilitiesAndOthersLongtermLiabilities>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c159" decimals="-3" unitRef="usd">72984000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PurchasePriceAmount contextRef="c92" decimals="-3" unitRef="usd">22487000</forty:PurchasePriceAmount>
    <forty:AcquiredCash contextRef="c93" decimals="-3" unitRef="usd">21506000</forty:AcquiredCash>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c92">At the acquisition date, Sapiens issued an aggregate
of 173,005 RSUs to certain senior executives of sum.cumo, valued at a total of $4,400. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
In addition, sum.cumo&#x2019;s senior executives have retention-based payments over three years (2020-2023) of up to approximately
$2,800. These payments are subject to continued employment, and therefore were not included in the purchase price. Acquisition
related costs amounted to $561. Sum.cumo&#x2019;s results of operations have been included in the consolidated financial statements
from the sum.cumo Acquisition Date.</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c161">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;466&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,730&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,211&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,521&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c93" decimals="-3" unitRef="usd">466000</forty:NetAssetsExcludingCashAcquired>
    <forty:IntangibleAssets contextRef="c93" decimals="-3" unitRef="usd">9730000</forty:IntangibleAssets>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c93" decimals="-3" unitRef="usd">-3211000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c93" decimals="-3" unitRef="usd">14521000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c93" decimals="-3" unitRef="usd">21506000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PurchasePriceAmount contextRef="c94" decimals="-3" unitRef="usd">19600000</forty:PurchasePriceAmount>
    <forty:AcquiredCash contextRef="c95" decimals="-3" unitRef="usd">13335000</forty:AcquiredCash>
    <forty:BusinessCombinationAcquisitionsRelatedCosts contextRef="c94" decimals="-3" unitRef="usd">299000</forty:BusinessCombinationAcquisitionsRelatedCosts>
    <forty:PPPLoanAmount contextRef="c96" decimals="-3" unitRef="usd">1546000</forty:PPPLoanAmount>
    <us-gaap:BusinessAcquisitionDateOfAcquisitionAgreement1 contextRef="c96">2022-04-22</us-gaap:BusinessAcquisitionDateOfAcquisitionAgreement1>
    <ifrs-full:BorrowingsInterestRate contextRef="c97" decimals="2" unitRef="pure">0.01</ifrs-full:BorrowingsInterestRate>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c162">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,789&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,562&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,313&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,875&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,335&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetLiabilitiesExcludingCashAcquired contextRef="c163" decimals="-3" unitRef="usd">-6789000</forty:NetLiabilitiesExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c163" decimals="-3" unitRef="usd">7562000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c163" decimals="-3" unitRef="usd">2313000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c163" decimals="-3" unitRef="usd">14875000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c163" decimals="-3" unitRef="usd">13335000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c98" decimals="2" unitRef="pure">0.75</forty:PercentageOfSubsidiaryOutstandingShares>
    <ifrs-full:CashTransferred contextRef="c98" decimals="-3" unitRef="usd">1281000</ifrs-full:CashTransferred>
    <forty:AdditionalOfTheOutstandingSharesPercentage contextRef="c99" decimals="2" unitRef="pure">0.20</forty:AdditionalOfTheOutstandingSharesPercentage>
    <forty:TotalConsiderationAmounts contextRef="c99" decimals="-3" unitRef="usd">390000</forty:TotalConsiderationAmounts>
    <ifrs-full:CashTransferred contextRef="c100" decimals="-3" unitRef="usd">5760000</ifrs-full:CashTransferred>
    <ifrs-full:CashTransferred contextRef="c101" decimals="-3" unitRef="usd">5608000</ifrs-full:CashTransferred>
    <ifrs-full:CashTransferred contextRef="c102" decimals="-3" unitRef="usd">152000</ifrs-full:CashTransferred>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c103">In addition, the sellers and senior executives are entitled to
performance-based payments relating to achievements of various targets over three years (2019-2021) of up to $1,700.</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c164">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,037&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;622&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,706&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c100" decimals="-3" unitRef="usd">47000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c100" decimals="-3" unitRef="usd">1037000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c100" decimals="-3" unitRef="usd">622000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c100" decimals="-3" unitRef="usd">1706000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory contextRef="c165">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(35&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,546&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;459&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,171&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,101&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,900&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory>
    <forty:NetAssetsExcludingCashAcquired contextRef="c166" decimals="-3" unitRef="usd">-35000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c166" decimals="-3" unitRef="usd">2546000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentFinancialAssets contextRef="c166" decimals="-3" unitRef="usd">459000</ifrs-full:OtherNoncurrentFinancialAssets>
    <forty:CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities contextRef="c166" decimals="-3" unitRef="usd">1171000</forty:CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c166" decimals="-3" unitRef="usd">4101000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c166" decimals="-3" unitRef="usd">5900000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:TotalConsiderationAmounts contextRef="c104" decimals="-3" unitRef="usd">5595000</forty:TotalConsiderationAmounts>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c105" decimals="-3" unitRef="usd">5505000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <forty:PaidUpAmount contextRef="c104" decimals="-3" unitRef="usd">3000000</forty:PaidUpAmount>
    <forty:FairValueOfContingentConsideration contextRef="c104" decimals="-3" unitRef="usd">2595000</forty:FairValueOfContingentConsideration>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c167">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(129&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,750&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;194&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(787&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,477&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,505&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c168" decimals="-3" unitRef="usd">129000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c168" decimals="-3" unitRef="usd">2750000</ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c168" decimals="-3" unitRef="usd">194000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c168" decimals="-3" unitRef="usd">787000</ifrs-full:OtherCurrentFinancialLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c168" decimals="-3" unitRef="usd">3477000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c168" decimals="-3" unitRef="usd">5505000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfShareCapital contextRef="c106" decimals="2" unitRef="pure">0.60</forty:PercentageOfShareCapital>
    <forty:TotalConsiderationAmounts contextRef="c107" decimals="-3" unitRef="usd">1134000</forty:TotalConsiderationAmounts>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c106" decimals="-3" unitRef="usd">834000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <forty:PaidUpAmount contextRef="c107" decimals="-3" unitRef="usd">367000</forty:PaidUpAmount>
    <forty:PaidUpAmount contextRef="c108" decimals="-3" unitRef="usd">256000</forty:PaidUpAmount>
    <forty:FairValueOfContingentConsideration contextRef="c107" decimals="-3" unitRef="usd">510000</forty:FairValueOfContingentConsideration>
    <forty:MinorityShareholdersDescription contextRef="c106">In addition, both Magic
Software and Soft IT&#x2019;s minority shareholder hold a mutual call and put options, respectively, for the remaining 40% interest.</forty:MinorityShareholdersDescription>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c169">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(351&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationships&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,150&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;613&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(826&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(719&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;967&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired, net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;834&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c170" decimals="-3" unitRef="usd">351000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c170" decimals="-3" unitRef="usd">1150000</ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c170" decimals="-3" unitRef="usd">613000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c170" decimals="-3" unitRef="usd">826000</ifrs-full:OtherCurrentFinancialLiabilities>
    <forty:RedeemableNoncontrollingInterests contextRef="c170" decimals="-3" unitRef="usd">719000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c170" decimals="-3" unitRef="usd">967000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c170" decimals="-3" unitRef="usd">834000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:TotalConsiderationAmounts contextRef="c109" decimals="-3" unitRef="usd">4663000</forty:TotalConsiderationAmounts>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c110" decimals="-3" unitRef="usd">3870000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <ifrs-full:ConsiderationPaidReceived contextRef="c111" decimals="-3" unitRef="usd">3663000</ifrs-full:ConsiderationPaidReceived>
    <forty:AssetsAcquiredRemainingBalance contextRef="c112" decimals="-3" unitRef="usd">1000000</forty:AssetsAcquiredRemainingBalance>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c171">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net assets, excluding cash
    acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;529&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,556&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total assets acquired,
    net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,870&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c172" decimals="-3" unitRef="usd">529000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c172" decimals="-3" unitRef="usd">1556000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c172" decimals="-3" unitRef="usd">1785000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c172" decimals="-3" unitRef="usd">3870000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:TotalConsiderationAmount contextRef="c113" decimals="-3" unitRef="usd">7714000</forty:TotalConsiderationAmount>
    <forty:PaidUpAmount contextRef="c114" decimals="-3" unitRef="usd">6265000</forty:PaidUpAmount>
    <forty:AssetsAcquiredRemainingBalance contextRef="c114" decimals="-3" unitRef="usd">1449000</forty:AssetsAcquiredRemainingBalance>
    <forty:FinalConsiderationAmount contextRef="c115" decimals="-3" unitRef="usd">760000</forty:FinalConsiderationAmount>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c173">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,051&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,616&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,047&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,714&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c114" decimals="-3" unitRef="usd">1051000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c114" decimals="-3" unitRef="usd">2616000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c114" decimals="-3" unitRef="usd">4047000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c114" decimals="-3" unitRef="usd">7714000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfShareCapital contextRef="c116" decimals="2" unitRef="pure">0.70</forty:PercentageOfShareCapital>
    <forty:AggregateSecurityAmount contextRef="c117" decimals="-3" unitRef="usd">11340000</forty:AggregateSecurityAmount>
    <ifrs-full:BorrowingsInterestRate contextRef="c118" decimals="2" unitRef="pure">0.30</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory contextRef="c174">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net assets, excluding cash
    acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,069&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,553&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,718&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total assets acquired,
    net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,340&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory>
    <forty:NetAssetsExcludingCashAcquired contextRef="c117" decimals="-3" unitRef="usd">1069000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c117" decimals="-3" unitRef="usd">4553000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c117" decimals="-3" unitRef="usd">5718000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c117" decimals="-3" unitRef="usd">11340000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:TotalConsiderationAmounts contextRef="c119" decimals="-3" unitRef="usd">12500000</forty:TotalConsiderationAmounts>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c120" decimals="-3" unitRef="usd">12333000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <forty:PaidUpAmount contextRef="c121" decimals="-3" unitRef="usd">9400000</forty:PaidUpAmount>
    <forty:PaidUpAmount contextRef="c122" decimals="-3" unitRef="usd">1550000</forty:PaidUpAmount>
    <forty:PaidUpAmount contextRef="c123" decimals="-3" unitRef="usd">1550000</forty:PaidUpAmount>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c175">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;91&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,716&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,526&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,333&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c119" decimals="-3" unitRef="usd">91000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c119" decimals="-3" unitRef="usd">8716000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c119" decimals="-3" unitRef="usd">3526000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c119" decimals="-3" unitRef="usd">12333000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:AcquiredCash contextRef="c124" decimals="-3" unitRef="usd">8443000</forty:AcquiredCash>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c124" decimals="-3" unitRef="usd">2040000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <forty:AcquiredCost contextRef="c125" decimals="-3" unitRef="usd">980000</forty:AcquiredCost>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c176">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,557&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,855&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,145&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,443&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetLiabilitiesExcludingAcquiredCash contextRef="c124" decimals="-3" unitRef="usd">-1557000</forty:NetLiabilitiesExcludingAcquiredCash>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c124" decimals="-3" unitRef="usd">2855000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c124" decimals="-3" unitRef="usd">7145000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c124" decimals="-3" unitRef="usd">8443000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c126">Magic Software acquired all of the share capital of OnTarget, a U.S.-based services company, specializes
in outsourcing of software development services, for a total consideration of $12,456. Total consideration consists of $7,000
of which $6,000 was paid in cash upon closing with $1,000 deferred and paid in two equal installments on the six-month and 15-month
anniversary of the closing. The remaining amount constitutes a deferred payment contingent upon OnTarget meeting future operating
results over four years (2019-2022). Based on OnTarget&#x2019;s operating results between 2019 and 2021, Magic Software estimates
the total purchase price is expected to amount to approximately $19,617. Beyond the $6,500 paid in 2019, Magic Software paid $1,000
in 2020, $1,000 in 2021 and $2,000 in 2022. Unaudited pro forma condensed results of operations were not presented since they
were not material to the Company&#x2019;s consolidated statement of profit or loss. Acquisition related costs were immaterial.
OnTarget results of operations were included in the consolidated financial statements of the Company commencing March&#160;1,
2019</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c177">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;444&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,908&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,276&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,380&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,456&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c178" decimals="-3" unitRef="usd">444000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c178" decimals="-3" unitRef="usd">4908000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c178" decimals="-3" unitRef="usd">1276000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c178" decimals="-3" unitRef="usd">8380000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c178" decimals="-3" unitRef="usd">12456000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c127" decimals="2" unitRef="pure">0.30</forty:PercentageOfSubsidiaryOutstandingShares>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c128" decimals="2" unitRef="pure">0.70</forty:PercentageOfSubsidiaryOutstandingShares>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c129" decimals="2" unitRef="pure">1</forty:PercentageOfSubsidiaryOutstandingShares>
    <ifrs-full:CashTransferred contextRef="c127" decimals="-3" unitRef="usd">4393000</ifrs-full:CashTransferred>
    <forty:PercentageOfShareCapital contextRef="c130" decimals="2" unitRef="pure">0.60</forty:PercentageOfShareCapital>
    <forty:TotalConsiderationAmount contextRef="c131" decimals="0" unitRef="ils">4626</forty:TotalConsiderationAmount>
    <forty:TotalConsiderationAmount contextRef="c131" decimals="-3" unitRef="usd">1433000</forty:TotalConsiderationAmount>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c132" decimals="0" unitRef="ils">4068</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c132" decimals="-3" unitRef="usd">1260000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c133" decimals="0" unitRef="ils">2127</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c133" decimals="-3" unitRef="usd">659000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c179">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;234&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;101&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,030&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(237&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,114&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(338&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,584&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,260&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c180" decimals="-3" unitRef="usd">234000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c180" decimals="-3" unitRef="usd">101000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c180" decimals="-3" unitRef="usd">1030000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c180" decimals="-3" unitRef="usd">-237000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c180" decimals="-3" unitRef="usd">1114000</ifrs-full:OtherCurrentFinancialLiabilities>
    <forty:RedeemableNoncontrollingInterests contextRef="c180" decimals="-3" unitRef="usd">-338000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c180" decimals="-3" unitRef="usd">1584000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c180" decimals="-3" unitRef="usd">1260000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c134">Matrix acquired 75% of the share capital of the I.T.D. Group for a cash consideration of NIS 5,750 (approximately
$1,771) or NIS 3,669 net of acquired cash (approximately $1,132). As part of the purchase agreement, the sellers may still be
entitled to future additional consideration contingent upon I.T.D. Group achieving certain future operating profit targets. As
of the acquisition date, Matrix estimates the future value of the contingent consideration at NIS 693 (approximately $213). Matrix
also holds a future call option to purchase the remaining 25% of I.T.D</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c181">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;179&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;781&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(321&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,574&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(155&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,136&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,132&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c182" decimals="-3" unitRef="usd">86000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c182" decimals="-3" unitRef="usd">179000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c182" decimals="-3" unitRef="usd">781000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c182" decimals="-3" unitRef="usd">-321000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c182" decimals="-3" unitRef="usd">1574000</ifrs-full:OtherCurrentFinancialLiabilities>
    <forty:RedeemableNoncontrollingInterests contextRef="c182" decimals="-3" unitRef="usd">155000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c182" decimals="-3" unitRef="usd">2136000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c182" decimals="-3" unitRef="usd">1132000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfShareCapital contextRef="c135" decimals="2" unitRef="pure">0.60</forty:PercentageOfShareCapital>
    <forty:TotalConsiderationAmounts contextRef="c136" decimals="0" unitRef="ils">4043</forty:TotalConsiderationAmounts>
    <forty:TotalConsiderationAmounts contextRef="c136" decimals="-3" unitRef="usd">1218000</forty:TotalConsiderationAmounts>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c135" decimals="0" unitRef="ils">2734</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c135" decimals="-3" unitRef="usd">822000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c136" decimals="0" unitRef="ils">344</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c136" decimals="-3" unitRef="usd">104000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:BorrowingsInterestRate contextRef="c136" decimals="2" unitRef="pure">0.40</ifrs-full:BorrowingsInterestRate>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c183">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;431&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(99&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(107&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Redeemable
    non-controlling interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(797&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,246&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;822&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c184" decimals="0" unitRef="usd">84</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c184" decimals="0" unitRef="usd">64</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c184" decimals="0" unitRef="usd">431</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c184" decimals="0" unitRef="usd">-99</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c184" decimals="0" unitRef="usd">107</ifrs-full:OtherCurrentFinancialLiabilities>
    <forty:RedeemableNoncontrollingInterests contextRef="c184" decimals="0" unitRef="usd">-797</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c184" decimals="0" unitRef="usd">1246</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c184" decimals="0" unitRef="usd">822</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c137">(a subsidiary of Matrix), acquired 75% of the share capital of A.A Engineering for NIS
10,490 (approximately $3,160) or NIS 9,289 net of acquired cash (approximately $2,797).</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c138" decimals="0" unitRef="ils">474</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate contextRef="c138" decimals="-3" unitRef="usd">143000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <ifrs-full:BorrowingsInterestRate contextRef="c138" decimals="2" unitRef="pure">0.25</ifrs-full:BorrowingsInterestRate>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c185">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;389&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,139&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(262&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    long-term liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(260&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(527&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,214&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,797&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate contextRef="c186" decimals="-3" unitRef="usd">389000</ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:OtherNoncurrentAssets contextRef="c186" decimals="-3" unitRef="usd">104000</ifrs-full:OtherNoncurrentAssets>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c186" decimals="-3" unitRef="usd">1139000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c186" decimals="-3" unitRef="usd">-262000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:OtherCurrentFinancialLiabilities contextRef="c186" decimals="-3" unitRef="usd">260000</ifrs-full:OtherCurrentFinancialLiabilities>
    <forty:RedeemableNoncontrollingInterests contextRef="c186" decimals="-3" unitRef="usd">527000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c186" decimals="-3" unitRef="usd">2214000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c186" decimals="-3" unitRef="usd">2797000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:ShareCapitalPercentage contextRef="c139" decimals="2" unitRef="pure">0.51</forty:ShareCapitalPercentage>
    <forty:TotalCashConsiderationNetOfAcquiredCash contextRef="c139" decimals="0" unitRef="ils">49853</forty:TotalCashConsiderationNetOfAcquiredCash>
    <forty:TotalCashConsiderationNetOfAcquiredCash contextRef="c139" decimals="-3" unitRef="usd">14475000</forty:TotalCashConsiderationNetOfAcquiredCash>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c140" decimals="0" unitRef="ils">31576</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c140" decimals="-3" unitRef="usd">9169000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c139" decimals="2" unitRef="pure">0.49</forty:PercentageOfSubsidiaryOutstandingShares>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c141" decimals="0" unitRef="ils">61238</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c141" decimals="-3" unitRef="usd">17781000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c187">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,746&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank credit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(10,598&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interest&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(135&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liability
    to acquire non-controlling interests (put option)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(17,781&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;16,337&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,621&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,169&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c139" decimals="-3" unitRef="usd">12746000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents contextRef="c139" decimals="-3" unitRef="usd">10598000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
    <ifrs-full:NoncontrollingInterests contextRef="c139" decimals="-3" unitRef="usd">-135000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:Liabilities contextRef="c139" decimals="-3" unitRef="usd">17781000</ifrs-full:Liabilities>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c139" decimals="-3" unitRef="usd">16337000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c139" decimals="-3" unitRef="usd">-4021000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c139" decimals="-3" unitRef="usd">12621000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c139" decimals="-3" unitRef="usd">9169000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:TotalCashConsiderationNetOfAcquiredCash contextRef="c142" decimals="-3" unitRef="usd">3566000</forty:TotalCashConsiderationNetOfAcquiredCash>
    <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="c143" decimals="-3" unitRef="usd">100000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
    <ifrs-full:ConsiderationPaidReceived contextRef="c143" decimals="-3" unitRef="usd">3040000</ifrs-full:ConsiderationPaidReceived>
    <ifrs-full:CashTransferred contextRef="c144" decimals="-3" unitRef="usd">526000</ifrs-full:CashTransferred>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c142" decimals="-3" unitRef="usd">1032000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <forty:AcquiredCost contextRef="c143" decimals="-3" unitRef="usd">2300000</forty:AcquiredCost>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c188">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(763&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    liability in respect of business combinations&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,077&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;354&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(95&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;922&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    liabilities acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(659&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c142" decimals="-3" unitRef="usd">-763000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination contextRef="c143" decimals="-3" unitRef="usd">1077000</ifrs-full:AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c142" decimals="-3" unitRef="usd">354000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c142" decimals="-3" unitRef="usd">-95000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c142" decimals="-3" unitRef="usd">922000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c142" decimals="-3" unitRef="usd">-659000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity contextRef="c145">Matrix acquired 40% of the share capital of Network Infrastructure Technologies (NIT), increasing its share capital interest from 60% to 100%, for a total cash consideration of $4,500, which was paid upon closing.</us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity>
    <forty:CashConsiderationAmount contextRef="c146" decimals="0" unitRef="ils">17087</forty:CashConsiderationAmount>
    <forty:CashConsiderationAmount contextRef="c146" decimals="-3" unitRef="usd">4764000</forty:CashConsiderationAmount>
    <forty:AssetsAcquiredRemainingBalance contextRef="c146" decimals="0" unitRef="ils">8602</forty:AssetsAcquiredRemainingBalance>
    <forty:AssetsAcquiredRemainingBalance contextRef="c146" decimals="-3" unitRef="usd">2398000</forty:AssetsAcquiredRemainingBalance>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c147">Matrix acquired all the share capital of Medatech Technologies, an Israeli-based company and a leading
system integrator with many years of experience in distributing andimplementing
Priority ERP software, for NIS 85,000 (approximately $23,500) or NIS 77,753 (approximately $21,496) net of acquired cash. On April&#160;7,
2019, Matrix acquired additional 25% of the issued and outstanding share capital of Medatech Systems Inc., (&#x201c;Medatech Systems&#x201d;)
a subsidiary of Medatech Technologies, for NIS 5,175 (approximately $1,443) or NIS 2,007 (approximately $560) net of acquired
cash. Resulting from the acquisition, Medatech Technologies interest in the issued and outstanding share capital of Medatech Systems
increased to 75%. Matrix and the seller both hold mutual options to purchase and sell (respectively) 5% of the remaining share
capital of Medatech Systems at the end of the second-year anniversary following the acquisition.</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c189">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,340&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,553&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,276&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Credit
    from banks and others&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,550&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(434&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,423&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,056&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c190" decimals="-3" unitRef="usd">2340000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c190" decimals="-3" unitRef="usd">7553000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c190" decimals="-3" unitRef="usd">2276000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <ifrs-full:DepositsFromBanks contextRef="c190" decimals="-3" unitRef="usd">5550000</ifrs-full:DepositsFromBanks>
    <forty:RedeemableNoncontrollingInterests contextRef="c190" decimals="-3" unitRef="usd">-434000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c190" decimals="-3" unitRef="usd">20423000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c190" decimals="-3" unitRef="usd">22056000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:IssuedAndOutstandingPercentage contextRef="c148" decimals="2" unitRef="pure">0.80</forty:IssuedAndOutstandingPercentage>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c148" decimals="0" unitRef="ils">52000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred contextRef="c148" decimals="-3" unitRef="usd">14370000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <forty:InterestRatePercentage1 contextRef="c148" decimals="2" unitRef="pure">0.20</forty:InterestRatePercentage1>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c191">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(9,270&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,311&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,138&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interests&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(5,235&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,746&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(586&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c148" decimals="-3" unitRef="usd">-9270000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c148" decimals="-3" unitRef="usd">5311000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes contextRef="c148" decimals="-3" unitRef="usd">1138000</forty:DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes>
    <forty:RedeemableNoncontrollingInterests contextRef="c148" decimals="-3" unitRef="usd">5235000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c148" decimals="-3" unitRef="usd">9746000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c148" decimals="-3" unitRef="usd">-586000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:PercentageOfSubsidiaryOutstandingShares contextRef="c149" decimals="2" unitRef="pure">0.70</forty:PercentageOfSubsidiaryOutstandingShares>
    <forty:TotalCashConsiderationNetOfAcquiredCash contextRef="c149" decimals="0" unitRef="ils">15260</forty:TotalCashConsiderationNetOfAcquiredCash>
    <forty:TotalCashConsiderationNetOfAcquiredCash contextRef="c149" decimals="-3" unitRef="usd">4319000</forty:TotalCashConsiderationNetOfAcquiredCash>
    <forty:RemainingInterestRate contextRef="c149" decimals="2" unitRef="pure">0.30</forty:RemainingInterestRate>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c192">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(751&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Non-controlling
    interest&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(821&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,529&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,042&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,319&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetLiabilitiesExcludingCashAcquired contextRef="c149" decimals="-3" unitRef="usd">-751000</forty:NetLiabilitiesExcludingCashAcquired>
    <forty:RedeemableNoncontrollingInterests contextRef="c149" decimals="-3" unitRef="usd">-821000</forty:RedeemableNoncontrollingInterests>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c149" decimals="-3" unitRef="usd">4529000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c149" decimals="-3" unitRef="usd">-1042000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c149" decimals="-3" unitRef="usd">2404000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c149" decimals="-3" unitRef="usd">4319000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination contextRef="c150">Michpal acquired all of the share capital of Unique Software Industries Ltd. (&#x201c;Unique&#x201d;), an Israeli-based
company and a provider of integrated solutions in the field of payroll, including pay-stubs, pension services management, education
funds management, and software solutions for managing employee attendance, for total cash consideration of NIS 48,650 (approximately
$14,049), or NIS 44,945 (approximately $12,979) net of acquired cash. In accordance with the purchase agreement, the seller may
also be entitled to receive a performance-based payment capped at NIS 12,218 (approximately $3,528), estimated on the date of
the acquisition at NIS 9,736 (approximately $2,811), subject to certain milestones to be met by Unique over the four years following
the acquisition date.</ifrs-full:DescriptionOfPrimaryReasonsForBusinessCombination>
    <forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock contextRef="c193">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    assets excluding cash acquired&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(244&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Intangible
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,425&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Deferred
    tax liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,547&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    assets acquired net of acquired cash&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,790&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock>
    <forty:NetAssetsExcludingCashAcquired contextRef="c194" decimals="-3" unitRef="usd">-244000</forty:NetAssetsExcludingCashAcquired>
    <ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="c194" decimals="-3" unitRef="usd">8425000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities contextRef="c194" decimals="-3" unitRef="usd">-1938000</forty:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate contextRef="c194" decimals="-3" unitRef="usd">9547000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed contextRef="c194" decimals="-3" unitRef="usd">15790000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <forty:DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;NOTE
                            4:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;MARKETABLE
                                         SECURITIES&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the composition of the Group&#x2019;s investment in marketable securities:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
    bonds designated at fair value through profit or loss &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</forty:DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock>
    <forty:ScheduleOfMarketableSecuritiesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Convertible
    bonds designated at fair value through profit or loss &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</forty:ScheduleOfMarketableSecuritiesTableTextBlock>
    <forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss contextRef="c2" decimals="-3" id="ix_2_fact" unitRef="usd">1142000</forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss>
    <forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss contextRef="c3" decimals="-3" id="ix_3_fact" unitRef="usd">1238000</forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss>
    <ifrs-full:CurrentFinancialAssetsAvailableforsale contextRef="c2" decimals="-3" unitRef="usd">1142000</ifrs-full:CurrentFinancialAssetsAvailableforsale>
    <ifrs-full:CurrentFinancialAssetsAvailableforsale contextRef="c3" decimals="-3" unitRef="usd">1238000</ifrs-full:CurrentFinancialAssetsAvailableforsale>
    <forty:GainsLossesFromMarketableSecurities contextRef="c5" decimals="-3" unitRef="usd">-35000</forty:GainsLossesFromMarketableSecurities>
    <forty:GainsLossesFromMarketableSecurities contextRef="c4" decimals="-3" unitRef="usd">126000</forty:GainsLossesFromMarketableSecurities>
    <forty:GainsLossesFromMarketableSecurities contextRef="c0" decimals="-3" unitRef="usd">-96000</forty:GainsLossesFromMarketableSecurities>
    <forty:DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;NOTE
                            5:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;PREPAID
                                         EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the composition of the Group&#x2019;s prepaid expenses, other accounts receivable and other investments:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Prepaid
    expenses and advances to suppliers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48,871&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,155&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Government
    departments&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,911&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,973&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Employees&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;326&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;301&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Related
    Parties&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;278&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;404&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,987&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;72,118&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;83,820&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</forty:DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock>
    <forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Prepaid
    expenses and advances to suppliers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48,871&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,155&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Government
    departments&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,911&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,973&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Employees&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;326&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;301&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Related
    Parties&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;278&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;404&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,987&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;72,118&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;83,820&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock>
    <forty:CurrentPrepaidExpensesAndAdvancesToSuppliers contextRef="c2" decimals="-3" unitRef="usd">48871000</forty:CurrentPrepaidExpensesAndAdvancesToSuppliers>
    <forty:CurrentPrepaidExpensesAndAdvancesToSuppliers contextRef="c3" decimals="-3" unitRef="usd">47155000</forty:CurrentPrepaidExpensesAndAdvancesToSuppliers>
    <forty:CurrentGovernmentDepartments contextRef="c2" decimals="-3" unitRef="usd">20911000</forty:CurrentGovernmentDepartments>
    <forty:CurrentGovernmentDepartments contextRef="c3" decimals="-3" unitRef="usd">29973000</forty:CurrentGovernmentDepartments>
    <forty:CurrentEmployees contextRef="c2" decimals="-3" unitRef="usd">326000</forty:CurrentEmployees>
    <forty:CurrentEmployees contextRef="c3" decimals="-3" unitRef="usd">301000</forty:CurrentEmployees>
    <forty:CurrentRelatedParties contextRef="c2" decimals="-3" unitRef="usd">278000</forty:CurrentRelatedParties>
    <forty:CurrentRelatedParties contextRef="c3" decimals="-3" unitRef="usd">404000</forty:CurrentRelatedParties>
    <forty:OthersCurrentAccountsReceivable contextRef="c2" decimals="-3" unitRef="usd">1732000</forty:OthersCurrentAccountsReceivable>
    <forty:OthersCurrentAccountsReceivable contextRef="c3" decimals="-3" unitRef="usd">5987000</forty:OthersCurrentAccountsReceivable>
    <ifrs-full:OtherCurrentReceivables contextRef="c2" decimals="-3" unitRef="usd">72118000</ifrs-full:OtherCurrentReceivables>
    <ifrs-full:OtherCurrentReceivables contextRef="c3" decimals="-3" unitRef="usd">83820000</ifrs-full:OtherCurrentReceivables>
    <ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;Note
                            6:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;Fair
                                         value measurement&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
determining fair value, the Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use
of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s financial assets and liabilities measured at fair value on a recurring basis, including accrued interest components,
consisted of the following types of instruments as of December&#160;31, 2020 and 2021:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fair
    value measurements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Assets:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Convertible
    bonds at fair value through profit or loss (Note 4)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-181"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency derivative contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-182"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend
    preference derivative in TSG &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-183"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,330&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,353&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    consideration in respect of business combination&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-184"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,495&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,495&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities
    from acquisition of non-controlling interests (put options)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-185"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,278&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,278&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-186"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,773&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,773&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fair
    value measurements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Assets:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Convertible
    bonds at fair value through profit or loss (Note 4)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-187"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend
    preference derivative in TSG &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-188"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,945&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;

&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency derivative contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-189"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    consideration in respect of business combination&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-190"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,456&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,456&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities
    from acquisition of non-controlling interests (put options)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-191"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,018&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,018&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;82,474&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;83,181&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
    <forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fair
    value measurements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Assets:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Convertible
    bonds at fair value through profit or loss (Note 4)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-181"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,142&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency derivative contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-182"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend
    preference derivative in TSG &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-183"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,330&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,353&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    consideration in respect of business combination&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-184"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,495&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,495&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities
    from acquisition of non-controlling interests (put options)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-185"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,278&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,278&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-186"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,773&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,773&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fair
    value measurements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    2&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Level
    3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Assets:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Convertible
    bonds at fair value through profit or loss (Note 4)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-187"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend
    preference derivative in TSG &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-188"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,238&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,945&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;

&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 64%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency derivative contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-189"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Contingent
    consideration in respect of business combination&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-190"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,456&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,456&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Liabilities
    from acquisition of non-controlling interests (put options)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-191"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,018&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,018&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;82,474&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;83,181&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss contextRef="c195" decimals="-3" unitRef="usd">1142000</forty:ConvertibleBondsAtFairValueThroughProfitOrLoss>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss contextRef="c2" decimals="-3" unitRef="usd">1142000</forty:ConvertibleBondsAtFairValueThroughProfitOrLoss>
    <forty:ForeignCurrencyDerivativeContract contextRef="c195" decimals="-3" unitRef="usd">188000</forty:ForeignCurrencyDerivativeContract>
    <forty:ForeignCurrencyDerivativeContract contextRef="c2" decimals="-3" unitRef="usd">188000</forty:ForeignCurrencyDerivativeContract>
    <forty:DividendPreferenceDerivativeInTSG
      contextRef="c196"
      decimals="-3"
      id="ix_4_fact"
      unitRef="usd">2023000</forty:DividendPreferenceDerivativeInTSG>
    <forty:DividendPreferenceDerivativeInTSG contextRef="c2" decimals="-3" id="ix_5_fact" unitRef="usd">2023000</forty:DividendPreferenceDerivativeInTSG>
    <forty:Asste contextRef="c195" decimals="-3" unitRef="usd">1330000</forty:Asste>
    <forty:Asste contextRef="c196" decimals="-3" unitRef="usd">2023000</forty:Asste>
    <forty:Asste contextRef="c2" decimals="-3" unitRef="usd">3353000</forty:Asste>
    <forty:ContingentConsiderationInRespectOfBusinessCombination contextRef="c196" decimals="-3" unitRef="usd">24495000</forty:ContingentConsiderationInRespectOfBusinessCombination>
    <forty:ContingentConsiderationInRespectOfBusinessCombination contextRef="c2" decimals="-3" unitRef="usd">24495000</forty:ContingentConsiderationInRespectOfBusinessCombination>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions contextRef="c196" decimals="-3" unitRef="usd">71278000</forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions contextRef="c2" decimals="-3" unitRef="usd">71278000</forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions>
    <forty:Liabilitiy contextRef="c196" decimals="-3" unitRef="usd">95773000</forty:Liabilitiy>
    <forty:Liabilitiy contextRef="c2" decimals="-3" unitRef="usd">95773000</forty:Liabilitiy>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss contextRef="c197" decimals="-3" unitRef="usd">1238000</forty:ConvertibleBondsAtFairValueThroughProfitOrLoss>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss contextRef="c3" decimals="-3" unitRef="usd">1238000</forty:ConvertibleBondsAtFairValueThroughProfitOrLoss>
    <forty:DividendPreferenceDerivativeInTSG
      contextRef="c198"
      decimals="-3"
      id="ix_6_fact"
      unitRef="usd">1707000</forty:DividendPreferenceDerivativeInTSG>
    <forty:DividendPreferenceDerivativeInTSG contextRef="c3" decimals="-3" id="ix_7_fact" unitRef="usd">1707000</forty:DividendPreferenceDerivativeInTSG>
    <forty:Asste contextRef="c197" decimals="-3" unitRef="usd">1238000</forty:Asste>
    <forty:Asste contextRef="c198" decimals="-3" unitRef="usd">1707000</forty:Asste>
    <forty:Asste contextRef="c3" decimals="-3" unitRef="usd">2945000</forty:Asste>
    <forty:ForeignCurrencyDerivativeContract contextRef="c197" decimals="-3" unitRef="usd">707000</forty:ForeignCurrencyDerivativeContract>
    <forty:ForeignCurrencyDerivativeContract contextRef="c3" decimals="-3" unitRef="usd">707000</forty:ForeignCurrencyDerivativeContract>
    <forty:ContingentConsiderationInRespectOfBusinessCombination contextRef="c198" decimals="-3" unitRef="usd">18456000</forty:ContingentConsiderationInRespectOfBusinessCombination>
    <forty:ContingentConsiderationInRespectOfBusinessCombination contextRef="c3" decimals="-3" unitRef="usd">18456000</forty:ContingentConsiderationInRespectOfBusinessCombination>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions contextRef="c198" decimals="-3" unitRef="usd">64018000</forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions contextRef="c3" decimals="-3" unitRef="usd">64018000</forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions>
    <forty:Liabilitiy contextRef="c197" decimals="-3" unitRef="usd">707000</forty:Liabilitiy>
    <forty:Liabilitiy contextRef="c198" decimals="-3" unitRef="usd">82474000</forty:Liabilitiy>
    <forty:Liabilitiy contextRef="c3" decimals="-3" unitRef="usd">83181000</forty:Liabilitiy>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;Note
                            7:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;Investments
                                         in companies accounted for at equity METHOD&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the Group&#x2019;s investments in companies accounted for at equity:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;TSG
    (Joint venture)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    investments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,267&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,146&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,900&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,311&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Investment
in TSG&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The Company holds directly a 50% share interest in the issued and outstanding share capital of TSG, a joint venture engaged in the fields of command-and-control systems, intelligence, homeland security and cyber security. The Company&#x2019;s investment in TSG is reflected in the consolidated financial statements using the equity method of accounting. At the acquisition date the Company attributed an amount of $2,140 to a separate component of dividend preference derivative. The dividend preference derivative is measured at fair value through profit or loss and is presented in the consolidated statements of financial position under long-term prepaid expenses, other accounts and other investments.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes the balances related to the Company&#x2019;s investment in
                                         TSG in the consolidated statements of financial position:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Investment
    in companies accounted for at equity method&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,391&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,225&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capital
    note&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,242&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,940&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term
    prepaid expenses, other accounts, and other investments&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Dividend
    preference derivative at fair value through profit or loss&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes the changes in the fair value of TSG&#x2019;s dividend preference
                                         derivative:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,539&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Increase
    in fair value recognized in profit or loss&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency
    exchange rate in other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;61&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes the changes in the carrying amount of the Company&#x2019;s
                                         investment in TSG:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;January&#160;1,
    2019&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;25,683&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,771&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;62&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    Share in dividend declared by TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,500&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,016&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,318&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(169&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;340&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;128&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table summarizes financial information of TSG:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Summarized
                                         statement of financial position in accordance with IFRS as of December&#160;31, 2020
                                         and 2021 (as presented in TSG&#x2019;s financial statements):&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,065&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,056&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Noncurrent
    assets excluding goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,551&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,810&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(25,167&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(26,201&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Noncurrent
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,299&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(8,414&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    equity&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,150&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,251&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    cost of share-based payment&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,282&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(743&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,868&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,508&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,434&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,254&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Excess
    cost of intangible assets net of deferred tax&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,363&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,075&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,836&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,836&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    carrying amount of the investment in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table presents key highlights of TSG&#x2019;s profit or loss in accordance with
                                         IFRS for the years ended December&#160;31, 2019, 2020 and 2021 (as presented in TSG&#x2019;s
                                         financial statements):&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;77,035&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;77,661&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84,350&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,059&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,966&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(338&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;124&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,359&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,721&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,090&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,180&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,861&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,545&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Amortization
    of excess cost of intangible assets net of tax&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of total comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;468&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,149&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,833&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;128&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(169&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;62&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;340&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,318&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,771&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;468&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,149&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,833&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
    <forty:SummaryOfFormulasInvestmentsTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;TSG
    (Joint venture)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    investments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,267&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,146&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,900&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,311&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:SummaryOfFormulasInvestmentsTableTextBlock>
    <ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod contextRef="c2" decimals="-3" unitRef="usd">27633000</ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod contextRef="c3" decimals="-3" unitRef="usd">27165000</ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates contextRef="c2" decimals="-3" unitRef="usd">1267000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates contextRef="c3" decimals="-3" unitRef="usd">1146000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c2" decimals="-3" unitRef="usd">28900000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c3" decimals="-3" unitRef="usd">28311000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate contextRef="c199" decimals="2" unitRef="pure">0.50</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:ContractualCommitmentsForAcquisitionOfIntangibleAssets contextRef="c200" decimals="-3" unitRef="usd">2140000</ifrs-full:ContractualCommitmentsForAcquisitionOfIntangibleAssets>
    <forty:ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Investment
    in companies accounted for at equity method&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,391&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,225&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capital
    note&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,242&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,940&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-decoration: underline; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term
    prepaid expenses, other accounts, and other investments&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Dividend
    preference derivative at fair value through profit or loss&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock>
    <forty:SharesInvestmentInJointVenture contextRef="c2" decimals="-3" unitRef="usd">18391000</forty:SharesInvestmentInJointVenture>
    <forty:SharesInvestmentInJointVenture contextRef="c3" decimals="-3" unitRef="usd">18225000</forty:SharesInvestmentInJointVenture>
    <forty:CapitalNotesInvestmentInJointVenture contextRef="c2" decimals="-3" unitRef="usd">9242000</forty:CapitalNotesInvestmentInJointVenture>
    <forty:CapitalNotesInvestmentInJointVenture contextRef="c3" decimals="-3" unitRef="usd">8940000</forty:CapitalNotesInvestmentInJointVenture>
    <forty:TotalInvestmentInJointVenture contextRef="c2" decimals="-3" unitRef="usd">27633000</forty:TotalInvestmentInJointVenture>
    <forty:TotalInvestmentInJointVenture contextRef="c3" decimals="-3" unitRef="usd">27165000</forty:TotalInvestmentInJointVenture>
    <forty:DividendPreferenceDerivativeInTsg contextRef="c2" decimals="-3" unitRef="usd">2023000</forty:DividendPreferenceDerivativeInTsg>
    <forty:DividendPreferenceDerivativeInTsg contextRef="c3" decimals="-3" unitRef="usd">1707000</forty:DividendPreferenceDerivativeInTsg>
    <forty:ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,539&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Increase
    in fair value recognized in profit or loss&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency
    exchange rate in other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;61&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock>
    <forty:InvestmentsAccountedForUsingEquityMethod contextRef="c3" decimals="-3" unitRef="usd">1707000</forty:InvestmentsAccountedForUsingEquityMethod>
    <forty:InvestmentsAccountedForUsingEquityMethod contextRef="c30" decimals="-3" unitRef="usd">1539000</forty:InvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised contextRef="c0" decimals="-3" unitRef="usd">255000</ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised>
    <ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised contextRef="c4" decimals="-3" unitRef="usd">48000</ifrs-full:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised>
    <forty:CurrencyExchangeRateInOtherComprehensiveIncome contextRef="c0" decimals="-3" unitRef="usd">61000</forty:CurrencyExchangeRateInOtherComprehensiveIncome>
    <forty:CurrencyExchangeRateInOtherComprehensiveIncome contextRef="c4" decimals="-3" unitRef="usd">120000</forty:CurrencyExchangeRateInOtherComprehensiveIncome>
    <forty:InvestmentsAccountedForUsingEquityMethod contextRef="c2" decimals="-3" unitRef="usd">2023000</forty:InvestmentsAccountedForUsingEquityMethod>
    <forty:InvestmentsAccountedForUsingEquityMethod contextRef="c3" decimals="-3" unitRef="usd">1707000</forty:InvestmentsAccountedForUsingEquityMethod>
    <forty:ScheduleOfActivityOfInvestmentInTSGTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 88%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;January&#160;1,
    2019&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;25,683&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,771&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;62&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    Share in dividend declared by TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,500&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,016&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,318&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(169&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;340&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;128&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfActivityOfInvestmentInTSGTableTextBlock>
    <forty:InvestmentAccountedForUsingEquityMethods contextRef="c43" decimals="-3" unitRef="usd">25683000</forty:InvestmentAccountedForUsingEquityMethods>
    <forty:CompanysShareOfEarningsLossesOfJointVenture contextRef="c5" decimals="-3" unitRef="usd">1771000</forty:CompanysShareOfEarningsLossesOfJointVenture>
    <forty:ShareOfOtherComprehensiveIncomeOfJointVenture contextRef="c5" decimals="-3" unitRef="usd">62000</forty:ShareOfOtherComprehensiveIncomeOfJointVenture>
    <forty:CompanysShareInDividendDeclaredByTsg contextRef="c5" decimals="-3" unitRef="usd">-1500000</forty:CompanysShareInDividendDeclaredByTsg>
    <forty:InvestmentAccountedForUsingEquityMethods contextRef="c30" decimals="-3" unitRef="usd">26016000</forty:InvestmentAccountedForUsingEquityMethods>
    <forty:CompanysShareOfEarningsLossesOfJointVenture contextRef="c4" decimals="-3" unitRef="usd">1318000</forty:CompanysShareOfEarningsLossesOfJointVenture>
    <forty:ShareOfOtherComprehensiveIncomeOfJointVenture contextRef="c4" decimals="-3" unitRef="usd">-169000</forty:ShareOfOtherComprehensiveIncomeOfJointVenture>
    <forty:InvestmentAccountedForUsingEquityMethods contextRef="c3" decimals="-3" unitRef="usd">27165000</forty:InvestmentAccountedForUsingEquityMethods>
    <forty:CompanysShareOfEarningsLossesOfJointVenture contextRef="c0" decimals="-3" unitRef="usd">340000</forty:CompanysShareOfEarningsLossesOfJointVenture>
    <forty:ShareOfOtherComprehensiveIncomeOfJointVenture contextRef="c0" decimals="-3" unitRef="usd">128000</forty:ShareOfOtherComprehensiveIncomeOfJointVenture>
    <forty:InvestmentAccountedForUsingEquityMethods contextRef="c2" decimals="-3" unitRef="usd">27633000</forty:InvestmentAccountedForUsingEquityMethods>
    <forty:ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 76%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    assets&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,065&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,056&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Noncurrent
    assets excluding goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,551&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,810&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(25,167&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(26,201&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Noncurrent
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(6,299&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(8,414&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    equity&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,150&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,251&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    cost of share-based payment&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,282&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(743&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,868&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;20,508&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,434&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,254&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Excess
    cost of intangible assets net of deferred tax&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,363&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,075&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,836&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,836&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    carrying amount of the investment in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,633&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;27,165&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock>
    <ifrs-full:CurrentAssets contextRef="c200" decimals="-3" unitRef="usd">47065000</ifrs-full:CurrentAssets>
    <ifrs-full:CurrentAssets contextRef="c201" decimals="-3" unitRef="usd">51056000</ifrs-full:CurrentAssets>
    <ifrs-full:NoncurrentAssets contextRef="c200" decimals="-3" unitRef="usd">8551000</ifrs-full:NoncurrentAssets>
    <ifrs-full:NoncurrentAssets contextRef="c201" decimals="-3" unitRef="usd">4810000</ifrs-full:NoncurrentAssets>
    <ifrs-full:OtherCurrentLiabilities contextRef="c200" decimals="-3" unitRef="usd">25167000</ifrs-full:OtherCurrentLiabilities>
    <ifrs-full:OtherCurrentLiabilities contextRef="c201" decimals="-3" unitRef="usd">26201000</ifrs-full:OtherCurrentLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities contextRef="c200" decimals="-3" unitRef="usd">6299000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities contextRef="c201" decimals="-3" unitRef="usd">8414000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:Equity contextRef="c200" decimals="-3" unitRef="usd">24150000</ifrs-full:Equity>
    <ifrs-full:Equity contextRef="c201" decimals="-3" unitRef="usd">21251000</ifrs-full:Equity>
    <forty:AccumulatedCostOfSharebasedPayment contextRef="c200" decimals="-3" unitRef="usd">-1282000</forty:AccumulatedCostOfSharebasedPayment>
    <forty:AccumulatedCostOfSharebasedPayment contextRef="c201" decimals="-3" unitRef="usd">-743000</forty:AccumulatedCostOfSharebasedPayment>
    <forty:WorkingCapitalForAssetsAndLiabilities contextRef="c200" decimals="-3" unitRef="usd">22868000</forty:WorkingCapitalForAssetsAndLiabilities>
    <forty:WorkingCapitalForAssetsAndLiabilities contextRef="c201" decimals="-3" unitRef="usd">20508000</forty:WorkingCapitalForAssetsAndLiabilities>
    <forty:PercentageOfShareInEquity contextRef="c200" decimals="2" unitRef="pure">0.50</forty:PercentageOfShareInEquity>
    <forty:PercentageOfShareInEquity contextRef="c201" decimals="2" unitRef="pure">0.50</forty:PercentageOfShareInEquity>
    <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="c199" decimals="-3" unitRef="usd">11434000</ifrs-full:IncreaseDecreaseInWorkingCapital>
    <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="c202" decimals="-3" unitRef="usd">10254000</ifrs-full:IncreaseDecreaseInWorkingCapital>
    <forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities contextRef="c200" decimals="-3" unitRef="usd">6363000</forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities>
    <forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities contextRef="c201" decimals="-3" unitRef="usd">7075000</forty:ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities>
    <ifrs-full:Goodwill contextRef="c200" decimals="-3" unitRef="usd">9836000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c201" decimals="-3" unitRef="usd">9836000</ifrs-full:Goodwill>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c200" decimals="-3" unitRef="usd">27633000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod contextRef="c201" decimals="-3" unitRef="usd">27165000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <forty:SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;77,035&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;77,661&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84,350&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,059&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,966&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(338&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;124&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,359&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,721&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,090&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share in TSG&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,180&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,861&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,545&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Amortization
    of excess cost of intangible assets net of tax&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(712&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of total comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;468&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,149&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,833&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;128&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(169&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;62&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Company&#x2019;s
    share of profit&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;340&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,318&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,771&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;468&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,149&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,833&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock>
    <ifrs-full:Revenue contextRef="c199" decimals="-3" unitRef="usd">77035000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c202" decimals="-3" unitRef="usd">77661000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c203" decimals="-3" unitRef="usd">84350000</ifrs-full:Revenue>
    <ifrs-full:ProfitLoss contextRef="c199" decimals="-3" unitRef="usd">2104000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c202" decimals="-3" unitRef="usd">4059000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss contextRef="c203" decimals="-3" unitRef="usd">4966000</ifrs-full:ProfitLoss>
    <forty:OtherInvestmentComprehensiveIncome contextRef="c199" decimals="-3" unitRef="usd">255000</forty:OtherInvestmentComprehensiveIncome>
    <forty:OtherInvestmentComprehensiveIncome contextRef="c202" decimals="-3" unitRef="usd">-338000</forty:OtherInvestmentComprehensiveIncome>
    <forty:OtherInvestmentComprehensiveIncome contextRef="c203" decimals="-3" unitRef="usd">124000</forty:OtherInvestmentComprehensiveIncome>
    <us-gaap:OtherComprehensiveIncomeOtherNetOfTax contextRef="c199" decimals="-3" unitRef="usd">2359000</us-gaap:OtherComprehensiveIncomeOtherNetOfTax>
    <us-gaap:OtherComprehensiveIncomeOtherNetOfTax contextRef="c202" decimals="-3" unitRef="usd">3721000</us-gaap:OtherComprehensiveIncomeOtherNetOfTax>
    <us-gaap:OtherComprehensiveIncomeOtherNetOfTax contextRef="c203" decimals="-3" unitRef="usd">5090000</us-gaap:OtherComprehensiveIncomeOtherNetOfTax>
    <forty:PercentageOfShareProfit contextRef="c199" decimals="2" unitRef="pure">0.50</forty:PercentageOfShareProfit>
    <forty:PercentageOfShareProfit contextRef="c202" decimals="2" unitRef="pure">0.50</forty:PercentageOfShareProfit>
    <forty:PercentageOfShareProfit contextRef="c203" decimals="2" unitRef="pure">0.50</forty:PercentageOfShareProfit>
    <forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c199" decimals="-3" unitRef="usd">1180000</forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c202" decimals="-3" unitRef="usd">1861000</forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c203" decimals="-3" unitRef="usd">2545000</forty:BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax contextRef="c199" decimals="-3" unitRef="usd">-712000</forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax>
    <forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax contextRef="c202" decimals="-3" unitRef="usd">-712000</forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax>
    <forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax contextRef="c203" decimals="-3" unitRef="usd">-712000</forty:AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax>
    <forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c199" decimals="-3" unitRef="usd">468000</forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c202" decimals="-3" unitRef="usd">1149000</forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax contextRef="c203" decimals="-3" unitRef="usd">1833000</forty:AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c199" decimals="-3" unitRef="usd">128000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c202" decimals="-3" unitRef="usd">-169000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="c203" decimals="-3" unitRef="usd">62000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c199" decimals="-3" unitRef="usd">340000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c202" decimals="-3" unitRef="usd">1318000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c203" decimals="-3" unitRef="usd">1771000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <forty:OperatingResultsTotal contextRef="c199" decimals="-3" unitRef="usd">468000</forty:OperatingResultsTotal>
    <forty:OperatingResultsTotal contextRef="c202" decimals="-3" unitRef="usd">1149000</forty:OperatingResultsTotal>
    <forty:OperatingResultsTotal contextRef="c203" decimals="-3" unitRef="usd">1833000</forty:OperatingResultsTotal>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;NOTE
                            8:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;PROPERTY,
                                         PLANTS AND EQUIPMENT, NET&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Property,
                                         plants and equipment, net, are comprised of the following as of the below dates:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Cost:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, furniture, and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;148,033&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;140,583&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,362&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,623&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-192"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;975&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Leasehold
    improvements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;41,700&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,284&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;198,095&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;189,465&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    depreciation:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, furniture, and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;111,258&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;104,576&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,697&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,875&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-193"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;112&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Leasehold
    improvements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;25,254&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,726&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,209&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;130,289&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciated
    cost&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;56,886&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,176&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation expenses totaled $12,071, $16,513 and $20,468 for the years ended December&#160;31, 2019, 2020 and 2021, respectively.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Cost:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, furniture, and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;148,033&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;140,583&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,362&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,623&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-192"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;975&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Leasehold
    improvements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;41,700&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,284&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;198,095&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;189,465&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    depreciation:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Computers,
    software, furniture, and equipment&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;111,258&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;104,576&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Motor
    vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,697&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,875&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Buildings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-193"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;112&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Leasehold
    improvements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;25,254&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,726&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,209&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;130,289&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciated
    cost&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;56,886&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,176&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c204" decimals="-3" unitRef="usd">148033000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c205" decimals="-3" unitRef="usd">140583000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c206" decimals="-3" unitRef="usd">8362000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c207" decimals="-3" unitRef="usd">8623000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c209" decimals="-3" unitRef="usd">975000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c210" decimals="-3" unitRef="usd">41700000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c211" decimals="-3" unitRef="usd">39284000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c2" decimals="-3" unitRef="usd">198095000</forty:PropertyPlantAndEquipmentsGross>
    <forty:PropertyPlantAndEquipmentsGross contextRef="c3" decimals="-3" unitRef="usd">189465000</forty:PropertyPlantAndEquipmentsGross>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c204" decimals="-3" unitRef="usd">111258000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c205" decimals="-3" unitRef="usd">104576000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c206" decimals="-3" unitRef="usd">4697000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c207" decimals="-3" unitRef="usd">3875000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c209" decimals="-3" unitRef="usd">112000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c210" decimals="-3" unitRef="usd">25254000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c211" decimals="-3" unitRef="usd">21726000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c2" decimals="-3" unitRef="usd">141209000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet contextRef="c3" decimals="-3" unitRef="usd">130289000</forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet>
    <ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated contextRef="c2" decimals="-3" unitRef="usd">56886000</ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated>
    <ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated contextRef="c3" decimals="-3" unitRef="usd">59176000</ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated>
    <ifrs-full:DepreciationExpense contextRef="c5" decimals="-3" unitRef="usd">12071000</ifrs-full:DepreciationExpense>
    <ifrs-full:DepreciationExpense contextRef="c4" decimals="-3" unitRef="usd">16513000</ifrs-full:DepreciationExpense>
    <ifrs-full:DepreciationExpense contextRef="c0" decimals="-3" unitRef="usd">20468000</ifrs-full:DepreciationExpense>
    <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;N&lt;span style="text-transform: uppercase"&gt;ot&lt;/span&gt;E
                            9:- &lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;I&lt;span style="text-transform: uppercase"&gt;ntangible
                                         Assets, Net&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangible
                                         assets, net, are comprised of the following as of the below dates:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Original
    amounts:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capitalized
    Software costs&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;271,357&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;221,220&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;304,816&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;247,445&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100,029&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100,159&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,909&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patent&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,544&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,493&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    intangibles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;23,531&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,549&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;708,215&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;580,775&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    amortization:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capitalized
    Software costs&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;232,779&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;179,587&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;151,673&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,165&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;61,163&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48,087&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,909&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patent&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,145&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;958&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    intangibles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,581&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,806&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;466,279&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;358,512&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;241,936&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;222,263&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amortization expenses totaled $41,330, $44,586, and $58,684 for the years ended December&#160;31, 2019, 2020 and 2021, respectively.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
    <forty:ScheduleOfIntangibleAssetsNetTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Original
    amounts:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capitalized
    Software costs&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;271,357&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;221,220&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;304,816&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;247,445&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100,029&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;100,159&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,909&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patent&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,544&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,493&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    intangibles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;23,531&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,549&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;708,215&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;580,775&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accumulated
    amortization:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Capitalized
    Software costs&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;232,779&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;179,587&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Customer
    relationship&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;151,673&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,165&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquired
    technology&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;61,163&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;48,087&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Backlog&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,938&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,909&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Patent&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,145&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;958&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    intangibles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,581&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,806&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;466,279&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;358,512&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;241,936&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;222,263&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfIntangibleAssetsNetTableTextBlock>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c212" decimals="-3" unitRef="usd">271357000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c213" decimals="-3" unitRef="usd">221220000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c214" decimals="-3" unitRef="usd">304816000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c215" decimals="-3" unitRef="usd">247445000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c216" decimals="-3" unitRef="usd">100029000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c217" decimals="-3" unitRef="usd">100159000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c218" decimals="-3" unitRef="usd">6938000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c219" decimals="-3" unitRef="usd">6909000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c220" decimals="-3" unitRef="usd">1544000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c221" decimals="-3" unitRef="usd">1493000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c222" decimals="-3" unitRef="usd">23531000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c223" decimals="-3" unitRef="usd">3549000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c2" decimals="-3" unitRef="usd">708215000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:OriginalAmountsOfIntangibleAssetsNet contextRef="c3" decimals="-3" unitRef="usd">580775000</forty:OriginalAmountsOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c212" decimals="-3" unitRef="usd">232779000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c213" decimals="-3" unitRef="usd">179587000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c214" decimals="-3" unitRef="usd">151673000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c215" decimals="-3" unitRef="usd">120165000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c216" decimals="-3" unitRef="usd">61163000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c217" decimals="-3" unitRef="usd">48087000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c218" decimals="-3" unitRef="usd">6938000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c219" decimals="-3" unitRef="usd">6909000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c220" decimals="-3" unitRef="usd">1145000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c221" decimals="-3" unitRef="usd">958000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c222" decimals="-3" unitRef="usd">12581000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c223" decimals="-3" unitRef="usd">2806000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c2" decimals="-3" unitRef="usd">466279000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <forty:AccumulatedAmortizationOfIntangibleAssetsNet contextRef="c3" decimals="-3" unitRef="usd">358512000</forty:AccumulatedAmortizationOfIntangibleAssetsNet>
    <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="c2" decimals="-3" unitRef="usd">241936000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
    <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="c3" decimals="-3" unitRef="usd">222263000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
    <ifrs-full:AmortisationExpense contextRef="c5" decimals="-3" unitRef="usd">41330000</ifrs-full:AmortisationExpense>
    <ifrs-full:AmortisationExpense contextRef="c4" decimals="-3" unitRef="usd">44586000</ifrs-full:AmortisationExpense>
    <ifrs-full:AmortisationExpense contextRef="c0" decimals="-3" unitRef="usd">58684000</ifrs-full:AmortisationExpense>
    <ifrs-full:DisclosureOfGoodwillExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            10:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Goodwill&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes the changes in the carrying amount of goodwill for the years ended December&#160;31, 2020 and 2021:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;724,193&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    of subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;49,416&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;116,416&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Classifications&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,585&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,066&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency translation adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,429&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,749&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;932,854&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group performed annual impairment tests as of December&#160;31, 2019, 2020 and 2021 and did not identify any impairment losses
(see Note 2).&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfGoodwillExplanatory>
    <forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;724,193&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    of subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;49,416&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;116,416&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Classifications&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,585&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,066&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Foreign
    currency translation adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,429&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;28,749&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;932,854&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock>
    <forty:GoodwillBusinessCombination contextRef="c3" decimals="-3" unitRef="usd">872424000</forty:GoodwillBusinessCombination>
    <forty:GoodwillBusinessCombination contextRef="c30" decimals="-3" unitRef="usd">724193000</forty:GoodwillBusinessCombination>
    <ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination contextRef="c0" decimals="-3" unitRef="usd">49416000</ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination>
    <ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination contextRef="c4" decimals="-3" unitRef="usd">116416000</ifrs-full:AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination>
    <forty:ClassificationsAboutGoodwill contextRef="c0" decimals="-3" unitRef="usd">1585000</forty:ClassificationsAboutGoodwill>
    <forty:ClassificationsAboutGoodwill contextRef="c4" decimals="-3" unitRef="usd">3066000</forty:ClassificationsAboutGoodwill>
    <forty:ForeignCurrencyTranslationAdjustmentsForGoodwill contextRef="c0" decimals="-3" unitRef="usd">9429000</forty:ForeignCurrencyTranslationAdjustmentsForGoodwill>
    <forty:ForeignCurrencyTranslationAdjustmentsForGoodwill contextRef="c4" decimals="-3" unitRef="usd">28749000</forty:ForeignCurrencyTranslationAdjustmentsForGoodwill>
    <forty:GoodwillBusinessCombination contextRef="c2" decimals="-3" unitRef="usd">932854000</forty:GoodwillBusinessCombination>
    <forty:GoodwillBusinessCombination contextRef="c3" decimals="-3" unitRef="usd">872424000</forty:GoodwillBusinessCombination>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;Note
                            11:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;&lt;b&gt;short
                                         term Liabilities to banks and others&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 48%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank loans&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.8-2.3&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,259&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank loans&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.6-4&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;17,429&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,357&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Commercial
    securities not listed&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;0.6&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,309&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;31,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    maturities of long-term loans from banks and&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;other
    financial institutions (Note 13)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.8-3.1&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;85,280&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;75,856&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    maturities of long-term loans from banks (Note 13)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Libor +2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS Linked to USD&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,950&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;800&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    interest on long-term loans from other&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;financial
    institutions&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.6- Prime + 1.5&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;87&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;68&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;175,696&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,444&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory>
    <forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 48%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank loans&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.8-2.3&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,259&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    bank loans&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.6-4&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;17,429&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,357&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Commercial
    securities not listed&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;0.6&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;64,309&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;31,104&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    maturities of long-term loans from banks and&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;other
    financial institutions (Note 13)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.8-3.1&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;85,280&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;75,856&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Current
    maturities of long-term loans from banks (Note 13)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Libor +2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS Linked to USD&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,950&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;800&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Short-term
    interest on long-term loans from other&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;financial
    institutions&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.6- Prime + 1.5&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;87&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;68&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;175,696&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,444&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c224">1.8-2.3</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c225">NIS</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c226" decimals="-3" unitRef="usd">4641000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c227" decimals="-3" unitRef="usd">1259000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c228">1.6-4</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c229">NIS</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c230" decimals="-3" unitRef="usd">17429000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c231" decimals="-3" unitRef="usd">11357000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c232">0.6</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c233">NIS</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c234" decimals="-3" unitRef="usd">64309000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c235" decimals="-3" unitRef="usd">31104000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c236">1.8-3.1</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c237">NIS</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c238" decimals="-3" unitRef="usd">85280000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c239" decimals="-3" unitRef="usd">75856000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c240">Libor +2.1</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c241">NIS Linked to USD</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c242" decimals="-3" unitRef="usd">3950000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c243" decimals="-3" unitRef="usd">800000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="c244">2.6- Prime + 1.5</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsOriginalCurrency contextRef="c245">NIS</ifrs-full:BorrowingsOriginalCurrency>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c246" decimals="-3" unitRef="usd">87000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c247" decimals="-3" unitRef="usd">68000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c2" decimals="-3" unitRef="usd">175696000</ifrs-full:CurrentFinancialLiabilities>
    <ifrs-full:CurrentFinancialLiabilities contextRef="c3" decimals="-3" unitRef="usd">120444000</ifrs-full:CurrentFinancialLiabilities>
    <forty:OtherAccountsPayableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            12:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;other
                                         accounts payable&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;Other
accounts payable are comprised of the following as of the below dates:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Government
    institutions&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,480&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,648&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accrued
    expenses and other current liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;40,931&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,328&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;80,411&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;68,976&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:OtherAccountsPayableTextBlock>
    <ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Government
    institutions&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;39,480&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,648&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Accrued
    expenses and other current liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;40,931&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,328&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;80,411&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;68,976&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory>
    <forty:GovernmentInstitution contextRef="c2" decimals="-3" unitRef="usd">39480000</forty:GovernmentInstitution>
    <forty:GovernmentInstitution contextRef="c3" decimals="-3" unitRef="usd">35648000</forty:GovernmentInstitution>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="c2" decimals="-3" unitRef="usd">40931000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="c3" decimals="-3" unitRef="usd">33328000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="c2" decimals="-3" unitRef="usd">80411000</us-gaap:OtherAccountsPayableAndAccruedLiabilities>
    <us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="c3" decimals="-3" unitRef="usd">68976000</us-gaap:OtherAccountsPayableAndAccruedLiabilities>
    <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            13:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Long
                                         term Liabilities to Banks and Others&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long
                                         term liabilities to banks and others are comprised of the following as of the below dates:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term&lt;br/&gt;
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;br/&gt;
    maturities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term&lt;br/&gt;
    liabilities net of&lt;br/&gt;
    current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    long-term&lt;br/&gt;
    liabilities net of&lt;br/&gt;
    current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    &lt;br/&gt;
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; width: 17%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1.4-5&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;231,259&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;85,280&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;145,979&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;180,116&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Libor
    +2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS Linked to USD&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,200&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,950&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,250&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;200&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;246,459&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;89,230&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;157,229&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;180,316&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Maturity
                                         dates:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;First
    year (current maturities)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;89,230&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;76,656&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Second
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;76,627&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;69,500&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Third
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,835&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;60,310&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fourth
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,716&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;38,162&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fifth
    year and thereafter&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,051&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,344&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;246,459&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;256,972&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;
&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="font-family: Times New Roman, Times, Serif; width: 0"/&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif; width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Details
                                         of liens, guarantees and credit facilities are described in Note 19.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
    <forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term&lt;br/&gt;
    liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;br/&gt;
    maturities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Long-term&lt;br/&gt;
    liabilities net of&lt;br/&gt;
    current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    long-term&lt;br/&gt;
    liabilities net of&lt;br/&gt;
    current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,
    &lt;br/&gt;
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; width: 17%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1.4-5&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;231,259&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;85,280&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;145,979&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;180,116&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Libor
    +2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;NIS Linked to USD&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,200&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,950&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,250&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;200&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;246,459&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;89,230&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;157,229&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;180,316&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock>
    <forty:InterestRatePercentage contextRef="c248" decimals="3" unitRef="pure">0.014</forty:InterestRatePercentage>
    <forty:InterestRatePercentage contextRef="c249" decimals="2" unitRef="pure">0.05</forty:InterestRatePercentage>
    <forty:LinkageBasisDescription contextRef="c250">NIS (Unlinked)</forty:LinkageBasisDescription>
    <forty:LongTermLiabilitiesAndOthersLongtermLiabilities contextRef="c251" decimals="-3" unitRef="usd">231259000</forty:LongTermLiabilitiesAndOthersLongtermLiabilities>
    <forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities contextRef="c251" decimals="-3" unitRef="usd">85280000</forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities>
    <forty:LongtermLiabilitiesNetOfCurrentMaturities contextRef="c251" decimals="-3" unitRef="usd">145979000</forty:LongtermLiabilitiesNetOfCurrentMaturities>
    <forty:TotalLongtermLiabilitiesNetOfCurrentMaturities contextRef="c252" decimals="-3" unitRef="usd">180116000</forty:TotalLongtermLiabilitiesNetOfCurrentMaturities>
    <forty:LinkageBasisDescription contextRef="c253">NIS Linked to USD</forty:LinkageBasisDescription>
    <forty:LongTermLiabilitiesAndOthersLongtermLiabilities contextRef="c254" decimals="-3" unitRef="usd">15200000</forty:LongTermLiabilitiesAndOthersLongtermLiabilities>
    <forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities contextRef="c254" decimals="-3" unitRef="usd">3950000</forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities>
    <forty:LongtermLiabilitiesNetOfCurrentMaturities contextRef="c254" decimals="-3" unitRef="usd">11250000</forty:LongtermLiabilitiesNetOfCurrentMaturities>
    <forty:TotalLongtermLiabilitiesNetOfCurrentMaturities contextRef="c255" decimals="-3" unitRef="usd">200000</forty:TotalLongtermLiabilitiesNetOfCurrentMaturities>
    <forty:LongTermLiabilitiesAndOthersLongtermLiabilities contextRef="c2" decimals="-3" unitRef="usd">246459000</forty:LongTermLiabilitiesAndOthersLongtermLiabilities>
    <forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities contextRef="c2" decimals="-3" unitRef="usd">89230000</forty:LongTermLiabilitiesToBanksAndOthersCurrentMaturities>
    <forty:LongtermLiabilitiesNetOfCurrentMaturities contextRef="c2" decimals="-3" unitRef="usd">157229000</forty:LongtermLiabilitiesNetOfCurrentMaturities>
    <forty:TotalLongtermLiabilitiesNetOfCurrentMaturities contextRef="c3" decimals="-3" unitRef="usd">180316000</forty:TotalLongtermLiabilitiesNetOfCurrentMaturities>
    <forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;First
    year (current maturities)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;89,230&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;76,656&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Second
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;76,627&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;69,500&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Third
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,835&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;60,310&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fourth
    year&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,716&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;38,162&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Fifth
    year and thereafter&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,051&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,344&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;246,459&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;256,972&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne contextRef="c2" decimals="-3" unitRef="usd">89230000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne contextRef="c3" decimals="-3" unitRef="usd">76656000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo contextRef="c2" decimals="-3" unitRef="usd">76627000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo contextRef="c3" decimals="-3" unitRef="usd">69500000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree contextRef="c2" decimals="-3" unitRef="usd">51835000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree contextRef="c3" decimals="-3" unitRef="usd">60310000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour contextRef="c2" decimals="-3" unitRef="usd">22716000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour contextRef="c3" decimals="-3" unitRef="usd">38162000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter contextRef="c2" decimals="-3" unitRef="usd">6051000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter>
    <forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter contextRef="c3" decimals="-3" unitRef="usd">12344000</forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter>
    <forty:LongTermDebtTotal contextRef="c2" decimals="-3" unitRef="usd">246459000</forty:LongTermDebtTotal>
    <forty:LongTermDebtTotal contextRef="c3" decimals="-3" unitRef="usd">256972000</forty:LongTermDebtTotal>
    <forty:DisclosureOfDebenturesTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;NOTE
                            14:-&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;DEBENTURES&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s liabilities under debentures are attributable to debentures issued by Formula and Sapiens. The debentures are all
listed for trading on the Tel-Aviv Stock Exchange.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Debentures
                                         are comprised of the following as of the below dates:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Effective
    Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
    value in issuance currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
    Value&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Unamortized
                                         debt premium (discount) and issuance costs, net&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Current
                                         maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         long-term debentures, net of current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Short-term
                                         accrued interest&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         short-term and long-term debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series A &lt;br/&gt; Secured Debentures (2.8%)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 102,633&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;33,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;217&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;11,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;22,217&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;457&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;33,674&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series C &lt;br/&gt; Secured Debentures (2.3%)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.2&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 374,225&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;472&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;16,970&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;103,832&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;227&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;121,029&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Sapiens&#x2019;
    Series B Debentures (3.37%)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;3.3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Linked to fix rate of USD)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 350,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,980&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(198&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;19,796&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;78,986&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;5&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,787&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;252,310&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;491&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;205,035&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;689&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;253,490&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Effective
    Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&lt;b&gt;Par
    value in issuance currency&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                                                                                                         &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
                                         Value&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Unamortized
                                         debt premium (discount) and issuance costs, net&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Current
                                         maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         long-term debentures, net of current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Short-term
                                         accrued interest&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         short-term and long-term debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series A &lt;br/&gt; Secured Debentures (2.8%)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 136,844&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;42,564&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;365&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;10,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;32,288&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;589&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;43,518&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series C &lt;br/&gt; Secured Debentures (2.3%)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.5&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 267,000&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;83,048&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(678&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;10,264&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;72,106&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;158&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;82,528&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Sapiens&#x2019;
    Series B Debentures (3.37%)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;3.3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Linked to fix rate of USD)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 420,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;118,778&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(306&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;19,796&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,676&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;6&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;118,478&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;244,390&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(619&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;40,701&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;203,070&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;753&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;244,524&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2020 and 2021, the Group recorded $6,411 and $7,056, respectively, of interest expenses, and
$135 and ($109), respectively, as amortization of debt premium, discount and issuance costs, net in respect of the Group&#x2019;s
debentures.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Scheduled
                                         aggregate principal annual payments of the debentures:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Repayment
    amount&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2022&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2023&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2024&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2025&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,506&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;252,310&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&#x2019;s
                                         debentures&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula
                                         Systems Series A Secured Debentures&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
September&#160;16, 2015, Formula issued Formula Systems Series A Secured Debentures in an aggregate principal amount of NIS 102,260
(approximately $26,295), at a purchase price equal to 100% of their par value, payable in eight equal annual installments on July&#160;2&lt;sup&gt;nd
&lt;/sup&gt;of each of the years 2017 through 2024. The principal amount outstanding under the Formula Systems Series A Secured Debentures
bears interest at a fixed rate of 2.8% per annum (subject to adjustments based on the credit rating of the debentures), payable
on July&#160;2&lt;sup&gt;nd&lt;/sup&gt; and January&#160;2&lt;sup&gt;nd&lt;/sup&gt; of each of the years 2016 through 2024. Issuance costs, including
early commitment commission of approximately NIS 1,246 (approximately $320), were allocated to the Formula Systems Series A Secured
Debentures and are amortized as financial expenses over the term of the Series A Secured Debentures due in 2024.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
January&#160;31, 2018, Formula issued additional Formula Systems Series A Secured Debentures in an aggregate principal amount
of NIS 150,000 (approximately $44,053) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula from the issuance of Formula Systems Series A Secured Debentures in January&#160;2018 were NIS 155,205 (approximately
$45,581), out of which NIS 336 was attributed to interest payable (approximately $99). Debt premium of NIS 4,869 (approximately
$1,430) net of issuance costs of NIS 782 (approximately $225) was allocated to the Formula Systems Series A Secured Debentures
and is amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2024.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Formula Systems Series A Secured Debentures issued in September&#160;2015, together with the Formula Systems Series A Secured
Debentures sold in the private placement, form one single series with identical terms and conditions.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Series A Secured Debentures are denominated in New Israeli Shekels not linked to any currency or index, and are non-convertible.
The Formula Systems Series A Secured Debentures are secured with collateral consisting of shares of Matrix, Magic Software and
Sapiens (see Note 19a).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Formula Systems Series A Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020
and 2021, the fair value of Formula&#x2019;s Series A Secured Debentures, based on the quoted market price on the Tel-Aviv Stock
Exchange, were approximately $44,229 and $34,057, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula
                                         Systems Series C Secured Debentures&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
March&#160;31, 2019, Formula issued Formula Systems Series C Secured Debentures in an aggregate principal amount of NIS 300,000
(approximately $82,600), at a purchase price equal to 100% of their par value. The principal due under the Series C Secured Debentures
is payable in five annual installments of NIS 33,000 on December&#160;1 of each of the years 2020 through 2024 and two annual
installments of NIS 67,500 on December&#160;1 of each of the years 2025 and 2026. The outstanding principal amount under the Formula
Systems Series C Secured Debentures bears interest at a fixed rate of 2.29% per annum (subject to adjustments based on the credit
rating of the debentures), payable on December&#160;1&lt;sup&gt;st&lt;/sup&gt; and June&#160;1&lt;sup&gt;st&lt;/sup&gt; of each of the years 2019 through
2026. Issuance costs including an early commitment commission of approximately NIS 3,355 (approximately $924) were allocated to
Formula Systems Series C Secured Debentures and are amortized as financial expenses over the term of Formula Systems Series C
Secured Debentures due in 2026.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
April&#160;12, 2021, Formula issued additional Formula Systems Series C Secured Debentures in an aggregate principal amount of
NIS 160,000 (approximately $48,617) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula for the issuance of Formula Systems Series C Secured Debentures in April&#160;2021 were NIS 165,920 (approximately
$50,524), out of which NIS 1,329 was attributed to interest payable (approximately $405). Debt premium of NIS 4,591 (approximately
$1,398) net of issuance costs of NIS 752 (approximately $229) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2026.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Formula Systems Series C Secured Debentures issued in March&#160;2019, together with the Formula Systems Series C Secured Debentures
sold in April&#160;2021 in a private placement, form one single series with identical terms and conditions.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Formula Systems Series C Secured Debentures are denominated in New Israeli Shekels and are not linked to any currency or index
and are non-convertible. The Formula Systems Series C Secured Debentures are secured with collateral consisting of shares of Matrix,
Magic Software and Sapiens (see Note 19a).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Series C Secured Debentures are listed for trading on the Tel-Aviv Stock Exchange. As of December&#160;31, 2020 and 2021, the
fair value of Formula&#x2019;s Series C Secured Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, was
approximately $86,993 and $125,672, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
offerings of Formula&#x2019;s debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and were exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
sale of Formula debentures was not registered under the Securities Act, and Formula debentures may not be offered or sold in the
United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the registration
requirements of the Securities Act.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with the indenture for Formula Systems Series A Secured Debentures and Formula Systems Series C Secured Debentures,
Formula has undertaken to maintain a number of conditions and limitations on the manner in which it operates its business, including
limitations on its ability to undergo a change of control, distribute dividends, incur a floating charge on its assets, or undergo
an asset sale or other change that results in a fundamental change in its operations, and to meet certain financial covenants
(see Notes 19a and 19c(1)(i)).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&#x2019;
                                         Series B Debentures&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
September&#160;16, 2017, Sapiens issued its unsecured Series B Debentures in an aggregate principal amount of NIS 280,000 (approximately
$79,186), linked to the US dollar and payable in eight equal annual payments of $9,898 on January&#160;1&lt;sup&gt;st&lt;/sup&gt; of each
of the years 2019 through 2026. The outstanding principal amount of Sapiens&#x2019; Series B Debentures bears a fixed interest
rate of 3.37% per annum (which may be adjusted based on changes to the credit rating of the debentures), payable on January&#160;1&lt;sup&gt;st
&lt;/sup&gt;and July&#160;1&lt;sup&gt;st&lt;/sup&gt; of each of the years 2018 through 2025, with one final interest payment due on January&#160;1,
2026. Debt discount and issuance costs were approximately $956, allocated to Sapiens&#x2019; Series B Debentures discount and are
amortized as financial expenses over the term of the Series B Debentures due in 2026.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;On June 8, 2020, Sapiens issued additional Sapiens&#x2019; Series B
Debentures in an aggregate principal amount of NIS 210,000 (approximately $60,362) through a public offering in Israel. The gross proceeds
received from the issuance of Sapiens&#x2019; Series B Debentures in June 2020 were NIS 210,840 (approximately $60,603), out of which approximately
NIS 3,006 was attributed to interest payable (approximately $864). Debt discount of NIS 2,166 (approximately $623) and issuance costs
of NIS 2,326 (approximately $669) were allocated to Sapiens&#x2019; Series B Debentures and are amortized as financial expenses over the
remaining term of the Sapiens Series B Debentures due in 2026. Following the raise of the additional NIS 210,000 in Series B Debentures,
a $20,000 short-term bank loan taken by Sapiens on March 18, 2020, from a commercial bank was fully repaid on June 9, 2020. Sapiens&#x2019;
Series B Debentures issued in September 2017 together with the Sapiens&#x2019; Series B Debentures issued in June 2020, form one single
series with identical terms and conditions. Sapiens&#x2019; Series B Debentures are linked to the US Dollar, unsecured and non-convertible.
Sapiens&#x2019; Series B Debentures are listed for trading on the TASE. As of December 31, 2020 and 2021, the fair value of Sapiens&#x2019;
Series B Debentures, based on the quoted market price on the Tel-Aviv Stock Exchange, were approximately $122,760 and $100,464, respectively.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
offerings of Sapiens&#x2019; debentures were made only in Israel and not to U.S. persons (as defined in Rule&#160;902(k) under
the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;)), in an overseas directed offering (as defined in Rule&#160;903(b)(i)(ii)
under the Securities Act), and was exempt from registration under the Securities Act pursuant to the exemption provided by Regulation
S thereunder.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
sale of Sapiens debentures was not registered under the Securities Act, and the Sapiens debentures may not be offered or sold
in the United States and/or to U.S. persons without registration under the Securities Act or an applicable exemption from the
registration requirements of the Securities Act.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with the indenture for the Sapiens Series B Debentures, Sapiens has undertaken to comply with a number of conditions
and limitations on the manner in which it operates its business, including limitations on its ability to undergo a change of control,
distribute dividends, incur a floating charge on Sapiens&#x2019; assets, or undergo an asset sale or other change that results
in a fundamental change in Sapiens&#x2019; operations and to meet certain financial covenants (see Note 19c(3)(iii)).&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDebenturesTextBlock>
    <forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Effective
    Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
    value in issuance currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
    Value&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Unamortized
                                         debt premium (discount) and issuance costs, net&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Current
                                         maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         long-term debentures, net of current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Short-term
                                         accrued interest&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         short-term and long-term debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series A &lt;br/&gt; Secured Debentures (2.8%)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 102,633&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;33,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;217&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;11,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;22,217&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;457&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;33,674&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series C &lt;br/&gt; Secured Debentures (2.3%)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.2&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 374,225&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;472&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;16,970&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;103,832&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;227&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;121,029&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Sapiens&#x2019;
    Series B Debentures (3.37%)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;3.3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Linked to fix rate of USD)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 350,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,980&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(198&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;19,796&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;78,986&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;5&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,787&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;252,310&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;491&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;205,035&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;689&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;253,490&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Effective
    Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Currency&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&lt;b&gt;Par
    value in issuance currency&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                                                                                                         &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Par
                                         Value&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Unamortized
                                         debt premium (discount) and issuance costs, net&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Current
                                         maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         long-term debentures, net of current maturities&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Short-term
                                         accrued interest&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Total
                                         short-term and long-term debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; width: 14%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series A &lt;br/&gt; Secured Debentures (2.8%)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.4&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 136,844&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;42,564&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;365&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;10,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;32,288&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;589&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 5%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;43,518&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Formula&#x2019;s
    Series C &lt;br/&gt; Secured Debentures (2.3%)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;2.5&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Unlinked)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 267,000&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;83,048&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(678&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;10,264&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;72,106&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;158&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;82,528&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;Sapiens&#x2019;
    Series B Debentures (3.37%)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;3.3&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS (Linked to fix rate of USD)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;NIS 420,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;118,778&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(306&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;19,796&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;98,676&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;6&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;118,478&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.25in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;244,390&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;(619&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;40,701&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;203,070&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;753&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;244,524&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock>
    <ifrs-full:BorrowingsInterestRate contextRef="c272" decimals="3" unitRef="pure">0.024</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c273">NIS (Unlinked)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c273">NIS 102,633</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c272" decimals="-3" unitRef="usd">33000000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c272" decimals="-3" unitRef="usd">217000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c272" decimals="-3" unitRef="usd">11000000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c272" decimals="-3" unitRef="usd">22217000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c272" decimals="-3" unitRef="usd">457000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c272" decimals="-3" unitRef="usd">33674000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:BorrowingsInterestRate contextRef="c274" decimals="3" unitRef="pure">0.022</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c275">NIS (Unlinked)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c275">NIS 374,225</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c274" decimals="-3" unitRef="usd">120330000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c274" decimals="-3" unitRef="usd">472000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c274" decimals="-3" unitRef="usd">16970000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c274" decimals="-3" unitRef="usd">103832000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c274" decimals="-3" unitRef="usd">227000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c274" decimals="-3" unitRef="usd">121029000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:BorrowingsInterestRate contextRef="c276" decimals="3" unitRef="pure">0.033</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c277">NIS (Linked to fix rate of USD)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c277">NIS 350,000</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c276" decimals="-3" unitRef="usd">98980000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c276" decimals="-3" unitRef="usd">-198000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c276" decimals="-3" unitRef="usd">19796000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c276" decimals="-3" unitRef="usd">78986000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c276" decimals="-3" unitRef="usd">5000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c276" decimals="-3" unitRef="usd">98787000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:NotionalAmount contextRef="c2" decimals="-3" unitRef="usd">252310000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c2" decimals="-3" unitRef="usd">491000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c2" decimals="-3" unitRef="usd">47766000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c2" decimals="-3" unitRef="usd">205035000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c2" decimals="-3" unitRef="usd">689000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c2" decimals="-3" unitRef="usd">253490000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:BorrowingsInterestRate contextRef="c278" decimals="3" unitRef="pure">0.024</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c279">NIS (Unlinked)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c279">NIS 136,844</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c278" decimals="-3" unitRef="usd">42564000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c278" decimals="-3" unitRef="usd">365000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c278" decimals="-3" unitRef="usd">10641000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c278" decimals="-3" unitRef="usd">32288000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c278" decimals="-3" unitRef="usd">589000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c278" decimals="-3" unitRef="usd">43518000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:BorrowingsInterestRate contextRef="c280" decimals="3" unitRef="pure">0.025</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c281">NIS (Unlinked)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c281">NIS 267,000</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c280" decimals="-3" unitRef="usd">83048000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c280" decimals="-3" unitRef="usd">-678000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c280" decimals="-3" unitRef="usd">10264000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c280" decimals="-3" unitRef="usd">72106000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c280" decimals="-3" unitRef="usd">158000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c280" decimals="-3" unitRef="usd">82528000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:BorrowingsInterestRate contextRef="c282" decimals="3" unitRef="pure">0.033</ifrs-full:BorrowingsInterestRate>
    <forty:LinkageBasisDescription contextRef="c283">NIS (Linked to fix rate of USD)</forty:LinkageBasisDescription>
    <forty:ParValueInIssuanceCurrencies contextRef="c283">NIS 420,000</forty:ParValueInIssuanceCurrencies>
    <ifrs-full:NotionalAmount contextRef="c282" decimals="-3" unitRef="usd">118778000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c282" decimals="-3" unitRef="usd">-306000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c282" decimals="-3" unitRef="usd">19796000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c282" decimals="-3" unitRef="usd">98676000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c282" decimals="-3" unitRef="usd">6000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c282" decimals="-3" unitRef="usd">118478000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:NotionalAmount contextRef="c3" decimals="-3" unitRef="usd">244390000</ifrs-full:NotionalAmount>
    <forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet contextRef="c3" decimals="-3" unitRef="usd">-619000</forty:UnamortizedDebtPremiumDiscountAndIssuanceCostNet>
    <forty:CurrentMaturities contextRef="c3" decimals="-3" unitRef="usd">40701000</forty:CurrentMaturities>
    <ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued contextRef="c3" decimals="-3" unitRef="usd">203070000</ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued>
    <forty:ShorttermAccruedInterest contextRef="c3" decimals="-3" unitRef="usd">753000</forty:ShorttermAccruedInterest>
    <ifrs-full:NotesAndDebenturesIssued contextRef="c3" decimals="-3" unitRef="usd">244524000</ifrs-full:NotesAndDebenturesIssued>
    <forty:InterestExpenses contextRef="c4" decimals="-3" unitRef="usd">6411000</forty:InterestExpenses>
    <forty:InterestExpenses contextRef="c0" decimals="-3" unitRef="usd">7056000</forty:InterestExpenses>
    <forty:DiscountAndIssuanceCostsAmortization contextRef="c4" decimals="-3" unitRef="usd">135000</forty:DiscountAndIssuanceCostsAmortization>
    <forty:DiscountAndIssuanceCostsAmortization contextRef="c0" decimals="-3" unitRef="usd">-109000</forty:DiscountAndIssuanceCostsAmortization>
    <forty:DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Repayment
    amount&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2022&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2023&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2024&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,766&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2025&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,506&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;252,310&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock>
    <forty:RepaymentsOfBondsWithinNextFinancialYear contextRef="c2" decimals="-3" unitRef="usd">47766000</forty:RepaymentsOfBondsWithinNextFinancialYear>
    <forty:RepaymentsOfBondsWithinNextSecondFinancialYear contextRef="c2" decimals="-3" unitRef="usd">47766000</forty:RepaymentsOfBondsWithinNextSecondFinancialYear>
    <forty:RepaymentsOfBondsWithinNextThirdFinancialYear contextRef="c2" decimals="-3" unitRef="usd">47766000</forty:RepaymentsOfBondsWithinNextThirdFinancialYear>
    <forty:RepaymentsOfBondsWithinNextFourthFinancialYear contextRef="c2" decimals="-3" unitRef="usd">54506000</forty:RepaymentsOfBondsWithinNextFourthFinancialYear>
    <forty:RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear contextRef="c2" decimals="-3" unitRef="usd">54506000</forty:RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear>
    <forty:AggregatePrincipalAnnualPaymentsOfDebentures contextRef="c2" decimals="-3" unitRef="usd">252310000</forty:AggregatePrincipalAnnualPaymentsOfDebentures>
    <forty:ProceedsFromIssueOfBondsNotesAndDebenture contextRef="c256" decimals="-3" unitRef="usd">26295000</forty:ProceedsFromIssueOfBondsNotesAndDebenture>
    <us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction contextRef="c257" decimals="2" unitRef="pure">1</us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction>
    <ifrs-full:NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse contextRef="c258">The principal amount outstanding under the Formula Systems Series A Secured Debentures
bears interest at a fixed rate of 2.8% per annum (subject to adjustments based on the credit rating of the debentures), payable
on July&#160;2nd and January&#160;2nd of each of the years 2016 through 2024. Issuance costs, including
early commitment commission of approximately NIS 1,246 (approximately $320), were allocated to the Formula Systems Series A Secured
Debentures and are amortized as financial expenses over the term of the Series A Secured Debentures due in 2024.</ifrs-full:NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse>
    <forty:DebenturesDescription contextRef="c259">Formula issued additional Formula Systems Series A Secured Debentures in an aggregate principal amount
of NIS 150,000 (approximately $44,053) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula from the issuance of Formula Systems Series A Secured Debentures in January&#160;2018 were NIS 155,205 (approximately
$45,581), out of which NIS 336 was attributed to interest payable (approximately $99). Debt premium of NIS 4,869 (approximately
$1,430) net of issuance costs of NIS 782 (approximately $225) was allocated to the Formula Systems Series A Secured Debentures
and is amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2024.</forty:DebenturesDescription>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c260" decimals="-3" unitRef="usd">44229000</ifrs-full:IssueOfConvertibleInstruments>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c261" decimals="-3" unitRef="usd">34057000</ifrs-full:IssueOfConvertibleInstruments>
    <ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures contextRef="c262" decimals="-3" unitRef="usd">82600000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
    <us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction contextRef="c262" decimals="2" unitRef="pure">1</us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction>
    <ifrs-full:BorrowingsInterestRate contextRef="c263" decimals="4" unitRef="pure">0.0229</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:OtherFeeAndCommissionExpense contextRef="c264" decimals="0" unitRef="ils">3355</ifrs-full:OtherFeeAndCommissionExpense>
    <ifrs-full:OtherFeeAndCommissionExpense contextRef="c264" decimals="0" unitRef="usd">924</ifrs-full:OtherFeeAndCommissionExpense>
    <us-gaap:DebtInstrumentDescription contextRef="c265">Formula issued additional Formula Systems Series C Secured Debentures in an aggregate principal amount of
NIS 160,000 (approximately $48,617) through a private placement to qualified investors in Israel. The gross proceeds received
by Formula for the issuance of Formula Systems Series C Secured Debentures in April&#160;2021 were NIS 165,920 (approximately
$50,524), out of which NIS 1,329 was attributed to interest payable (approximately $405). Debt premium of NIS 4,591 (approximately
$1,398) net of issuance costs of NIS 752 (approximately $229) were allocated to the Formula Systems Series C Secured Debentures
and are amortized as financial income over the remaining term of the Formula Systems Series A Secured Debentures due in 2026.</us-gaap:DebtInstrumentDescription>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c266" decimals="-3" unitRef="usd">86993000</ifrs-full:IssueOfConvertibleInstruments>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c267" decimals="-3" unitRef="usd">125672000</ifrs-full:IssueOfConvertibleInstruments>
    <forty:DebenturesDescription contextRef="c268">Sapiens issued its unsecured Series B Debentures in an aggregate principal amount of NIS 280,000 (approximately
$79,186), linked to the US dollar and payable in eight equal annual payments of $9,898 on January&#160;1st of each
of the years 2019 through 2026. The outstanding principal amount of Sapiens&#x2019; Series B Debentures bears a fixed interest
rate of 3.37% per annum (which may be adjusted based on changes to the credit rating of the debentures), payable on January&#160;1st
and July&#160;1st of each of the years 2018 through 2025, with one final interest payment due on January&#160;1,
2026. Debt discount and issuance costs were approximately $956, allocated to Sapiens&#x2019; Series B Debentures discount and are
amortized as financial expenses over the term of the Series B Debentures due in 2026.</forty:DebenturesDescription>
    <forty:DebenturesDescription contextRef="c269">Sapiens issued additional Sapiens&#x2019; Series B
Debentures in an aggregate principal amount of NIS 210,000 (approximately $60,362) through a public offering in Israel. The gross proceeds
received from the issuance of Sapiens&#x2019; Series B Debentures in June 2020 were NIS 210,840 (approximately $60,603), out of which approximately
NIS 3,006 was attributed to interest payable (approximately $864). Debt discount of NIS 2,166 (approximately $623) and issuance costs
of NIS 2,326 (approximately $669) were allocated to Sapiens&#x2019; Series B Debentures and are amortized as financial expenses over the
remaining term of the Sapiens Series B Debentures due in 2026. Following the raise of the additional NIS 210,000 in Series B Debentures,
a $20,000 short-term bank loan taken by Sapiens on March 18, 2020, from a commercial bank was fully repaid on June 9, 2020.</forty:DebenturesDescription>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c270" decimals="-3" unitRef="usd">122760000</ifrs-full:IssueOfConvertibleInstruments>
    <ifrs-full:IssueOfConvertibleInstruments contextRef="c271" decimals="-3" unitRef="usd">100464000</ifrs-full:IssueOfConvertibleInstruments>
    <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            15:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;RELATED
                                         PARTies TRANSACTIONS&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Acquisition
                                         of Sapiens Software Solutions (Poland) Sp. Z o.o (formerly &#x201c;Insseco Sp. Z o.o.&#x201d;)
                                         (&#x201c;Sapiens Poland&#x201d;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August&#160;18, 2015, Sapiens completed the acquisition from Asseco, the parent company of Formula, of all issued and outstanding
share capital of Sapiens Poland. Under the share purchase agreement for that acquisition, Under the share purchase agreement for
that acquisition, Asseco committed to assign to Sapiens Poland all customer contracts that relate to the intellectual property
that Sapiens acquired as part of the acquisition. In the event that Asseco cannot obtain the consent of any customer to the assignment
of its contract to Sapiens Poland, Asseco will hold that customer&#x2019;s contract in trust for the benefit of Sapiens Poland.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, Asseco provided back-office services, professional services and fixed assets
to Sapiens&#x2019; wholly owned subsidiary, Sapiens Poland, in amounts totaling approximately $676, $521 and $197, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, Sapiens Poland performed services as a sub-contractor on behalf of Asseco
for clients of Asseco in total amounts of approximately $3,400, $3,100 and $3,200, respectively. For historic reasons, Asseco
issues invoices to those clients and then Sapiens in turn invoices Asseco on a back-to-back basis (with no margin to Asseco).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2019 the Group had no trade payable balances due from its transactions with Asseco, as detailed above. As
of December&#160;31, 2020 and 2021 the Group had trade payable balances due from its transactions with Asseco, as detailed above,
in an amount of $1,898 and $17, respectively. As of December&#160;31, 2020 and 2021, the Group had trade receivables balances
due from its transactions with Asseco, as detailed above, in amounts of approximately $1,228 and $852, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fees
                                         paid for board services in affiliates&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
paid Formula, director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $25.3, $29.6 and $26.7, respectively,
in respect of Mr. Guy Bernstein, Sapiens&#x2019; Chairman and Formula&#x2019;s chief executive officer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
paid Formula director fees for the years ended December&#160;31, 2019, 2020 and 2021, of approximately $29.9, $31.4 and $36.7,
respectively, in respect of Mr. Guy Bernstein, Matrix&#x2019; Chairman and Formula&#x2019;s chief executive officer.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Back-office
                                         services&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the years ended December&#160;31, 2019, 2020 and 2021, Magic Software provided back-office services to Formula in amounts totaling
approximately $177, $138 and $160, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other
                                         Transactions&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s subsidiaries and affiliates engage from time to time with each other in non-material transactions, in the ordinary
course of business, where the amounts involved, and the nature of the transactions, are not material for either of the parties.
The Group believes that these transactions are made on an arms&#x2019; length basis upon terms and conditions no less favorable
to the Group, its subsidiaries and affiliates, as it could obtain from unaffiliated third parties. If Group engages with its subsidiaries
and affiliates in transactions which are not in the ordinary course of business, the Group receives the approvals required under
the Companies Law. These approvals include audit committee approval, board approval and, in certain circumstances, shareholder
approval.&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="c284" decimals="-3" unitRef="usd">676000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
    <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="c285" decimals="-3" unitRef="usd">521000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
    <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="c286" decimals="-3" unitRef="usd">197000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
    <forty:PerformedServicesSubcontractor contextRef="c5" decimals="0" unitRef="usd">3400</forty:PerformedServicesSubcontractor>
    <forty:PerformedServicesSubcontractor contextRef="c4" decimals="0" unitRef="usd">3100</forty:PerformedServicesSubcontractor>
    <forty:PerformedServicesSubcontractor contextRef="c0" decimals="0" unitRef="usd">3200</forty:PerformedServicesSubcontractor>
    <forty:DueFromItsTransactionsWithAsseco contextRef="c4" decimals="-3" unitRef="usd">1898000</forty:DueFromItsTransactionsWithAsseco>
    <forty:DueFromItsTransactionsWithAsseco contextRef="c0" decimals="-3" unitRef="usd">17000</forty:DueFromItsTransactionsWithAsseco>
    <ifrs-full:AmountsReceivableRelatedPartyTransactions contextRef="c3" decimals="-3" unitRef="usd">1228000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
    <ifrs-full:AmountsReceivableRelatedPartyTransactions contextRef="c2" decimals="-3" unitRef="usd">852000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c284" decimals="-2" unitRef="usd">25300</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c285" decimals="-2" unitRef="usd">29600</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c286" decimals="-2" unitRef="usd">26700</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c287" decimals="-2" unitRef="usd">29900</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c288" decimals="-2" unitRef="usd">31400</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense contextRef="c289" decimals="-2" unitRef="usd">36700</ifrs-full:DirectorsRemunerationExpense>
    <forty:BackOfficeAndProfessionalServicesExpense contextRef="c5" decimals="-3" unitRef="usd">177000</forty:BackOfficeAndProfessionalServicesExpense>
    <forty:BackOfficeAndProfessionalServicesExpense contextRef="c4" decimals="-3" unitRef="usd">138000</forty:BackOfficeAndProfessionalServicesExpense>
    <forty:BackOfficeAndProfessionalServicesExpense contextRef="c0" decimals="-3" unitRef="usd">160000</forty:BackOfficeAndProfessionalServicesExpense>
    <ifrs-full:DisclosureOfLeasesExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            16:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;LEASES&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group leases substantially all of its office space and vehicles under operating leases. The Group&#x2019;s leases have original
lease periods expiring between 2021 and 2033. Some leases include one or more options to renew. The Group does not assume renewals
in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. Lease payments
included in the measurement of the lease liability comprise the following: the fixed non-cancellable lease payments, payments
for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination
options unless it is reasonably certain the lease will not be terminated early.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
IFRS 16, all leases with durations greater than 12 months, including non-cancellable operating leases, are now recognized on the
statement of financial position. The aggregated present value of lease agreements is recorded as a long-term asset titled operating
lease right-of-use assets.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
corresponding lease liabilities are classified between operating lease liabilities which are current and long-term.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Maturity
analysis of undiscounted future lease payments receivable for operating leases:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2022&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43,702&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2023&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,125&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2024&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,068&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2025&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,784&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,724&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2027
    and thereafter&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;31,428&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total
    undiscounted cash flows&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,831&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Less
    imputed interest&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(15,337&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Present
    value of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;126,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation
expenses of operating lease right-of-use assets totaled $33,531, $34,408 and $43,032 for the years ended December&#160;31, 2019,
2020 and 2021, respectively.&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfLeasesExplanatory>
    <forty:LeasePeriodsExpiringTerm contextRef="c0">The Group&#x2019;s leases have original
lease periods expiring between 2021 and 2033.</forty:LeasePeriodsExpiringTerm>
    <forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 87%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2022&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;43,702&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2023&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,125&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2024&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,068&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2025&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,784&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,724&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2027
    and thereafter&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;31,428&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total
    undiscounted cash flows&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,831&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Less
    imputed interest&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(15,337&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Present
    value of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;126,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c290" decimals="-3" unitRef="usd">43702000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c291" decimals="-3" unitRef="usd">34125000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c292" decimals="-3" unitRef="usd">13068000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c293" decimals="-3" unitRef="usd">10784000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c294" decimals="-3" unitRef="usd">8724000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c295" decimals="-3" unitRef="usd">31428000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases contextRef="c0" decimals="-3" unitRef="usd">141831000</forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases>
    <forty:LessImputedInterest contextRef="c0" decimals="-3" unitRef="usd">-15337000</forty:LessImputedInterest>
    <forty:PresentValueOfLeaseLiabilities contextRef="c0" decimals="-3" unitRef="usd">126494000</forty:PresentValueOfLeaseLiabilities>
    <forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets contextRef="c5" decimals="-3" unitRef="usd">33531000</forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets>
    <forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets contextRef="c4" decimals="-3" unitRef="usd">34408000</forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets>
    <forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets contextRef="c0" decimals="-3" unitRef="usd">43032000</forty:DepreciationExpensesOfOperatingLeaseRightofuseAssets>
    <forty:DisclosureOfEmployeeOptionPlansExplanatoryTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            17:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Employee
                                         Option Plans&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
                                         and its subsidiaries grant, from time to time, options, restricted share units or restricted
                                         shares to their officers and employees to purchase shares in the respective companies.
                                         In general, the options expire ten years after grant. The following table sets forth
                                         the breakdown of share-based compensation expense resulting from such grants, as included
                                         in the consolidated statements of profit or loss:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Selling
    and marketing expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-194"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-195"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;74&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;General
    and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,767&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,856&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,800&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,767&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,856&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,874&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
August&#160;2017, Formula&#x2019;s board of directors, following the approval by Formula&#x2019;s compensation committee, awarded
its chief financial officer 10,000 restricted shares under the 2011 plan (the &#x201c;new restricted shares&#x201d;). These restricted
shares vest on a quarterly basis over a three-year period, commencing on August&#160;17, 2017 and concluding on August&#160;17,
2020, provided that during such time the chief financial officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates, except that if he fails to meet the service condition due to the request
of the board of directors of either Formula or any of its directly held affiliates (other than a termination of his provision
of services which is based on actions or omissions by him that will constitute &#x201c;cause&#x201d; under his grant agreement with
Formula), then, the chief financial officer will be deemed to have complied with clauses (i) or (ii) above. Notwithstanding the
foregoing, if a change of control of the Company occurs, then all unvested new restricted shares will immediately become vested.
Total fair value of the grant was calculated based on the Formula share price on the grant date and equaled to $371 ($37.1 per
share).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
total compensation expense that the Company recorded in its statement of profit or loss for the years ended December&#160;31,
2019 and 2020 in respect of its chief financial officer were $66 and $21, respectively. As of December&#160;31, 2021, Formula&#x2019;s
chief financial officer holds 10,834 shares.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
November&#160;2018, Formula&#x2019;s board of directors, following the approval by Formula&#x2019;s compensation committee, awarded
its chief operational officer 10,000 restricted shares under the 2011 plan (the &#x201c;restricted shares&#x201d;). These restricted
shares vest on an annual basis over a four-year period, commencing on November&#160;19, 2018 and concluding on November&#160;19,
2022, provided that during such time the chief operational officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates. The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled $382 ($38.2 per share). The total compensation expense the Company recorded in its statement
of profit or loss for the years ended December&#160;31, 2019, 2020 and 2021 were $191, $98 and $60, respectively. As of December&#160;31,
2021 Formula&#x2019;s chief operational officer holds 10,000 restricted shares from this grant, of which 7,500 are fully vested.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
November&#160;2020, Formula&#x2019;s board of directors, following the approval by Formula&#x2019;s compensation committee, awarded
Emil Sharvit (2001) Consulting and Project Management Ltd., through which its chief executive officer provides services to Formula,
611,771 restricted stock units (&#x201c;RSUs&#x201d;) in respect of ordinary shares of the Company. 66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December&#160;31, 2027, subject
to the continued engagement of Formula&#x2019;s chief executive officer with the Company as of that date (the &#x201c;Vesting Period&#x201d;);
and up to 33.33% of the RSUs (i.e., 203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest
at December&#160;31, 2027 on a pro-rata basis with respect to each fiscal year (starting as of January&#160;1, 2020) during the
Vesting Period in which the Target EBITDA (as defined below) is achieved, subject to the continued engagement of Formula&#x2019;s
chief executive officer with the Company. At the end of the vesting period, the number of performances&lt;b&gt;-&lt;/b&gt;based RSUs that
vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied by (ii) 25,490.50 RSUs
(rounded to the nearest whole number, up to a cap of 203,924 RSUs in total). The &#x201c;Target EBITDA&#x201d; in a given fiscal
year during the Vesting Period means the Company&#x2019;s EBITDA in that certain fiscal year (as reflected in the Company&#x2019;s
annual audited consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the
Company&#x2019;s annual audited consolidated financial statements for the applicable fiscal year (as to which the review of performance
is made to determine whether one&lt;b&gt;-&lt;/b&gt;eighth of the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the
end of the Vesting Period). The Target EBITDA shall be not less than 105% of 75% of the Company&#x2019;s EBITDA in the previous
fiscal year, excluding the cost attributed to the applicable portion of the RSUs in the Company&#x2019;s annual audited consolidated
financial statements for such previous fiscal year (the &#x201c;Previous Year&#x201d;). Such examination of EBITDA shall be made
on the basis of the Company&#x2019;s annual audited consolidated financial statements as reflected in the Company&#x2019;s annual
report on Form&#160;20-F, and in the event that the Company sells any of its operations, the Target EBITDA shall be adjusted as
applicable for future reference by removing the results of the operations that were sold.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the event that with respect to any specific fiscal year (the &#x201c;Specific Year&#x201d;), the Target EBITDA is not achieved,
the Target EBITDA with respect to such Specific Year will still be deemed to have been met for the purpose of vesting of RSUs
in the event that either: (i) the EBITDA in the fiscal year immediately following the Specific Year was at least 110.25% of 75%
of the Company&#x2019;s EBITDA in the year preceding the Specific Year, or (ii) in case that the condition in the foregoing clause
(i) was not met, then the EBITDA in the second fiscal year following the Specific Year was at least 115.7625% of 75% of the Company&#x2019;s
EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i) or (ii) was met for a certain Specific
Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved, and those RSUs shall become vested
as of the end of the Vesting Period. In the event that neither of the conditions described in clauses (i) or (ii) was met, the
portion of RSUs for the applicable Specific Year shall automatically expire and terminate.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Notwithstanding
the foregoing, in case the Target EBITDA is met (in accordance with the above terms) in a certain fiscal year, yet the Target
EBITDA is less than 105% of 75% of the average EBITDA for the three fiscal years that consist of the subject fiscal year and the
two preceding years (excluding the cost attributed to the applicable portion of the RSUs in Company&#x2019;s annual audited consolidated
financial statements for such applicable fiscal years), then regardless of meeting the Target EBITDA, the number of performance-based
RSUs that vests shall be reduced by 20%.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled to NIS 170,864, or $50,054 ($81.8 per share). The total compensation expense the Company recorded
in its statement of profit or loss in respect of this grant, in accordance with accounting principles, for the year ended December 31,
2021, was $7,373.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition to the RSU grant terms described above, Formula&#x2019;s board of directors has approved, following the approval by Formula&#x2019;s
compensation committee, an adjustment to the above-described RSU grant based on dividends that the Company distributes to its
shareholders. During the vesting period of the RSUs, in the event that any dividend, in cash or in kind, is distributed to the
shareholders of the Company, then in addition to the distribution to all shareholders, there will be an equivalent payment to
Formula&#x2019;s chief executive officer with respect to all RSUs that were not converted into shares (whether or not vested) in
an amount equal to the pro-rata portion of the overall dividend amount that the RSUs constitute out of the issued and outstanding
share capital of the Company as of the date of the distribution. For those purposes, the RSUs will be counted as if they are already
vested and converted into shares. These special RSU dividend amounts shall be paid and/or set aside by the Company for the benefit
of its chief executive officer, all as described below.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the purpose of payment of the dividend amounts to Formula&#x2019;s chief executive officer, the vesting period shall be regarded
as if it has commenced on January&#160;1, 2020 (other than with respect to distributions and any related dividend amount which
were made prior to the grant of the RSUs and which are explicitly excluded), and will be divided into 32 fiscal quarters (each,
referred to as a Fiscal Quarter). The dividend amount within each dividend distributed by the Company to its shareholders will
be released to, or set aside for, Formula&#x2019;s chief executive officer together with the distribution of the dividend. The
portion of the Dividend Amount to be released to Formula&#x2019;s chief executive officer will in each case be based on the number
of Fiscal Quarters that have lapsed at the time of distribution of the dividend. The remainder of the Dividend Amount will be
set aside and paid to Formula&#x2019;s chief executive officer on a pro-rata basis upon the expiration of each Fiscal Quarter until
the Dividend Amount is released in full at the end of the Vesting Period for the RSUs.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the event of termination of Formula&#x2019;s chief executive officer services agreement with the Company, by the Company for Cause
(as defined in the services agreement), the RSUs will immediately terminate and become null and void, and all interests and rights
of Formula&#x2019;s chief executive officer in and to the same will expire. In case of termination of Formula&#x2019;s chief executive
officer services agreement by the Company not for Cause, or due to the resignation of Formula&#x2019;s chief executive officer
for Good Reason&lt;sup&gt;1&lt;/sup&gt;, all unvested RSUs that could have vested from the grant date until December&#160;31, 2027, assuming
all performance and time conditions and future targets would have been fulfilled (including all targets that would have resulted
in vesting with respect to any Previous Year which could have still been met in future years), will accelerate and become immediately
vested and exercisable, regardless of the actual occurrence or failure to occur of any of the future performance targets relating
to those RSUs.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0in"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;sup&gt;1&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x201c;Good
                                         Reason&#x201d; is a termination due to: (i) a material reduction in Formula chief executive
                                         representative&#x2019;s scope of authorities and responsibilities (excluding, for the
                                         avoidance of doubt, as a result of changes in legislation or other legal restrictions
                                         which affect the scope of Services under its service agreement), (ii) a material breach
                                         by the Company of any provision of the service agreement or its exhibits, or (iii) any
                                         acceleration event, in each of (i) to (iii) which is not cured (if curable) by the Company
                                         within thirty (30) days of receipt of a written notice about such breach from Formula
                                         chief executive officer, provided that during the three (3) months prior notice period
                                         with respect to resignation for Good Reason the Company shall be entitled to retract
                                         its decision in a manner that removes the basis for a Good Reason.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the event of resignation by Formula&#x2019;s chief executive officer not for Good Reason, Formula&#x2019;s chief executive officer
RSUs will vest, in an accelerated manner, in such portion equal to the pro-rata portion of the Vesting Period that has already
lapsed (based on the full number of Fiscal Quarters that have lapsed form January&#160;1, 2020 until the actual resignation date,
including notice period). However, any Performance Based RSUs for which the applicable target was not achieved up until the resignation
date (including the notice period) will expire and terminate.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;Total unrecognized compensation costs related to non-vested share-based
compensation arrangements granted under the Formula equity incentive plan as of December 31, 2020 and 2021 were $51,940 and $45,973, respectively.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
December&#160;2017, Matrix extended its agreement with Revava Management Company Ltd. through which its chief executive officer,
Mr. Moti Gutman, provides services to Matrix, for five years&#x2019; term starting on January&#160;1, 2018. As part of the new
agreement in January&#160;2018, Matrix awarded Mr. Gutman 256,890 (RSUs), which vest on an annual basis over a five-year period,
commencing on January&#160;16, 2018 and concludes on December&#160;31, 2022, but not before the publication of Matrix&#x2019;s
financial statements for each respective year, and subject to certain conditions. In 2021, 51,378 restricted share units (RSU)
were vested and exercised. As of December&#160;31, 2021 Mr. Gutman holds 102,756 restricted share units (RSU) from this grant.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
January&#160;2019, the board of directors of Matrix approved, following the approval by Matrix&#x2019;s compensation committee,
the grant of 1,440,000 options which are exercisable into up to 1,440,000 ordinary shares of Matrix of NIS 1 par value each, to
20 senior officers of Matrix. The exercise price of the options was NIS 41.7 at the date of their grant, subject to adjustments,
including upon the distribution of dividends. 50% of the options will be vested on January&#160;1, 2021 with the remaining amount
vesting in equal parts on January&#160;1, 2022 and 2023. When the actual exercise will take place, shares will be allotted, according
to a net exercise mechanism resulting with Matrix not receiving any cash consideration for the issuance of its shares.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
February&#160;2019, the general shareholder meeting of Matrix approved, after obtaining the approval of Matrix&#x2019;s compensation
committee and Matrix board of directors the grant of 80,000 options which are exercisable into up to 80,000 ordinary shares of
Matrix of NIS 1 par value, to the President and Vice Chairman of the Matrix board. The exercise price of the options was NIS 43.16
at the date of their grant, subject to adjustments, including upon the distribution of dividends. 50% of the options will vest
on January&#160;1, 2021, with the remaining amount vesting in equal parts on January&#160;1, 2022 and 2023. When the actual exercise
will take place, shares will be allotted, according to a net exercise mechanism resulting with Matrix not receiving any cash consideration
for the issuance of its shares. In January&#160;2022, the general shareholder meeting of Matrix approved, after obtaining the
approval of Matrix&#x2019;s compensation committee and Matrix board of directors the acceleration of the third tranche so that
tranche will vest on January&#160;31, 2022, Matrix&#x2019;s President and Vice Chairman of the Matrix expected retirement date,
instead of January&#160;1, 2023.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
fair value of the options was estimated on the date of grant using the Binomial model based on the terms which are: risk-free
interest rate is 0.5% -1.6%, early exercise factor is 70% and expected volatility is 24%. The contractual life of the options
is 5 years from the date of grant.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes Matrix employee stock-based compensation activity during the year ended December&#160;31, 2021:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;br/&gt;

    average&lt;br/&gt;
 exercise&lt;br/&gt;
 price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
                                         average&lt;br/&gt;
                                         remaining&lt;br/&gt;
                                         contractual&lt;br/&gt;
 term&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(in
                                         years)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic&lt;br/&gt;
 value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,674,134&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.70&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.88&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19,935&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(811,378&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.70&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-196"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(11,159&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;862,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.41&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.93&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;17,513&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;51,378&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-197"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-198"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,560&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
aggregate intrinsic value provided in the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Matrix&#x2019; ordinary shares and the change in the exchange rate between the New Israeli Shekel and dollar.
Total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Matrix equity
incentive plan as of December&#160;31, 2020 and 2021 were $1,368 and $428, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes Sapiens stock-based compensation activity during the year ended December&#160;31, 2021:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="14" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Year
    ended December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amount
    of&lt;br/&gt;
    options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/p&gt; &lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;average&lt;/span&gt;&lt;/p&gt; &lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    average remaining&lt;br/&gt;
    contractual&lt;br/&gt;
 life&lt;br/&gt;
    (in years)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,462,482&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14.26&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;847,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30.36&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(359,859&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Expired
    and forfeited&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(114,238&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.69&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-199"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1835,385&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22,374&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;734,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.95&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,064&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
2019, 2020 and 2021, Sapiens granted 155,000, 315,000 and 847,000 stock options, respectively, to its employees and directors
to purchase its shares. The weighted average grant date fair values of the options granted during the years ended December&#160;31,
2019, 2020 and 2021 were $4.24, $7.99 and $10.35, respectively. The aggregate intrinsic value provided on the table above represents
the total intrinsic value that would have been received by the option holders had all option holders exercised their options on
the respective dates. This value would change based on the change in the market value of Sapiens&#x2019; common shares. The total
intrinsic value of options exercised during the years ended December&#160;31, 2019, 2020 and 2021 was $2,301, $11,658 and $8,505,
respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
options outstanding under Sapiens&#x2019; stock option plans as of December&#160;31, 2021 have been separated into ranges of exercise
price as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercise&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;remaining&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;price
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Ranges
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;as
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;contractual&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;as
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise
    price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Term&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Years)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.94&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,750&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.35&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.94&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.7-10.72&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;597,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.82&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.64&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;564,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.66&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.48-15.09&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;109,166&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.28&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.51&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;67,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23.92-28.49&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;297,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.56&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25.97&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;82,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29.81-32.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;730,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.98&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31.59&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;97,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.92&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34.69&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-200"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-201"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,835,385&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;734,696&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.95&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
total equity-based compensation expense related to all of Sapiens&#x2019; equity-based awards, recognized for the years ended December&#160;31,
2019, 2020 and 2021, after being adjusted to comply with IFRS, was $1,125, $4,318 and $5,421, respectively. As of December&#160;31,
2021, there was $8,072 of total unrecognized compensation cost related to non-vested options, which is expected to be recognized
over a period of up to four years.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
connection with Sapiens&#x2019; acquisition of sum.cumo on February&#160;6, 2020 (see Note 3(ii)(b)), Sapiens issued an aggregate
of 173,005 RSUs to certain employees of sum.cumo in connection with the acquisition. The value of these grants was not included
in the purchase price of sum.cumo, since their vesting is subject to both continued employment and other performance criteria.
On August&#160;3, 2021, Sapiens issued another 24,222 RSUs to certain employees of sum.cumo in connection with the acquisition.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
recorded compensation costs related to RSUs of $1,130 for the year ended December&#160;31, 2021, which were included in Selling,
marketing, general and administrative expenses in the Company&#x2019;s consolidated statements of income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
summary of the RSU activities in Sapiens in the year ended on December&#160;31, 2021, is as follows&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    &lt;br/&gt;
    Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amount
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Grant-Date
    Fair&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 66%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unvested
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;238,005&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,222&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vested&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(43,451&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Expired
    and forfeiture&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(65,020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.47&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unvested
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;203,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26.46&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table summarizes Magic Software stock-based compensation activity during the year ended December&#160;31, 2021:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;br/&gt;
    average&lt;br/&gt;
    exercise&lt;br/&gt;
 price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted
                                         average remaining&lt;br/&gt;
                                         contractual&lt;br/&gt;
 term&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(in
                                         years)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic&lt;br/&gt;
 value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 51%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.24&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;380&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;80,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-202"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(38,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.12&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Forfeited
    &lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-203"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-204"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;66,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,360&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.03&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;522&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
aggregate intrinsic value provided on the table above represents the total intrinsic value that would have been received by the
option holders had all option holders exercised their options on the respective dates. This value would change based on the change
in the market value of Magic Software&#x2019;s ordinary shares. Total intrinsic value of options exercised during the years ended
December&#160;31, 2019, 2020 and 2021, was $537, $765 and $628 respectively. As of December&#160;31, 2021, there was $393 of unrecognized
compensation cost related to non-vested share-based compensation arrangements granted under Magic Software&#x2019;s plans, which
is expected to be recognized over a weighted-average period of 1.29 years.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
options outstanding as of December&#160;31, 2021, have been separated into ranges of exercise price categories, as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Ranges
                                         of&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
                                                                                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Exercise
                                         price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Options&lt;br/&gt;
                                         outstanding&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
                                         average&lt;br/&gt;
                                         remaining&lt;br/&gt;
                                         contractual life&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
    average&lt;br/&gt; exercise price&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Options&lt;br/&gt;
                                         exercisable&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted
                                         average&lt;br/&gt;
                                         exercise price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         exercisable&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(Years)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;60,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.60&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.62&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;66,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.03&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:DisclosureOfEmployeeOptionPlansExplanatoryTextBlock>
    <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Selling
    and marketing expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-194"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-195"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;74&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;General
    and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,767&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,856&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,800&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,767&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,856&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,874&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees contextRef="c323" decimals="-3" unitRef="usd">74000</ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees contextRef="c324" decimals="-3" unitRef="usd">14767000</ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees contextRef="c325" decimals="-3" unitRef="usd">7856000</ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees contextRef="c326" decimals="-3" unitRef="usd">3800000</ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees>
    <ifrs-full:AdministrativeExpense contextRef="c324" decimals="-3" unitRef="usd">14767000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense contextRef="c325" decimals="-3" unitRef="usd">7856000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense contextRef="c326" decimals="-3" unitRef="usd">3874000</ifrs-full:AdministrativeExpense>
    <forty:RestrictedShares contextRef="c296" decimals="0" unitRef="shares">10000</forty:RestrictedShares>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c297">These restricted
shares vest on a quarterly basis over a three-year period, commencing on August&#160;17, 2017 and concluding on August&#160;17,
2020, provided that during such time the chief financial officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates, except that if he fails to meet the service condition due to the request
of the board of directors of either Formula or any of its directly held affiliates (other than a termination of his provision
of services which is based on actions or omissions by him that will constitute &#x201c;cause&#x201d; under his grant agreement with
Formula), then, the chief financial officer will be deemed to have complied with clauses (i) or (ii) above.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted contextRef="c296" decimals="-3" unitRef="usd">371000</ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted>
    <forty:FairValueOfGrantSharePricePerShare contextRef="c296" decimals="1" unitRef="usdPershares">37.1</forty:FairValueOfGrantSharePricePerShare>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c298" decimals="-3" unitRef="usd">66000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c299" decimals="-3" unitRef="usd">21000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c0">As of December&#160;31, 2021, Formula&#x2019;s
chief financial officer holds 10,834 shares.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <forty:RestrictedShares contextRef="c300" decimals="0" unitRef="shares">10000</forty:RestrictedShares>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c301">These restricted
shares vest on an annual basis over a four-year period, commencing on November&#160;19, 2018 and concluding on November&#160;19,
2022, provided that during such time the chief operational officer will continue to serve as (i) an officer of the Company and/or
(ii) an officer in one of the directly held affiliates. The total fair value of the grant was calculated based on the Formula
share price on the grant date and equaled $382 ($38.2 per share). The total compensation expense the Company recorded in its statement
of profit or loss for the years ended December&#160;31, 2019, 2020 and 2021 were $191, $98 and $60, respectively. As of December&#160;31,
2021 Formula&#x2019;s chief operational officer holds 10,000 restricted shares from this grant, of which 7,500 are fully vested.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <forty:RestrictedShares contextRef="c302" decimals="0" unitRef="shares">611771</forty:RestrictedShares>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c303">66.67% of the RSUs (i.e., 407,847
RSUs) are subject to time-based vesting that shall start as of the grant date and shall end at December&#160;31, 2027, subject
to the continued engagement of Formula&#x2019;s chief executive officer with the Company as of that date (the &#x201c;Vesting Period&#x201d;);
and up to 33.33% of the RSUs (i.e., 203,924 RSUs as of the date hereof) are subject to performance-based vesting, and shall vest
at December&#160;31, 2027 on a pro-rata basis with respect to each fiscal year (starting as of January&#160;1, 2020) during the
Vesting Period in which the Target EBITDA (as defined below) is achieved, subject to the continued engagement of Formula&#x2019;s
chief executive officer with the Company. At the end of the vesting period, the number of performances-based RSUs that
vests shall be equal to (i) the number of fiscal years in which the Target EBITDA was achieved multiplied by (ii) 25,490.50 RSUs
(rounded to the nearest whole number, up to a cap of 203,924 RSUs in total). The &#x201c;Target EBITDA&#x201d; in a given fiscal
year during the Vesting Period means the Company&#x2019;s EBITDA in that certain fiscal year (as reflected in the Company&#x2019;s
annual audited consolidated financial statements), excluding the cost attributed to the applicable portion of the RSUs in the
Company&#x2019;s annual audited consolidated financial statements for the applicable fiscal year (as to which the review of performance
is made to determine whether one-eighth of the Performance Based RSUs (i.e., 25,490.50 RSUs) shall become vested at the
end of the Vesting Period).</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage contextRef="c304" decimals="2" unitRef="pure">1.05</forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage>
    <forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage contextRef="c305" decimals="2" unitRef="pure">0.75</forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage>
    <forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription contextRef="c0">(i) the EBITDA in the fiscal year immediately following the Specific Year was at least 110.25% of 75%
of the Company&#x2019;s EBITDA in the year preceding the Specific Year, or (ii) in case that the condition in the foregoing clause
(i) was not met, then the EBITDA in the second fiscal year following the Specific Year was at least 115.7625% of 75% of the Company&#x2019;s
EBITDA in the year preceding the Specific Year. Accordingly, in case that either clause (i) or (ii) was met for a certain Specific
Year, then the vesting with respect to such Specific Year shall be deemed to have been achieved, and those RSUs shall become vested
as of the end of the Vesting Period. In the event that neither of the conditions described in clauses (i) or (ii) was met, the
portion of RSUs for the applicable Specific Year shall automatically expire and terminate.</forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription>
    <forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage contextRef="c305" decimals="2" unitRef="pure">1.05</forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage>
    <forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage contextRef="c304" decimals="2" unitRef="pure">0.75</forty:EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage>
    <forty:PrecedingYears contextRef="c0">P2Y</forty:PrecedingYears>
    <forty:NumberOfVestedPercentage contextRef="c0" decimals="2" unitRef="pure">0.20</forty:NumberOfVestedPercentage>
    <ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted contextRef="c2" decimals="-3" unitRef="usd">50054000</ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted>
    <forty:FairValueOfGrantSharePricePerShare contextRef="c2" decimals="1" unitRef="usdPershares">81.8</forty:FairValueOfGrantSharePricePerShare>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c0" decimals="-3" unitRef="usd">7373000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <forty:UnrecognizedCompensationCosts contextRef="c4" decimals="-3" unitRef="usd">51940000</forty:UnrecognizedCompensationCosts>
    <forty:UnrecognizedCompensationCosts contextRef="c0" decimals="-3" unitRef="usd">45973000</forty:UnrecognizedCompensationCosts>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c306">Matrix extended its agreement with Revava Management Company Ltd. through which its chief executive officer,
Mr. Moti Gutman, provides services to Matrix, for five years&#x2019; term starting on January&#160;1, 2018. As part of the new
agreement in January&#160;2018, Matrix awarded Mr. Gutman 256,890 (RSUs), which vest on an annual basis over a five-year period,
commencing on January&#160;16, 2018 and concludes on December&#160;31, 2022, but not before the publication of Matrix&#x2019;s
financial statements for each respective year, and subject to certain conditions. In 2021, 51,378 restricted share units (RSU)
were vested and exercised. As of December&#160;31, 2021 Mr. Gutman holds 102,756 restricted share units (RSU) from this grant.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c307">Matrix approved, following the approval by Matrix&#x2019;s compensation committee,
the grant of 1,440,000 options which are exercisable into up to 1,440,000 ordinary shares of Matrix of NIS 1 par value each, to
20 senior officers of Matrix. The exercise price of the options was NIS 41.7 at the date of their grant, subject to adjustments,
including upon the distribution of dividends. 50% of the options will be vested on January&#160;1, 2021 with the remaining amount
vesting in equal parts on January&#160;1, 2022 and 2023.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement contextRef="c308">Matrix approved, after obtaining the approval of Matrix&#x2019;s compensation
committee and Matrix board of directors the grant of 80,000 options which are exercisable into up to 80,000 ordinary shares of
Matrix of NIS 1 par value, to the President and Vice Chairman of the Matrix board. The exercise price of the options was NIS 43.16
at the date of their grant, subject to adjustments, including upon the distribution of dividends. 50% of the options will vest
on January&#160;1, 2021, with the remaining amount vesting in equal parts on January&#160;1, 2022 and 2023.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
    <ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted contextRef="c309" decimals="3" unitRef="pure">0.005</ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted>
    <ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted contextRef="c310" decimals="3" unitRef="pure">0.016</ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted>
    <forty:DescriptionOfExerciseShareOptionsGranted contextRef="c311" decimals="2" unitRef="pure">0.70</forty:DescriptionOfExerciseShareOptionsGranted>
    <ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted contextRef="c311" decimals="2" unitRef="pure">0.24</ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted>
    <forty:OptionsExpirePeriods contextRef="c311">P5Y</forty:OptionsExpirePeriods>
    <forty:ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock contextRef="c66">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;br/&gt;

    average&lt;br/&gt;
 exercise&lt;br/&gt;
 price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
                                         average&lt;br/&gt;
                                         remaining&lt;br/&gt;
                                         contractual&lt;br/&gt;
 term&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(in
                                         years)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic&lt;br/&gt;
 value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,674,134&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.70&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.88&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19,935&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(811,378&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.70&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-196"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(11,159&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;862,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.41&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.93&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;17,513&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;51,378&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-197"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-198"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,560&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock>
    <forty:NumberOfShareOptionsOutstanding contextRef="c51" decimals="0" unitRef="shares">1674134</forty:NumberOfShareOptionsOutstanding>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement contextRef="c51" decimals="2" unitRef="usdPershares">10.7</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear contextRef="c51">P2Y10M17D</forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear>
    <forty:AggregateIntrinsicValueOfOutstandingShareOptions contextRef="c51" decimals="-3" unitRef="usd">19935000</forty:AggregateIntrinsicValueOfOutstandingShareOptions>
    <forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c66" decimals="0" unitRef="shares">-811378</forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c66" decimals="2" unitRef="usdPershares">10.7</forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:AggregateIntrinsicValueOfExercisedShareOptions contextRef="c66" decimals="-3" unitRef="usd">-11159000</forty:AggregateIntrinsicValueOfExercisedShareOptions>
    <forty:NumberOfShareOptionsOutstanding contextRef="c50" decimals="0" unitRef="shares">862756</forty:NumberOfShareOptionsOutstanding>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement contextRef="c50" decimals="2" unitRef="usdPershares">11.41</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear contextRef="c50">P1Y11M4D</forty:WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear>
    <forty:AggregateIntrinsicValueOfOutstandingShareOptions contextRef="c50" decimals="-3" unitRef="usd">17513000</forty:AggregateIntrinsicValueOfOutstandingShareOptions>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement contextRef="c50" decimals="0" unitRef="shares">51378</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement>
    <forty:AggregateIntrinsicValueOfExercisableShareOptions contextRef="c50" decimals="-3" unitRef="usd">1560000</forty:AggregateIntrinsicValueOfExercisableShareOptions>
    <forty:UnrecognizedCompensationCosts contextRef="c311" decimals="-3" unitRef="usd">1368000</forty:UnrecognizedCompensationCosts>
    <forty:UnrecognizedCompensationCosts contextRef="c312" decimals="-3" unitRef="usd">428000</forty:UnrecognizedCompensationCosts>
    <forty:ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock contextRef="c67">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="14" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Year
    ended December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amount
    of&lt;br/&gt;
    options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/p&gt; &lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;average&lt;/span&gt;&lt;/p&gt; &lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    average remaining&lt;br/&gt;
    contractual&lt;br/&gt;
 life&lt;br/&gt;
    (in years)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,462,482&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14.26&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;847,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30.36&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(359,859&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Expired
    and forfeited&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(114,238&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.69&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-199"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1835,385&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22,374&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;734,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.95&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,064&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock>
    <forty:AmountOfOptionsOutstandingAtBeginningOfYear contextRef="c53" decimals="INF" unitRef="shares">1462482</forty:AmountOfOptionsOutstandingAtBeginningOfYear>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement contextRef="c53" decimals="2" unitRef="usdPershares">14.26</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions contextRef="c53">P3Y2M1D</forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions>
    <forty:AggregateIntrinsicValueOfOutstandingShareOptions contextRef="c53" decimals="-3" unitRef="usd">24019000</forty:AggregateIntrinsicValueOfOutstandingShareOptions>
    <forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement contextRef="c67" decimals="INF" unitRef="shares">847000</forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement contextRef="c67" decimals="2" unitRef="usdPershares">30.36</forty:WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement>
    <forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c67" decimals="INF" unitRef="shares">-359859</forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c67" decimals="2" unitRef="usdPershares">10.32</forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement contextRef="c67" decimals="INF" unitRef="shares">-114238</forty:NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement contextRef="c67" decimals="2" unitRef="usdPershares">12.69</forty:WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement contextRef="c52" decimals="2" unitRef="usdPershares">22.27</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions contextRef="c52">P3Y9M7D</forty:WeightedAverageRemainingContractualTermOfOutstandingSharesOptions>
    <forty:AggregateIntrinsicValueOfOutstandingShareOptions contextRef="c52" decimals="-3" unitRef="usd">22374000</forty:AggregateIntrinsicValueOfOutstandingShareOptions>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement contextRef="c52" decimals="INF" unitRef="shares">734969</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement contextRef="c52" decimals="2" unitRef="usdPershares">12.95</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions contextRef="c67">P2Y1M6D</forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions>
    <forty:AggregateIntrinsicValueOfExercisableShareOptions contextRef="c52" decimals="-3" unitRef="usd">15064000</forty:AggregateIntrinsicValueOfExercisableShareOptions>
    <forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangements contextRef="c313">In
2019, 2020 and 2021, Sapiens granted 155,000, 315,000 and 847,000 stock options, respectively, to its employees and directors
to purchase its shares.</forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangements>
    <forty:WeightedAverageGrantDateFairValuesOfOptions contextRef="c314" decimals="2" unitRef="usdPershares">4.24</forty:WeightedAverageGrantDateFairValuesOfOptions>
    <forty:WeightedAverageGrantDateFairValuesOfOptions contextRef="c315" decimals="2" unitRef="usdPershares">7.99</forty:WeightedAverageGrantDateFairValuesOfOptions>
    <forty:WeightedAverageGrantDateFairValuesOfOptions contextRef="c313" decimals="2" unitRef="usdPershares">10.35</forty:WeightedAverageGrantDateFairValuesOfOptions>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c314" decimals="-3" unitRef="usd">2301000</forty:IntrinsicValueOfOptionsExercised>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c315" decimals="-3" unitRef="usd">11658000</forty:IntrinsicValueOfOptionsExercised>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c313" decimals="-3" unitRef="usd">8505000</forty:IntrinsicValueOfOptionsExercised>
    <forty:ScheduleOfSapiensStockOptionPlansTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"/&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercise&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;remaining&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;price
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Ranges
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;as
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;contractual&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;as
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;exercise
    price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Term&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Years)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.94&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,750&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.35&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.94&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.7-10.72&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;597,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.82&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.64&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;564,969&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.66&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.48-15.09&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;109,166&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.28&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.51&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;67,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23.92-28.49&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;297,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.56&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25.97&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;82,500&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29.81-32.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;730,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.98&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30.17&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31.59&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;97,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.92&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34.69&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-200"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-201"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,835,385&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.77&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;22.27&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;734,696&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.95&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfSapiensStockOptionPlansTableTextBlock>
    <forty:RangeOfExercisePricesOfOutstandingShareOptions contextRef="c313" decimals="2" unitRef="usdPershares">7.94</forty:RangeOfExercisePricesOfOutstandingShareOptions>
    <forty:NumberOfShareOptionOutstanding contextRef="c313" decimals="0" unitRef="shares">3750</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c313">P2Y4M6D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c313" decimals="2" unitRef="usdPershares">7.94</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit contextRef="c327" decimals="1" unitRef="usdPershares">8.7</forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit contextRef="c327" decimals="2" unitRef="usdPershares">10.72</forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit>
    <forty:NumberOfShareOptionOutstanding contextRef="c327" decimals="0" unitRef="shares">597969</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c327">P1Y9M25D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c327" decimals="2" unitRef="usdPershares">10.64</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c327" decimals="0" unitRef="shares">564969</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c327" decimals="2" unitRef="usdPershares">10.66</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit contextRef="c328" decimals="2" unitRef="usdPershares">11.48</forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit contextRef="c328" decimals="2" unitRef="usdPershares">15.09</forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit>
    <forty:NumberOfShareOptionOutstanding contextRef="c328" decimals="0" unitRef="shares">109166</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c328">P2Y3M10D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c328" decimals="2" unitRef="usdPershares">12.51</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c328" decimals="0" unitRef="shares">67500</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c328" decimals="2" unitRef="usdPershares">12.17</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit contextRef="c329" decimals="2" unitRef="usdPershares">23.92</forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit contextRef="c329" decimals="2" unitRef="usdPershares">28.49</forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit>
    <forty:NumberOfShareOptionOutstanding contextRef="c329" decimals="0" unitRef="shares">297500</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c329">P4Y6M21D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c329" decimals="2" unitRef="usdPershares">25.97</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c329" decimals="0" unitRef="shares">82500</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c329" decimals="2" unitRef="usdPershares">24.77</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit contextRef="c330" decimals="2" unitRef="usdPershares">29.81</forty:RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit>
    <forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit contextRef="c330" decimals="2" unitRef="usdPershares">32.27</forty:RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit>
    <forty:NumberOfShareOptionOutstanding contextRef="c330" decimals="0" unitRef="shares">730000</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c330">P4Y11M23D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c330" decimals="2" unitRef="usdPershares">30.17</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c330" decimals="0" unitRef="shares">20000</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c330" decimals="2" unitRef="usdPershares">31.59</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:RangeOfExercisePricesOfOutstandingShareOptions contextRef="c331" decimals="2" unitRef="usdPershares">34.96</forty:RangeOfExercisePricesOfOutstandingShareOptions>
    <forty:NumberOfShareOptionOutstanding contextRef="c331" decimals="0" unitRef="shares">97000</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c331">P5Y11M1D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c331" decimals="2" unitRef="usdPershares">34.69</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionOutstanding contextRef="c0" decimals="0" unitRef="shares">1835385</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c0">P3Y9M7D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c0" decimals="2" unitRef="usdPershares">22.27</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c0" decimals="0" unitRef="shares">734696</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c0" decimals="2" unitRef="usdPershares">12.95</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c314" decimals="-3" unitRef="usd">1125000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c315" decimals="-3" unitRef="usd">4318000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment contextRef="c313" decimals="-3" unitRef="usd">5421000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <forty:UnrecognizedCompensationCosts contextRef="c313" decimals="-3" unitRef="usd">8072000</forty:UnrecognizedCompensationCosts>
    <forty:OptionsExpirePeriods contextRef="c313">P4Y</forty:OptionsExpirePeriods>
    <forty:RestrictedShares contextRef="c316" decimals="0" unitRef="shares">173005</forty:RestrictedShares>
    <forty:RestrictedShares contextRef="c317" decimals="0" unitRef="shares">24222</forty:RestrictedShares>
    <ifrs-full:SellingGeneralAndAdministrativeExpense contextRef="c313" decimals="-3" unitRef="usd">1130000</ifrs-full:SellingGeneralAndAdministrativeExpense>
    <ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    &lt;br/&gt;
    Average&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amount
    of&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Grant-Date
    Fair&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;options&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 66%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unvested
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;238,005&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,222&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;29.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vested&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(43,451&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Expired
    and forfeiture&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(65,020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24.47&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unvested
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;203,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26.46&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory>
    <forty:AmountOfOptionsUnvestedBeginning contextRef="c3" decimals="INF" unitRef="shares">238005000</forty:AmountOfOptionsUnvestedBeginning>
    <forty:WeightedAverageGrantDateFairValuesUnvestedEnding contextRef="c3" decimals="2" unitRef="usdPershares">24.45</forty:WeightedAverageGrantDateFairValuesUnvestedEnding>
    <forty:AmountOfOptionsGranted contextRef="c0" decimals="INF" unitRef="shares">74222000</forty:AmountOfOptionsGranted>
    <forty:WeightedAverageGrantDateFairValueGranted contextRef="c0" decimals="2" unitRef="usdPershares">29.96</forty:WeightedAverageGrantDateFairValueGranted>
    <forty:AmountOfOptionsVested contextRef="c0" decimals="INF" unitRef="shares">-43451000</forty:AmountOfOptionsVested>
    <forty:WeightedAverageGrantDateFairValueVested contextRef="c0" decimals="2" unitRef="usdPershares">24.45</forty:WeightedAverageGrantDateFairValueVested>
    <forty:AmountOfOptionsExpiredAndForfeiture contextRef="c0" decimals="INF" unitRef="shares">-65020000</forty:AmountOfOptionsExpiredAndForfeiture>
    <forty:WeightedAverageGrantDateFairValueExpiredAndForfeiture contextRef="c0" decimals="2" unitRef="usdPershares">24.47</forty:WeightedAverageGrantDateFairValueExpiredAndForfeiture>
    <forty:AmountOfOptionsUnvestedBeginning contextRef="c2" decimals="INF" unitRef="shares">203756000</forty:AmountOfOptionsUnvestedBeginning>
    <forty:WeightedAverageGrantDateFairValuesUnvestedEnding contextRef="c2" decimals="2" unitRef="usdPershares">26.46</forty:WeightedAverageGrantDateFairValuesUnvestedEnding>
    <ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory contextRef="c332">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted&lt;br/&gt;
    average&lt;br/&gt;
    exercise&lt;br/&gt;
 price&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted
                                         average remaining&lt;br/&gt;
                                         contractual&lt;br/&gt;
 term&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(in
                                         years)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Aggregate&lt;br/&gt;
    intrinsic&lt;br/&gt;
 value&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 51%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at January&#160;1, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.24&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;380&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Granted&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;80,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-202"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercised&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(38,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.12&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Forfeited
    &lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-203"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-204"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;66,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,360&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Exercisable
    at December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.03&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;522&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory>
    <forty:NumberOfShareOptionOutstandingAtBeginningOfYear contextRef="c333" decimals="0" unitRef="shares">24250</forty:NumberOfShareOptionOutstandingAtBeginningOfYear>
    <forty:WeightedAverageExercisePriceOutstandingAtBeginningOfYear contextRef="c333" decimals="2" unitRef="usdPershares">3.45</forty:WeightedAverageExercisePriceOutstandingAtBeginningOfYear>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions contextRef="c334">P1Y2M26D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions>
    <forty:AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars contextRef="c333" decimals="-3" unitRef="usd">380000</forty:AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars>
    <forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement contextRef="c334" decimals="0" unitRef="shares">80000</forty:NumberOfShareOptionGrantedInSharebasedPaymentArrangement>
    <forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c334" decimals="0" unitRef="shares">-38000</forty:NumberOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement contextRef="c334" decimals="2" unitRef="usdPershares">1.12</forty:WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement>
    <forty:NumberOfShareOptionOutstandingAtEndOfYear contextRef="c335" decimals="0" unitRef="shares">66250</forty:NumberOfShareOptionOutstandingAtEndOfYear>
    <forty:WeightedAverageExercisePriceOutstandingAtEndOfYear contextRef="c335" decimals="2" unitRef="shares">0.45</forty:WeightedAverageExercisePriceOutstandingAtEndOfYear>
    <forty:AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars contextRef="c335" decimals="-3" unitRef="usd">1360000</forty:AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement contextRef="c335" decimals="0" unitRef="shares">26250</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangement>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement contextRef="c335" decimals="2" unitRef="usdPershares">1.03</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement>
    <forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions contextRef="c334">P7Y11M15D</forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions>
    <forty:AggregateIntrinsicValueOfExercisableShareOptions contextRef="c335" decimals="-3" unitRef="usd">522000</forty:AggregateIntrinsicValueOfExercisableShareOptions>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c318" decimals="-3" unitRef="usd">537000</forty:IntrinsicValueOfOptionsExercised>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c319" decimals="-3" unitRef="usd">765000</forty:IntrinsicValueOfOptionsExercised>
    <forty:IntrinsicValueOfOptionsExercised contextRef="c320" decimals="-3" unitRef="usd">628000</forty:IntrinsicValueOfOptionsExercised>
    <forty:UnrecognizedCompensationCost contextRef="c0" decimals="0" unitRef="usd">393</forty:UnrecognizedCompensationCost>
    <forty:WeightedAveragePeriod contextRef="c0">P1Y3M14D</forty:WeightedAveragePeriod>
    <ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Ranges
                                         of&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
                                                                                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Exercise
                                         price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Options&lt;br/&gt;
                                         outstanding&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
                                         average&lt;br/&gt;
                                         remaining&lt;br/&gt;
                                         contractual life&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted&lt;br/&gt;
    average&lt;br/&gt; exercise price&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Options&lt;br/&gt;
                                         exercisable&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Weighted
                                         average&lt;br/&gt;
                                         exercise price&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;of
                                         exercisable&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;options&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(Years)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;60,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.60&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.62&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.32&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;66,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.96&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.45&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,250&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.03&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory>
    <forty:RangesOfExercisePrice contextRef="c336" decimals="0" unitRef="usdPershares">0</forty:RangesOfExercisePrice>
    <forty:NumberOfShareOptionOutstanding contextRef="c336" decimals="INF" unitRef="shares">60000</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1 contextRef="c336">P1Y7M6D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c336" decimals="INF" unitRef="shares">20000</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:RangesOfExercisePrice contextRef="c337" decimals="2" unitRef="usdPershares">4.32</forty:RangesOfExercisePrice>
    <forty:NumberOfShareOptionOutstanding contextRef="c337" decimals="INF" unitRef="shares">6250</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1 contextRef="c337">P8Y7M13D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c337" decimals="2" unitRef="usdPershares">4.32</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c337" decimals="INF" unitRef="shares">6250</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c337" decimals="2" unitRef="usdPershares">4.32</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionOutstanding contextRef="c338" decimals="INF" unitRef="shares">66250</forty:NumberOfShareOptionOutstanding>
    <forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1 contextRef="c338">P7Y11M15D</forty:WeightedAverageRemainingContractualTermOfOutstandingShareOptions1>
    <forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements contextRef="c338" decimals="2" unitRef="usdPershares">0.45</forty:WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c338" decimals="INF" unitRef="shares">26250</forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements contextRef="c338" decimals="2" unitRef="usdPershares">1.03</forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;NOTE
                            18:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;EMPLOYEE
                                         BENEFIT LIABILITIES&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employee
benefits consist of post-employment benefits, other long-term benefits and termination benefits.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Post-employment
                                         benefits&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;According
to the labor laws and Severance Pay Law in Israel, the Israeli companies in the Group are required to pay compensation to an employee
upon dismissal or retirement or to make current contributions in defined contribution plans pursuant to section&#160;14 to the
Severance Pay Law, as specified below. These liabilities are accounted for as a post-employment benefit. The computation of the
Group&#x2019;s employee benefit liability is made according to the current employment contract based on an employee&#x2019;s salary
and employment term which establish the entitlement to receive the compensation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
post-employment employee benefits are normally financed by contributions classified as a defined benefit plan or as a defined
contribution plan, as detailed below.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Defined
                                         contribution plans&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Section&#160;14
of the Severance Pay Law, 1963 applies to part of the compensation payments, pursuant to which the fixed contributions paid by
the Group into pension funds and/or policies of insurance companies release the Group from any additional liability to employees
for whom said contributions were made. These contributions and contributions for benefits represent defined contribution plans.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Defined
                                         benefit plans&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;The
Group accounts for that part of the payment of compensation that is not covered by contributions in defined contribution plans,
as above, as a defined benefit plan for which an employee benefit liability is recognized and for which the Group deposits amounts
in central severance pay funds and in qualifying insurance policies.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Other
                                         long-term benefits&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;According
to Matrix&#x2019;s agreements with one of its senior officers, he is entitled to an adaptation bonus in an amount of 12 salaries.
This liability has been recognized as a defined benefit.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Composition
                                         of defined benefit plans is as follows:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Defined
    benefit obligation&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;123,138&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;113,540&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair
    value of plan assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(110,497&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(98,421&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Net
    defined benefit liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12,641&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,119&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory contextRef="c339">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Defined
    benefit obligation&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;123,138&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;113,540&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Fair
    value of plan assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(110,497&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(98,421&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Net
    defined benefit liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12,641&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,119&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory>
    <ifrs-full:DefinedBenefitObligationAtPresentValue contextRef="c2" decimals="-3" unitRef="usd">123138000</ifrs-full:DefinedBenefitObligationAtPresentValue>
    <ifrs-full:DefinedBenefitObligationAtPresentValue contextRef="c3" decimals="-3" unitRef="usd">113540000</ifrs-full:DefinedBenefitObligationAtPresentValue>
    <ifrs-full:PlanAssetsAtFairValue contextRef="c2" decimals="-3" unitRef="usd">-110497000</ifrs-full:PlanAssetsAtFairValue>
    <ifrs-full:PlanAssetsAtFairValue contextRef="c3" decimals="-3" unitRef="usd">-98421000</ifrs-full:PlanAssetsAtFairValue>
    <ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan contextRef="c2" decimals="-3" unitRef="usd">12641000</ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan>
    <ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan contextRef="c3" decimals="-3" unitRef="usd">15119000</ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan>
    <ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory contextRef="c0">&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Note
19:- Commitments and Contingencies&lt;/span&gt;&lt;/p&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Liens&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;Liens
                                         have been incurred by Formula over a certain portion of the Matrix, Magic Software and
                                         Sapiens&#x2019; shares which it held. As of December&#160;31, 2021 Formula has collaterals
                                         in connection with Series A Secured Debentures and Series C Secured Debentures issued
                                         by Formula on the TASE (see Note 14).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;Composition
                                         of pledged shares of Matrix, Magic Software and Sapiens owned by Formula as of December&#160;31,
                                         2021:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Formula&#x2019;s&lt;br/&gt;
    Series A&lt;br/&gt; Secured&lt;br/&gt; Debentures&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Formula&#x2019;s&lt;br/&gt;
    Series C&lt;br/&gt; Secured&lt;br/&gt; Debentures&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 77%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
    ordinary shares, par value NIS 1.0 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,128,865&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,031,761&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
    Software ordinary shares, par value NIS 0.1 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,825,681&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,411,474&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
    common shares, par value &#x20ac;0.01 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,260,266&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,957,590&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;In
accordance with the terms of the deed of trust for Formula&#x2019;s Series C Secured Debentures, Formula did not incur any additional
liens in connection with its additional Series C Secured Debentures issued in April&#160;2021 (see Note 14(c)(ii)).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Guarantees&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, the Group provided performance bank guarantees in an aggregate amount of approximately $49,300 as security
for performance of various contracts with customers and suppliers. As of December&#160;31, 2021, the Group provided bank guarantees
in an aggregate amount of approximately $8,600 as security for rent to be paid for its leased offices. As of December&#160;31,
2021, the Group had restricted bank deposits in an aggregate amount of $300 in favor of the above-mentioned bank guarantees.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition, The Company and its subsidiaries provided certain cross guaranties in favor of certain subsidiaries in the Group.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix,
Sapiens, Magic Software and Michpal each provides cross guarantees to its subsidiaries.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Covenants&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
connection with the Group&#x2019;s debentures and credit facility agreements with banks and other financial institutions, as of
December&#160;31, 2021, the Group committed to the following:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Formula&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&#x2019;s
                                         Debentures&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with Formula&#x2019;s indenture for its Series A and Series C Secured Debentures, Formula has undertaken to comply with
the following financial covenants and obligations:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A covenant not to distribute dividends unless (i) Formula shareholders&#x2019; equity attributable to Formula Systems shareholders shall not be less than $290 million, (ii) Formula&#x2019;s net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 50% of net CAP (defined as financial indebtedness, net, plus shareholders&#x2019; equity), and (iii) the aggregate amount of distributions from January&#160;1, 2016 shall not exceed the aggregate amount of net oncome for the year ended December&#160;31, 2015 together with 75% of accumulated profits from January&#160;1, 2016 until the respective distribution date and (iv) no event of default shall have occurred.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
                                         covenants, including: (i) the equity attributable to Formula Systems shareholders, as
                                         reported in Formula&#x2019;s annual or quarterly financial statements, shall not be less
                                         than $215 million (as of December&#160;31, 2021, Formula equity attributable to Formula
                                         Systems&#x2019; shareholders was approximately $541.0 million); (ii) Formula&#x2019;s net
                                         financial indebtedness (financial indebtedness offset by cash, marketable securities,
                                         deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined
                                         as financial indebtedness, net, plus total equity) (as of December&#160;31, 2021 Formula&#x2019;s
                                         net financial indebtedness was 5.9% of net CAP); (iii) the ratio of Formula&#x2019;s net
                                         financial indebtedness to the last twelve-months period EBITDA will not exceed 5 (all
                                         based on the Company&#x2019;s quarterly and annual consolidated financial statements)
                                         (as of December&#160;31, 2021 the ratio of Formula&#x2019;s net financial indebtedness
                                         to EBITDA was 0.22); and (iv) at all times, Formula&#x2019;s cash balance on a stand-alone
                                         basis will not be less than the semi annual interest payments for the unpaid principal
                                         amount of Series A and Series C Secured Debentures (as of December&#160;31, 2021 Formula&#x2019;s
                                         cash balances exceed the semi annual interest payments amount).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Standard
                                         events of default, including, among others:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: -0.125in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Suspension
                                         of trading of the debentures on the TASE over a period of 60 days;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
                                         the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent
                                         rating of other rating agencies;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Failure
                                         to have the debentures rated over a period of 60 days;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
                                         there is a change in control without consent of the rating agency; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If Formula fails to continue to control any of its subsidiaries;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
the context of Matrix&#x2019;s engagements with banks and financial institutions for its credit facilities, Matrix has undertaken
to comply with the following financial covenants, as they are expressed in its financial statements:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(i)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The total rate of Matrix financial debts and liabilities to banks with the addition of debts in respect of debentures that have been and/or will be issued by Matrix and shareholders&#x2019; loans that have been and/or will be granted to Matrix (collectively, the &#x201c;debts&#x201d;) will not exceed 40% of its total balance sheet. As of December&#160;31, 2021 the ratio between Matrix&#x2019;s financial debts and liabilities to banks versus Matrix total assets was 10.9%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         ratio of Matrix net debt to the annual EBITDA will not exceed 3.5. As of December&#160;31,
                                         2021, Matrix ratio of net debt to EBITDA was 0.79.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(iii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
                                         equity shall not be lower than NIS 275,000 (approximately $88,424) at all times. As of
                                         December&#160;31, 2021 Matrix&#x2019;s equity was approximately NIS 878,054 (approximately
                                         $282,332 million).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(iv)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
                                         cash and cash equivalents and short-term bank deposits shall not be less than NIS 50,000
                                         (approximately $16,077). In the context of Matrix&#x2019; issuance of Commercial Securities
                                         which are not listed, Matrix committed to maintain at least NIS 300,000 (approximately
                                         $96,463) of liquid assets including unused approved bank credits. Such liquid assets
                                         should account for not less than NIS 200,000 of cash and cash equivalent and short-term
                                         bank deposit (approximately $64,309).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
                                         of December&#160;31, 2021, Matrix&#x2019;s cash and cash equivalent and short-term bank
                                         deposits amounted to NIS 534,132 (approximately $171,747).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(v)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
                                         has committed that the rate of ownership and control of Matrix IT-Systems shall never
                                         be below 50.1%.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(vi)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
                                         will not create any pledge on all or part of its property and assets in favor of any
                                         third party and will not provide any guarantee to secure any third party&#x2019;s debts
                                         as they are today and as they will be without the banks&#x2019; consent (except for a
                                         first-rate fixed pledge on an asset which acquisition will be financed by a third party
                                         and which the pledge will be in his favor).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(vii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix will not sell and/or transfer all or part of its assets to others in any manner whatsoever without the banks&#x2019; advance written consent unless it is done in the ordinary course of business.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with the indenture for Sapiens&#x2019; Series B Debentures, Sapiens has undertaken to maintain a number of conditions
and limitations on the manner in which it can operate its business, including limitations on its ability to undergo a change of
control, distribute dividends, incur a floating charge on its assets, or undergo an asset sale or other change that results in
fundamental change in its operations. Sapiens Series B Debentures deed of trust also requires it to comply with certain financial
covenants, as described below. A breach of the financial covenants for more than two successive quarters or a substantial downgrade
in the rating of the debentures (below BBB-) could result in the acceleration of Sapiens&#x2019; obligation to repay the debentures.
The deed of trust includes the following provisions:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(i)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a
                                         negative pledge, subject to certain exceptions;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a covenant not to distribute dividends unless (i) Sapiens equity attributable to Sapiens shareholders&#x2019; shall not be less than $160 million - as of December&#160;31, 2021, Sapiens total shareholders&#x2019; equity was approximately $408,702, (ii) Sapiens net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) does not exceed 65% of net CAP (defined as financial indebtedness, net, plus total equity) - as of December&#160;31, 2021 the ratio of net financial indebtedness to net capitalization was (36.78)%, (iii) the amount of accumulated dividends from the issuance date and going forward shall not exceed Sapiens net income for the year ended December&#160;31, 2016 and the first three quarters of the year ended December&#160;31, 2017, plus 75% of Sapiens accumulated profits from September&#160;1, 2017 and up to the date of distribution, and (iv) no event of default shall have occurred.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(iii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;financial covenants, including: (i) the equity attributable to the shareholders of Sapiens, as reported in its annual or quarterly financial statements, will not be less than $120 million (as of December&#160;31, 2021 Sapiens&#x2019; shareholders equity was $408,702); (ii) Sapiens&#x2019; net financial indebtedness (financial indebtedness offset by cash, marketable securities deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined as financial indebtedness, net, plus shareholders equity, including deposits and other liquid financial instruments) (as of December&#160;31, 2021 Sapiens&#x2019; net financial indebtedness was (36.78%) of net CAP (36.78%) of net CAP); and (iii) the ratio of Sapiens&#x2019; net financial indebtedness to EBITDA (based on accumulated calculation for the four last quarters) shall not exceed 5.5 (as of December 31, 2021 the ratio of Sapiens&#x2019; net financial indebtedness to EBITDA was (1.27)). &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none"&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the terms of the loan with an Israeli financial institution, Magic Software has undertaken to comply with the following financial
covenants, as they will be expressed in its consolidated financial statements (in accordance with US GAAP):&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(i)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total equity attributable to Magic Software&#x2019; shareholders shall not be lower than $100,000 at all times &#x2013; as of December&#160;31, 2021 Magic Software shareholders&#x2019; equity was $275,668.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(ii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
                                         Software&#x2019;s consolidated cash and cash equivalents and marketable securities available
                                         for sale shall not be less than $10,000 &#x2013; as of December&#160;31, 2021 Magic Software&#x2019;s
                                         cash and marketable securities available for sale were $94,818.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(iii)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         ratio of Magic Software&#x2019;s consolidated total financial debts to consolidated total
                                         assets will not exceed 50% - as of December&#160;31, 2021 Magic Software&#x2019;s financial
                                         debts were 7.6% of its total assets;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(iv)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         ratio of Magic Software&#x2019;s total financial debts less cash, short-term deposits
                                         and short-term marketable securities to the annual EBITDA will not exceed 3.25 &#x2013;
                                         as of December&#160;31, 2021 the ratio of Magic Software&#x2019;s net financial indebtedness
                                         to EBITDA was negative (-0.9) (cash exceeds indebtedness); and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(v)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic Software shall not create any pledge on all of its property and assets in favor of any third party without the financial institution&#x2019;s consent.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; "&gt;As
of December&#160;31, 2021, each of Formula, Matrix, Sapiens and Magic Software was in compliance with all of its financial covenants.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Legal
                                         proceedings&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "&gt;In September&#160;2016, an Israeli software company, which was previously involved in an arbitration proceeding with Magic Software in 2015 and won damages from it for $2.4 million, filed a lawsuit seeking damages of NIS 34,106 against Magic Software and one of its subsidiaries. This lawsuit was filed as part of an arbitration proceeding. In the lawsuit, the software company claimed that warning letters that Magic Software sent to its clients in Israel and abroad, warning those clients against the possibility that the conversion procedure offered by the software company may amount to an infringement of Magic Software&#x2019;s copyrights (the &#x201c;Warning Letters&#x201d;), as well as other alleged actions, have caused the software company damages resulting from loss of potential business. The lawsuit is based on rulings given in the 2015 arbitration proceeding in which it was allegedly ruled that the Warning Letters constituted a breach of a non-disclosure agreement (NDA) signed between the parties. Magic Software rejected the claims by the Israeli software company and moved to dismiss the lawsuit entirely. In July&#160;2021 the arbitrator of this proceeding rendered his decision and determined that Magic Software should pay final damages in an amount of NIS5,316 (approximately &lt;span style="font-style: normal; font-variant: normal; font-weight: normal; text-transform: none"&gt;NIS 1,650). Our financial results of operations of 2021 included a net impact of $1.6 million resulting from the arbitration expenses.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "&gt;On November&#160;23, 2020, Olir Trade and Industries Ltd. (&#x201c;Olir&#x201d;) filed a derivative action and a motion to certify a derivative action, with the District Court (Economic Division) of Tel Aviv-Jaffa, Israel (Derivative Action No. 58348-11-20) (the &#x201c;Claim&#x201d; and the &#x201c;Motion to Certify&#x201d;, respectively) (as reported in the Company&#x2019;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on December&#160;9, 2020). In the framework of the Motion to Certify, Olir requested permission to file the Claim, on the Company&#x2019;s behalf, against each of the Company&#x2019;s five directors, as well as the Company&#x2019;s chief executive officer (the &#x201c;CEO&#x201d;), Mr. Guy Bernstein, and chief financial officer, Mr. Asaf Berenstin (the &#x201c;CFO&#x201d;), as defendants. The Company and the named defendants are all listed as respondents to the Motion to Certify. The Claim challenges the legality, under the Israeli Companies Law, 5759-1999 (the &#x201c;Companies Law&#x201d;), of compensation awarded to the Company&#x2019;s CEO and CFO, including past engagements with the CEO and the recent re-approval by the Company&#x2019;s compensation committee and board of directors (as reported in the Company&#x2019;s Report of Foreign Private Issuer on Form&#160;6-K furnished to the Securities and Exchange Commission on November&#160;4, 2020), of the eight-year equity-based award of compensation&#x2014;in the form of 611,771 restricted share units&#x2014; to the Company&#x2019;s CEO. The Claim includes allegations of breaches of fiduciary duties (duty of care and duty of loyalty) and the oppression of minority shareholders and unjust enrichment. The Claim seeks an accounting from the defendants as to the alleged harm caused to the Company, as well as compensation to the Company for such harm. The Claim also seeks a declaratory order preventing the board of directors from using voting powers allegedly granted to it under agreements related to the Company&#x2019;s ADSs. The Company rejects all claims made by Olir and believe that all actions taken by its board of directors and its committees were taken in accordance with the Companies Law and based upon advice of legal counsel. All respondents intend to vigorously defend against the Motion to Certify and on May&#160;13, 2021 all respondents filed their responses to the Motion to Certify.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "&gt;On
May&#160;19, 2021 the Company filed a motion asking the court to order Olir to deposit a guarantee for our costs in the proceedings.
On June&#160;23, 2021 Olir filed its response to the motion. A pre-trial hearing is scheduled for June&#160;2, 2022. The Company
and Olir started mediation proceedings with the first mediation meeting taken place on February&#160;16, 2022. At this early stage
of the proceedings, the Company cannot predict the outcome of the proceedings.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "&gt;On December&#160;24, 2019, a motion for the approval of a class action (#60508-02-20), in an amount of NIS 793,800, was filed against Zap Group with the Israeli District Court (central district), claiming that Zap Group allegedly generated income illegally from paying customers through the &#x2018;ZAP Group&#x2019;s price comparison&#x2019; website. At the pre-trial hearing, it was decided that the plaintiffs would file an explanation to the court as to why they believe they were fit to serve as class action plaintiffs and give an explanation as to why they have performed prohibited clicks on their competitor&#x2019;s websites through ZAP Group&#x2019;s website. In addition plaintiffs were requested to update whether they are willing to reduce the amount of the claim. On July&#160;15, 2021, the plaintiffs filed a motion to reduce the amount of the claim to NIS 63,000. On December&#160;15, 2021, a pre-trial hearing took place, in which the court clarified that it does not intend to interfere with Zap Group&#x2019;s business considerations regarding the click filtering mechanisms that it operates. The court recommended that the plaintiffs reach an agreed solution with Zap Group on the issue of the necessary disclosure that Zap Group should include in its contracts with customers (as available on its website). The parties were requested to file a joint notice in accordance with the court&#x2019;s recommendation by January&#160;15, 2022. The plaintiffs submitted a request for an extension to file the notice. On April&#160;5, 2022, the plaintiffs filed a notice with the court stating that they had not reached agreement with Zap Group and therefore seek to set the case for evidentiary hearing. A date for a hearing has not yet been set. As this claim was filed against Zap Group prior to its acquisition by Formula, any liability resulting from it is covered by the indemnification provided to Formula by the former shareholders of Zap Group.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none; "&gt;In
addition to the above-described legal proceedings, from time to time, Formula and/or its subsidiaries and affiliates are subject
to legal, administrative and regulatory proceedings, claims, demands and investigations in the ordinary course of business, including
claims with respect to intellectual property, contracts, employment and other matters. The Group accrues a liability when it is
both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment
is required in the determination of both the probability and as to whether a loss is reasonably estimable. These accruals are
reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel
and other information and events pertaining to a particular matter. The Group intends to defend itself vigorously against the
above claims, and it generally intends to vigorously defend any other legal claims to which it is subject. While for most litigations,
the outcome is difficult to determine, to the extent that there is a reasonable possibility that the losses to which the Group
may be subject could exceed the amounts (if any) that it has already accrued, the Group attempts to estimate such additional loss,
if reasonably possible, and disclose it (or, if it is an immaterial amount, indicate accordingly). The aggregate provision that
the Group has recorded for all other legal proceedings (other than the particular material proceedings described above) is not
material.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Royalty
                                         commitments&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
Technologies (1982) Ltd. (&#x201c;Sapiens Technologies&#x201d;), a wholly owned subsidiary of Sapiens incorporated in Israel, was
partially financed under programs sponsored by the Israel Innovation Authority (&#x201c;IIA&#x201d;), formerly the Office of the
Chief Scientist (&#x201c;OCS&#x201d;) for the support of certain research and development activities conducted in Israel. In exchange
for participation in the programs by the IIA, Sapiens Technologies agreed to pay 3.5% of total net consolidated license and maintenance
revenue and 0.35% of the net consolidated consulting services revenue related to the software developed within the framework of
these programs based on an understanding with IIA reached in January&#160;2012. The royalties will be paid up to a maximum amount
equaling 100%-150% of the grants provided by the IIA, linked to the dollar, and for grants received after January&#160;1, 1999,
bear annual interest at a rate based on LIBOR.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2020 and 2021, the Group had contingent liabilities to pay royalties of $6,014 and $5,454, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;f)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Insurance&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company and its subsidiaries and affiliates insure themselves in bodily injury and property damage insurance policies, including
third party, professional liability and employer&#x2019;s liability insurance policies. Formula, Sapiens, Magic Software, Zap Group,
Insync, Michpal and Ofek directors and officers (D&amp;amp;O) are insured under an &#x201c;umbrella&#x201d; policy for insurance of
directors and officers including D&amp;amp;O side A DIC policy (another layer of protection for officers) acquired by the Company
for itself and its subsidiaries, for a period of 12 months from February&#160;14, 2021.&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
    <forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Formula&#x2019;s&lt;br/&gt;
    Series A&lt;br/&gt; Secured&lt;br/&gt; Debentures&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Formula&#x2019;s&lt;br/&gt;
    Series C&lt;br/&gt; Secured&lt;br/&gt; Debentures&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 77%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
    ordinary shares, par value NIS 1.0 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,128,865&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,031,761&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
    Software ordinary shares, par value NIS 0.1 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,825,681&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,411,474&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
    common shares, par value &#x20ac;0.01 per share&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,260,266&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,957,590&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock>
    <forty:FinancialInstitutionCreditAgreement contextRef="c349" decimals="0" unitRef="shares">4128865</forty:FinancialInstitutionCreditAgreement>
    <forty:SecuredDebentures contextRef="c349" decimals="0" unitRef="shares">6031761</forty:SecuredDebentures>
    <forty:FinancialInstitutionCreditAgreement contextRef="c350" decimals="0" unitRef="shares">5825681</forty:FinancialInstitutionCreditAgreement>
    <forty:SecuredDebentures contextRef="c350" decimals="0" unitRef="shares">2411474</forty:SecuredDebentures>
    <forty:FinancialInstitutionCreditAgreement contextRef="c351" decimals="0" unitRef="shares">1260266</forty:FinancialInstitutionCreditAgreement>
    <forty:SecuredDebentures contextRef="c351" decimals="0" unitRef="shares">2957590</forty:SecuredDebentures>
    <forty:AggregateSecurityAmount contextRef="c2" decimals="-3" unitRef="usd">49300000</forty:AggregateSecurityAmount>
    <forty:BankGuaranteesAmount contextRef="c2" decimals="-3" unitRef="usd">8600000</forty:BankGuaranteesAmount>
    <ifrs-full:BalancesOnOtherDepositsFromCustomers contextRef="c2" decimals="-3" unitRef="usd">300000</ifrs-full:BalancesOnOtherDepositsFromCustomers>
    <ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary contextRef="c340">a.A covenant not to distribute dividends unless (i) Formula shareholders&#x2019; equity attributable to Formula Systems shareholders shall not be less than $290 million, (ii) Formula&#x2019;s net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) shall not exceed 50% of net CAP (defined as financial indebtedness, net, plus shareholders&#x2019; equity), and (iii) the aggregate amount of distributions from January&#160;1, 2016 shall not exceed the aggregate amount of net oncome for the year ended December&#160;31, 2015 together with 75% of accumulated profits from January&#160;1, 2016 until the respective distribution date and (iv) no event of default shall have occurred.
b.Financial
                                         covenants, including: (i) the equity attributable to Formula Systems shareholders, as
                                         reported in Formula&#x2019;s annual or quarterly financial statements, shall not be less
                                         than $215 million (as of December&#160;31, 2021, Formula equity attributable to Formula
                                         Systems&#x2019; shareholders was approximately $541.0 million); (ii) Formula&#x2019;s net
                                         financial indebtedness (financial indebtedness offset by cash, marketable securities,
                                         deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined
                                         as financial indebtedness, net, plus total equity) (as of December&#160;31, 2021 Formula&#x2019;s
                                         net financial indebtedness was 5.9% of net CAP); (iii) the ratio of Formula&#x2019;s net
                                         financial indebtedness to the last twelve-months period EBITDA will not exceed 5 (all
                                         based on the Company&#x2019;s quarterly and annual consolidated financial statements)
                                         (as of December&#160;31, 2021 the ratio of Formula&#x2019;s net financial indebtedness
                                         to EBITDA was 0.22); and (iv) at all times, Formula&#x2019;s cash balance on a stand-alone
                                         basis will not be less than the semi annual interest payments for the unpaid principal
                                         amount of Series A and Series C Secured Debentures (as of December&#160;31, 2021 Formula&#x2019;s
                                         cash balances exceed the semi annual interest payments amount).&#160;
c.Standard
                                         events of default, including, among others:&#160;
1.Suspension
                                         of trading of the debentures on the TASE over a period of 60 days;&#160;
2.If
                                         the rating of the debentures is less than BBB- by Standard and Poors Maalot or equivalent
                                         rating of other rating agencies;&#160;
3.Failure
                                         to have the debentures rated over a period of 60 days;&#160;
4.If
                                         there is a change in control without consent of the rating agency; and&#160;
5.If Formula fails to continue to control any of its subsidiaries;&#160;</ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary>
    <forty:LiabilityToFinancialInstitutionDescription contextRef="c341">(i)The total rate of Matrix financial debts and liabilities to banks with the addition of debts in respect of debentures that have been and/or will be issued by Matrix and shareholders&#x2019; loans that have been and/or will be granted to Matrix (collectively, the &#x201c;debts&#x201d;) will not exceed 40% of its total balance sheet. As of December&#160;31, 2021 the ratio between Matrix&#x2019;s financial debts and liabilities to banks versus Matrix total assets was 10.9%
(ii)The
                                         ratio of Matrix net debt to the annual EBITDA will not exceed 3.5. As of December&#160;31,
                                         2021, Matrix ratio of net debt to EBITDA was 0.79.&#160;
(iii)Matrix
                                         equity shall not be lower than NIS 275,000 (approximately $88,424) at all times. As of
                                         December&#160;31, 2021 Matrix&#x2019;s equity was approximately NIS 878,054 (approximately
                                         $282,332 million).&#160;
(iv)Matrix
                                         cash and cash equivalents and short-term bank deposits shall not be less than NIS 50,000
                                         (approximately $16,077). In the context of Matrix&#x2019; issuance of Commercial Securities
                                         which are not listed, Matrix committed to maintain at least NIS 300,000 (approximately
                                         $96,463) of liquid assets including unused approved bank credits. Such liquid assets
                                         should account for not less than NIS 200,000 of cash and cash equivalent and short-term
                                         bank deposit (approximately $64,309).&#160;As
                                         of December&#160;31, 2021, Matrix&#x2019;s cash and cash equivalent and short-term bank
                                         deposits amounted to NIS 534,132 (approximately $171,747).&#160;
(v)Matrix
                                         has committed that the rate of ownership and control of Matrix IT-Systems shall never
                                         be below 50.1%.&#160;
(vi)Matrix
                                         will not create any pledge on all or part of its property and assets in favor of any
                                         third party and will not provide any guarantee to secure any third party&#x2019;s debts
                                         as they are today and as they will be without the banks&#x2019; consent (except for a
                                         first-rate fixed pledge on an asset which acquisition will be financed by a third party
                                         and which the pledge will be in his favor).&#160;
(vii)Matrix will not sell and/or transfer all or part of its assets to others in any manner whatsoever without the banks&#x2019; advance written consent unless it is done in the ordinary course of business.&#160;</forty:LiabilityToFinancialInstitutionDescription>
    <forty:DescriptionOfFinancialCovenants contextRef="c342">(ii)a covenant not to distribute dividends unless (i) Sapiens equity attributable to Sapiens shareholders&#x2019; shall not be less than $160 million - as of December&#160;31, 2021, Sapiens total shareholders&#x2019; equity was approximately $408,702, (ii) Sapiens net financial indebtedness (financial indebtedness offset by cash, marketable securities, deposits and other liquid financial instruments) does not exceed 65% of net CAP (defined as financial indebtedness, net, plus total equity) - as of December&#160;31, 2021 the ratio of net financial indebtedness to net capitalization was (36.78)%, (iii) the amount of accumulated dividends from the issuance date and going forward shall not exceed Sapiens net income for the year ended December&#160;31, 2016 and the first three quarters of the year ended December&#160;31, 2017, plus 75% of Sapiens accumulated profits from September&#160;1, 2017 and up to the date of distribution, and (iv) no event of default shall have occurred.</forty:DescriptionOfFinancialCovenants>
    <forty:DescriptionOfFinancialCovenants contextRef="c0">(iii)financial covenants, including: (i) the equity attributable to the shareholders of Sapiens, as reported in its annual or quarterly financial statements, will not be less than $120 million (as of December&#160;31, 2021 Sapiens&#x2019; shareholders equity was $408,702); (ii) Sapiens&#x2019; net financial indebtedness (financial indebtedness offset by cash, marketable securities deposits and other liquid financial instruments) shall not exceed 65% of net CAP (defined as financial indebtedness, net, plus shareholders equity, including deposits and other liquid financial instruments) (as of December&#160;31, 2021 Sapiens&#x2019; net financial indebtedness was (36.78%) of net CAP (36.78%) of net CAP); and (iii) the ratio of Sapiens&#x2019; net financial indebtedness to EBITDA (based on accumulated calculation for the four last quarters) shall not exceed 5.5 (as of December 31, 2021 the ratio of Sapiens&#x2019; net financial indebtedness to EBITDA was (1.27)).</forty:DescriptionOfFinancialCovenants>
    <forty:LiabilityToFinancialInstitutionDescription contextRef="c343">(i)Total equity attributable to Magic Software&#x2019; shareholders shall not be lower than $100,000 at all times &#x2013; as of December&#160;31, 2021 Magic Software shareholders&#x2019; equity was $275,668.
(ii)Magic
                                         Software&#x2019;s consolidated cash and cash equivalents and marketable securities available
                                         for sale shall not be less than $10,000 &#x2013; as of December&#160;31, 2021 Magic Software&#x2019;s
                                         cash and marketable securities available for sale were $94,818.&#160;
(iii)The
                                         ratio of Magic Software&#x2019;s consolidated total financial debts to consolidated total
                                         assets will not exceed 50% - as of December&#160;31, 2021 Magic Software&#x2019;s financial
                                         debts were 7.6% of its total assets;&#160;
(iv)The
                                         ratio of Magic Software&#x2019;s total financial debts less cash, short-term deposits
                                         and short-term marketable securities to the annual EBITDA will not exceed 3.25 &#x2013;
                                         as of December&#160;31, 2021 the ratio of Magic Software&#x2019;s net financial indebtedness
                                         to EBITDA was negative (-0.9) (cash exceeds indebtedness); and&#160;
(v)Magic Software shall not create any pledge on all of its property and assets in favor of any third party without the financial institution&#x2019;s consent.&#160;</forty:LiabilityToFinancialInstitutionDescription>
    <forty:DamagesAmount contextRef="c344" decimals="-5" unitRef="usd">2400000</forty:DamagesAmount>
    <forty:lawsuitSeekingDamages contextRef="c346" decimals="0" unitRef="ils">34106</forty:lawsuitSeekingDamages>
    <forty:DamagesAmount contextRef="c344" decimals="0" unitRef="ils">1650</forty:DamagesAmount>
    <forty:ArbitrationExpenses contextRef="c0" decimals="-5" unitRef="usd">1600000</forty:ArbitrationExpenses>
    <forty:RestrictedShares contextRef="c345" decimals="0" unitRef="shares">611771</forty:RestrictedShares>
    <forty:DamagesAmount contextRef="c347" decimals="0" unitRef="ils">793800</forty:DamagesAmount>
    <forty:DamagesAmount contextRef="c348" decimals="0" unitRef="usd">63000</forty:DamagesAmount>
    <ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary contextRef="c342">Sapiens
Technologies (1982) Ltd. (&#x201c;Sapiens Technologies&#x201d;), a wholly owned subsidiary of Sapiens incorporated in Israel, was
partially financed under programs sponsored by the Israel Innovation Authority (&#x201c;IIA&#x201d;), formerly the Office of the
Chief Scientist (&#x201c;OCS&#x201d;) for the support of certain research and development activities conducted in Israel. In exchange
for participation in the programs by the IIA, Sapiens Technologies agreed to pay 3.5% of total net consolidated license and maintenance
revenue and 0.35% of the net consolidated consulting services revenue related to the software developed within the framework of
these programs based on an understanding with IIA reached in January&#160;2012. The royalties will be paid up to a maximum amount
equaling 100%-150% of the grants provided by the IIA, linked to the dollar, and for grants received after January&#160;1, 1999,
bear annual interest at a rate based on LIBOR.&#160;</ifrs-full:DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary>
    <forty:ContingentLiability contextRef="c3" decimals="-3" unitRef="usd">6014000</forty:ContingentLiability>
    <forty:ContingentLiability contextRef="c2" decimals="-3" unitRef="usd">5454000</forty:ContingentLiability>
    <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="c0">&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Note
20:- equity&lt;/span&gt;&lt;/p&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
composition of the Company&#x2019;s share capital is as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left; width: 40%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Ordinary
    shares, NIS 1 par value each&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25,000,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,862,887&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,294,267&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25,000,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,862,887&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,294,267&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula&#x2019;s ordinary shares, par value NIS 1 per share, are traded on the TASE, and Formula&#x2019;s ADSs, each representing one ordinary share, are traded on the NASDAQ.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula holds 568,620 of its own ordinary shares.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In August&#160;2019, Formula declared a cash dividend of approximately $7,953 (or $0.52 per share) to shareholders of record on September&#160;12, 2019 that was paid on September&#160;25, 2019.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In November&#160;2019, Formula declared a cash dividend of approximately NIS 24,471 (approximately $7,079) or NIS 1.6 per share (approximately $0.46 per share) to shareholders of record on December&#160;24, 2019 that was paid on January&#160;8, 2020.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In August&#160;2020, Formula declared a cash dividend of approximately NIS 27,071 (approximately $7,960) or NIS 1.77 per share (approximately $0.52 per share) to shareholders of record on September&#160;3, 2020 that was paid on September&#160;16, 2020.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;f.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In February&#160;2021, Formula declared a cash dividend of approximately NIS 33,036 (approximately $10,155) or NIS 2.16 per share (approximately $0.66 per share) to shareholders of record on February&#160;18, 2021 that was paid on March&#160;4, 2021.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;g.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In August&#160;2021, Formula declared a cash dividend of approximately NIS 38,694 (approximately $11,932) or NIS 2.53 per share (approximately $0.78 per share) to shareholders of record on September&#160;1, 2021 that was paid on September&#160;22, 2021.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;h.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
                                         information concerning Formula&#x2019;s employees and officers share-based plans, see
                                         Note 17.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
    <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,
    2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; text-align: left; width: 40%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Ordinary
    shares, NIS 1 par value each&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25,000,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,862,887&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,294,267&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;25,000,000&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,862,887&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right; width: 7%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;15,294,267&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
    <ifrs-full:NumberOfSharesAuthorised contextRef="c2" decimals="0" unitRef="shares">25000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesIssued contextRef="c2" decimals="0" unitRef="shares">15862887</ifrs-full:NumberOfSharesIssued>
    <forty:NumberOfSharesOutstanding1 contextRef="c0" decimals="0" unitRef="shares">15294267</forty:NumberOfSharesOutstanding1>
    <ifrs-full:NumberOfSharesAuthorised contextRef="c3" decimals="0" unitRef="shares">25000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesIssued contextRef="c3" decimals="0" unitRef="shares">15862887</ifrs-full:NumberOfSharesIssued>
    <forty:NumberOfSharesOutstanding1 contextRef="c4" decimals="0" unitRef="shares">15294267</forty:NumberOfSharesOutstanding1>
    <forty:DividendPayableAmountPerShare contextRef="c2" decimals="0" unitRef="ilsPershares">1</forty:DividendPayableAmountPerShare>
    <forty:FormulaHoldShares contextRef="c2" decimals="0" unitRef="shares">568620</forty:FormulaHoldShares>
    <ifrs-full:DividendPayables contextRef="c352" decimals="-3" unitRef="usd">7953000</ifrs-full:DividendPayables>
    <forty:DividendPayableAmountPerShare contextRef="c352" decimals="2" unitRef="usdPershares">0.52</forty:DividendPayableAmountPerShare>
    <ifrs-full:DividendsPayable contextRef="c353" decimals="0" unitRef="ils">24471</ifrs-full:DividendsPayable>
    <ifrs-full:DividendPayables contextRef="c353" decimals="-3" unitRef="usd">7079000</ifrs-full:DividendPayables>
    <forty:DividendPayableAmountPerShare contextRef="c353" decimals="-2" unitRef="ilsPershares">1600</forty:DividendPayableAmountPerShare>
    <forty:DividendPayableAmountPerShare contextRef="c353" decimals="2" unitRef="usdPershares">0.46</forty:DividendPayableAmountPerShare>
    <ifrs-full:DividendsPayable contextRef="c354" decimals="0" unitRef="ils">27071</ifrs-full:DividendsPayable>
    <ifrs-full:DividendPayables contextRef="c354" decimals="-3" unitRef="usd">7960000</ifrs-full:DividendPayables>
    <forty:DividendPayableAmountPerShare contextRef="c354" decimals="2" unitRef="ilsPershares">1.77</forty:DividendPayableAmountPerShare>
    <forty:DividendPayableAmountPerShare contextRef="c354" decimals="2" unitRef="usdPershares">0.52</forty:DividendPayableAmountPerShare>
    <ifrs-full:DividendsPayable contextRef="c356" decimals="0" unitRef="ils">33036</ifrs-full:DividendsPayable>
    <ifrs-full:DividendPayables contextRef="c355" decimals="-3" unitRef="usd">10155000</ifrs-full:DividendPayables>
    <ifrs-full:DividendPayables contextRef="c356" decimals="2" unitRef="ils">2.16</ifrs-full:DividendPayables>
    <forty:DividendPayableAmountPerShare contextRef="c355" decimals="2" unitRef="usdPershares">0.66</forty:DividendPayableAmountPerShare>
    <ifrs-full:DividendsPayable contextRef="c357" decimals="0" unitRef="ils">38694</ifrs-full:DividendsPayable>
    <ifrs-full:DividendsPayable contextRef="c357" decimals="0" unitRef="usd">11932</ifrs-full:DividendsPayable>
    <forty:DividendPayableAmountPerShare contextRef="c357" decimals="2" unitRef="ilsPershares">2.53</forty:DividendPayableAmountPerShare>
    <ifrs-full:DividendsPaidOtherSharesPerShare contextRef="c358" decimals="2" unitRef="usdPershares">0.78</ifrs-full:DividendsPaidOtherSharesPerShare>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="c0">&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Note
21:- INCOME TAX&lt;/span&gt;&lt;/p&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Israeli
                                         taxation:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Corporate
                                         tax rate in Israel&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxable
income of Israeli companies was generally subject to corporate tax at the rate of 23% in 2019, 2020 and in 2021. Some of our Israeli
subsidiaries are eligible for certain tax benefits, as described below.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Tax
                                         benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (the
                                         &#x201c;Law&#x201d;):&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Amendment
73 to the law&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
December&#160;2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018
Budget Years) 2016, which includes Amendment 73 to the Law for the Encouragement of Capital Investments (the &#x201c;2017 Amendment&#x201d;)
was published and was pending the publication of regulations, in May&#160;2017 regulations were promulgated by the Finance Ministry
to implement the &#x201c;Nexus Principles&#x201d; based on OECD guidelines published as part of the Base Erosion and Profit Shifting
(BEPS) project. Following the publication of the regulations the 2017 Amendment became fully effective. According to the 2017
Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of the group
companies is less than NIS 10 billion, shall be subject to 12% tax rate on income derived from intellectual property (in development
area A&#x2014;a tax rate of 7.5%). In order to qualify as a Preferred technological enterprise certain criterion must be met, such
as a minimum ratio of annual R&amp;amp;D expenditure and R&amp;amp;D employees, as well as having at least 25% of annual revenues derived
from exports.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a Special Preferred Technology
Enterprise (&#x201c;SPTE&#x201d;) (an enterprise for which, among others, total consolidated revenues of its parent company and
all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on PTI regardless of the
company&#x2019;s geographic location within Israel. In addition, a SPTE will enjoy a reduced corporate tax rate of 6% on capital
gain derived from the sale of certain &#x201c;Benefited Intangible Assets&#x201d; to a related foreign company if the Benefited
Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company on or
after January&#160;1, 2017.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Starting
from 2017 under Amendment 73 to the Investment Law, part of the Group&#x2019;s taxable income in Israel is entitled to a preferred
12% tax rate. Since 2019, under SPTE the tax rate for part of the Group&#x2019;s taxable income in Israel has been reduced to a
6% corporate tax rate.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amendment
74 to the Encouragement Law:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
November&#160;15, 2021, the Economic Efficiency Law (Legislative Amendments for Achieving Budget Targets for the 2021 and 2022
Budget Years), 2021 (the &#x201c;Economic Efficiency Law&#x201d;), was enacted. This Law establishes a temporary order allowing
Israeli companies to release tax-exempt earnings (&#x201c;trapped earnings&#x201d; or &#x201c;accumulated earnings&#x201d;) accumulated
until December&#160;31, 2020, through a mechanism established for a reduced corporate income tax rate applicable to those earnings
(the &#x201c;Temporary Order&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition to the reduced corporate income tax (CIT) rate, Article 74 to the Encouragement Law was amended whereby effective from
August&#160;15, 2021, for any dividend distribution (including a dividend as per Article 51B to the Encouragement Law) by a company
which has trapped earnings, there will be a requirement to allocate a portion of that distribution to the trapped earnings.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
tax-exempt income is attributable to certain Group members&#x2019; previous status as &#x201c;Approved Enterprise&#x201d; and &#x201c;Benefited
Enterprise&#x201d;. Such tax-exempt income cannot be distributed to shareholders without subjecting the Company to payable income
taxes. If dividends are distributed from previous tax-exempt profits, the Company will be liable for income tax at the rate applicable
to its profits from the Approved Enterprise in at the tax rate enacted in the year in which the income was earned.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;According
to the Temporary Order, the reduction of CIT will apply to earnings that are released (with no requirement for an actual distribution)
within a period of one year from the date of enactment of the Temporary Order. The reduction in the CIT is dependent on the proportion
of the trapped earnings that are released in relation to the total trapped earnings, and on the applicable CIT rate in the years
the earnings were generated. Consequently, the larger the proportion of the trapped earnings that are released, the lower the
tax in respect of the distribution. The minimum tax rate is 6%. Further, a company that elects to pay a reduced CIT is required
to invest in its industrial enterprise a designated amount in accordance with the Economic Efficiency Law within a period of five
years commencing from the tax year in which the election is made. The designated investment should be utilized for the acquisition
of production assets, and/or investments in research and development and/or compensation to additional new employees.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;According
to ASC 740, a deferred tax liability would generally be recorded relating to corporate taxes that would be owed on the distribution
of profits if management has currently the intention to declare dividends of its tax-exempt earnings.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
2021, Sapiens elected to benefit from the Temporary Order and pay the reduced CIT as per the provisions of the Economic Efficiency
Law in respect of its total accumulated tax-exempt earnings amounting to NIS 109,000 (approximately $35,048), and accordingly
recognized deferred tax liability of $3,531.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Tax
                                         benefits under the Israeli Law for the Encouragement of Industry (Taxes), 1969&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;It
is Formula&#x2019;s management&#x2019;s belief that certain of its Israeli operations currently qualify as Industrial Companies
within the meaning of the Law for the Encouragement of Industry (Taxes), 1969 (the &#x201c;Industrial Encouragement Law&#x201d;).
The Industrial Encouragement Law defines an &#x201c;Industrial Company&#x201d; as a company that is resident in Israel and that
derives at least 90% of its income in any tax year, other than income from defense loans, capital gains, interest and dividends,
from an enterprise whose major activity in a given tax year is industrial production. Under the Industrial Encouragement Law,
the Company is entitled to amortization of the cost of purchased know-how and patents over an eight-year period for tax purposes
as well as accelerated depreciation rates on equipment and buildings.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Eligibility
for the benefits under the Industrial Encouragement Law is not subject to receipt of prior approval from any governmental authority.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Foreign
                                         Exchange Regulations&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the Foreign Exchange Regulations, certain Israeli subsidiaries of the Group calculate their tax liability in dollars according
to certain orders. The tax liability, as calculated in dollars is translated into NIS according to the exchange rate as of December&#160;31
of each year for tax purposes only.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Structural
                                         changes in Matrix&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
June&#160;11, 2020, a tax ruling was signed determining that effective December&#160;31, 2019 as part of a merger process, three
subsidiaries of Matrix will transfer all their assets and liabilities subject to the provisions of section&#160;103 of the Income
Tax Ordinance. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-Israeli
                                         subsidiaries:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-Israeli
subsidiaries are taxed according to the tax laws in their respective country of residence. Deferred income taxes were provided
in relation to undistributed earnings of non-Israeli subsidiaries, which the Group intends to distribute in the near future.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group intends to permanently reinvest undistributed earnings in the foreign subsidiaries in which earnings arose, in the vast
majority of its subsidiaries. If the earnings, for which deferred taxes were not provided, were distributed in the form of dividends
or otherwise, the Group would be subject to additional Israeli income taxes (subject to an adjustment for foreign tax credits)
and non-Israeli withholding taxes.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amount of undistributed earnings of foreign subsidiaries that are considered to be reinvested as of December&#160;31, 2020 and
2021 was $114,569 and $157,464, respectively. However, a determination of the amount of the unrecognized deferred tax liability
for temporary difference related to those undistributed earnings of foreign subsidiaries is not practicable due to the complexity
of the structure of our group of subsidiaries for tax purposes and the difficulty of projecting the amount of future tax liability.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amount of cash and cash equivalents that were held by the Group&#x2019;s subsidiaries outside of Israel and would have been subject
to income taxes if distributed as dividend as of December&#160;31, 2020 and 2021 was $87,331 and $61,812, respectively.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Tax
                                         Reform - United States of America&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
U.S. Tax Cuts and Jobs Act of 2017 (&#x201c;TCJA&#x201d;) was approved on December&#160;22, 2017. This legislation makes significant
changes to the U.S. Internal Revenue Code. Such changes include a reduction in the corporate tax rate and limitations on certain
corporate deductions and credits, among other changes. The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition, the TCJA makes certain changes to the depreciation rules and implements new limits on the deductibility of certain expenses
and deduction.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
TCJA introduced the rules for tax on the global intangible low-taxed income (&#x201c;GILTI&#x201d;) on foreign income in excess
of a deemed return on tangible assets of foreign corporations. One of our subsidiaries is subject to GILTI.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Except
for one US subsidiary which has a share interest in a subsidiary in India, all of the Group&#x2019;s other subsidiaries in the
United States do not have any foreign subsidiaries and, therefore, the remaining provisions of the TCJA have no material impact
on the Group&#x2019;s results of operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Net
                                         operating loss carried forward:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, Formula and its subsidiaries have cumulative losses for tax purposes totaling approximately $184,523,
of which $143,355 was in respect of Israeli subsidiaries and approximately $41,168 of which was in respect of subsidiaries abroad.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, Formula stand-alone had cumulative carry forward tax losses in Israel totaling approximately NIS 257,503
(approximately $82,798), which can be carried forward and offset against taxable income in the future for an indefinite period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, certain subsidiaries of Matrix had operating carry-forward tax losses totaling approximately NIS 85,483
(approximately $27,486), which resulted from Israeli operations and as such can be carried forward and offset against taxable
income in the future for an indefinite period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, certain subsidiaries of Magic Software had operating carry forward tax losses totaling approximately
$23,243, which can be carried forward and offset against taxable income in the future for an indefinite period.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, certain subsidiaries of Sapiens had carry-forward tax losses totaling approximately $34,515. Most of
these carry-forward tax losses have no expiration date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Insync&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021 Insync did not have any carry forward tax losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Michpal&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021 Michpal did not have any carry forward tax losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Ofek&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021 Ofek did not have any carry forward tax losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Zap&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December&#160;31, 2021, Zap and certain of its subsidiaries had carry-forward tax losses totaling approximately NIS 22,008
(approximately $7,077). These carry-forward tax losses have no expiration date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;e.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
                                         tax assessments:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
and its subsidiaries are routinely examined by various tax authorities. Below is a summary of the income tax assessments of Formula
and its subsidiaries:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Formula&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
has received final tax assessments through the tax year 2018. Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software has received final tax assessments through the year 2016. Magic Software subsidiaries have received final tax assessments
(or assessments that are deemed final) through the tax year 2017.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Tax
assessments filed by some of Sapiens&#x2019; Israeli subsidiaries through the year 2016 are considered to be final. Sapiens is
currently under audit in several jurisdictions for the tax years 2017 and onwards. Timing of the resolution of audits is highly
uncertain and therefore, as of December&#160;31, 2021, the Company cannot estimate the change in unrecognized tax benefits resulting
from these audits.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Zap
                                         Group&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group has received final tax assessments (or assessments that are deemed final) through the tax year 2018. Zap Group&#x2019;s subsidiaries
have received final tax assessments (or assessments that are deemed final) through the tax year 2016.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;f.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
                                         tax liabilities, net:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Presentation
                                         in consolidated statements of financial position&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;46,364&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;39,750&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(78,135&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(68,367&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,771&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(28,617&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Composition&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Net
    operating losses carried forward&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,775&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,377&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangibles,
    fixed asset and right-of-use assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(82,313&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(78,885&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,362&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,358&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Differences
    in measurement basis (cash basis for tax purposes)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,084&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(683&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,321&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,216&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,771&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(28,617&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;g.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Pre-tax
                                         income:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                            ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Domestic
    (Israel)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;137,213&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;106,974&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;88,942&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Foreign&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;46,798&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;36,782&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,895&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;184,011&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;143,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;119,837&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;h.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
                                         tax (tax benefit) consist of the following:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                            ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,956&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23,015&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40,181&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(10,342&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,254&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(12,980&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0; text-align: justify"/&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;i.&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Theoretical
                                         tax:&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table presents reconciliation between the theoretical tax expense, assuming that all income was taxed at statutory tax
rates, and the actual income tax expense, as recorded in the Group&#x2019;s consolidated statements of profit or loss:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                         ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
    before income taxes, as per the statement of operations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;184,011&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;143,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;119,837&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Statutory
    tax rate in Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Tax
    computed at the statutory tax rate&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,323&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;33,064&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,563&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-deductible
    expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,667&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,544&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;792&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Effect
    of different tax rates&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;852&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(774&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,114&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Release
    of trapped earnings (see note 21(a)(2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,531&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Effect
    of &#x201c;Approved, Beneficiary or Preferred Enterprise&#x201d; status&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(7,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5,426&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,557&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was
    provided, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(84&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,877&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,087&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
    in respect of prior years&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;280&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(569&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Uncertain
    tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;401&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;285&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,889&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1,629&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(581&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,118&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;j.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Uncertain
                                         tax positions:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
reconciliation of the beginning and ending amount of total unrecognized tax benefits in Formula&#x2019;s subsidiaries is as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of January&#160;1, 2019&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,601&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(243&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,999&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,357&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    of subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,057&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,733&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,410&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,091&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,457&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,906&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,540&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Although
the Group believes that it has adequately provided for any reasonably foreseeable outcomes related to tax audits and settlement,
there is no assurance that the final tax outcome of its tax audits will not be different from that which is reflected in the Group&#x2019;s
income tax provisions. Such differences could have a material effect on the Group&#x2019;s income tax provision, cash flow from
operating activities and net income in the period in which such determination is made.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
entire balance of unrecognized tax benefits, if recognized, would reduce the Group&#x2019;s annual effective tax rate.&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c5" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c4" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c0" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <forty:DescriptionOfNewAmendmentTaxRate contextRef="c359">According to the 2017
Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of the group
companies is less than NIS 10 billion, shall be subject to 12% tax rate on income derived from intellectual property (in development
area A&#x2014;a tax rate of 7.5%). In order to qualify as a Preferred technological enterprise certain criterion must be met, such
as a minimum ratio of annual R&amp;D expenditure and R&amp;D employees, as well as having at least 25% of annual revenues derived
from exports.The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a Special Preferred Technology
Enterprise (&#x201c;SPTE&#x201d;) (an enterprise for which, among others, total consolidated revenues of its parent company and
all subsidiaries is at least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on PTI regardless of the
company&#x2019;s geographic location within Israel. In addition, a SPTE will enjoy a reduced corporate tax rate of 6% on capital
gain derived from the sale of certain &#x201c;Benefited Intangible Assets&#x201d; to a related foreign company if the Benefited
Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company on or
after January&#160;1, 2017.&#160;Starting
from 2017 under Amendment 73 to the Investment Law, part of the Group&#x2019;s taxable income in Israel is entitled to a preferred
12% tax rate. Since 2019, under SPTE the tax rate for part of the Group&#x2019;s taxable income in Israel has been reduced to a
6% corporate tax rate.&#160;</forty:DescriptionOfNewAmendmentTaxRate>
    <ifrs-full:AverageEffectiveTaxRate contextRef="c0" decimals="2" unitRef="pure">0.06</ifrs-full:AverageEffectiveTaxRate>
    <ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011 contextRef="c0" decimals="0" unitRef="ils">109000</ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011>
    <ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011 contextRef="c0" decimals="-3" unitRef="usd">35048000</ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011>
    <ifrs-full:DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances contextRef="c2" decimals="-3" unitRef="usd">3531000</ifrs-full:DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances>
    <forty:IncomeTax contextRef="c0" decimals="2" unitRef="pure">0.90</forty:IncomeTax>
    <forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates contextRef="c4" decimals="-3" unitRef="usd">114569000</forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates>
    <forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates contextRef="c0" decimals="-3" unitRef="usd">157464000</forty:UndistributedEarningsOfForeignSubsidiariesAndAffiliates>
    <forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael contextRef="c3" decimals="-3" unitRef="usd">87331000</forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael>
    <forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael contextRef="c2" decimals="-3" unitRef="usd">61812000</forty:CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael>
    <forty:FederalCorporateIncomeTaxRateDescription contextRef="c0">The TCJA reduces the U.S. federal corporate income tax rate from 35% to
21% effective January&#160;1, 2018.</forty:FederalCorporateIncomeTaxRateDescription>
    <forty:CumulativeLossesForTaxPurpose contextRef="c2" decimals="-3" unitRef="usd">184523000</forty:CumulativeLossesForTaxPurpose>
    <forty:CumulativeLossesForTaxPurposes contextRef="c360" decimals="-3" unitRef="usd">143355000</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c361" decimals="-3" unitRef="usd">41168000</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c362" decimals="0" unitRef="ils">257503</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c362" decimals="-3" unitRef="usd">82798000</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c0" decimals="0" unitRef="ils">85483</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c0" decimals="-3" unitRef="usd">27486000</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c68" decimals="-3" unitRef="usd">23243000</forty:CumulativeLossesForTaxPurposes>
    <forty:CumulativeLossesForTaxPurposes contextRef="c67" decimals="-3" unitRef="usd">34515000</forty:CumulativeLossesForTaxPurposes>
    <ifrs-full:TaxEffectOfTaxLosses contextRef="c363" decimals="0" unitRef="ils">22008</ifrs-full:TaxEffectOfTaxLosses>
    <ifrs-full:TaxEffectOfTaxLosses contextRef="c363" decimals="-3" unitRef="usd">7077000</ifrs-full:TaxEffectOfTaxLosses>
    <forty:IncomeTaxAssessmentsDescription contextRef="c364">Formula
has received final tax assessments (or assessments that are deemed final) through the tax year 2017.&#160;</forty:IncomeTaxAssessmentsDescription>
    <forty:IncomeTaxAssessmentsDescription contextRef="c66">Matrix subsidiaries have received final tax assessments (or assessments
that are deemed final) through the tax year 2017.</forty:IncomeTaxAssessmentsDescription>
    <forty:IncomeTaxAssessmentsDescription contextRef="c67">Tax
assessments filed by some of Sapiens&#x2019; Israeli subsidiaries through the year 2016 are considered to be final.</forty:IncomeTaxAssessmentsDescription>
    <forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;46,364&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;39,750&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    tax liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(78,135&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(68,367&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,771&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(28,617&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock>
    <ifrs-full:NetDeferredTaxAssets contextRef="c2" decimals="0" unitRef="usd">46364</ifrs-full:NetDeferredTaxAssets>
    <ifrs-full:NetDeferredTaxAssets contextRef="c3" decimals="0" unitRef="usd">39750</ifrs-full:NetDeferredTaxAssets>
    <ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate contextRef="c2" decimals="0" unitRef="usd">78135</ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate>
    <ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate contextRef="c3" decimals="0" unitRef="usd">68367</ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate>
    <ifrs-full:NetDeferredTaxLiabilities contextRef="c2" decimals="0" unitRef="usd">-31771</ifrs-full:NetDeferredTaxLiabilities>
    <ifrs-full:NetDeferredTaxLiabilities contextRef="c3" decimals="0" unitRef="usd">-28617</ifrs-full:NetDeferredTaxLiabilities>
    <ifrs-full:DisclosureOfCompositionOfGroupExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Net
    operating losses carried forward&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,775&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,377&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Intangibles,
    fixed asset and right-of-use assets&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(82,313&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(78,885&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liability&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,362&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,358&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Differences
    in measurement basis (cash basis for tax purposes)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,084&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(683&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,321&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,216&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,771&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(28,617&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</ifrs-full:DisclosureOfCompositionOfGroupExplanatory>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects contextRef="c0" decimals="-3" unitRef="usd">8775000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects contextRef="c4" decimals="-3" unitRef="usd">5377000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="c2" decimals="-3" unitRef="usd">-82313000</ifrs-full:DeferredTaxLiabilityAsset>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="c3" decimals="-3" unitRef="usd">-78885000</ifrs-full:DeferredTaxLiabilityAsset>
    <ifrs-full:GrossLeaseLiabilities contextRef="c2" decimals="-3" unitRef="usd">30362000</ifrs-full:GrossLeaseLiabilities>
    <ifrs-full:GrossLeaseLiabilities contextRef="c3" decimals="-3" unitRef="usd">31358000</ifrs-full:GrossLeaseLiabilities>
    <ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss contextRef="c0" decimals="-3" unitRef="usd">3084000</ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss>
    <ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss contextRef="c4" decimals="-3" unitRef="usd">-683000</ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss>
    <ifrs-full:OtherCurrentAssets contextRef="c2" decimals="-3" unitRef="usd">8321000</ifrs-full:OtherCurrentAssets>
    <ifrs-full:OtherCurrentAssets contextRef="c3" decimals="-3" unitRef="usd">14216000</ifrs-full:OtherCurrentAssets>
    <ifrs-full:OtherReceivables contextRef="c2" decimals="-3" unitRef="usd">31771000</ifrs-full:OtherReceivables>
    <ifrs-full:OtherReceivables contextRef="c3" decimals="-3" unitRef="usd">28617000</ifrs-full:OtherReceivables>
    <forty:ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                            ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Domestic
    (Israel)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;137,213&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;106,974&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;88,942&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Foreign&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;46,798&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;36,782&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,895&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;184,011&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;143,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;119,837&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock>
    <forty:ProfitLossesBeforeTax contextRef="c365" decimals="-3" unitRef="usd">137213000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c366" decimals="-3" unitRef="usd">106974000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c367" decimals="-3" unitRef="usd">88942000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c368" decimals="-3" unitRef="usd">46798000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c369" decimals="-3" unitRef="usd">36782000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c370" decimals="-3" unitRef="usd">30895000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c0" decimals="-3" unitRef="usd">184011000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c4" decimals="-3" unitRef="usd">143756000</forty:ProfitLossesBeforeTax>
    <forty:ProfitLossesBeforeTax contextRef="c5" decimals="-3" unitRef="usd">119837000</forty:ProfitLossesBeforeTax>
    <forty:ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                            ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,956&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23,015&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40,181&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(10,342&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,254&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(12,980&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock>
    <ifrs-full:CurrentTaxExpenseIncome contextRef="c0" decimals="-3" unitRef="usd">52956000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:CurrentTaxExpenseIncome contextRef="c4" decimals="-3" unitRef="usd">23015000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:CurrentTaxExpenseIncome contextRef="c5" decimals="-3" unitRef="usd">40181000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome contextRef="c0" decimals="-3" unitRef="usd">-10342000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome contextRef="c4" decimals="-3" unitRef="usd">8254000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome contextRef="c5" decimals="-3" unitRef="usd">-12980000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c0" decimals="-3" unitRef="usd">42614000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c4" decimals="-3" unitRef="usd">31269000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c5" decimals="-3" unitRef="usd">27201000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <forty:ScheduleOfTheoreticalTaxExpenseTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                         ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
    before income taxes, as per the statement of operations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;184,011&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;143,756&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;119,837&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Statutory
    tax rate in Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Tax
    computed at the statutory tax rate&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,323&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;33,064&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,563&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-deductible
    expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,667&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,544&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;792&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Effect
    of different tax rates&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;852&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(774&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,114&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Release
    of trapped earnings (see note 21(a)(2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,531&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Effect
    of &#x201c;Approved, Beneficiary or Preferred Enterprise&#x201d; status&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(7,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5,426&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,557&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Deferred
    taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was
    provided, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(84&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,877&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,087&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
    in respect of prior years&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;280&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(569&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Uncertain
    tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;401&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;285&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,889&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1,629&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(581&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,118&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfTheoreticalTaxExpenseTableTextBlock>
    <forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations contextRef="c0" decimals="-3" unitRef="usd">184011000</forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations>
    <forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations contextRef="c4" decimals="-3" unitRef="usd">143756000</forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations>
    <forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations contextRef="c5" decimals="-3" unitRef="usd">119837000</forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c0" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c4" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <ifrs-full:TaxRateEffectFromChangeInTaxRate contextRef="c5" decimals="2" unitRef="pure">0.23</ifrs-full:TaxRateEffectFromChangeInTaxRate>
    <ifrs-full:TaxExpenseIncomeAtApplicableTaxRate contextRef="c0" decimals="-3" unitRef="usd">42323000</ifrs-full:TaxExpenseIncomeAtApplicableTaxRate>
    <ifrs-full:TaxExpenseIncomeAtApplicableTaxRate contextRef="c4" decimals="-3" unitRef="usd">33064000</ifrs-full:TaxExpenseIncomeAtApplicableTaxRate>
    <ifrs-full:TaxExpenseIncomeAtApplicableTaxRate contextRef="c5" decimals="-3" unitRef="usd">27563000</ifrs-full:TaxExpenseIncomeAtApplicableTaxRate>
    <us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="c0" decimals="-3" unitRef="usd">3667000</us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost>
    <us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="c4" decimals="-3" unitRef="usd">2544000</us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost>
    <us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="c5" decimals="-3" unitRef="usd">792000</us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost>
    <ifrs-full:TaxEffectFromChangeInTaxRate contextRef="c0" decimals="-3" unitRef="usd">852000</ifrs-full:TaxEffectFromChangeInTaxRate>
    <ifrs-full:TaxEffectFromChangeInTaxRate contextRef="c4" decimals="-3" unitRef="usd">-774000</ifrs-full:TaxEffectFromChangeInTaxRate>
    <ifrs-full:TaxEffectFromChangeInTaxRate contextRef="c5" decimals="-3" unitRef="usd">1114000</ifrs-full:TaxEffectFromChangeInTaxRate>
    <forty:ReleaseOfTrappedEarningsseeNote21a2 contextRef="c0" decimals="-3" unitRef="usd">3531000</forty:ReleaseOfTrappedEarningsseeNote21a2>
    <forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus contextRef="c0" decimals="-3" unitRef="usd">-7338000</forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus>
    <forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus contextRef="c4" decimals="-3" unitRef="usd">-5426000</forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus>
    <forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus contextRef="c5" decimals="-3" unitRef="usd">-2557000</forty:EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus>
    <forty:DeferredTaxesOnCurrentLosses contextRef="c0" decimals="-3" unitRef="usd">-84000</forty:DeferredTaxesOnCurrentLosses>
    <forty:DeferredTaxesOnCurrentLosses contextRef="c4" decimals="-3" unitRef="usd">1877000</forty:DeferredTaxesOnCurrentLosses>
    <forty:DeferredTaxesOnCurrentLosses contextRef="c5" decimals="-3" unitRef="usd">1087000</forty:DeferredTaxesOnCurrentLosses>
    <forty:TaxesInRespectOfPriorYears contextRef="c0" decimals="-3" unitRef="usd">891000</forty:TaxesInRespectOfPriorYears>
    <forty:TaxesInRespectOfPriorYears contextRef="c4" decimals="-3" unitRef="usd">280000</forty:TaxesInRespectOfPriorYears>
    <forty:TaxesInRespectOfPriorYears contextRef="c5" decimals="-3" unitRef="usd">-569000</forty:TaxesInRespectOfPriorYears>
    <forty:NonRefundableWithholdingTaxAndTaxAdvances contextRef="c0" decimals="-3" unitRef="usd">401000</forty:NonRefundableWithholdingTaxAndTaxAdvances>
    <forty:NonRefundableWithholdingTaxAndTaxAdvances contextRef="c4" decimals="-3" unitRef="usd">285000</forty:NonRefundableWithholdingTaxAndTaxAdvances>
    <forty:NonRefundableWithholdingTaxAndTaxAdvances contextRef="c5" decimals="-3" unitRef="usd">1889000</forty:NonRefundableWithholdingTaxAndTaxAdvances>
    <us-gaap:PaymentsForOtherTaxes contextRef="c0" decimals="-3" unitRef="usd">-1629000</us-gaap:PaymentsForOtherTaxes>
    <us-gaap:PaymentsForOtherTaxes contextRef="c4" decimals="-3" unitRef="usd">-581000</us-gaap:PaymentsForOtherTaxes>
    <us-gaap:PaymentsForOtherTaxes contextRef="c5" decimals="-3" unitRef="usd">-2118000</us-gaap:PaymentsForOtherTaxes>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c0" decimals="-3" unitRef="usd">42614000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c4" decimals="-3" unitRef="usd">31269000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c5" decimals="-3" unitRef="usd">27201000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <forty:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of January&#160;1, 2019&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,601&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(243&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,999&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2019&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,357&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Acquisition
    of subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,057&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,733&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,410&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2020&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;9,091&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Decrease
    related to prior years&#x2019; tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(1,457&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Increase
    related to current year tax positions&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,906&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Balance
    as of December&#160;31, 2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;10,540&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock>
    <forty:UnrecognizedTaxOnIncomeBenefits contextRef="c43" decimals="-3" unitRef="usd">6601000</forty:UnrecognizedTaxOnIncomeBenefits>
    <forty:DecreaseRelatedToPriorYearsTaxPositions contextRef="c5" decimals="-3" unitRef="usd">-243000</forty:DecreaseRelatedToPriorYearsTaxPositions>
    <forty:IncreaseRelatedToCurrentYearTaxPositions contextRef="c5" decimals="-3" unitRef="usd">1999000</forty:IncreaseRelatedToCurrentYearTaxPositions>
    <forty:UnrecognizedTaxOnIncomeBenefits contextRef="c30" decimals="-3" unitRef="usd">8357000</forty:UnrecognizedTaxOnIncomeBenefits>
    <forty:AcquisitionOfSubsidiaries contextRef="c4" decimals="-3" unitRef="usd">1057000</forty:AcquisitionOfSubsidiaries>
    <forty:DecreaseRelatedToPriorYearsTaxPositions contextRef="c4" decimals="-3" unitRef="usd">-1733000</forty:DecreaseRelatedToPriorYearsTaxPositions>
    <forty:IncreaseRelatedToCurrentYearTaxPositions contextRef="c4" decimals="-3" unitRef="usd">1410000</forty:IncreaseRelatedToCurrentYearTaxPositions>
    <forty:UnrecognizedTaxOnIncomeBenefits contextRef="c3" decimals="-3" unitRef="usd">9091000</forty:UnrecognizedTaxOnIncomeBenefits>
    <forty:DecreaseRelatedToPriorYearsTaxPositions contextRef="c0" decimals="-3" unitRef="usd">-1457000</forty:DecreaseRelatedToPriorYearsTaxPositions>
    <forty:IncreaseRelatedToCurrentYearTaxPositions contextRef="c0" decimals="-3" unitRef="usd">2906000</forty:IncreaseRelatedToCurrentYearTaxPositions>
    <forty:UnrecognizedTaxOnIncomeBenefits contextRef="c2" decimals="-3" unitRef="usd">10540000</forty:UnrecognizedTaxOnIncomeBenefits>
    <forty:SupplementaryFinancialStatementInformationTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            22:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Supplementary
                                         Financial Statement Information&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Composition
                                         of non-controlling interest in material partially&lt;b&gt;-&lt;/b&gt;owned subsidiaries:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;161,947&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;147,662&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;320,448&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;306,684&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;153,706&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;150,808&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,726&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;638,827&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;605,342&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         following table provides detailed breakdown of the Group&#x2019;s financial income and
                                         expenses:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                         ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses related to liabilities in respect of business combinations&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,539&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,738&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,061&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    expenses on loans and borrowings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,249&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,863&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,376&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    costs related to Debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,948&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,546&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,632&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    expenses attributed to IFRS 16&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,873&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,367&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,195&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Bank
    charges, negative foreign exchange differences and other financial expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,385&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,930&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,179&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,994&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,444&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,443&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    income:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Income
    from marketable securities and embedded derivative&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,338&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;204&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;747&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    income from deposits, positive foreign exchange differences and other financial income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,651&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,355&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,044&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,989&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,559&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,791&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,005&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,885&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,652&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Geographical
                                         information:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Group&#x2019;s property and equipment is located as follows:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,221&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,105&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;United
    States&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,144&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,517&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Europe&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,820&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,303&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Japan&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;211&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;283&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,490&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,968&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;56,886&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,176&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Revenues:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group&#x2019;s revenues classified by geographic area (based on the location of customers) are as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                              ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,506,566&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,203,109&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,047,265&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;International:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;United
    States&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;591,794&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;501,785&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;462,803&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Europe&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255,680&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;189,152&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;145,564&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Africa&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,012&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,702&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,336&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Japan&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,890&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,282&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,925&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    (mainly Asia pacific)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,434&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,888&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,222&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0.25in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;d.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings
                                         per share:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table presents the computation of basic and diluted net earnings per share for the Group:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                              ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="text-decoration:underline"&gt;Numerator&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    earnings per share &#x2013; net income attributable to equity holders of the Company&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,585&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;46,776&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;38,820&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    earnings per share &#x2013; net income attributable to equity holders of the Company&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;53,974&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,969&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;37,457&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="text-decoration:underline"&gt;Denominator&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    earnings per share &#x2013; weighted average shares outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,290&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,286&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,190&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Effect
    of dilutive securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;114&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;151&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    earnings per share &#x2013; adjusted weighted average shares outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,404&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,292&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,341&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    net earnings per share&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.57&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.05&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2.56&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    net earnings per share&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.01&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2.44&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:SupplementaryFinancialStatementInformationTextBlock>
    <forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;161,947&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;147,662&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;320,448&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;306,684&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;153,706&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;150,808&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,726&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;188&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;638,827&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;605,342&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock>
    <ifrs-full:NoncontrollingInterests contextRef="c371" decimals="-3" unitRef="usd">161947000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c372" decimals="-3" unitRef="usd">147662000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c373" decimals="-3" unitRef="usd">320448000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c374" decimals="-3" unitRef="usd">306684000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c375" decimals="-3" unitRef="usd">153706000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c376" decimals="-3" unitRef="usd">150808000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c377" decimals="-3" unitRef="usd">2726000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c378" decimals="-3" unitRef="usd">188000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c2" decimals="-3" unitRef="usd">638827000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests contextRef="c3" decimals="-3" unitRef="usd">605342000</ifrs-full:NoncontrollingInterests>
    <forty:FinancialIncomeAndExpensesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                         ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses related to liabilities in respect of business combinations&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,539&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,738&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,061&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    expenses on loans and borrowings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,249&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,863&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,376&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    costs related to Debentures&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,948&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,546&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,632&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    expenses attributed to IFRS 16&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,873&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,367&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,195&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Bank
    charges, negative foreign exchange differences and other financial expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;8,385&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,930&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,179&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,994&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;29,444&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;22,443&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    income:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Income
    from marketable securities and embedded derivative&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,338&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;204&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;747&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Interest
    income from deposits, positive foreign exchange differences and other financial income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,651&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,355&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,044&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,989&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,559&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,791&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;24,005&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,885&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,652&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:FinancialIncomeAndExpensesTableTextBlock>
    <forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations contextRef="c0" decimals="-3" unitRef="usd">3539000</forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations>
    <forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations contextRef="c4" decimals="-3" unitRef="usd">3738000</forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations>
    <forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations contextRef="c5" decimals="-3" unitRef="usd">1061000</forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations>
    <forty:InterestExpensesOnShortTermAndLongTermLoans contextRef="c0" decimals="-3" unitRef="usd">6249000</forty:InterestExpensesOnShortTermAndLongTermLoans>
    <forty:InterestExpensesOnShortTermAndLongTermLoans contextRef="c4" decimals="-3" unitRef="usd">6863000</forty:InterestExpensesOnShortTermAndLongTermLoans>
    <forty:InterestExpensesOnShortTermAndLongTermLoans contextRef="c5" decimals="-3" unitRef="usd">6376000</forty:InterestExpensesOnShortTermAndLongTermLoans>
    <forty:FinancialCostsRelatedToDebentures contextRef="c0" decimals="-3" unitRef="usd">6948000</forty:FinancialCostsRelatedToDebentures>
    <forty:FinancialCostsRelatedToDebentures contextRef="c4" decimals="-3" unitRef="usd">6546000</forty:FinancialCostsRelatedToDebentures>
    <forty:FinancialCostsRelatedToDebentures contextRef="c5" decimals="-3" unitRef="usd">5632000</forty:FinancialCostsRelatedToDebentures>
    <forty:InterestExpensesAttributedToIfrs contextRef="c0" decimals="-3" unitRef="usd">4873000</forty:InterestExpensesAttributedToIfrs>
    <forty:InterestExpensesAttributedToIfrs contextRef="c4" decimals="-3" unitRef="usd">5367000</forty:InterestExpensesAttributedToIfrs>
    <forty:InterestExpensesAttributedToIfrs contextRef="c5" decimals="-3" unitRef="usd">4195000</forty:InterestExpensesAttributedToIfrs>
    <forty:BankChargesInterestAndForeignExchangeDifferences contextRef="c0" decimals="-3" unitRef="usd">8385000</forty:BankChargesInterestAndForeignExchangeDifferences>
    <forty:BankChargesInterestAndForeignExchangeDifferences contextRef="c4" decimals="-3" unitRef="usd">6930000</forty:BankChargesInterestAndForeignExchangeDifferences>
    <forty:BankChargesInterestAndForeignExchangeDifferences contextRef="c5" decimals="-3" unitRef="usd">5179000</forty:BankChargesInterestAndForeignExchangeDifferences>
    <forty:FinancialExpenses contextRef="c0" decimals="-3" unitRef="usd">29994000</forty:FinancialExpenses>
    <forty:FinancialExpenses contextRef="c4" decimals="-3" unitRef="usd">29444000</forty:FinancialExpenses>
    <forty:FinancialExpenses contextRef="c5" decimals="-3" unitRef="usd">22443000</forty:FinancialExpenses>
    <forty:IncomeFromMarketableSecurities contextRef="c0" decimals="-3" unitRef="usd">3338000</forty:IncomeFromMarketableSecurities>
    <forty:IncomeFromMarketableSecurities contextRef="c4" decimals="-3" unitRef="usd">204000</forty:IncomeFromMarketableSecurities>
    <forty:IncomeFromMarketableSecurities contextRef="c5" decimals="-3" unitRef="usd">747000</forty:IncomeFromMarketableSecurities>
    <forty:InterestIncomeFromDepositsAndForeignExchangeDifferences contextRef="c0" decimals="-3" unitRef="usd">2651000</forty:InterestIncomeFromDepositsAndForeignExchangeDifferences>
    <forty:InterestIncomeFromDepositsAndForeignExchangeDifferences contextRef="c4" decimals="-3" unitRef="usd">2355000</forty:InterestIncomeFromDepositsAndForeignExchangeDifferences>
    <forty:InterestIncomeFromDepositsAndForeignExchangeDifferences contextRef="c5" decimals="-3" unitRef="usd">3044000</forty:InterestIncomeFromDepositsAndForeignExchangeDifferences>
    <forty:FinancialIncome contextRef="c0" decimals="-3" unitRef="usd">5989000</forty:FinancialIncome>
    <forty:FinancialIncome contextRef="c4" decimals="-3" unitRef="usd">2559000</forty:FinancialIncome>
    <forty:FinancialIncome contextRef="c5" decimals="-3" unitRef="usd">3791000</forty:FinancialIncome>
    <ifrs-full:OtherTradingIncomeExpense contextRef="c0" decimals="-3" unitRef="usd">24005000</ifrs-full:OtherTradingIncomeExpense>
    <ifrs-full:OtherTradingIncomeExpense contextRef="c4" decimals="-3" unitRef="usd">26885000</ifrs-full:OtherTradingIncomeExpense>
    <ifrs-full:OtherTradingIncomeExpense contextRef="c5" decimals="-3" unitRef="usd">18652000</ifrs-full:OtherTradingIncomeExpense>
    <forty:PropertyAndEquipmentTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,221&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,105&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;United
    States&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,144&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,517&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Europe&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,820&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,303&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Japan&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;211&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;283&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,490&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,968&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;56,886&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,176&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:PropertyAndEquipmentTableTextBlock>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c379" decimals="-3" unitRef="usd">44221000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c380" decimals="-3" unitRef="usd">44105000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c381" decimals="-3" unitRef="usd">3144000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c382" decimals="-3" unitRef="usd">4517000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c383" decimals="-3" unitRef="usd">2820000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c384" decimals="-3" unitRef="usd">3303000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c385" decimals="-3" unitRef="usd">211000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c386" decimals="-3" unitRef="usd">283000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c387" decimals="-3" unitRef="usd">6490000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c388" decimals="-3" unitRef="usd">6968000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c2" decimals="-3" unitRef="usd">56886000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment contextRef="c3" decimals="-3" unitRef="usd">59176000</ifrs-full:PropertyPlantAndEquipment>
    <forty:RevenuesClassifiedByGeographicAreaTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                              ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Israel&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,506,566&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,203,109&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,047,265&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;International:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;United
    States&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;591,794&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;501,785&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;462,803&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Europe&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;255,680&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;189,152&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;145,564&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Africa&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,012&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;11,702&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,336&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Japan&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;12,890&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,282&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;14,925&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    (mainly Asia pacific)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,434&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;13,888&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,222&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:RevenuesClassifiedByGeographicAreaTableTextBlock>
    <ifrs-full:Revenue contextRef="c389" decimals="-3" unitRef="usd">1506566000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c390" decimals="-3" unitRef="usd">1203109000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c391" decimals="-3" unitRef="usd">1047265000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c392" decimals="-3" unitRef="usd">591794000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c393" decimals="-3" unitRef="usd">501785000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c394" decimals="-3" unitRef="usd">462803000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c395" decimals="-3" unitRef="usd">255680000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c396" decimals="-3" unitRef="usd">189152000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c397" decimals="-3" unitRef="usd">145564000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c398" decimals="-3" unitRef="usd">18012000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c399" decimals="-3" unitRef="usd">11702000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c400" decimals="-3" unitRef="usd">15336000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c401" decimals="-3" unitRef="usd">12890000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c402" decimals="-3" unitRef="usd">14282000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c403" decimals="-3" unitRef="usd">14925000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c404" decimals="-3" unitRef="usd">19434000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c405" decimals="-3" unitRef="usd">13888000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c406" decimals="-3" unitRef="usd">15222000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c0" decimals="-3" unitRef="usd">2404376000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c4" decimals="-3" unitRef="usd">1933918000</ifrs-full:Revenue>
    <ifrs-full:Revenue contextRef="c5" decimals="-3" unitRef="usd">1701115000</ifrs-full:Revenue>
    <forty:BasicAndDilutedNetEarningsPerShareTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: bottom; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
                                                                                                                              ended December&#160;31,&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; padding-left: 0.125in; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2019&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="text-decoration:underline"&gt;Numerator&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    earnings per share &#x2013; net income attributable to equity holders of the Company&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;54,585&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;46,776&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;38,820&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    earnings per share &#x2013; net income attributable to equity holders of the Company&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;53,974&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,969&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;37,457&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="text-decoration:underline"&gt;Denominator&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    earnings per share &#x2013; weighted average shares outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,290&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,286&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,190&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Effect
    of dilutive securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;114&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;151&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    earnings per share &#x2013; adjusted weighted average shares outstanding&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,404&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,292&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;15,341&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Basic
    net earnings per share&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.57&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.05&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2.56&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Diluted
    net earnings per share&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.50&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3.01&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2.44&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</forty:BasicAndDilutedNetEarningsPerShareTableTextBlock>
    <forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders contextRef="c0" decimals="-3" unitRef="usd">54585000</forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders>
    <forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders contextRef="c4" decimals="-3" unitRef="usd">46776000</forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders>
    <forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders contextRef="c5" decimals="-3" unitRef="usd">38820000</forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders>
    <forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders contextRef="c0" decimals="-3" unitRef="usd">53974000</forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders>
    <forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders contextRef="c4" decimals="-3" unitRef="usd">45969000</forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders>
    <forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders contextRef="c5" decimals="-3" unitRef="usd">37457000</forty:AmountForDilutedEarningsPerShareIncomeAvailableToShareholders>
    <forty:DenominatorForBasicNetEarningsPerShare contextRef="c0" decimals="0" unitRef="shares">15290</forty:DenominatorForBasicNetEarningsPerShare>
    <forty:DenominatorForBasicNetEarningsPerShare contextRef="c4" decimals="0" unitRef="shares">15286</forty:DenominatorForBasicNetEarningsPerShare>
    <forty:DenominatorForBasicNetEarningsPerShare contextRef="c5" decimals="0" unitRef="shares">15190</forty:DenominatorForBasicNetEarningsPerShare>
    <forty:EffectOfDilutiveSecurities contextRef="c0" decimals="0" unitRef="shares">114</forty:EffectOfDilutiveSecurities>
    <forty:EffectOfDilutiveSecurities contextRef="c4" decimals="0" unitRef="shares">6</forty:EffectOfDilutiveSecurities>
    <forty:EffectOfDilutiveSecurities contextRef="c5" decimals="0" unitRef="shares">151</forty:EffectOfDilutiveSecurities>
    <forty:DenominatorForDilutedNetEarningsPerShare contextRef="c0" decimals="0" unitRef="shares">15404</forty:DenominatorForDilutedNetEarningsPerShare>
    <forty:DenominatorForDilutedNetEarningsPerShare contextRef="c4" decimals="0" unitRef="shares">15292</forty:DenominatorForDilutedNetEarningsPerShare>
    <forty:DenominatorForDilutedNetEarningsPerShare contextRef="c5" decimals="0" unitRef="shares">15341</forty:DenominatorForDilutedNetEarningsPerShare>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c0" decimals="2" unitRef="usdPershares">3.57</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c4" decimals="2" unitRef="usdPershares">3.05</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare contextRef="c5" decimals="2" unitRef="usdPershares">2.56</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c0" decimals="2" unitRef="usdPershares">3.5</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c4" decimals="2" unitRef="usdPershares">3.01</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare contextRef="c5" decimals="2" unitRef="usdPershares">2.44</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;Note
                            23:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;operating
                                         segments&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;General:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Group is engaged through seven directly held subsidiaries; Matrix; Sapiens; Magic Software; Michpal, Zap, Insync and Ofek; and
one jointly controlled entity: TSG, in providing software services, proprietary and non-proprietary software solutions, software
product marketing and support, computer infrastructure and integration solutions and training and integration.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Matrix&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
IT Ltd. is Israel&#x2019;s leading IT services company. Matrix provides software solutions and services, software development projects,
outsourcing, integration of software systems and services, project management services and comprehensive consulting and management
services in complex infrastructure projects, urban and environment planning &#x2013; all in accordance with its customers&#x2019;
specific needs. Matrix also provides upgrading and expansion of existing software systems.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix
operates through its directly and indirectly held subsidiaries in the following segments: (1) Information Technology (IT) Software
solutions and services, Consulting &amp;amp; Management in Israel; (2) Information Technologies (IT) Software solutions and services
in the U.S; (3) Training and integration; (4) Computer and cloud infrastructure and integration solutions; and (5) Software product
marketing and support.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Information
Technologies (IT) Software solutions and services, Consulting &amp;amp; Management in Israel:&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
software solutions and services in Israel provided by Matrix consist mainly of providing tailored software solutions and upgrading
and expanding mainly existing large-scale software systems. These services include, among others, developing customized software,
adapting software to the customer&#x2019;s specific needs, implementing software and modifying it based on the customer&#x2019;s
needs, outsourcing, software project management, software testing and QA and integrating all or part of the above elements.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Furthermore,
the activity in this segment includes project management consulting services and multi-disciplinary operational and engineering
consulting services, including supervision of complex engineering projects, all according to client specific needs as the scope
of work invested in each element varies from one customer to the other. In 2021, activity in software solutions and value-added
services in Israel accounted for approximately 54% of Matrix&#x2019;s revenues and approximately 57% of its operating income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Information
Technologies (IT) Software solutions and services in the United States:&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
activities in this segment are primarily providing software solutions and services of Governance Risk and Compliance (&#x201c;GRC&#x201d;)
experts, including activities on the following topics: risk management, management and prevention of fraud, anti-money laundering,
trade surveillance as well as, specialized advisory services in the area of compliance with financial regulation and operational
services, through Matrix-IFS (formerly Exzac Inc.), a wholly owned subsidiary of Matrix, as well as providing solutions and specialized
technological services in areas such as: portals, BI (Business Intelligence) DBA (Data Base Administration), CRM (Customer Relation
Management) and EIM (Enterprise Information Management). Furthermore, the activity in this segment includes dedicated solutions
for the GovCon Government contracting market, IT help desk services specializing in healthcare and software product distribution
services particularly IBM, BMC and Atlassian products to customers in the public-government sector in the U.S (mainly through
RightStar Inc.). In 2021, activity in the U.S accounted for approximately 8% of Matrix&#x2019;s revenues and approximately 11%
of its operating income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Training
and integration:&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
activities in this segment consist of operating a network of high-tech training and instruction centers which provide application
courses, professional training courses and advanced professional studies in the high-tech industry, courses of soft skills and
management training and provision of training and implementation of computer systems. Matrix also outsources IT services based
on graduates of its courses. In 2021, activity in training and integration accounted for approximately 4% of Matrix&#x2019;s revenues
and for approximately 5% of its operating income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Computer
and cloud infrastructure and integration solutions:&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
activities in this segment, is primarily providing computer solutions to computer and communications infrastructures, marketing
and sale of computers and peripheral equipment to business customers, providing related services, and cloud computing solutions
(through the business specializing unit of the Company - Cloud Zone) and a myriad of services regarding Database services and
Big data services (through the specialized business unit Data zone). In 2021, activity in computer and cloud infrastructure and
integration solutions accounted for approximately 28% of Matrix&#x2019;s revenues and for approximately 19% of its operating income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Software
product marketing and support:&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.75in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Matrix&#x2019;s
activities in this segment include marketing, distributing and support for various software products, the principal of which are
CRM, computer systems management infrastructures, web world content management, database and data warehouse mining, application
integration, database and systems, data management and software development tools. In 2021, activity in software product marketing
and support accounted for approximately 6% of Matrix&#x2019;s revenues and approximately 8% of its operating income.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Sapiens&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sapiens
is a leading global provider of software solutions for the insurance industry. Sapiens&#x2019; extensive expertise is reflected
in its innovative software platforms, suites, solutions and services for property &amp;amp; casualty (P&amp;amp;C); life, pension &amp;amp;
annuity (L&amp;amp;A); reinsurance; financial and compliance (F&amp;amp;C); workers&#x2019; compensation (WC); and financial markets. Sapiens
offers a full digital suite that provides an end-to-end, holistic and seamless digital experience for carriers, agents, customers
and assorted insurance personnel, across multiple devices and technologies. Sapiens&#x2019; offerings enable its customers to effectively
manage their core business functions &#x2013; including policy administration, claims and billing &#x2013;supporting insurers during
their digital transformation journeys. Sapiens portfolio also covers underwriting, illustration and electronic application. Furthermore,
Sapiens supplies decision management solutions tailored to a variety of financial services providers, so business users across
verticals can quickly deploy business logic and comply with policies and regulations throughout their organizations. Its platforms
possess modern, modular architecture and are digital-driven empowering customers to respond to the rapidly changing insurance
market and frequent regulatory changes, while improving the efficiency of their core operations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Magic
                                         Software&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software is a global provider of: (i) software services and Information Technologies (&#x201c;IT&#x201d;) outsourcing software services;
(ii) proprietary application development and business process integration platforms; (iii) selected packaged vertical software
solutions; as well as (iv) cloud based services for end to end digital transformation. Magic Software&#x2019;s technology is used
by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications quickly and cost effectively.
In addition, Magic Software&#x2019;s technology enables enterprises to accelerate the process of delivering business solutions
that meet current and future needs and allow customers to dramatically improve their business performance and return on investment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;With
respect to software services and IT outsourcing services, Magic Software offers a vast portfolio of professional services in the
areas of infrastructure design and delivery, application development, technology consulting planning and implementation services,
integration projects, project management, software testing and quality assurance, engineering consulting (including supervision
of engineering projects), support services, cloud computing for deployment of highly available and massively-scalable applications
and API&#x2019;s and supplemental outsourcing services, all according to the specific needs of the customer, and in accordance
with the professional expertise required in each case.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition, Magic Software offers a variety of proprietary comprehensive packaged software solutions through certain of its subsidiaries
for (i) enterprise-wide and fully integrated medical platform (&#x201c;Clicks&#x201d;), specializing in the design and management
of patient-file oriented software solutions for managed care and large-scale health care providers. This platform aims to allow
providers to securely access an individual&#x2019;s electronic health record at the point of care, and it organizes and proactively
delivers information with potentially real time feedback to meet the specific needs of physicians, nurses, laboratory technicians,
pharmacists, front- and back-office professionals and consumers; (ii) enterprise management systems for both hubs and traditional
air cargo ground handling operations from physical handling and cargo documentation through customs, seamless electronic data
interchange, or EDI communications, dangerous goods, special handling, track and trace, security to billing (&#x201c;Hermes&#x201d;);
(iii) enterprise human capital management, or HCM, solutions, to facilitate the collection, analysis and interpretation of quality
data about people, their jobs and their performance, to enhance HCM decision making (&#x201c;HR Pulse&#x201d;); (iv) revenue management
and monetization solutions in mobile, wireline, broadband and mobile virtual network operator/enabler, or MVNO/E (&#x201c;Leap&#x201d;);
(v) comprehensive systems for managing broadcast channels in the area of TV broadcast management through cloud-based on-demand
service or on-premise solutions; (vi) comprehensive solution for sales and distribution field activities, such as order taking,
route accounting, trade marketing, retail execution, proof of deliveries and B2B E-commerce (&#x201c;Mobisale&#x201d;); and (vii)
comprehensive solution for efficient management of all types of rehabilitation centers (&#x201c;Nativ&#x201d;).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software solutions are used by customers to develop, deploy and integrate on-premise, mobile and cloud-based business applications
quickly and cost effectively. In addition, its technology enables enterprises to accelerate the process of delivering business
solutions that meet current and future needs and allow customers to dramatically improve their business performance and return
on investment. Its software solutions include application platforms for developing and deploying specialized and high-end large-scale
business applications (Magic xpa application platform, formerly branded uniPaaS, Appbuilder and Magic SmartUX), an integration
platform that allows the integration and interoperability of diverse solutions, applications and systems in a quick and efficient
manner (Magic xpi business and process integration platform, formerly branded iBOLT), Magic BusinessEye &#x2013; a cloud-based
platform for all verticals enabling smooth end-to-end digital transformation and full organizational business intelligence and
FactoryEye - a proprietary high performance, low-code, flexible, hybrid platform for manufacturers based on existing infrastructure
enabling real-time virtualizations of all production data and advanced analytics (based on machine learning) for improved productivity
and competitive advantage. These solutions enable Magic Software customers to improve their business performance and return on
investment by supporting the affordable and rapid delivery and integration of business applications, systems and databases.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Magic
Software products and services are available through a global network of regional offices, independent software vendors, system
integrators, distributors and value-added resellers as well as original equipment manufacturers and consulting partners in approximately
50 countries.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Insync&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;InSync
is a U.S based national supplier of employees to Vendor Management Systems (VMS) Workforce Management Program accounts. Insync
specializes in providing professionals in the following areas; Accounting and Finance, Administrative, Customer Service, Clinical,
Scientific and Healthcare, Engineering, Manufacturing and Operations, Human Resources, IT Technology, LI/MFG, and Marketing and
Sales. InSync currently supports more than 30 VMS program customers with employees in over 40 states.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Michpal&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Michpal,
an Israeli registered company, is a developer of proprietary, on-premise payroll software solution for processing traditional
payroll stubs to Israeli enterprises and payroll service providers. Michpal also developed several complementary modules such
as attendance reporting, which are sold to its customers for additional fees. Together with its subsidiaries Unique Software Industries
Ltd, a software development and services company, providing integrated solutions in the field of payroll for more than 30 years,
including pay-stubs, pension services management, education funds management, and software solutions for managing employee attendance,
and Effective Solutions Ltd Michapl also provides consulting services in the fields of operational cost savings and procurement,
as well as salary control and monitoring a payroll, labor, pensions, social security and employee income tax matters. As of December&#160;31,
2021, Michpal serves approximately 8,000 customers, most of which are long-term customers.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Zap
Group&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group, is Israel&#x2019;s largest group of consumer websites which manages more than twenty leading consumer websites from diverse
content worlds with a total of more than 17 million visits per month, including Zap Price Comparison website, Zap Yellow Pages
(the largest business index in Israel) and Zap Rest (Israel&#x2019;s restaurants index). Zap Group, an Israeli private company,
provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access to
an E-commerce platform to allow them engage with their consumers. Zap Group serves over 400,000 listed businesses on its platforms;
approximately 16,000 of them are paying customers. The websites managed and offered by Zap Group offer consumers a user-friendly
search experience with a variety of advanced tools, which enable them to make educated purchase decisions in the best and most
informed way.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Digital
Solutions&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group provides a variety of digital advertising solutions for its customers (small and medium businesses in Israel) and an access
to an E-commerce platform that allows them to engage with their consumers. Zap Group regularly seeks to develop attractive digital
solutions, which it believes to have market potential for small and medium businesses and their end user. All of Zap Group&#x2019;s
investments in this area have been proven, where we believe we can leverage our experience to enhance product positioning and
increase market penetration. We provide our management and technical and financial expertise, marketing experience to help bring
these products to market.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;E-commerce
Solutions&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group provides an e-commerce platform for approximately 1,500 large, medium and small businesses, which operate stores in Israel.
The platform, both website and application, allow end users to compare prices of the various stores for over 1.2 million products
in 650 categories. The platform provides to more than 120 million visiting end users annually, 300,000 reviews of stores and products
and 5,000 quality guides (videos and articles), which allow them to engage through the platform directly with the stores for a
purchase of a certain product they looked at through the platform. Total online purchases through the platform is estimated at
approximately NIS 2 billion annually, which is estimated at 14% out of total online purchase volume in Israel (not including food
and beverage).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
2021, Zap Group launched a new website for car sellers and buyers, which provides a marketplace where buyers can explore on one
website various options for buying a second-hand car (B2C). The platform allows the buyer to compare prices, specs, financing,
peripheral services, accessories and overall packages. The Online, real-time supply availability enables transparency, and also
provides the buyer an aggregated view of specific sellers and agencies and a direct contact with a large pool of sellers&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Digital
platforms&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group provides digital advertising platforms and services through 18 websites for medium and small businesses in 1,600 business
categories in Israel, including doctors, lawyers, and other service and product providers. The platform, both website and application
allow end users to contact directly with the service provider. The platform provides to more than 50 million visiting end users
annually, 200,000 reviews, 2,000 quality guides (videos and articles), 300 price lists, and 700 forums with more than 1.5 million
expert explanations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group also provides its customers other digital services as Search Engine Marketing (Pay Per Click Google and Facebook campaigns)
and Search Engine Optimization for their websites. Zap Group also provides website design services, creation of new websites on
various tools (ZAP-X), management of social media, online business cards (GMB), and big data services.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Restaurants
and events&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Zap
Group provides digital advertising platforms and services for more than 17,000 restaurants listed and provides services for social
events. Approximately 2,500 of them are paying customers. The platform, both website and application allow end users to directly
contact the restaurant for table ordering, ordering of delivery or take away, to post visit reviews or explore the restaurant
menu, photo gallery and other content such as articles, etc. The platform provides to more than 30 million visiting end users
annually, approximately two million food deliveries, 200,000 reviews, 5,000 food and culinary articles (videos and articles),
and more than 0.5 million push updates annually.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Other&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ZAP
Group provides digital advertising platform for domestic travel and hospitality businesses in Israel (the &#x201c;Platform&#x201d;).
The platform, both website and application, allows end users to order directly from the provider (hotel, guesthouse or attraction
service provider). The platform provides access to millions of visiting end users annually, to approximately 1,200 vacation and
leisure locations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;Ofek&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Founded
in 1987, Ofek is one of the leading companies in Israel in the fields of aerial and satellite mapping, geographic data collection
and processing, and provider of services in numerous geographic applications. Among Ofek&#x2019;s customers are many government
authorities and foreign government. Ofek employs approximately 100 employees, all situated at Ofek&#x2019;s headquarter in Natanya,
Israel, in multiple areas of expertise: geodetic engineers, software experts, geographers and aerial photo interpreters, GIS and
surveying engineers, 3D mapping and data processing experts. The company owns three aerial photography aircrafts equipped with
state-of-the-art mapping sensors. Ofek operates worldwide. It has successfully completed projects for various clients (government
and private) in Asia, America, Europe, Middle East and Africa, and it constantly involved in ongoing international geographic
projects. Ofek aerial photography has accumulated experience in managing and executing NSDI and GIS projects and surveys for detecting,
collecting and analyzing diverse geographic cadastral and environmental information.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration:underline"&gt;TSG&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG
is a global high&lt;b&gt;-&lt;/b&gt;technology company engaged in high-end technical solutions for protecting the safety of national borders,
improving data gathering mechanisms, and enhancing communications channels for military, homeland security and civilian organizations.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG
operates primarily in the defense and homeland security arenas. The nature of military and homeland security actions in recent
years, including low intensity conflicts and ongoing terrorist activities, as well as budgetary pressures to focus on leaner but
more technically advanced forces, have caused a shift in the defense and homeland security priorities for many of TSG&#x2019;s
major customers. As a result, TSG believes there is a continued demand in the areas of command, control, communications, computer
and intelligence (C4I) systems, intelligence, surveillance and reconnaissance (ISR) systems, intelligence gathering systems, border
and perimeter security systems, cyber-defense systems. There is also a continuing demand for cost-effective logistic support and
training and simulation services. TSG believes that its synergistic approach of finding solutions that combine elements of its
various activities positions it to meet evolving customer requirements in many of these areas. TSG tailors and adapts its technologies,
integration skills, market knowledge and operationally-proven systems to each customer&#x2019;s individual requirements in both
existing and new platforms. By upgrading existing platforms with advanced technologies, TSG provides customers with cost-effective
solutions, and its customers are able to improve their technological and operational capabilities within limited budgets.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;TSG
markets its systems and products either as a prime contractor or as a subcontractor to various governments and defense and homeland
security contractors worldwide. In Israel, TSG sells its defense, intelligence and homeland security systems and products mainly
to the IMOD, which procures all equipment for the Israeli Defense Force (IDF).&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Consolidated
Goodwill in material partially owned subsidiaries&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;306,421&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;290,662&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;406,498&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;409,646&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;146,803&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;135,682&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;36,108&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,758&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,292&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-205"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    consolidated subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,676&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;932,854&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration:underline"&gt;Reporting
on operating segments&lt;/span&gt;:&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
operating segments are identified on the basis of information that is reviewed by the chief operating decision maker (&#x201c;CODM&#x201d;)
to make decisions about resources to be allocated and assesses its performance. The CODM has been identified as Formula&#x2019;s
CEO. The CODM assess the performance of the Group based on each of the Group&#x2019;s directly held subsidiaries and company accounted
for at equity operating income (or loss). Headquarters and finance expenses of Formula are allocated proportionally among the
investees. &lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2021:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,344,088&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;461,035&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;477,643&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,087&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,640&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;127,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(89,758&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,529&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-206"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,682&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-207"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-208"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-209"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(9,211&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-210"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,350,617&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;461,035&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;480,325&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,087&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,640&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;127,641&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(98,969&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,736&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,837&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,486&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,776&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,406&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;122,184&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;102,054&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,210&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,838&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,962&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,841&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,519&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;219,171&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(11,155&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;208,016&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(24,005&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;505&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,902&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2020:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,116,178&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;382,903&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;368,357&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,244&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-211"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(80,094&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,316&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-212"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,837&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-213"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-214"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-215"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(8,153&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-216"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,121,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;382,903&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;371,194&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,244&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-217"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(88,247&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;36,244&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,965&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,861&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-218"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,377&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,446&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,507&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84,181&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,337&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,757&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,333&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-219"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,753&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,455&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;174,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,265&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;170,641&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(26,885&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,535&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;114,022&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2019:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,005,721&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,674&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;322,401&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,271&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-220"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;117,245&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(91,197&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,986&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-221"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,229&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-222"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-223"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-224"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,215&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-225"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,009,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,674&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,630&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,271&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-226"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;117,245&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(98,412&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,780&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,196&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;17,584&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,500&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-227"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,158&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,286&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86,932&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,552&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,336&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,817&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,279&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-228"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,553&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,216&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,727&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;138,489&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(18,652&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,787&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;94,423&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c407">In 2021, activity in software solutions and value-added
services in Israel accounted for approximately 54% of Matrix&#x2019;s revenues and approximately 57% of its operating income.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c0">In 2021, activity in the U.S accounted for approximately 8% of Matrix&#x2019;s revenues and approximately 11%
of its operating income.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c408">In 2021, activity in training and integration accounted for approximately 4% of Matrix&#x2019;s revenues
and for approximately 5% of its operating income.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c409">In 2021, activity in computer and cloud infrastructure and
integration solutions accounted for approximately 28% of Matrix&#x2019;s revenues and for approximately 19% of its operating income.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c410">In 2021, activity in software product marketing
and support accounted for approximately 6% of Matrix&#x2019;s revenues and approximately 8% of its operating income.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments contextRef="c411">As of December&#160;31,
2021, Michpal serves approximately 8,000 customers, most of which are long-term customers.</ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments>
    <forty:PercentageOfEstimatedOnlinePurchaseVolume contextRef="c0" decimals="2" unitRef="pure">0.14</forty:PercentageOfEstimatedOnlinePurchaseVolume>
    <forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;December&#160;31,&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2021&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2020&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;306,421&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;290,662&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;406,498&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;409,646&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic
    Software and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;146,803&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;135,682&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;36,108&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,758&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP
    and its subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,292&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-205"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other
    consolidated subsidiaries&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,676&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;932,854&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;872,424&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;</forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock>
    <ifrs-full:Goodwill contextRef="c412" decimals="-3" unitRef="usd">306421000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c413" decimals="-3" unitRef="usd">290662000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c414" decimals="-3" unitRef="usd">406498000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c415" decimals="-3" unitRef="usd">409646000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c416" decimals="-3" unitRef="usd">146803000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c417" decimals="-3" unitRef="usd">135682000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c418" decimals="-3" unitRef="usd">36108000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c419" decimals="-3" unitRef="usd">34758000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c420" decimals="-3" unitRef="usd">35292000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c422" decimals="-3" unitRef="usd">1732000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c423" decimals="-3" unitRef="usd">1676000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c2" decimals="-3" unitRef="usd">932854000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill contextRef="c3" decimals="-3" unitRef="usd">872424000</ifrs-full:Goodwill>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2021:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,344,088&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;461,035&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;477,643&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,087&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,640&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;127,641&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(89,758&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,529&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-206"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,682&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-207"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-208"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-209"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(9,211&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-210"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,350,617&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;461,035&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;480,325&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,087&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;51,640&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;127,641&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(98,969&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,404,376&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,736&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;45,732&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;19,837&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,023&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;7,486&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,776&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,406&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;122,184&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;102,054&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;44,210&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;59,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,838&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,962&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,841&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,519&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;219,171&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(11,155&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;208,016&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(24,005&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;505&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(42,614&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,902&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2020:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,116,178&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;382,903&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;368,357&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,244&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-211"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(80,094&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,316&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-212"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,837&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-213"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-214"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-215"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(8,153&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-216"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,121,494&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;382,903&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;371,194&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;26,244&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-217"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;120,330&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(88,247&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,933,918&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;36,244&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,965&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;18,861&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,506&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-218"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,377&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,446&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;95,507&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;84,181&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;35,337&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;47,757&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;6,333&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-219"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;4,753&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(3,455&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;174,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(4,265&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;170,641&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(26,885&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,535&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(31,269&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;114,022&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;p style="margin: 0; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Matrix&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Sapiens&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Magic&lt;br/&gt;

    Software&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Michpal&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;ZAP&lt;br/&gt;

    Group&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Other&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Adjustments&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-weight: bold; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Year
    ended December&#160;31, 2019:&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Revenues
    from external customers&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,005,721&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,674&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;322,401&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,271&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-220"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;117,245&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(91,197&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Inter-segment
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,986&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-221"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;3,229&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-222"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-223"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-224"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,215&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-225"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    revenues&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,009,707&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,674&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;325,630&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;21,271&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-226"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;117,245&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(98,412&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,701,115&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Depreciation
    and amortization&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;34,780&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,196&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;17,584&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,500&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-227"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;2,158&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,286&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;86,932&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Segment
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;71,552&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;32,336&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;33,817&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,279&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-228"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;5,785&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(7,553&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;141,216&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Unallocated
    corporate expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(2,727&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Total
    operating income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;138,489&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Financial
    expenses, net&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(18,652&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Group&#x2019;s
    share of profits of companies accounted for at equity, net&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;1,787&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom;  font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Taxes
    on income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt solid; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1.5pt solid; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;(27,201&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;Net
    income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 4pt double; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 4pt double; text-align: right; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;94,423&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c424" decimals="-3" unitRef="usd">1344088000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c425" decimals="-3" unitRef="usd">461035000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c426" decimals="-3" unitRef="usd">477643000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c427" decimals="-3" unitRef="usd">32087000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c428" decimals="-3" unitRef="usd">51640000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c429" decimals="-3" unitRef="usd">127641000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c430" decimals="-3" unitRef="usd">-89758000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c0" decimals="-3" unitRef="usd">2404376000</ifrs-full:RevenueFromContractsWithCustomers>
    <forty:IntersegmentRevenues contextRef="c424" decimals="-3" unitRef="usd">6529000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c426" decimals="-3" unitRef="usd">2682000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c430" decimals="-3" unitRef="usd">-9211000</forty:IntersegmentRevenues>
    <forty:RevenuesByProductServices contextRef="c424" decimals="-3" unitRef="usd">-1350617000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c425" decimals="-3" unitRef="usd">-461035000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c426" decimals="-3" unitRef="usd">-480325000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c427" decimals="-3" unitRef="usd">-32087000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c428" decimals="-3" unitRef="usd">-51640000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c429" decimals="-3" unitRef="usd">-127641000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c430" decimals="-3" unitRef="usd">98969000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c0" decimals="-3" unitRef="usd">-2404376000</forty:RevenuesByProductServices>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c424" decimals="-3" unitRef="usd">45736000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c425" decimals="-3" unitRef="usd">45732000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c426" decimals="-3" unitRef="usd">19837000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c427" decimals="-3" unitRef="usd">4023000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c428" decimals="-3" unitRef="usd">7486000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c429" decimals="-3" unitRef="usd">3776000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c430" decimals="-3" unitRef="usd">-4406000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c0" decimals="-3" unitRef="usd">122184000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c424" decimals="-3" unitRef="usd">102054000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c425" decimals="-3" unitRef="usd">44210000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c426" decimals="-3" unitRef="usd">59785000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c427" decimals="-3" unitRef="usd">6838000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c428" decimals="-3" unitRef="usd">5962000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c429" decimals="-3" unitRef="usd">3841000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c430" decimals="-3" unitRef="usd">-3519000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c0" decimals="-3" unitRef="usd">219171000</ifrs-full:OtherOperatingIncomeExpense>
    <forty:UnallocatedCorporateExpenses contextRef="c0" decimals="-3" unitRef="usd">-11155000</forty:UnallocatedCorporateExpenses>
    <ifrs-full:RevenueAndOperatingIncome contextRef="c0" decimals="-3" unitRef="usd">208016000</ifrs-full:RevenueAndOperatingIncome>
    <ifrs-full:FinanceIncomeCost contextRef="c0" decimals="-3" unitRef="usd">-24005000</ifrs-full:FinanceIncomeCost>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c0" decimals="-3" unitRef="usd">505000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c0" decimals="-3" unitRef="usd">42614000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <us-gaap:ProfitLoss contextRef="c0" decimals="-3" unitRef="usd">141902000</us-gaap:ProfitLoss>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c431" decimals="-3" unitRef="usd">1116178000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c432" decimals="-3" unitRef="usd">382903000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c433" decimals="-3" unitRef="usd">368357000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c434" decimals="-3" unitRef="usd">26244000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c436" decimals="-3" unitRef="usd">120330000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c437" decimals="-3" unitRef="usd">-80094000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c4" decimals="-3" unitRef="usd">1933918000</ifrs-full:RevenueFromContractsWithCustomers>
    <forty:IntersegmentRevenues contextRef="c431" decimals="-3" unitRef="usd">5316000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c433" decimals="-3" unitRef="usd">2837000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c437" decimals="-3" unitRef="usd">-8153000</forty:IntersegmentRevenues>
    <forty:RevenuesByProductServices contextRef="c431" decimals="-3" unitRef="usd">-1121494000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c432" decimals="-3" unitRef="usd">-382903000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c433" decimals="-3" unitRef="usd">-371194000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c434" decimals="-3" unitRef="usd">-26244000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c436" decimals="-3" unitRef="usd">-120330000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c437" decimals="-3" unitRef="usd">88247000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c4" decimals="-3" unitRef="usd">-1933918000</forty:RevenuesByProductServices>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c431" decimals="-3" unitRef="usd">36244000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c432" decimals="-3" unitRef="usd">35965000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c433" decimals="-3" unitRef="usd">18861000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c434" decimals="-3" unitRef="usd">3506000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c436" decimals="-3" unitRef="usd">3377000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c437" decimals="-3" unitRef="usd">-2446000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c4" decimals="-3" unitRef="usd">95507000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c431" decimals="-3" unitRef="usd">84181000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c432" decimals="-3" unitRef="usd">35337000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c433" decimals="-3" unitRef="usd">47757000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c434" decimals="-3" unitRef="usd">6333000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c436" decimals="-3" unitRef="usd">4753000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c437" decimals="-3" unitRef="usd">-3455000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c4" decimals="-3" unitRef="usd">174906000</ifrs-full:OtherOperatingIncomeExpense>
    <forty:UnallocatedCorporateExpenses contextRef="c4" decimals="-3" unitRef="usd">-4265000</forty:UnallocatedCorporateExpenses>
    <ifrs-full:RevenueAndOperatingIncome contextRef="c4" decimals="-3" unitRef="usd">170641000</ifrs-full:RevenueAndOperatingIncome>
    <ifrs-full:FinanceIncomeCost contextRef="c4" decimals="-3" unitRef="usd">-26885000</ifrs-full:FinanceIncomeCost>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c4" decimals="-3" unitRef="usd">1535000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c4" decimals="-3" unitRef="usd">31269000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <us-gaap:ProfitLoss contextRef="c4" decimals="-3" unitRef="usd">114022000</us-gaap:ProfitLoss>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c438" decimals="-3" unitRef="usd">1005721000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c439" decimals="-3" unitRef="usd">325674000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c440" decimals="-3" unitRef="usd">322401000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c441" decimals="-3" unitRef="usd">21271000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c443" decimals="-3" unitRef="usd">117245000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c444" decimals="-3" unitRef="usd">-91197000</ifrs-full:RevenueFromContractsWithCustomers>
    <ifrs-full:RevenueFromContractsWithCustomers contextRef="c5" decimals="-3" unitRef="usd">1701115000</ifrs-full:RevenueFromContractsWithCustomers>
    <forty:IntersegmentRevenues contextRef="c438" decimals="-3" unitRef="usd">3986000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c440" decimals="-3" unitRef="usd">3229000</forty:IntersegmentRevenues>
    <forty:IntersegmentRevenues contextRef="c444" decimals="-3" unitRef="usd">-7215000</forty:IntersegmentRevenues>
    <forty:RevenuesByProductServices contextRef="c438" decimals="-3" unitRef="usd">-1009707000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c439" decimals="-3" unitRef="usd">-325674000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c440" decimals="-3" unitRef="usd">-325630000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c441" decimals="-3" unitRef="usd">-21271000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c443" decimals="-3" unitRef="usd">-117245000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c444" decimals="-3" unitRef="usd">98412000</forty:RevenuesByProductServices>
    <forty:RevenuesByProductServices contextRef="c5" decimals="-3" unitRef="usd">-1701115000</forty:RevenuesByProductServices>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c438" decimals="-3" unitRef="usd">34780000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c439" decimals="-3" unitRef="usd">32196000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c440" decimals="-3" unitRef="usd">17584000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c441" decimals="-3" unitRef="usd">2500000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c443" decimals="-3" unitRef="usd">2158000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c444" decimals="-3" unitRef="usd">-2286000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense contextRef="c5" decimals="-3" unitRef="usd">86932000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c438" decimals="-3" unitRef="usd">71552000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c439" decimals="-3" unitRef="usd">32336000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c440" decimals="-3" unitRef="usd">33817000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c441" decimals="-3" unitRef="usd">5279000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c443" decimals="-3" unitRef="usd">5785000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c444" decimals="-3" unitRef="usd">-7553000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense contextRef="c5" decimals="-3" unitRef="usd">141216000</ifrs-full:OtherOperatingIncomeExpense>
    <forty:UnallocatedCorporateExpenses contextRef="c5" decimals="-3" unitRef="usd">-2727000</forty:UnallocatedCorporateExpenses>
    <ifrs-full:RevenueAndOperatingIncome contextRef="c5" decimals="-3" unitRef="usd">138489000</ifrs-full:RevenueAndOperatingIncome>
    <ifrs-full:FinanceIncomeCost contextRef="c5" decimals="-3" unitRef="usd">-18652000</ifrs-full:FinanceIncomeCost>
    <ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod contextRef="c5" decimals="-3" unitRef="usd">1787000</ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="c5" decimals="-3" unitRef="usd">27201000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <us-gaap:ProfitLoss contextRef="c5" decimals="-3" unitRef="usd">94423000</us-gaap:ProfitLoss>
    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="c0">&lt;table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;NOTE
                            24:-&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"&gt;SUBSEQUENT
                                         EVENTS&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;a)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In March&#160;2022, Formula declared a cash dividend of approximately NIS 39,213 (approximately $11,930) or NIS 2.56 per share (approximately $0.78 per share) to shareholders of record on April&#160;12, 2022 that was paid on April&#160;26, 2022.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;b)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On December&#160;2, 2021, Magic Software entered into a Share Purchase Agreement (&#x201c;the Agreement&#x201d;) to acquire 50.1% of the outstanding share capital of Vidstart Ltd. (&#x201c;Vidstart&#x201d;). Vidstart is a provider of a video advertising platform that offers personalized automated methods and real-time smart optimization, helping its clients achieve high yields in the competitive digital ecosystem. The final closing and execution of the Agreement occurred on January&#160;27, 2022. The total purchase price was approximately $11,292 in cash. Furthermore, according to the Agreement, Magic Software is obliged to purchase the remainder of Vidstart&#x2019;s shares (30% on December&#160;31, 2022 and 19.9% on December&#160;31, 2023) for a price to be determined based on Vidstart&#x2019;s future operating results during 2022 and 2023.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif"&gt;
&lt;td style="width: 0in; font-family: Times New Roman, Times, Serif"/&gt;&lt;td style="width: 0.25in; text-align: left; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;c)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On March&#160;31, 2022, Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#x201c;Bank Loan&#x201d;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners contextRef="c445" decimals="0" unitRef="ils">39213</ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners>
    <ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners contextRef="c445" decimals="0" unitRef="usd">11930</ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners>
    <forty:DividendPayableAmountPerShares contextRef="c445" decimals="2" unitRef="ilsPershares">2.56</forty:DividendPayableAmountPerShares>
    <forty:DividendPayableAmountPerShares contextRef="c445" decimals="2" unitRef="usdPershares">0.78</forty:DividendPayableAmountPerShares>
    <forty:PurchaseAgreement contextRef="c446">Magic Software entered into a Share Purchase Agreement (&#x201c;the Agreement&#x201d;) to acquire 50.1% of the outstanding share capital of Vidstart Ltd. (&#x201c;Vidstart&#x201d;). Vidstart is a provider of a video advertising platform that offers personalized automated methods and real-time smart optimization, helping its clients achieve high yields in the competitive digital ecosystem. The final closing and execution of the Agreement occurred on January&#160;27, 2022. The total purchase price was approximately $11,292 in cash. Furthermore, according to the Agreement, Magic Software is obliged to purchase the remainder of Vidstart&#x2019;s shares (30% on December&#160;31, 2022 and 19.9% on December&#160;31, 2023) for a price to be determined based on Vidstart&#x2019;s future operating results during 2022 and 2023.</forty:PurchaseAgreement>
    <us-gaap:FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms contextRef="c447">Magic Software entered into a secured credit agreement with an Israeli bank pursuant to which Magic Software borrowed $25,000 for a five-year term (the &#x201c;Bank Loan&#x201d;). The Bank Loan will mature on March&#160;31, 2027, and will be repaid in 5 equal annual installments, whereas the interest will be paid and calculated on a quarterly basis. The Bank Loan bears interest at the rate SOFR + 2.25%.</us-gaap:FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms>
    <dei:DocumentAccountingStandard contextRef="c0" id="hidden-fact-0">International Financial Reporting Standards</dei:DocumentAccountingStandard>
    <forty:CommitmentAndContingencies
      contextRef="c2"
      id="hidden-fact-1"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CommitmentAndContingencies
      contextRef="c3"
      id="hidden-fact-2"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c0"
      id="hidden-fact-3"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c12"
      id="hidden-fact-4"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c13"
      id="hidden-fact-5"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c15"
      id="hidden-fact-6"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c16"
      id="hidden-fact-7"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c12"
      id="hidden-fact-8"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c13"
      id="hidden-fact-9"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c14"
      id="hidden-fact-10"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c16"
      id="hidden-fact-11"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c12"
      id="hidden-fact-12"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c13"
      id="hidden-fact-13"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c15"
      id="hidden-fact-14"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c16"
      id="hidden-fact-15"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c12"
      id="hidden-fact-16"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c13"
      id="hidden-fact-17"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c14"
      id="hidden-fact-18"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c16"
      id="hidden-fact-19"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c17"
      id="hidden-fact-20"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c12"
      id="hidden-fact-21"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c13"
      id="hidden-fact-22"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c16"
      id="hidden-fact-23"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c12"
      id="hidden-fact-24"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c13"
      id="hidden-fact-25"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c16"
      id="hidden-fact-26"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c12"
      id="hidden-fact-27"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c14"
      id="hidden-fact-28"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c15"
      id="hidden-fact-29"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c16"
      id="hidden-fact-30"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c12"
      id="hidden-fact-31"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c13"
      id="hidden-fact-32"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c15"
      id="hidden-fact-33"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c16"
      id="hidden-fact-34"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c17"
      id="hidden-fact-35"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c12"
      id="hidden-fact-36"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c13"
      id="hidden-fact-37"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c14"
      id="hidden-fact-38"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c15"
      id="hidden-fact-39"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c16"
      id="hidden-fact-40"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c12"
      id="hidden-fact-41"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c14"
      id="hidden-fact-42"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c15"
      id="hidden-fact-43"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c16"
      id="hidden-fact-44"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c12"
      id="hidden-fact-45"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c14"
      id="hidden-fact-46"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c15"
      id="hidden-fact-47"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c16"
      id="hidden-fact-48"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c12"
      id="hidden-fact-49"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c14"
      id="hidden-fact-50"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c15"
      id="hidden-fact-51"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c16"
      id="hidden-fact-52"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c12"
      id="hidden-fact-53"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c13"
      id="hidden-fact-54"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c14"
      id="hidden-fact-55"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c15"
      id="hidden-fact-56"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c16"
      id="hidden-fact-57"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c31"
      id="hidden-fact-58"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c32"
      id="hidden-fact-59"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c34"
      id="hidden-fact-60"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c35"
      id="hidden-fact-61"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c31"
      id="hidden-fact-62"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c32"
      id="hidden-fact-63"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c33"
      id="hidden-fact-64"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c35"
      id="hidden-fact-65"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c31"
      id="hidden-fact-66"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c32"
      id="hidden-fact-67"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c34"
      id="hidden-fact-68"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c35"
      id="hidden-fact-69"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c31"
      id="hidden-fact-70"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c32"
      id="hidden-fact-71"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c33"
      id="hidden-fact-72"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c35"
      id="hidden-fact-73"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c31"
      id="hidden-fact-74"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c32"
      id="hidden-fact-75"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c33"
      id="hidden-fact-76"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c35"
      id="hidden-fact-77"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c36"
      id="hidden-fact-78"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c31"
      id="hidden-fact-79"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c32"
      id="hidden-fact-80"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c35"
      id="hidden-fact-81"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c31"
      id="hidden-fact-82"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c32"
      id="hidden-fact-83"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c35"
      id="hidden-fact-84"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c31"
      id="hidden-fact-85"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c33"
      id="hidden-fact-86"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c34"
      id="hidden-fact-87"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c35"
      id="hidden-fact-88"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c31"
      id="hidden-fact-89"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c32"
      id="hidden-fact-90"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c34"
      id="hidden-fact-91"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c35"
      id="hidden-fact-92"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c36"
      id="hidden-fact-93"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c31"
      id="hidden-fact-94"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c32"
      id="hidden-fact-95"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c33"
      id="hidden-fact-96"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c34"
      id="hidden-fact-97"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c35"
      id="hidden-fact-98"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c31"
      id="hidden-fact-99"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c33"
      id="hidden-fact-100"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c34"
      id="hidden-fact-101"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c35"
      id="hidden-fact-102"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c31"
      id="hidden-fact-103"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c33"
      id="hidden-fact-104"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c34"
      id="hidden-fact-105"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c35"
      id="hidden-fact-106"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c31"
      id="hidden-fact-107"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c33"
      id="hidden-fact-108"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c34"
      id="hidden-fact-109"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c35"
      id="hidden-fact-110"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c31"
      id="hidden-fact-111"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c32"
      id="hidden-fact-112"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c33"
      id="hidden-fact-113"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c34"
      id="hidden-fact-114"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c35"
      id="hidden-fact-115"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ImpactOfTheAdoptionOfIFRS15
      contextRef="c44"
      id="hidden-fact-116"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ImpactOfTheAdoptionOfIFRS15
      contextRef="c45"
      id="hidden-fact-117"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ImpactOfTheAdoptionOfIFRS15
      contextRef="c47"
      id="hidden-fact-118"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ImpactOfTheAdoptionOfIFRS15
      contextRef="c48"
      id="hidden-fact-119"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c44"
      id="hidden-fact-120"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c45"
      id="hidden-fact-121"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c47"
      id="hidden-fact-122"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ProfitLossAttributableToNoncontrollingInterests
      contextRef="c48"
      id="hidden-fact-123"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c44"
      id="hidden-fact-124"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c45"
      id="hidden-fact-125"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c46"
      id="hidden-fact-126"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyTranslation
      contextRef="c48"
      id="hidden-fact-127"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c44"
      id="hidden-fact-128"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c45"
      id="hidden-fact-129"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c47"
      id="hidden-fact-130"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans
      contextRef="c48"
      id="hidden-fact-131"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c44"
      id="hidden-fact-132"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c45"
      id="hidden-fact-133"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c46"
      id="hidden-fact-134"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax
      contextRef="c48"
      id="hidden-fact-135"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c44"
      id="hidden-fact-136"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c45"
      id="hidden-fact-137"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c46"
      id="hidden-fact-138"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c48"
      id="hidden-fact-139"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="c49"
      id="hidden-fact-140"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c44"
      id="hidden-fact-141"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c45"
      id="hidden-fact-142"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherComprehensiveIncome
      contextRef="c48"
      id="hidden-fact-143"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c44"
      id="hidden-fact-144"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ComprehensiveIncome
      contextRef="c45"
      id="hidden-fact-145"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures
      contextRef="c46"
      id="hidden-fact-146"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures
      contextRef="c47"
      id="hidden-fact-147"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures
      contextRef="c48"
      id="hidden-fact-148"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IssuanceOfSharesUponConversionOfConvertibleDebentures
      contextRef="c49"
      id="hidden-fact-149"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c44"
      id="hidden-fact-150"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c46"
      id="hidden-fact-151"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c47"
      id="hidden-fact-152"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:CostOfSharebasedPayment
      contextRef="c48"
      id="hidden-fact-153"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c44"
      id="hidden-fact-154"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c45"
      id="hidden-fact-155"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c47"
      id="hidden-fact-156"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c48"
      id="hidden-fact-157"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendToFormulasShareholders
      contextRef="c49"
      id="hidden-fact-158"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c44"
      id="hidden-fact-159"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c45"
      id="hidden-fact-160"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c46"
      id="hidden-fact-161"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c47"
      id="hidden-fact-162"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DividendsPaidToNoncontrollingInterests
      contextRef="c48"
      id="hidden-fact-163"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c44"
      id="hidden-fact-164"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c46"
      id="hidden-fact-165"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c47"
      id="hidden-fact-166"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions
      contextRef="c48"
      id="hidden-fact-167"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c44"
      id="hidden-fact-168"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c46"
      id="hidden-fact-169"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c47"
      id="hidden-fact-170"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AcquisitionOfNoncontrollingInterests
      contextRef="c48"
      id="hidden-fact-171"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c44"
      id="hidden-fact-172"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c46"
      id="hidden-fact-173"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c47"
      id="hidden-fact-174"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:SettlementOfPutOptionsOverNoncontrollingInterests
      contextRef="c48"
      id="hidden-fact-175"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c44"
      id="hidden-fact-176"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c46"
      id="hidden-fact-177"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c47"
      id="hidden-fact-178"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies
      contextRef="c48"
      id="hidden-fact-179"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:PercentageOfOwnershipInterestInInvestees
      contextRef="c65"
      id="hidden-fact-180"
      unitRef="pure"
      xsi:nil="true"/>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss
      contextRef="c196"
      id="hidden-fact-181"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyDerivativeContract
      contextRef="c196"
      id="hidden-fact-182"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendPreferenceDerivativeInTSG
      contextRef="c195"
      id="hidden-fact-183"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ContingentConsiderationInRespectOfBusinessCombination
      contextRef="c195"
      id="hidden-fact-184"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions
      contextRef="c195"
      id="hidden-fact-185"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:Liabilitiy
      contextRef="c195"
      id="hidden-fact-186"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ConvertibleBondsAtFairValueThroughProfitOrLoss
      contextRef="c198"
      id="hidden-fact-187"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:DividendPreferenceDerivativeInTSG
      contextRef="c197"
      id="hidden-fact-188"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ForeignCurrencyDerivativeContract
      contextRef="c198"
      id="hidden-fact-189"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:ContingentConsiderationInRespectOfBusinessCombination
      contextRef="c197"
      id="hidden-fact-190"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions
      contextRef="c197"
      id="hidden-fact-191"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:PropertyPlantAndEquipmentsGross
      contextRef="c208"
      id="hidden-fact-192"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:AccumulatedDepreciationPropertyPlantsAndEquipmentNet
      contextRef="c208"
      id="hidden-fact-193"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees
      contextRef="c321"
      id="hidden-fact-194"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees
      contextRef="c322"
      id="hidden-fact-195"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:WeightedAverageRemainingContractualTermOfExercisedShareOptions contextRef="c66" id="hidden-fact-196" xsi:nil="true"/>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement
      contextRef="c50"
      id="hidden-fact-197"
      unitRef="usdPershares"
      xsi:nil="true"/>
    <forty:WeightedAverageRemainingContractualTermOfExercisableShareOptions contextRef="c66" id="hidden-fact-198" xsi:nil="true"/>
    <forty:AmountOfOptionsOutstandingAtBeginningOfYear
      contextRef="c52"
      decimals="INF"
      id="hidden-fact-199"
      unitRef="shares">1835385</forty:AmountOfOptionsOutstandingAtBeginningOfYear>
    <forty:NumberOfShareOptionExercisableInSharebasedPaymentArrangements
      contextRef="c331"
      id="hidden-fact-200"
      unitRef="shares"
      xsi:nil="true"/>
    <forty:WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements
      contextRef="c331"
      id="hidden-fact-201"
      unitRef="usdPershares"
      xsi:nil="true"/>
    <forty:WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement
      contextRef="c334"
      id="hidden-fact-202"
      unitRef="usdPershares"
      xsi:nil="true"/>
    <forty:NumberOfShareOptionForfeitedInSharebasedPaymentArrangement
      contextRef="c334"
      id="hidden-fact-203"
      unitRef="shares"
      xsi:nil="true"/>
    <forty:WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement
      contextRef="c334"
      id="hidden-fact-204"
      unitRef="usdPershares"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="c421"
      id="hidden-fact-205"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c425"
      id="hidden-fact-206"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c427"
      id="hidden-fact-207"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c428"
      id="hidden-fact-208"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c429"
      id="hidden-fact-209"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c0"
      id="hidden-fact-210"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:RevenueFromContractsWithCustomers
      contextRef="c435"
      id="hidden-fact-211"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c432"
      id="hidden-fact-212"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c434"
      id="hidden-fact-213"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c435"
      id="hidden-fact-214"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c436"
      id="hidden-fact-215"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c4"
      id="hidden-fact-216"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:RevenuesByProductServices
      contextRef="c435"
      id="hidden-fact-217"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="c435"
      id="hidden-fact-218"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="c435"
      id="hidden-fact-219"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:RevenueFromContractsWithCustomers
      contextRef="c442"
      id="hidden-fact-220"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c439"
      id="hidden-fact-221"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c441"
      id="hidden-fact-222"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c442"
      id="hidden-fact-223"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c443"
      id="hidden-fact-224"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:IntersegmentRevenues
      contextRef="c5"
      id="hidden-fact-225"
      unitRef="usd"
      xsi:nil="true"/>
    <forty:RevenuesByProductServices
      contextRef="c442"
      id="hidden-fact-226"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="c442"
      id="hidden-fact-227"
      unitRef="usd"
      xsi:nil="true"/>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="c442"
      id="hidden-fact-228"
      unitRef="usd"
      xsi:nil="true"/>
    <dei:AmendmentFlag contextRef="c0">false</dei:AmendmentFlag>
    <dei:DocumentFiscalPeriodFocus contextRef="c0">FY</dei:DocumentFiscalPeriodFocus>
    <dei:EntityCentralIndexKey contextRef="c0">0001045986</dei:EntityCentralIndexKey>
    <link:footnoteLink
      xlink:role="http://www.xbrl.org/2003/role/link"
      xlink:type="extended">
        <link:loc
          xlink:href="#ix_1_fact"
          xlink:label="ix_1_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_0_fact"
          xlink:label="ix_0_fact"
          xlink:type="locator"/>
        <link:footnote id="ix_0_footnote" xlink:label="ix_0_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSG&#x2019;s results of operations are reflected in the Company&#x2019;s results of operations using the equity method of accounting.</xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_1_fact"
          xlink:to="ix_0_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_0_fact"
          xlink:to="ix_0_footnote"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#ix_2_fact"
          xlink:label="ix_2_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_3_fact"
          xlink:label="ix_3_fact"
          xlink:type="locator"/>
        <link:footnote id="ix_1_footnote" xlink:label="ix_1_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of profit or loss for the years ended 2019, 2020 and 2021 include gains (losses) from marketable securities designated at fair value through profit or loss in amounts of ($35), $126 and ($96), respectively.</xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_2_fact"
          xlink:to="ix_1_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_3_fact"
          xlink:to="ix_1_footnote"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#ix_4_fact"
          xlink:label="ix_4_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#hidden-fact-183"
          xlink:label="hidden-fact-183"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_6_fact"
          xlink:label="ix_6_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_5_fact"
          xlink:label="ix_5_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#hidden-fact-188"
          xlink:label="hidden-fact-188"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_7_fact"
          xlink:label="ix_7_fact"
          xlink:type="locator"/>
        <link:footnote id="ix_2_footnote" xlink:label="ix_2_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of dividend preference derivative in TSG was estimated using the Monte-Carlo simulation technique.</xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_4_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="hidden-fact-183"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_6_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_5_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="hidden-fact-188"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_7_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
    </link:footnoteLink>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>164
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M=]W3CHG&K=!X#;[Q3X?#KHG&J]!TZVDF)_VN:Z3I%FA"1N/K>A(5M>5 TR
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M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+
M.7\N?<^E[[GT/:'2MS<C?6?!TXM;WD9N6\3[KC':US0N*&-7<LW(QU2ODRG8
M.9_ [/UH/I[Q[?K9)(2OFEDM(Q:02X&S022X_(O*\"K$">AD6R4)RU3393>*
M$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.W<DOJMI2^M28X
M2O2QS'!.'LL,.V<\DAVV=Z =-?OV77;D(Z4P4Y=#N!I"O@-MNIW<.CB>F)&Y
M"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#
M0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0
MHGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55OR
ML+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SC
MYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYN<KGHB=OJ7
M=\%@\OUPR4</Y3OG7_1=0ZY^]MWC^FZ3.TA,G'G%$0%T10(CE1P&%A<RY%#N
MDI &$P'-E,E$\ *"9*8<@)CZ"[WR#+DI%<ZM/CE_12R#ADY>TB42%(JP# 4A
M%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF
M8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'<YMZN,)%K/]8UA[Y,M\Y<-LZW@->
MYA,L0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> ,?-2K6J5D*Q$_
M2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!
MU4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
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M3WNA^W$<')L"Q1M?$_:L=JZ):<J#$(_F9AJ?]AQ#Q%(6:2-!X<\3.V=I:I2
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M\KMC>:/%IOC6]R"T%EEQN68T9M*\ +\OA=#;&U-!_?7W[!]02P,$%     @
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M:+G)JB)*U\7YH 0M=8^#57O?+_O[$LM]K^3J$Z*XCXA'L*'YZ/3FWMOF _#
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M0]TLQ-AV4D$5=ZB;._OXJ.K&]]2:R()%-\:8S4)+R445?ZB;/^\?+5 =)('
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MFX E6]%]K6[YX4]V)!2;>"6O9?L7'([8: +*O51\>QRL5["MFNX_?3INQ&
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M,E 2Q,Y)]-R&+51V.0<,$"ORE !! HKV0/;1!1 *C 5&@F53"JA3,X=0'S\
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M<52:8^?!1LN%'#4/:;I/^GV7O%1Y(RN*YVX9-I20=?Q*5CZ#X8%%;F$!Q5A
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M BC$<HE>W'=.ZC2$!N)3O/(T^;'-8 +&A_>:S6! B@CF<N/\?E..B8 1G:H
MY+K-8/W1<D ,.L/?E/*Z,]UU>AVZ".*'_M@^O!@X1&'G$"=M!L-N &@R>#/X
M-9*[R[@\^L&B[B>R_IG5#[D:9PIYKYJZW_D*H][]ZM3N35MM^M\PNJO:MEKW
M+U<R4ZOH3D!]?U]5[<N;[F>1#K_]=?T_4$L#!!0    ( -)TL%0&R&Y@30,
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MO$[=9X-_2* L -=K*<WSP-ZIXS_7XG]02P,$%     @ TG2P5 FNM QV#P
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M"0TWN&BJ;OA_\KC'IE?)8M?US69_,-S!IJS'?XMO^X&8'$!DX "Z/X"Z!_#
M 6Q_ +OT +X_@ \C,U(9QF%>],6;5VWSF+0&#6<S'X;!'(X&^F5M[/ZY;^&O
M)1S7OYDU===4Y;+H]3+YW,,_8-2^2YI5,BNZ=?(33(PNN4E^^SQ/KK][D7R7
ME'7R9=WLNJ)>=J]N>[@'<Z;;Q?YZ[\;KT<#U"$U^:>I^W24_UDN]/#W!+=S\
MD0$],'A'HV><Z\7+A)'O$YI2@MS0[/+#4^3P^<6'DSS"AAWMP8;SL9 ]S*"O
MAD%?M<TF@07>%GU9WX\KI.Q+W?T0N0X_7H</U^&!Z_P*+J6L%\U&8S8<CY7#
ML<9S/+PAG.0I?77[,!U9!$9X2AW8W(?EG%-V1)T0$$<"(CI0;Y=_P.H8)VO?
M@ M:-/6BK'12'YF9W\VWA1G3;=L\E##CDKNG9P^J/-Z3C [JYW71:K-TX&*K
M<EQ%<"/;HH8+P+46S:XVZPS<=5+TB?[?KNR?OC?WB!EAO):8#-N-2(5C @1$
M!'-0<PRE,H5;0!W9JBC;N89(LRB+T7_7RZ38-&U?_CG\@!%2WET02DG&'4H^
M+!<B50XE'Y7)G%&<4G:DE$4IS=9%?0^F A_W4%2[P99+?0>3;-?J+FBIS!]>
M25U:"(B[*P7!T%0&[)0?2>514N_K!2B"3B?72SU^>F$(ZLVV:IZT3H">AMF:
M5&5Q5U;#8L!(YLB]&8]Y0M('$9([(S''0!SG2%(;Q](HRP]-UR77]Z!T7HR>
MLRNJPUJ$Y6[6V;8JC+<P4]4LO:UQ'F@$2Q&JQ&&*@ C)'*;HF0*.CTQ"-HF[
MF;Y9?+TQ:F<YN!=08>,BU-_,9]Q\^W.>W"]74KFT?)A2*G=Y^2B6J9 -J25&
MG[W\NC4XE9M>MYO!<%53WX_?JJ:H]T'RKJB_CG9M^K5NQX]+O6TZ<,+!5;N_
MF2D)FC)W1B,HP3-WX6(H.9DSIP-BQ0!AEPX(:%G=MF#QOO@6<47[$Y[,.)7G
MGID1F&3<F[\(C# B AZ)6/5!XO)C)&9X';S.D_D"3G8+"8&Q^]VN@V-@3<,,
MOROK88+C$YM[]\@5]\SHHVXD9RY?'R6"Z]4J%2+B#A@40-D:;V.(M283N6E6
M-SMPR477!>PHD.7*<I>5CV(B-.NLBB%Q&8.[4K.FRD,HF:Y0R!>_ZKZX TRG
M%[MVB"#)H@)NY:J$&5N 0FN+)>@M3%\37YQ,],LI!2M-2%R;O)U(D3$(Z$VY
M&UT(Z+!VIPT9\".Z Z.8U75G5&/7M[M14H(\6X'1]BS[==OL[M>C>QE\;JO7
M)OE]T!$531 E(UT+^I@;E;K3$A$[ :5#K-0AEVB=4ZE3&HD,0P3TP-OH>J%A
M9-KRH>A'ILF7SS^C3#'A(ERMBJ%\EX. \M 2M!*(Y-%LX?>F_6KT_J+8EGU1
M)87-'F+"GUKY0>/R8ZX/(NNP1@:15=8/<(VF#6@JZNL#+EU5.$-0-R3-I3.7
MYA@N9QD^=M3*#1J7&P%J9DEKDW=IF!^P^'&"OE" _"3-7*4T0X"4,>+&601&
M))4!?T&M\J!QY1'@N%_O.PB\X+Q/]<<^G>LF0X". *8R1.KZ 026*2^/0U"$
MRCS@"ZC5&32N,P(IPFCB;?$4MJ\O$'B:*H^=#X,)+-S$ ('=D"PE:8"?E1LT
M+C?>3^+6:-.C]?;LQJQ@GQ*- A+^TC95-<:+HD+I^WI!^7X/08'4$JZH1F B
M9P&I1:WZH&?4QX3[442V&OS2+F!37U3D-&,N*1_%J:>+$920(N22K$*A<87R
MZZ55'92?+SAHFO',E8P8+I.Y)QH1',DE^+@ 2RMBJ'I6+= $D^X992MJM0"-
M:X&/Q=,H>TQEZJB\BP5DR9!"&>4])!Q#/<O<U/ 7,X^NWVXAY5R6WY+9"W2L
MD6BN%/&7"((CG##IN0@$*"@/9234*@0:KY(,@PTZW>A"4'CU'[MZW)EX+/NU
M73C;PT@9#P$P8PX3&R;%$UA<U5!.[YO+LQB*E%<RZ66C&"PGA+BCA)V-A?)1
M9E4.BZN<XSP!:F;/"1QI9VJ>ZZ9:FKQ[J'=.-A3&XN<31IAAHD:Z518,):5P
ME0\&RR=:^Y2N53XLKGP^[MK%VKA.X 79 NCE<@@5)FE#K<@0N9,I5\]A*)H)
MUW=B,$@!\P KJW587.M,68W!<'0LH7(8\T7'C4C=' 5#$17P]&RR'1)7)M.;
M/53RSE?P&"8D0$YYEL!P,+_<]83A*&4J9 LK3%A<F'QLFX76R[V#WQ2]29]'
M@D/2O7>ZUD!C%/^;R6H"7KZ")#]419HQ1(IPZ@H6!,68"*TZ*UA87+"<CHE;
MQKW ^+[FH+Y^05 R=T,[ H+I$9"CS,H7%I<O,Y"5^WWOZ_NVJ/L73J5SJ&VB
MW)!B2>I10[9[O &88Z<*1%%F)0N+UUT^P31MRX7Q_?OZ:S)L[@]BVY"<: IT
MXOF5#K!=[CD;I&IRBCN]?RN$6%P(S0\5D&'NG=V[0TWD*Q1_\OD8EJ:AN[<:
MAIW1,,>23K!J?K8JSGSIP"7WXC*Z&Y1Y6[\(+B.A!<2M#N%Q'3(;RSB3 E_7
MK/I'L_NZA,RF:@;G8'<$P)(='K$Y)D-@L7A;W6AMQ=V.G:.P+ V$06Z5"(\K
MD6/"L^N&RB6:"Z#\L (,24GN$<2 2J7N2,Q18)I1$BC"<"M,.'U6OK,"P5PO
MGM'[8%4%CZN*'[_I=E&.JN*8]/_S'T!"_2OIS/8:9).#5A\6T^ZN*Y=E$:KB
M<5\=T-3=,YLA*,'<.M <0>4B4/[DDV:/Y\B,LNMVA:GM&@'8+F&4VZ=1QU]"
M=\;]L _V5Z'@P6W@Y_' ?W2^0QIFFC>:^L;D6*8,8Z;!H6*/6\&/U3>2YFY,
MGV$XG@KBJAL,QY0,Z1MNHS^/1_\C36!H>M=V5;&?>MU)-H62Q$([G=8:]B2Q
MC@^>NQM(<Q1'IZ7E4Y)6"/"X$/AL Y#9G4T6D#R7?3#J<#^@,TF]=!"!W<#=
MNFGR','QG/! G91;><#C\N"3WN?_9NE<M!6-DD5J&!FG7I#%<"KW=VE1G! \
M%'6LGN!Q/?')5+:W?Y.LKP D56X[SPR!Y21UFVCF"$RQC 3R,&$%A3A3V @Z
MR O:?X0?]$5*<[?&A<!DRK@; 1 82"856)'"2@@1EQ"AN3LI7(%#:E:K<B0.
M%DT6ZU*#MEJ4<%C9X>2QD@?UN&.U#.'V=&$H20)Q15A=(>(%CQ/FUIXH&Z2*
MP67N^5<,1_.,N_,5PS%PUX%*G+ *1EQ>%WE6F!1H:<0MY\PPF&2>H\5@.0]9
MS.H5$=<KIW-UV+TXTYTFD/X.SM/,W8G"<(P)+SM&<5R$<C0Q:5N-BQQ;9U[N
MA@Y5/=&BVUV_%YYF0^-Y=D7D"A726X@8C'AM3W,,)T6HOU)8\2.>NW-S;5*:
M%X8OIO=1JIAH,;L%WB3V@;EBGJE]E$Q)J#W9*B 15T _KE;[5B;];3$FYFW1
M&Y\Z]G2!C<>]%+.18#Z8DL)#49F*'LH:T3Z<>/,;:;)ES&V'FB,P.8U8IYRM
M/A)Q?1381WX>3VPK2%+A=@P@.,*,#W:I(K@T):%N16'5D;A@QPAC9>I#=_J^
MK&LSEV$"/.FB1:GZ:D:D1 IO'OLX)C/I-8 @."HS'NH/D%8>R7/UE@A5D\I$
M2$JDQR43S"M (#AL,.8(SAF,4Y)6($EROOPP>.;KL:7#N*63IL3H,P)6CLBX
M''E_Z#LSUT)'#.GR$,S5%C,,)H5R]R[0LTV]X"D-JT#DN9Z1/8W#8*%4D/X0
MM_%AAH"$MZ6)@ C+ N%86J4AXTKCB^FF=:T>?B0#V?'(F%=B0&"<2Z_A SM;
MGLJ09:S$D"(ZD=^]3'XUTF'<J;_H 9?)$RX7%B\.?3//+V+,I1]P5;!=0MJ
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MS9I^(@=@<3CVLT,;'*G0P@+Z BO#R@'#FELI$U@'E#@6O[P%C()2P,OK=[!
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MF&=_3S0V4XWE/1C1\HTM]ZP=TCU=]YI"%ME6&NJJB6@IA%XQN@">+UVS[+?
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MC"2ZO>,8F@;QI1,)\6@%_HB,XO@7Q]D/<N447NU#)TA+4,3DYC[]-<V"IU;
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M\ 'X^ZJN._T!)T"43,M[\]]02P,$%     @ TG2P5/6Y^*\&'P  4H@  !D
M  !X;"]W;W)K<VAE971S+W-H965T,3$N>&UL[5U9<]M(DGZO7U&AT4S8$1!%
M  0/M^T(6G;;VO"AL>29W9V8!P@ 2;1!@ . DC6_?C.S#A0NBK)DM]T[#^T6
M2:".K#R^/*KJZ766?RY6453R+^LD+9X=K,IR\^3XN A6T=HO!MDF2N&719:O
M_1(^YLOC8I-'?D@OK9-C9S@<'Z_].#UX_I2^.\N?/\VV91*GT5G.B^UZ[><W
M+Z(DNWYV8!^H+S[&RU6)7QP_?[KQE]%Y5'[:G.7PZ5BW$L;K*"WB+.5YM'AV
M,+>?O!CA\_3 W^+HNC#^YCB3RRS[C!].PV<'0QQ0E$1!B2WX\+^KZ"1*$FP(
MAO$OV>:![A)?-/]6K?]*<X>Y7/I%=)(E?X_#<O7L8'K PVCA;Y/R8W;])I+S
M\;"]($L*^I=?BV?'DP,>;(LR6\N7803K.!7_][](.A@O3(<]+SCR!8?&+3JB
M4;[T2__YTSR[YCD^#:WA'S15>AL&%Z>X*.=E#K_&\%[Y_,6V@&^*@I]DZ\LX
M]9%4%C^/EVF\B ,_+?E%[J>%+VF8AOS<3R*>+;AZ\^EQ">/ UHX#V><+T:?3
MTZ?M\'=96JX*_BH-H[#>P#%,0,_"4;-XX>QL\644#+AK6]P9.O:.]EQ-%9?:
M<_O:BXL@R8IM3C.]5#0**AH5_!]E]*7DETD6?/XG_\?\LBASH-(_=_0^TKV/
MJ/=1WYI\.C]]_^K\G)]\>/?B]/W\XO3#>UB3T]?O3W\]/9F_O^ 7'^?OS^<G
M^ .?OW_)S^=O7_$/OW+U9M>:[.P39?])L?&#Z-D!"'<1Y5?1P?/W'RY>,??)
MD6Z7??6(6#S@*$;;Q&?^@,^#?VWC(D9*,J#P_\[/^.L\VV[XVS(<\$=_^=/4
M<8:_Z*_IL_W+8_XA9?--'B=\+-::/RI7$5>/^QO9BE\UST._C-3[%L?'@=4W
M?GK#PS@'W9#<B,?S*.3V</AG7'%\JECYL/R!OXE+/X$OF6[>XJ=%[D<)MFI/
M?BEXXN?+J"CYDCJ']P-@D.TZROEU= G#B I^O8J#%0AN"IJNX.L,FBY7?@J3
MX GHTCA==KRTR+,UC/(JRHN(P<]E!/((6BX)BP&_@#'J)T7#(0EHMEA$.)G+
M&XY#WN3951S"?-9^DM #ZRB,M^NC(OXW/B69&QJ)4SDQT$'EBOO\,L]\T68.
MHV=^"",I@:XPV$WBEV@2JA[U^ MX<PL<=+3(XR@-@;Y%Y.<P^^C+)L*O@DAU
M<.7#Y_(&20:-^_!+R,L,5)HE"1:E_F6"I(K6K,Q@FI\C'H7; -8TY)LMM H:
M&;1P$!<DE# %7+M+7 V::@9_Q"F.%%ZX]F\$W0*_6-%X@3 YR3/?^#%,M:37
M4?9QDOXZVZ8EC8GY&R#DEQCL0 0S>G]ZSIW1R++',_ZH_M/A9&2YWA!X+<MY
MQUOVV+(G3NNML6=-'>\Q3\$0(SD42^)0!^P=,$P&U!<,3-/)!8>NLB1$FJ,4
MP6HCSP*7Q&5"P\9)EC 59)SF?&_ MI;T(C M/(JC&P^MX7#8&!P[M*>6,QD^
M!D(#&"!FS02A%]L2E21H#+""U!; A5QJ2#DD(9+A-L?WZ*4XAU4IKS-^ XP!
M;)XE@ W4KX;LTF*QA1_GP"G)EI1QL0U6O;.RN%\H^6WJ ',U::ZNY4TF_!&L
MTB&WK>%T]KBFEV!2";(9"%X!4[L&F>+Q&BF2QWXRX)]2?QO&Q(=Y1DOBXV!"
M "SP73=%J)$T*SGI6!H,,%I #'Y3_:HZ0;XS%);6-SCG+(E#DH*BA/_A4F)?
M,)1%7"+G 0M+)6$,12^';LH8W,J_0LF)4A"8(-F"988_J/]:?PNP@&F H],]
M%W(60C6C7AYT=-5-DLY>D1[L]EY)/^( *S8S%Q  4219J.(PTB<"@H+^*^AU
M4I&H0*!YT!S$]F%#7F"!6VPE*/J$G8",LOKCAURH 69:.F)#9.<CS<Z]\DD<
MR2XR,#[MICUKY,Z^?F:51!7\D?V8O8]*YH,) ))&7W 1R!RACM1JZ) _FH#>
MLOEC]@$:SEF2I<LC8%.P .+-J35QO=:/2>Q?Q@E,'[L:6=[8@Q9."-?"<R1B
MR :K>%-P=V;9GL, <(812_UUA(V.1PY[&8%]@5&PTO]2;]$>6K/I")I\GZ5'
M2,L<Z &C9S$(%S!<229!SB+2K%ALP6Z&,7@AT(3E4@NOLRR\CL%$NJXU&@XE
MZ>7D-!VZU#,01VAO!L2D5>DFM51,I9\N8UPK-% P3OU1=!6CYBDV@$PZ-)D"
M2ZCFS;7%IO [=%!"5,["Y@F& : !L $THW_EQXDO^NIJG/@3M*,:OM#6-?4+
MWQ1*E4K]4I=R@41('UU&21Q=107I$'- $I(@4 !'LLB$D8>QQP7)F>Q?VXL6
M#:LA6.QR"Q8>5*L?TPOXOA^&-"$@C-EM&@4 ='#188ZH4!*0$V@N*VI]T*S
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MN=;,M7OP9A<.XO?!0>R^.(C?"P<QQ9%? T3VAC_X;"<_[P5"NFT&^&R9\':
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M(;^KGYIPP[M*2-7K>\<(*OGJ3_JJ00'IV/>)5(,1'X]=@1-<:SI1H6K6CQ0
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M 2(R,N.;5P!0;:J(\FC1VQ6)Z1B>BL4T;OE^>EP^?WH<%_!/ /_EV37\6ZS
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M&KJ4MJ6BO&J9!!/B'4IVK!=H'A-^[&WES#\,?AYH&VSK!"P:?, 55D$,W9C
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M0FQ0_K5\Y+2N- "\/H:R+P4W6)B<*#GF4L,C+VH*$6D]F>(\-9;H3D.AC'%
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M4ED:+GY;T31'[1SHOE0DM#^X +O_A\4_4$L#!!0    ( -)TL%17U@^3.@,
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MR7)]O!C"G3Z\Z<(38VL\/5C"L*$7(EK>0.NUH2MO_& '\YOSXG]02P,$%
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MQPJN+MTH:;;119V5A:ST\OG)R^CIJR&VIP:_9?JF]GY+7,F\++_@Q=OT^<D
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M\#%6>]&46_KT'H1*3;FAGVNM0*6P 3Q?EA TF@N<P'V+\<7_ E!+ P04
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M*(_<3B)<Q*]**+E8\^38**35S2":', W_LA$>SXR.Y^+&T$8/'531"PMAJ%
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MV/JF7;]X4X;;;6(\W97#8TX_3M#R =I?&./;%P[0_=RY^!]02P,$%     @
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M_H,X,4H)E*M(9J-Q-!VA:'>ET;AY!'3O<I6M847+&WQS7!["RD.4CT57PO)
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M#Y,UW/'B_"*>S&>]':/7TXMI?'8V]9D<\O+@6:%X0M4W?FC]IP5\-I#<GB)
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MO!$R 5$N<A>/(_CN5P:=HO"M8>ZE1E\@,RO*O%P3;I5<7DQ'W9:&ZX6'%P:
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M2#@;O !^7Y4@(OL';N!?1/OC_P)02P,$%     @ TG2P5!O.8M@]!   0PL
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MM4#5+5L],;)T;=)<&FJZW#"C+A>5%:#]A22@ZXEUT/3-D]]02P,$%     @
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M62=5&4C0%NMR521+'>,RL&,@HC[Q)=Q-LH;5%4R<8^XG=<]KTK6/8+TN "R
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M*!40GL";'V8_,:G$J;#91$2*H$$G.OR-,-#KMC(YEP.R)AF#S>'QI$H)9DB
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M<9!GJ+0@R3)8#M.494%55EC)LHIJH8H.5!KEUJ%&XC0(PXPFP+VD251"8<Q
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M^<BJ) FJ:*"V HY'4<::,3\7IB,"8R@_;L$=\N@-ZL<6VX'&"!;T3K]Q>V0
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M0S_@^T+CW+I[(0/[2^OIOP%02P,$%     @ TG2P5,<AA4)K(P  OV4  !D
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MX,XRE^0#!<6\ZI#SP=_PY_X.3N$,]?<U,3PX8!D=V,1CA3O7TV%':\9E"6G
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M+1#5%NT9X MHC.W*7]H."1R.1&X(WR7DU<4MC*Y7@+4Z8B?R!!IEFPWN-6O
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MG:_GRZNOW1<JSK^1[]4=P>X/*M!'^6#SBK/[_Y#O-:,LYK1G]R6.UT@=F''
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MX-6BD$+M4+'_KD%SF-Q.4K2-]8Z^6' 5BI;R]&D*MN*5<CF3+A5%2EK"^^[
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M4Y? ICGVK^X(4;X^9VWH+[9Y3]-)3A36^-FX5A9NPL>-R&NIAA.]Z=85<L*
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M:G004D(ELD.[E^0BD0=C;892S;CN8VO@$:9[)9,N;MI41BHTHDJ&BWR/'\?
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MRF\1[DW.FS>&.HU;LQ,Q5\)WJ:<][N86<8] '-R6C:3N(3XN%\]+'VI#3_^
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MDB1H'($VN$Z:N@:Q,J\Y!Z2SRP-(9SF)11/5]GB^2BJK_\Z/?GEQJMFWOB)
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MPK^.KE:YE7<"?S'8Z9,UL9YLI+RWF]^JA1]:@X!#:2P"Q;\'N '.+1":\?F
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M^2R93POT?GK_$SHUKHCZ/ZSNUI?DAU>=9HME4"3HW6RQ)(S(HUMXIX9#9@N
M>MN$1\!P? <P&::$;%A?(#RTQ?RV8I 2+'PG@R:631(WG;Q6V6R2HCL[GV]R
M6/.:D4[U!@WJ@CM+84C4-]Q12WNH?VS<N36TXZZ)%@?1#K ,C?O?1J $ NVB
MPQ0SPIXA,)1B3P026-LQ)YFEEL=1-X\;Q%DRSPIT>W9Y]GL7E%'++BCM'<HL
M4:'LZ"AS:CC$NNWBIP3[3%K@!)3NBQHLW6:+6B)%W43J76Z&Y>8.HP\?!IU
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M)G7=-%0,"QKLES0C%#/&G)BQ3(&[F<*GXO%/*-/1F7'K.WGOL@'<>EI^[&S
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M9(VZ](O'4$((N)O.X7;8;:MNI'^K=XN1^K!TP0HLR#2:?#@-0'?+IA.L:OR
MI\K2NO#'BO8S:J= [X52=B\X!\/&7_X"4$L#!!0    ( -)TL%1K1V*SN (
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M7=$O6_H-0>T$Z'NCZ-*-&V=@]V.S_!-02P,$%     @ TG2P5+9](A$A!@
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MHH<#19#DC,:<)=YJ$+(6W<[ [U#.,N\OI)IJE*P]T5+J3^A #:1Q,(LB2,J
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M?V>E!/MAECJ$]9<IWT.L.@AZ B*GY$8KM[7DHZJ@>@V0(I^>%#V06M&SB-?
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MR O=<$\_'U0V@/:WDH0<)A9@_)VM?@)02P,$%     @ TG2P5#MD8@)G @
M#P4  !D   !X;"]W;W)K<VAE971S+W-H965T-#4N>&ULE51-;]LP#+WG5PC&
M#AL0U)]-W2()D'2?AV)!VVV'80?99F*ALN1)=-/^^U&RXV5 &V 7BY3(]TA:
M3_.]-@^V!D#VU$AE%T&-V%Z%H2UK:+@]TRTH.MEJTW DU^Q"VQK@E4]J9)A$
MT2QLN%#!<N[W-F8YUQU*H6!CF.V:AIOG-4B]7P1Q<-BX%;L:W4:XG+=\!W>
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M:)QO['*+ R67Q@#OUT+HP\80#"/JXBM02P,$%     @ TG2P5%X/I]VE @
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MIN, ="_OWK&J]9+:*$L"]69-+R)J%T#GE5+VX+@"QS=V^0]02P,$%     @
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M0OWA9.R ZMI&9QA9MZ6:2$.%WPX+ZK2HK .M;Z0T!\-NT/?NQ6]02P,$%
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M=',O<VAE970U-RYX;6S=6-MNXS80_15"Q18MT+5$6G;LU#:P2= T0(,-UKT
M#?:!D<86$4G4DE2<_'V'M"/%J4TK15[JEUB\G"/.S(D..).55/<Z S#DL<A+
M/0TR8ZK3,-1)!@77/5E!B2L+J0IN<*B6H:X4\-2!BCQD430,"R[*8#9Q<S=J
M-I&UR44)-XKHNBBX>CJ#7*ZF 0V>)[Z(96;L1#B;5'P)<S!_5#<*1V'#DHH"
M2BUD210LIL$G>GK!3BS [?A3P$J_>"8VE#LI[^W@*IT&D3T1Y) 82\'QYP'.
M(<\M$Y[CVX8T:-YI@2^?G]E_<<%C,'=<P[G,_Q*IR:;!*" I+'B=FR]R]2ML
M AI8OD3FVOTEJ\W>*"!)K8TL-F \02'*]2]_W"2B"X!M .P5@,9[ /T-H-\5
M$&\ L<O,.A27APMN^&RBY(HHNQO9[(-+ID-C^**T=9\;A:L"<69V"24HGI,?
M+L!PD>L?R4<R1W&E=0Y$+HC)@"QDCO(0Y9(8?H?3*# -I=%N4:Z00&>BLKMM
M*>J<?__=B-&3GS5)A<+ZYD\D@SPEHGP ;0 TX?J9.^4&QZ),18)/Z20T&)0]
M6IAL CA?!\#V!' !28_TZ4^$18SN@%]TAT?;\!!3V>23-?EDCB_>PW?-C1*/
MY/8:BCM07SV,_8:Q[QC[_X\*D=O?\(#DRD"A?>'%37BQ-V$WH!(\*GYC[ N;
ML^X2@I\H'O7&[,,N!1S C7ML],$3R:")9. EFO-*X >Q2^V'#>7P&&M_TH1W
M\EZU]Q/%_=XPWEG[@[CQT%?[41/)Z,"__5(D9"X79L45=)' N&$>'Z,$:-0:
M4/1>(CC % ]Z@_%.%70 ]GTRH"_LE'JIKDK]5"9=!$!;2Z'L*"70.ASMOYL$
M_$SCJ!?MD<#;@=O1M(9&_89R+9*LPG)UT4#K+71PE!IHG8X.WTT#?B8:82VC
MW2+X#\CM>%IKHWYK^7U^V4D!K</0T5$JH#4Z.GXG!9P=8+JE7W?JQH\:[)?-
MVX';EX?6#)G?B3XOX+Z+;%AK2(P>HVS8BPN7_\;UA@_' :;17@$< @Y[T>NK
MQW8TK14ROP_]_>F&7"I95YU4T'H2BX]2!:T_,O_EZRTJ\#-Y[,./M"VZ4UWQ
M!*:!RYUZ@&!&?.%9=]R>:?V%^?UE]S?N[  *7:FI&AZQSHTKD:Q0';8/AS7#
MZXN"A>W+@:VE*]^Y+"I>/AV UMJ)!_?#MUJ8)U* R61J=_$DD75I<+VW*Q_A
MBP96 6KI&H&:.,RZ4]+,-LW&,]>3>SW/AJ?GF-9_KV!F<,7U)\/V%>ONYC57
M2X$!Y+# UT6]$ZRS6C<,UP,C*]="NY/&R,(]9L!34'8#KB^D-,\#^X*F;3O[
M!U!+ P04    " #2=+!4_#<SPRT'  "R&@  &0   'AL+W=O<FMS:&5E=',O
M<VAE970U."YX;6R]66UOVS@,_NY?(63KH052)W+>G/4%6)<[W( 5*-;;W8?A
M/BBV$FNSK4R2D_;?'RD[CI,Z3KK>^J6-;9$B'Y(/*?MR)=5W'7%NR$,2I_JJ
M%1FS>-?IZ"#B"=.N7/ 4GLRD2IB!2S7OZ(7B++1"2=SQNMUA)V$B;5U?VGMW
MZOI29B86*;]31&=)PM3C#8_EZJI%6^L;G\4\,GBC<WVY8'-^S\V7Q9V"JTZI
M)10)3[60*5%\=M5Z3]]-/"M@5_PM^$I7?A-T92KE=[SX&%ZUNF@1CWE@4 6#
M?TO^@<<Q:@([?A1*6^6>*%C]O=;^AW4>G)DRS3_(^!\1FNBJY;=(R&<LB\UG
MN?J3%PX-4%\@8VW_DE6^=CAJD2#31B:%,%B0B#3_SQX*("H"?G>/@%<(>#L"
MM+]'H%<(](X5Z!<"?8M,[HK%8<(,N[Y4<D44K@9M^,."::7!?9%BW.^-@J<"
MY,SUO9BG8B8"EAKR/@ADEAJ1SLF=C$4@N":G$VZ8B/49.2=?[B?D].T9>4M$
M2OZ*9*99&NK+C@$[4%LG*/:\R??T]NQ)/7(K4Q-I\GL:\G!;00<<*+WPUE[<
M>(T:)SQP28^VB=?U:(U!'XX7[]:(3XX6I^,&;WIE3'I67^_%,?GZ"43)1\,3
M_6_#QOURX[[=N+]O8[[DBJ4!)_P!B$7SVN#F.H96!]+*\KKO]WH ^[**^--5
MO8$_'FVOFM2L&GG4+U=MN3$HW1@TNG'#0BC]J6GT8O!D9]KK]7:<>+JH1WU_
MQX<:370TK'=A6+HP;'3AEADE'LC76YY,N6J*[:C4.'K=I/++C?U&5R9<!THL
M+,O+&9E+R+$4MY[*4-3'IEEACLUO;WR/CBXTJ&$J1,VA4-!,I-)$:!+(9"$U
MQP?.@"061@T5B@M7D4P(4YCE!FQA<464:>AF/S*X#LGTD9@(D-"*\5B0#Z"2
MI8C5)[9JD\%H,#ZGX_&X35@J8:$B$G!;ZP<;6 I$&7+(P9"GQEEOTH8%(N96
MM^+8FQ$-LY)5,\ ZIK4,!#-@R4J8B&"?RV+6!J5!G(4H5-PJL0@BP6?@%@\R
M;*=@#$0<# .+',W5DEL'<>,@8@+:I@W)04#=AC08EVDP?DX:+*5-/X5MN38'
MFK6A"WD\'ML >_QHL=<1X!;). 273QF9B13(3$!\1:J-,!EN?N9$/ Y)(A5&
M   8G-1@4)BWD"NK:K%0\D' E,%A)]H].2-AIFS4; P74N7+N1(RO,"[H!TR
M()6$+P5$/[";&4B)1P=V0[&*L9I$$!:IX%](YL# &',C<37),ZOJ&2NM Z,>
M"6A%=7.> G?'D.H<'UX0K#/[)&;:$ UL\LB9TLZI<+EK>]7P'-OE67O7^1U5
MFJS0'68,)K(MBRW;P7_%-<_Y!"JA@NV4FQ7G*1D-3\"9D/C>";HOS#;"U92N
M1+8V&BZY 3?P$H80&(C"'-B*&"G,@5"AB9#RU? Y?=\=>S;F*&.D 4^WC3$1
MA"[A+-4;W3&TQAB%[* JS&--TCP)E64BQ6.&Q0CF)!)N@A4.A!H&;A>&J#6N
MMNL"LH=5KF0&^1NQ)1H/"),(:LB&&@ ?CUQ_?(+02(6Y BN @!1R004AC $L
M9E,MX\QPF">_257X!% @2]0FE4L^XJ0>@&YKKZ6E-7;HATJMZ(X35?.+FTZ9
M6P*/#P&$*T]/2 6#J-6E = 5'$7@T&$V7 7$S&=%;2'[+=$6G041E D"4X57
M<VAI) ,R^0[1:"(UVMV,S]WFD8DM!,P8QW1J6IG)Z>OV:NIMMO;^5YH^H.XI
M3V.?JR5F(,$Z8@8-SI85>W*3G&[QT, M*&?@TI.S Y2\R\78.;?(V'DI&8,E
M[1U&GF%1VIPG,P4# Q#R".L5.;E-BKQ:E\M+*!DJ+&>YDHV[!1M3UV\DPI*5
MG5_-RJ3?<X?]W)BJ(7G(V\[1E+R-V_&43-:4_%ZC&CC2V7K^[0T==B_@;.?D
M83';A&T#=SP[^[X[H@?9F>QA9^<0.S<1P.;L27L'INNY"(ZBL\VIDO9?F<XV
M)T':?!1\-ITUJ]NB,U:?*:3,%*A0+%/G6P;ECKRWE2FG4TC.\G!13XEGME;0
MY*?S*H;I7L[,"G3NF5NK-.",W7Y>]B.W9-8\GP[28_W$^H0E&T96Y]>PY!X4
M=MG2>09;KDER.#@Y]T?[&.DY?.?4\MW '8SW:'_6!%H+P%/:<WZ.]D@M[>T"
MV#R24G=\XOPDYQV<2)M88O.RA1YXVP)'\"1+CF*]S?L6^LHO7.CFC0MM?D.R
MS@<LMS +3"W3-:L8Y$779,[FY$^;#^NW[.%8>+W-X.UU7Q=>;S.>>_3%\!Y0
M,=H/;Z?R,C_A:FX_BN ++? P?R->WBT_O+RWGQMV[M_0=Y/\\\E&3?XUYY:I
M.;09H)09J.RZ(^AZ*O] DE\8N;"?#*!%&9G8GQ%G4+ZX )[/)-1D<8$;E)^I
MKO\#4$L#!!0    ( -)TL%0QDA9R_P(  &<(   9    >&PO=V]R:W-H965T
M<R]S:&5E=#4Y+GAM;)56T6Z;,!3]%0OMH976 @9"J))(:;-I>Z@6->WV,.W!
M@9M@%6QFFZ3Y^QE#:!)(U+T$VYQS[CV^CB^C+1>O,@50Z"W/F!Q;J5+%G6W+
M.(6<R%M> --O5ESD1.FI6-NR$$ 20\HS&SO.P,X)9=9D9-;F8C+BI<HH@[E
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MJ\6%J@PZ$5T<15['0 _.=;$?^2<.>G".YX5!T&\A;"V$%RT\<T6ROOS#SCG
MON-[X>FQZN+<R/,B=WB2?P\N=+35T_SM@RLX![$VK4PB<Z'6%U.[VG;+J6D2
M)^OWNHO63>]=IF[!CT2L*9,H@Y66=&Y#O:NB;FOU1/'"7/1+KG3;,,-4?PF
MJ #Z_8ISM9]4 =IOB\D_4$L#!!0    ( -)TL%1LG).GWP(  ,('   9
M>&PO=V]R:W-H965T<R]S:&5E=#8P+GAM;)U5RV[;,!#\%4+((0&:2-3+=F ;
M\*-%>PA@Q$E[*'J@I95%1")=DK*3OR])R8KB1V#T(I'+G=$,5^0.=UR\R!Q
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MULRR5'H&K9Z!4M!E3@S6G5OQ)M^-6^\D&%C/B236"UL-0J4&)TEFKL';<*!
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MHUZ\4J^YR[Y7Y/*"2>L$!:[3._-[R1X3+_:ZONPV*11ORVNNR^O-&'\U-Z-
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MZ:'X844?/*B= >V72MF'B>O!_2?4Z@=02P,$%     @ TG2P5(#[9 1$ P
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MTE\$M0N@^T(IN]VXR=;]EZ9_ 5!+ P04    " #2=+!4H=BY!M<"  "K!P
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MTF!1N&&&K1V4-<#]5$JSG]AV4_]9F/X!4$L#!!0    ( -)TL%0FQ06_I0(
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M^82*-^T ;#>H-W[HK#32"//+DOX98%P"G1=:XV[CYEC_%YK_!5!+ P04
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M   9    >&PO=V]R:W-H965T<R]S:&5E=#<Y+GAM;-U544_;,!#^*Z>(!Y"
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MW]?Q C*JS^42!,ZD4F748%?-?;U40!,'RK@?!4''SR@3WFC@QF[5:"!SPYF
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M^ZB=@=U/E:+=Q '4_R0F?P%02P,$%     @ TG2P5"(>:MX3 P  5 @  !D
M  !X;"]W;W)K<VAE971S+W-H965T.#<N>&ULW5913]LP$/XK5L0#2$!"VK04
MM94&B T))D1A>T \N,FEL7#L8E\H^_<[.VG6K6E_P![:VN>[^SY_9_LZ7FGS
M9@L 9)^E5'82%(C+BS"T:0$EMZ=Z"8I6<FU*CC0UB] N#?#,!Y4RC*-H$)9<
MJ& Z]K8',QWK"J50\&"8K<J2FU^7(/5J$IP%:\.C6!3H#.%TO.0+F $^+Q\,
MS<(V2R9*4%9HQ0SDD^#+V<7ER/E[AQ\"5G9CS-Q.YEJ_N<EM-@DB1P@DI.@R
M</KY@"N0TB4B&N]-SJ"%=(&;XW7V&[]WVLN<6[C2\J?(L)@$YP'+(.>5Q$>]
M^@;-?A*7+]72^F^V:GRC@*6515TVP<2@%*K^Y9^-#AL!\=F.@+@)B#WO&LBS
MO.;(IV.C5\PX;\KF!GZK/IK(">6*,D-#JX+B<'I96;)8RZYT.1>*.ZF.V4PL
ME,A%RA6R)\.5Y8V&*F,S+H'IG+61A]> 7$A[Q$[8C Y-5M4.8%&0;)"QG O#
M/KBLP+H%+(!Q:P$M%>6]$H9<7&8I^%Q(@8+<.'JWC.)=B/>SPI,X8??@[&G!
M;E5]+)WYB0Q*2[UPX7>8L9=[*.=@7BG K:%>.O/I'_L!$Q16Z,H2NAV'2'HZ
M5<*TT>ZRUB[>H=T-S$]9'!W3YVST/+MFAP='?V<)J1IM2>*V)+%/V_M_2O)R
M1[CL%J&TKWL4Z+4*]+P"_1T*?*?'J&$#GZFL,J$6+.6V:,EU%:O..? YW5OT
M,8U[_6@<?G0PZ;=,^GN9W"KD:B'F<BU/%W"=(MD 'B9)KQLX:8&3O<#7D(-Q
M54#^"9VHR1;J21P/!]VP@Q9VL!?VBB %LMSHDAX[]6;]*=!4=]-)8K!-(DF2
M':(/6Q+#_>77ZB35"HV6TE5>* 1#1[>3P7";0;_7[R9PWA(XWTO@J];92DC9
MA7>^A1='_7A'M4<MX&@OX)-&+K<NH*)KL+YH;NYN0!>ET?;!CZ/DWY,0;C0)
MUV_ON5D(99F$G.*BTR'MR=0]K)[0@^G[QEPC=2$_+*CM@W$.M)YKC>N):T7M
M'XGI;U!+ P04    " #2=+!4)\F.6N$"  "F!P  &0   'AL+W=O<FMS:&5E
M=',O<VAE970X."YX;6S=55U/VS 4_2M6Q -(E'R4M 6UE58Z-B28$(7M ?'@
M)#>-A6,7VVF[?[]K)XVZ-?0'["7QQ[WGG'M\98\W4KWK L"0;<F%GGB%,:MK
MW]=I 275%W(% G=RJ4IJ<*J6OEXIH)E+*KD?!<' +RD3WG3LUA[5="PKPYF
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MWPH=<(6>%E-T?G:!SO0X>LSY1NI(.7253M3@NFF3U%V=5/!.4E-(KU'H7Z+
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MTO>+;>;Z"P"$"=#S*\[5KF,NF?:;8OP'4$L#!!0    ( -)TL%2"/P[C'04
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M+[M3N-)+/H6AA_%H4"OP1L3YJ^ATH-V,5>)#3U0?>J@L- A:^]/IL*JOP4J
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M=K&DU.:0?G-CY#(_MIY(8V227RZ 8U*L ;Z/I#2/-W: \J^2T7]02P,$%
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M[_8-8]K6R5_SMMLLF-YR::#"C76-!E\L@&XKN%V0JGW5K!79&O33TC8]U,[
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M'1L:57>P>H)R[9K 0J)I*6Y8F*8/RA:8_:64N)_8OM+^C:1_ 5!+ P04
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M7A"BRQH;JD]DB\*N+*5JJ+&A6A'=*J25!S6<Q&$X(0UE(L@S/S=7>28[PYG
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MMR(+K,D&EYG\R/9_DGI OLZ7L$Q4WV!?8QT+)*60+*^#%8.<%H=?_*,NQ%$
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M4FCH[/8UA]E+I#& [RLA]&YA C33?/P/4$L#!!0    ( -)TL%1F%B_<700
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M4B&UO!L6]"B#M@#:7RF%NXGM^_Z93_\#4$L#!!0    ( -)TL%2GIA'NVP,
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M.'J' "D$R% !HQ P#@0([A P"P%SJ(!5"%A#!>Q"P!YJPZP0F T5< H!9ZB
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M>+Z*8UZ^$=_F5_]\<_TW4$L#!!0    ( -)TL%2"EQ/_2 8  /<@   :
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M.X-7878_";@)TH<PX2"B:QG2&KNRF.GNE'UW(]BV.'>^9T*PN+C<T&!%T]Q
M?KYF3+S<Y U4OW68_@=02P,$%     @ TG2P5#(.9'M+ @  0@8  !H   !X
M;"]W;W)K<VAE971S+W-H965T,3$S+GAM;*6576^;,!2&_XJ%>M%*6R!\1A5!
M:AI-V\6DJ&FWBVD7#IR 56,SVR3MOZ]M",M6TJS:3?QUWO.\!\-)NN?B458
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M8)TJ^C=8-,"B<[!P#!:]!Q8/L/@<+!J#Q:]@41AY)V#) $O.P>(Q6/(>V&R
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MR:I?K09:E+:#VPJ-_:!]/6"/#](8X/>=$/HR, Z:?PVK_P%02P,$%     @
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M!2$\,X3X13JPQ'*B!FA/?(!1. BX/(4/O %\0%<IN. A6=]3==<+'B+K>ZK
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MP9@E=3L1\]7V\%GO#E-C+N&@B*,[W2@SG8$;&R_ JEL8FKN%=_E%R-MP=T;
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M&N ]!P0O /P:X+\6$-2 P"A3E6)TB*BBX5#P#1$Z&MGTP(AIT%A^QO2Q3Y7
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M0ZA/S^2$(^X4A&(%;$R>(T*Q8CPVY^>S$=KH'B 482O0)'U801W/A?H(0O'
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MDZH4,<U4%7_ ]03U?<F8W'9T@*:<'/\%4$L#!!0    ( -)TL%0GHS((&P0
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M*C?!/E]):78#MT#S'\#B;U!+ P04    " #2=+!4'E@<SV<"   !!@  &@
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M=F2^8=^8KX;^S1N+52\_FDV*S V&CCVNX2Z_B'>;+^)OWWYJ!9#RGID[^:D
M*>^KN<UO=#S[C8IWAG#QE8JQXTPFSH%R+PNO\^(+Y!^I6(.90_A;P4+;F@ %
MH=_)UE_B,%)O^"[". ZWZN.&4< H^ #\?16&<?H%7QK.WHQ_\S]02P,$%
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MAQU G!X!T!Y ]P''%$8]8.0+[9SYLJX9LCS3:D.TR[9L;N%[X]&V&B[=K_B
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MJ= .$K^L[*@'[1+L^4HIW 9.8/CSR/\"4$L#!!0    ( -)TL%3!B,Y!* D
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M*:JK30KS'('I+X!_JJM1N.W6JZ?:CS(C/KWLP]@JJ7BD?<W?7 10TB'P3;Y
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M,(;3%\6K.L6%XIEYM63!E>*)^1A1 NV,7@#?AYRKS84V4+TP=?4_4$L#!!0
M   ( -)TL%3'OG^S1@(  -$%   :    >&PO=V]R:W-H965T<R]S:&5E=#$S
M,2YX;6R-5%UOFS 4_2L6VD,K->$;LHH@M8FF]6%2U+3;P[0'!R[!JL',=I+V
MW\\VA-&45'D)OO8]YYY[8M_DP/B+* $D>JUH+>96*65S:]LB*Z'"8LH:J-5)
MP7B%I0KYUA8-!YP;4$5MSW$BN\*DMM+$[*UXFK"=I*2&%4=B5U68O]T#98>Y
MY5K'C4>R+:7>L-.DP5M8@WQN5EQ%=L^2DPIJ05B-.!1SZ\Z]780ZWR3\)' 0
M@S72G6P8>]'!0SZW'"T(*&12,V#UV<,"*-5$2L;?CM/J2VK@<'UD_V9Z5[UL
ML( %H[](+LNY-;-0#@7>4?G(#M^AZ\<(S!@5YA<=VMPXM%"V$Y)5'5@IJ$C=
M?O%KY\, X 9G %X'\"X%^!W -XVVRDQ;2RQQFG!V0%QG*S:],-X8M.J&U/I?
M7$NN3HG"R?2ASE@%Z F_HJLE2$RHN$83M%:W)=]10*S0I@#GD".IDBC!&T*)
M)"!N4*UNV00]KY?HZLMU8DNE1[/:65?[OJWMG:F]A&R*?/<&>8[GCL 7E\.=
M]W!;N=!;X?56>(;//\-W><^_[S9"<G4#_WQ2UN_+^J9L<+:-_Z5 ("P$2#%F
M9DL3&1K]./=I$/E1D-C[H6<?L_RO<>CT6>\T!KW&X&*-0SO&9+9,X4# ))ZY
M?GBB<R0MFOE1/"XT[(6&GPI]8A+3,57A!ULFOAO'[HFJD31O%KFGJNS!@]/#
M[@?F6U(+1*%00&>JQP-O!T@;2-:8-[AA4KUHLRS5S 6N$]1YP9@\!OI9]U,\
M_0=02P,$%     @ TG2P5/D#?\0G P  @@@  !H   !X;"]W;W)K<VAE971S
M+W-H965T,3,R+GAM;(U646_;. S^*X2QAQ98ZMA.;'=( K3-ABMPNRO6;O<P
M[$&QZ5B8+.4DN>G^_5%RZJ6)$]Q++,GDQ^]C2-&SK=(_38UHX:41TLR#VMK-
MAS T18T-,U=J@Y+>5$HWS-)6KT.ST<A*[]2(,!Z/T[!A7 :+F3][T(N9:JW@
M$A\TF+9IF/YUBT)MYT$4O!Y\X>O:NH-P,=NP-3ZB_;IYT+0+>Y22-R@-5Q(T
M5O/@)OIP=^WLO<$WCENSMP:G9*743[>Y+^?!V!%"@85U"(P>SWB'0C@@HO'O
M#C/H0SK'_?4K^B>OG;2LF,$[)?[AI:WG01Y B15KA?VBMG_@3L_4X15*&/\+
MV\XVBP,H6F-5LW,F!@V7W9.][/*PYQ"E)QSBG4-\Z# YX9#L'!(OM&/F92V9
M98N95EO0SIK0W,+GQGN3&B[=O_AH-;WEY&<7][)0#<(3>X&+)5K&A;F$$3Q2
MM92M0% 5D,%&&>ZS/H*OCTNX>'<)[X!+>*I5:Y@LS2RT1,9!AL4N\&T7.#X1
M.(KALY*V-O!1EEB^!0A)12\E?I5R&Y]%7&)Q!4GT'N)Q' T0NOO_[N,S=)(^
MLXG'2T[@G4KA]YN5L9K*]\>9(),^R,0'F9P(\A?U.76T9I;+-0AE#!HHF-8<
M2Z >WS)=#OTW'6KJ45VC/R_R+)O.PN?]?!T;39,LZXW>$)[VA*=G"=]+R^2:
MKP2:]U#Q%Z+)B+0%JB+0KN=&JAJU!KOCP<+J(DSW>(WR.(F2 _H#9EF>Y]-A
M 6DO(#TKX$^D2P,$9RLNN/TUQ"\]"IR,DS0^H#=@%273?)A=UK/+SK);\JI"
MC;*@,J#^;(ALJY%N7>LN.V[@HF"FWJVI/L!2XV]:3=6)YG)(3#8@)I\<:#DV
M&J5Y,BPE[Z7D9Z7\;6O40XSRHV!YXAK^#:-CHV@21^DPI>N>TO592D_*,C%$
MZ?JH4T9)E&6'I ;,XCR-#ELJW+O.&]1K/^6HK54K;7<=]J?](+WQ\^/@_)8&
M;#</?\-TT_DSTVLN#0BL"')\E5&F=#?QNHU5&S\T5LK2"/++FCX24#L#>E\I
M95\W+D#_V;'X#U!+ P04    " #2=+!406/L6\\"  #X"   &@   'AL+W=O
M<FMS:&5E=',O<VAE970Q,S,N>&ULQ59=3]LP%/TK5L0#2(-\-A^HK43)IE4"
M"5'8'M >W.2VB7#LSG8I^_>SG32$+JTJ-(F7Q!_W')][3^2;X8;Q9U$ 2/1:
M$2I&5B'EZM*V159 A<4%6P%5.PO&*RS5E"]ML>* <P.JB.TY3FA7N*36>&C6
M[OAXR-:2E!3N.!+KJL+\SP0(VXPLU]HNW)?+0NH%>SQ<X27,0#ZN[KB:V2U+
M7E9 1<DHXK 865?N9>HZ&F B?I2P$9TQTJG,&7O6DVD^LARM" AD4E-@]7J!
M:R!$,RD=OQM2JSU3 [OC+?LWD[Q*9HX%7#/RL\QE,;)B"^6PP&LB[]GF.S0)
M#31?QH@P3[2I8Z.!A;*UD*QJP$I!5=+ZC5^;0G0 ;K@'X#4 ;Q<0[ 'X#< _
M%A T@,!4ID[%U"'%$H^'G&T0U]&*30],,0U:I5]2[?M,<K5;*IP<3VG&*D /
M^!6=IB!Q2<09.D<S]7WE:P*(+9#ZGLZEVB_KT'/T.$O1Z<D9.E%+Z*%@:X%I
M+H:V5'HTJYTU9T_JL[T]9[L>NF54%@)]I3GD[PELE4B;C;?-9N(=9$PANT"^
M^P5YCN?V"+H^'N[TP-.CX6YR(!N_]<8W?/Y_\^;I1E&@J81*_#H@(&@%!$9
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M+-2O"7 =H/87C,GM1!_0_NR,_P)02P,$%     @ TG2P5-<#%G&G @  4@<
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M*B=O.W@[D6QM>MJ22=4AS;!0EQYP#5#[.6-R-]$!^FLT_@=02P,$%     @
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M7,GLXP:NV4P: 'Q?":%W S-!>W&?_P-02P,$%     @ TG2P5)Z4'5X/ P
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M6'31SR=8(D+%!?@,9NJ)2@J* 5N G*OGBLLW@+($X.>"Y 9*6:Q8$A7\,)N
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M,RNT0$+6N&#Z26S_(8TAO]2+!5/5)]@V6,<"<:&TR!JRF4%&>?V-?S6%V"'
MX  !-034)W@'"&Y#<(\E> W!JRI36ZGJL, :SZ=2;($LT4:M/*B*6;&-?<K+
MW)=:FJO4\/1\6>0Y(R9(;5('GRC'/*:8@:7&NAH&][Q>765*%PNB,67J$OP-
MEF8))@4C0*S- G@AO" *Q PK1=>4)&#U"C9$;"3.4QH#;!8EN"@32H 1TBD!
M3,2UJA&HG1)9*3\O%^#BPR7X "@'_Z6B4)@G:FIKX[><M1TWWFYK;^B -XC
M@^ Z5> C3TCR7L VA6JKA=ZJ=8M&%1<DO@(N_ L@!\&!"=T=3W<&Z(NCZ3 :
M<>.VV;N5GOO'9/_]BYDBN#=W5S]&#'JM0:\RZ!TP^-1,;6CIU,R@8I9_CB]S
MY#F>.PFF]LMNHOLX&+EN!,/WN,4 ;N) "/T6]\Z"WUKP1RW<*XD) ]\?2+8B
M<JPH0:L8G&?JD];@Y.34:Z:_FY+O!'[03WT AQP7.E$O]0&<XTU0<"#UL+40
MCEIXYE2;LE61J&/"CUKAZ#S#AT[7T)R3XV^HNWGY$9Q$7B_^(9P#)Z'?BW\
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M+ 26#BD?I:*849B2VE-204J[O'&0$;)\:G8HQ$;Y42(QD<1AX\.(Y#%V8ID
M,$XHB6 ^\9Y/'.3SP62993%-:SU#TZ(T.<^\-/G'E$<5O/9B;QYGS4H1#BL
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M.* &>B4(1JCLRH56X%A8X ;DPJ"A :7HJ0PE)S!T_#.AE6[>YV@[Y"T.]+9
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MD'M@)S*4G,#0L==LL23"!Q./BX< S@[ !0#AH 4 _0@?6  'UP##M=7@W"^
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M.#PX.H 0;"X,VAUXES^ =W4]@\-7+\:#47)VU-Z?P0XIAET@DRZ0B3<V^/%
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M#A[^,:??-C0L0-\76KO-@@_ZW8_@]&]02P,$%     @ TG2P5#ZO0[9" P
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M$\TA*J,Y%ROG[H%CJH32@;'=: 5UP5,^.+CK1M"H-4_.I=)5;I?!?4_JZ3O
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M=6+X^/<'>TJB*$G\"&!^!5&$(? TX@BF #1@2!15[\&=]U&X?D^%[?__1K\
M4$L#!!0    ( -)TL%27BKL<P    !,"   +    7W)E;',O+G)E;'.=DKEN
MPS ,0'_%T)XP!] AB#-E\18$^0%6H@_8$@6*19V_K]JE<9 +&7D]/!+<'FE
M[3BDMHNI&/T04FE:U;@!2+8ECVG.D4*NU"P>-8?20$3;8T.P6BP^0"X99K>]
M9!:G<Z17B%S7G:4]VR]/06^ KSI,<4)I2$LS#O#-TG\R]_,,-47E2B.56QIX
MT^7^=N!)T:$B6!::1<G3HAVE?QW']I#3Z:]C(K1Z6^CY<6A4"H[<8R6,<6*T
M_C6"R0_L?@!02P,$%     @ TG2P5#9=,[M?"   ]UX   \   !X;"]W;W)K
M8F]O:RYX;6S%G%USVC@4AO^*AJO=F>QB&?S5:3K3-FDW,VG#E$QO&0$B:&)L
M:IND]->O;$)RE#CO[LVIKE+ A0?9TJ-CI/?M?5G=SLOR5OS<Y$5].E@WS?;-
M<%@OUGJCZK_+K2[L*ZNRVJC&/JQNAO6VTFI9K[5N-ODP#()XN%&F&+Q[>WRO
M236D#\I&+QI3%O;)]HGO1M_73Z^W#\6=J<W<Y*;9GPZZ?^=Z(#:F,!OS2R]/
M!\% U.OR_I^R,K_*HE'Y=%&5>7XZD(<7ONNJ,8L73T];R&LUK[MG&C7_IBS(
MZ2 .[!NN3%4WW1'=^RO+>*?MP8='NZ;\9/)&5V>JT9^K<K<UQ4W[-O9;#,G7
MZ-KA^/?0B&^J_].,Y6IE%OJL7.PVNF@.[5CIO 4LZK79U@-1J(T^'1P/$>^+
MI3@O&MM(XJ(XO)4]MOVF]J,OEH=OW5A<TH;5&V-?J"Z6'3@?Y$?[N,S-TG[Z
M4DQ;B/8_U*)<B4^F4 0R!)"A1\A92"!' '+D#=)VI16!' /(L3?(C^5F2R C
M !GY@UPKVG%B !E[@[QJUII )@ R\=>2JEX3R!1 IKR0GW6A*Y43F S 9+PP
M4W-3&'NL:L?MQ:+<V7&[N!$3VXH+HVLZ: =HU YX,3_L:E/HNFY[[=R.T^T!
M)^(1GF)"N3#;Y8NJ;K75=Z[%5"]VE6F>M2&2BF2VRJ326V6LFG]N=6T;4RCK
MZ;;O5MV9IYA(*Y+9*Y^4J<1WE>^T^*)5O:NZ/DSID$\DLU NBCM=-X=1Q12=
M1%1A3_)#YZ&8R"B262G6P%L[U=R?B$FN6M;V7)__V)EM^Q]/*"9RBF26RH6=
M(A<W[8>*]W5MYZ<GXJMVSC62B62VR>>R7-Z;G([4$GE#,HMCNBZK1ESK:B,N
MC>K*D/;*:TKQ016WSCB#C"*9E?(TI.S:*V^B]JH#>)I9(Y.$S":Y+*W>7FU#
M03&124)FDYSIN3W #G[TM(:P)F'6Q[?V23NMFJBJ:[+K2A6UZ@IFAQ&Y(V1V
MQZ45AMMBR!4ALRO.-]N\W&LMKK;M:]U0[, A0X3,AGB$^V"GHRO3T.Y &9$>
M0O::8[,Q#[)M!6:G]^WL5!?/IJ8ALD3(;(G6JLV>TB!'A,R.N"@6Y4:+:_63
M$B$=A-P5QFZ[S;LYG*KVW4T6>_I4?BS/Z,T,Y(41LQ>N['Q)=;7/5-]TEQPE
M0RH8,:M@NIO7^L>NO;-V?O<<#!EAQ&R$GGKQ1,SWAP=[JM(1O$_%+(6'>EO\
M<=W.0^H_*1?2PXA9#[#T=N_R(5&,F$4!2V\7$[EBQ.R*WM*[]YPC68R890%K
M<+<QD45&S!;IK\%[6Q.I9<2L%EB,.ZTY1FH9,ZL%%N,N)O+,F-DS_<5XWTD?
M(^N,F:USK,I[P9!GQLR>@>6Y>YKA+R+,VNDOSWM;$VEGS*P=6*>[K8FT,V;6
MSE.=WMN"R#5C9M<<BN%>+.26,;-;>JOB7DJDEC&S6E!Y;&'I#X=(+1&S6F"%
M+/Z@F$@M$;-:#C5RWTF.D$HB9I4\%<N]:$@F$;=,4-7L#'\1DDG$+9,757-O
M2\(?UYE%\EC^G=GRP.0N&%)'Q*R.%V#B+S&U[[O<61T["R@BI)&(62.X3!U1
M3*25B/O'$8@YIIC(*Y'/W]MG$5WK@;P2,WL%8\84$WDEYKXU!C$3BHD\$S-[
M!F.F%!,Y)V9V#K[30WMZC)P3,SL'8]*>'B/OQ%[OFSD]'2[K8K80QG1Z.K)0
MS&PAC.GT=&2AF-E"&-/IZ<A",;.%,&9&%_,A"R4>5WW-NO5HCYC(0@FSA3"F
MI)C(0@FSA3 F+2D29*'$HX5FDEHH019*/%IH)JF%$F2AQ*.%9I):*$$62CQ:
M:":IA1*XO-BCA6:26BA!%DH\6F@FJ8429*'$HX5FDEHH119*?5HHI!9*D852
MGQ8*J8529*'4IX5":J$462CU::&06BA%%DI]6BBD%DJ1A5*?%@JIA5)DH=2G
MA4)JH119*/5IH9!:*(7;7'Q:**062I&%4I\6"JF%,F2AC-E"KZQOZ;FIG2$+
M93YVP!PQG=\M,F2AS.=>&.=65X8LE'G9"_-XUBDFLE#F<U.,VYK(0AFSA3 F
ME66&+)2Q;XI!F%26&;)0QFPAC$EEF2$+9>P+HA$FE64&MV%Z7<I&92D#O!&3
MV4,8-'- X5;,@-E$>-7=R &%VS(#=A<AT+$#"C=F!LPV>FV!X$L;R0#NT0S8
M?01 G4F(#. NS8![;<+C6L;>-0 .*-RG&3 [":]M=#L3W+(9,%OIM=6-?=<H
MW,L9,'L)KV]T6Q3NY@R8S81!G>$)1P1P9P30I9@]99'\CV2 W[:AL[>S.Z!0
M1]PQ 1#4'3QQ3@!W4 #:D&K1'5"H(^[,@.-"W-Z+$OJ'.R;@.9F[ DTXH- _
MW$$!KRP:[FU1Z!_NS  (^JSW0/]PAPE@4,<_.$V .TX @SK^@<$"DCM9 (-&
M#BA4$7>V  :-'5 <6,.L(@R:.*!01=RY QC4J=YA(H'\;9$$O=L:'&?"= +)
M'4\ -S:XXRB,*)!>,PK<<13&%,C?DU/0[TP862"Y,PN>DX%9"$PRD-Q1!G2_
M2%\SP@ #R9U@T$?W2H4!\PPD=Z !!'7[-LPWD-P!!QC4Z=LPX4!R1QQ@4&>.
M!",/)'?F 09UYD@P]$!RIQY@4&>.!&,/)'?N =XHYEZCT#_<T0<8U+U&H8ZX
MPP\PJ'N-0AUQQQ]@4.<:A?D'DCL  8,Z\WB8@""Y(Q#ZMC/VB1X&($CN! 1$
M:<<H!Q1JB3L1 8*ZHH>1")([$^%%Q-(KIQTJZ9"(,.P.K]^]7=KZJM#+K_8#
M:OO\0N6+227:/P]U8-3>5UGM\ORC?>ZJN"S5\IC;?LR<?_<O4$L#!!0    (
M -)TL%3<3]BNXP,  /A4   :    >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E
M;'/-W$M.&T$4A>&M("\@7;?>%0&C3)A&V8 %S4,!;+D[2K+[(#* <Y5!)JC_
M$6HC%V?B3\CNW^=?Y\?]^G!X7NX?CLO9KZ?'Y^5B=[^NQ\_3M%S?ST_[Y=/A
M.#^__.;V<'K:KR^7I[OIN+_^OK^;IQA"G4[OS]A=GK\_\^S;[^/\/R<>;F\?
MKN<OA^L?3_/S^H^#IY^'T_?E?I[7W=FW_>EN7B]VTZ_'MX>7Z?6'?7HY>7=V
M=7.Q.UW=V&[:>E"407'[04D&I>T'91F4MQ]49%#9?E"5077[04T&M>T'=1G4
MMQ\T9-#8?I %E3$ )CFL 5J;<FT KTW!-H#8IF0;P&Q3M V@MBG;!G#;%&X#
MR&U*MP'L-L7; 'I'U3L"](ZJ=P3H'=T_VP"]H^H= 7I'U3L"](ZJ=P3H'57O
M"- [JMX1H'=4O2- [ZAZ1X#>2?5. +V3ZIT >B?5.P'T3N[-$H#>2?5. +V3
MZIT >B?5.P'T3JIW NB=5.\$T#NIW@F@=U:],T#OK'IG@-Y9]<X O;/JG0%Z
M9_=F-T#OK'IG@-Y9]<X O;/JG0%Z9]4[ _3.JG<&Z%U4[P+0NZC>!:!W4;T+
M0.^B>A> WD7U+@"]B_NP$J!W4;T+0.^B>A> WD7U+@"]B^I= 'I7U;L"]*ZJ
M=P7H757O"M"[JMX5H'=5O2M [ZIZ5X#>U=UL M"[JMX5H'=5O2M [ZIZ5X#>
M3?5N +V;ZMT >C?5NP'T;JIW ^C=5.\&T+NIW@V@=U.]&T#OYFX6!.C=5.\&
MT+NIW@V@=U>].T#OKGIW@-Y=]>X O;OJW0%Z=]6[ _3NJG<'Z-U5[P[0NZO>
M':!W=S=[ _3NJG<'Z#U4[P'0>ZC> Z#W4+T'0.^A>@^ WD/U'@"]A^H] 'H/
MU7L ]!ZJ]P#H/53O =![N%@'H+<%G^L _+;@@IT $-R"2W8"P' ++MH) ,4M
MN&PG !RWX,*= )#<@DMW L!R"R[>"0#-+;A\)P \M^ "GD 0W0>8C +3)Y@$
MT7V$B:@P?8:)Z#!]B(DH,7V*B6@Q?8R)J#%]CHGH,7V0B2@R?9)):#+-19E&
MJ#+-99E&Z#(M^JR>(+I+,XW09IJ+,XU09YK+,XW09YH+-(U0:)I+-(W0:)J+
M-(U0:9K+-(W0:9H+-8U0:II+-8W0:IJ+-8U0:UKR7Y5"$-T%FT8H-LTEFT9H
M-LU%FT:H-LUEFT;H-LV%FT8H-\VEFT9H-\W%FT:H-\WEFT;H-\T%G$8H.,TE
MG$9H."W[K[\BB.XR3OO0CG-9?S_.R]NBO]=NP$?JO;X\=W[[^Z^7?Q_T+ZU7
MKJ?W,Y;+/U!+ P04    " #2=+!4Y[Z4DND"   %40  $P   %M#;VYT96YT
M7U1Y<&5S72YX;6S-V\UNFT 4AN%;L=A&ACD##%#%V;3=MEGT!J@9Q\C\B9FD
MSMUW<'ZD5JG5R)7Z;HP,,^<<&.G9?=??'B?K5L>^&]PFVGL_?4@2M]W;OG;Q
M.-DA/-F-<U_[\'>^2Z9Z>ZCO;**5,LEV'+P=_-HO-:*;ZT]V5]]W?O7Y&&Z[
M=APVT6P[%ZT^/BU<>FVB>IJZ=EO[\#QY&)K?NJR?.\1AYVF-V[>3NPH+HN3-
M#LN3/S=XWO?UP<YSV]C5;3W[+W4?5B7'+G'^L;,N/E_BC1G'W:[=VF;<WO=A
M2^RFV=:-VUOK^RY^*GIUOK,/7]@^_<K%_4]ESC4,*V_G<7+AQ&;[_G8O1[+L
M7D^AD)U]>_X57SN&TA>_GUU.N['-7_8.G_?'.!].Y^&2T^7R;_SK&;_6?^<<
M&C)'"IDC@\R10^8PD#D*R!PE9(X*,H<HRB 4485"JE!,%0JJ0E%5**P*Q56A
MP"H4635%5DV155-DU119-45639%54V35%%DU159-D36ER)I29$TILJ8465.*
MK"E%UI0B:TJ1-:7(FE)DS2BR9A19,XJL&476C")K1I$UH\B:463-*+)F%%ES
MBJPY1=:<(FM.D36GR)I39,TILN8467.*K#E%5D.1U5!D-119#4560Y'54&0U
M%%D-159#D=509"THLA8460N*K 5%UH(B:T&1M:#(6E!D+2BR%A192XJL)476
MDB)K29&UI,A:4F0M*;*6%%E+BJPE1=:*(FM%D;6BR%I19*THLE8462N*K!5%
MUHHB:T61512%5E$46T51<!5%T544A5=1%%]%48 511%6%(5841AC07$LC+&<
M0!8GD<6)9'$R69Q0%B>5Q8EE87)9@@EF"2:9)9AHEF"R68()9PDFG268>)9@
M\EF""6@))J$EF(B68#):@@EI"2:E)9B8EF!R6H():@DFJ268J)9@LEJ""6L)
M)JTEF+B68/):@@ELR7]-;'T?Q\,_;G^ZQGW=#B_]DZ6HN_D)4$L! A0#%
M  @ TG2P5 =!36*!    L0   !               ( !     &1O8U!R;W!S
M+V%P<"YX;6Q02P$"% ,4    " #2=+!4LW:@L^\    K @  $0
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M=#(N>&UL4$L! A0#%     @ TG2P5$?%HO2T @  ;0<  !@
M ("!,A@  'AL+W=O<FMS:&5E=',O<VAE970S+GAM;%!+ 0(4 Q0    ( -)T
ML%0K;=]*_04  /D7   8              " @1P;  !X;"]W;W)K<VAE971S
M+W-H965T-"YX;6Q02P$"% ,4    " #2=+!4,+6FQA4%  #D$   &
M        @(%/(0  >&PO=V]R:W-H965T<R]S:&5E=#4N>&UL4$L! A0#%
M  @ TG2P5/6G; )]#0  !VP  !@              ("!FB8  'AL+W=O<FMS
M:&5E=',O<VAE970V+GAM;%!+ 0(4 Q0    ( -)TL%0&R&Y@30,  '\)   8
M              " @4TT  !X;"]W;W)K<VAE971S+W-H965T-RYX;6Q02P$"
M% ,4    " #2=+!4":ZT#'8/  !K20  &               @('0-P  >&PO
M=V]R:W-H965T<R]S:&5E=#@N>&UL4$L! A0#%     @ TG2P5-4@Y454"
MP1,  !@              ("!?$<  'AL+W=O<FMS:&5E=',O<VAE970Y+GAM
M;%!+ 0(4 Q0    ( -)TL%121(L5;24  (B&   9              " @090
M  !X;"]W;W)K<VAE971S+W-H965T,3 N>&UL4$L! A0#%     @ TG2P5/6Y
M^*\&'P  4H@  !D              ("!JG4  'AL+W=O<FMS:&5E=',O<VAE
M970Q,2YX;6Q02P$"% ,4    " #2=+!44PC$_P@#  !P!@  &0
M    @('GE   >&PO=V]R:W-H965T<R]S:&5E=#$R+GAM;%!+ 0(4 Q0    (
M -)TL%3J/?7Q&0,  $8&   9              " @2:8  !X;"]W;W)K<VAE
M971S+W-H965T,3,N>&UL4$L! A0#%     @ TG2P5"$J&M."!   BPH  !D
M             ("!=IL  'AL+W=O<FMS:&5E=',O<VAE970Q-"YX;6Q02P$"
M% ,4    " #2=+!43^@=]'L'  "E$P  &0              @($OH   >&PO
M=V]R:W-H965T<R]S:&5E=#$U+GAM;%!+ 0(4 Q0    ( -)TL%0:TZ#;@ ,
M #4'   9              " @>&G  !X;"]W;W)K<VAE971S+W-H965T,38N
M>&UL4$L! A0#%     @ TG2P5'944N6  P  /0<  !D              ("!
MF*L  'AL+W=O<FMS:&5E=',O<VAE970Q-RYX;6Q02P$"% ,4    " #2=+!4
MMB:P@/T"   K!@  &0              @(%/KP  >&PO=V]R:W-H965T<R]S
M:&5E=#$X+GAM;%!+ 0(4 Q0    ( -)TL%17U@^3.@,  /H&   9
M      " @8.R  !X;"]W;W)K<VAE971S+W-H965T,3DN>&UL4$L! A0#%
M  @ TG2P5+Z2%XB; @  : 4  !D              ("!]+4  'AL+W=O<FMS
M:&5E=',O<VAE970R,"YX;6Q02P$"% ,4    " #2=+!4GJYTVY0#   \!P
M&0              @('&N   >&PO=V]R:W-H965T<R]S:&5E=#(Q+GAM;%!+
M 0(4 Q0    ( -)TL%3],2Q5[ P  & M   9              " @9&\  !X
M;"]W;W)K<VAE971S+W-H965T,C(N>&UL4$L! A0#%     @ TG2P5-IU.7\)
M!P  &1(  !D              ("!M,D  'AL+W=O<FMS:&5E=',O<VAE970R
M,RYX;6Q02P$"% ,4    " #2=+!4M,ZH>.@$  !_"@  &0
M@('TT   >&PO=V]R:W-H965T<R]S:&5E=#(T+GAM;%!+ 0(4 Q0    ( -)T
ML%2C7"X"ZQ@  )=1   9              " @1/6  !X;"]W;W)K<VAE971S
M+W-H965T,C4N>&UL4$L! A0#%     @ TG2P5/C2ESJ4!0  ^@P  !D
M         ("!->\  'AL+W=O<FMS:&5E=',O<VAE970R-BYX;6Q02P$"% ,4
M    " #2=+!4[LO%%>@<  "45@  &0              @($ ]0  >&PO=V]R
M:W-H965T<R]S:&5E=#(W+GAM;%!+ 0(4 Q0    ( -)TL%0;SF+8/00  $,+
M   9              " @1\2 0!X;"]W;W)K<VAE971S+W-H965T,C@N>&UL
M4$L! A0#%     @ TG2P5+D709CP%P  =$4  !D              ("!DQ8!
M 'AL+W=O<FMS:&5E=',O<VAE970R.2YX;6Q02P$"% ,4    " #2=+!4D:U.
M.*T&  # #@  &0              @(&Z+@$ >&PO=V]R:W-H965T<R]S:&5E
M=#,P+GAM;%!+ 0(4 Q0    ( -)TL%3'(85":R,  +]E   9
M  " @9XU 0!X;"]W;W)K<VAE971S+W-H965T,S$N>&UL4$L! A0#%     @
MTG2P5+)<?1WS!   40H  !D              ("!0%D! 'AL+W=O<FMS:&5E
M=',O<VAE970S,BYX;6Q02P$"% ,4    " #2=+!4K_JWM\YA   @=@$ &0
M            @(%J7@$ >&PO=V]R:W-H965T<R]S:&5E=#,S+GAM;%!+ 0(4
M Q0    ( -)TL%09'!'W' ,  % &   9              " @6_  0!X;"]W
M;W)K<VAE971S+W-H965T,S0N>&UL4$L! A0#%     @ TG2P5!SJ!#);!
MXPH  !D              ("!PL,! 'AL+W=O<FMS:&5E=',O<VAE970S-2YX
M;6Q02P$"% ,4    " #2=+!4AL55J*\+  ")1P  &0              @(%4
MR $ >&PO=V]R:W-H965T<R]S:&5E=#,V+GAM;%!+ 0(4 Q0    ( -)TL%1P
MMCB!OP(  /T%   9              " @3K4 0!X;"]W;W)K<VAE971S+W-H
M965T,S<N>&UL4$L! A0#%     @ TG2P5&M'8K.X @  JP4  !D
M     ("!,-<! 'AL+W=O<FMS:&5E=',O<VAE970S."YX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( -)TL%30<6<0D@(  $P%   9              "
M@>7J 0!X;"]W;W)K<VAE971S+W-H965T-#,N>&UL4$L! A0#%     @ TG2P
M5%G$CQTA P  V@8  !D              ("!KNT! 'AL+W=O<FMS:&5E=',O
M<VAE970T-"YX;6Q02P$"% ,4    " #2=+!4.V1B F<"   /!0  &0
M        @($&\0$ >&PO=V]R:W-H965T<R]S:&5E=#0U+GAM;%!+ 0(4 Q0
M   ( -)TL%0] !,'20,  $<'   9              " @:3S 0!X;"]W;W)K
M<VAE971S+W-H965T-#8N>&UL4$L! A0#%     @ TG2P5"S&AN4W!   K@H
M !D              ("!)/<! 'AL+W=O<FMS:&5E=',O<VAE970T-RYX;6Q0
M2P$"% ,4    " #2=+!47@^GW:4"  !O!0  &0              @(&2^P$
M>&PO=V]R:W-H965T<R]S:&5E=#0X+GAM;%!+ 0(4 Q0    ( -)TL%2/<18[
M0P8  &(3   9              " @6[^ 0!X;"]W;W)K<VAE971S+W-H965T
M-#DN>&UL4$L! A0#%     @ TG2P5-X3-'QZ @  ?@4  !D
M ("!Z 0" 'AL+W=O<FMS:&5E=',O<VAE970U,"YX;6Q02P$"% ,4    " #2
M=+!4Q"EGB\("  #'!0  &0              @(&9!P( >&PO=V]R:W-H965T
M<R]S:&5E=#4Q+GAM;%!+ 0(4 Q0    ( -)TL%3KI'(U=0(  %X%   9
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M970U-BYX;6Q02P$"% ,4    " #2=+!43VCEN?X#  #"%0  &0
M    @(&R(@( >&PO=V]R:W-H965T<R]S:&5E=#4W+GAM;%!+ 0(4 Q0    (
M -)TL%3\-S/#+0<  +(:   9              " @><F @!X;"]W;W)K<VAE
M971S+W-H965T-3@N>&UL4$L! A0#%     @ TG2P5#&2%G+_ @  9P@  !D
M             ("!2RX" 'AL+W=O<FMS:&5E=',O<VAE970U.2YX;6Q02P$"
M% ,4    " #2=+!4;)R3I]\"  #"!P  &0              @(&!,0( >&PO
M=V]R:W-H965T<R]S:&5E=#8P+GAM;%!+ 0(4 Q0    ( -)TL%3!B^!GGP(
M - )   9              " @9<T @!X;"]W;W)K<VAE971S+W-H965T-C$N
M>&UL4$L! A0#%     @ TG2P5*TMW\F' P  RA(  !D              ("!
M;3<" 'AL+W=O<FMS:&5E=',O<VAE970V,BYX;6Q02P$"% ,4    " #2=+!4
M5LHWC1\#  "N#P  &0              @($K.P( >&PO=V]R:W-H965T<R]S
M:&5E=#8S+GAM;%!+ 0(4 Q0    ( -)TL%23+AK071@  $F,   9
M      " @8$^ @!X;"]W;W)K<VAE971S+W-H965T-C0N>&UL4$L! A0#%
M  @ TG2P5*/@/7M7 @  9 4  !D              ("!%5<" 'AL+W=O<FMS
M:&5E=',O<VAE970V-2YX;6Q02P$"% ,4    " #2=+!4;.:4ND<#  !."0
M&0              @(&C60( >&PO=V]R:W-H965T<R]S:&5E=#8V+GAM;%!+
M 0(4 Q0    ( -)TL%2 ^V0$1 ,  !0*   9              " @2%= @!X
M;"]W;W)K<VAE971S+W-H965T-C<N>&UL4$L! A0#%     @ TG2P5$FG4_B,
M P  J0L  !D              ("!G& " 'AL+W=O<FMS:&5E=',O<VAE970V
M."YX;6Q02P$"% ,4    " #2=+!41DZ+U,<"   W!P  &0
M@(%?9 ( >&PO=V]R:W-H965T<R]S:&5E=#8Y+GAM;%!+ 0(4 Q0    ( -)T
ML%1A;/N8V@(  ( '   9              " @5UG @!X;"]W;W)K<VAE971S
M+W-H965T-S N>&UL4$L! A0#%     @ TG2P5/06$56D @  HP8  !D
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M=#<U+GAM;%!+ 0(4 Q0    ( -)TL%3K_ >7F@(  )$&   9
M  " @7MY @!X;"]W;W)K<VAE971S+W-H965T-S8N>&UL4$L! A0#%     @
MTG2P5.15Y@"L @  N 8  !D              ("!3'P" 'AL+W=O<FMS:&5E
M=',O<VAE970W-RYX;6Q02P$"% ,4    " #2=+!4',J LZ,"  "E!@  &0
M            @($O?P( >&PO=V]R:W-H965T<R]S:&5E=#<X+GAM;%!+ 0(4
M Q0    ( -)TL%0K+GVQHP(  *@&   9              " @0F" @!X;"]W
M;W)K<VAE971S+W-H965T-SDN>&UL4$L! A0#%     @ TG2P5 \-*!?! @
M(0<  !D              ("!XX0" 'AL+W=O<FMS:&5E=',O<VAE970X,"YX
M;6Q02P$"% ,4    " #2=+!4SGC3)! #  "H"   &0              @(';
MAP( >&PO=V]R:W-H965T<R]S:&5E=#@Q+GAM;%!+ 0(4 Q0    ( -)TL%3\
M(D?.&@,  *\(   9              " @2*+ @!X;"]W;W)K<VAE971S+W-H
M965T.#(N>&UL4$L! A0#%     @ TG2P5"B=/OD/ P  HP@  !D
M     ("!<XX" 'AL+W=O<FMS:&5E=',O<VAE970X,RYX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( -)TL%0GR8Y:X0(  *8'   9              "
M@?F> @!X;"]W;W)K<VAE971S+W-H965T.#@N>&UL4$L! A0#%     @ TG2P
M5,.]+E[2 @  BP<  !D              ("!$:(" 'AL+W=O<FMS:&5E=',O
M<VAE970X.2YX;6Q02P$"% ,4    " #2=+!4;IWU?\P"   [!P  &0
M        @($:I0( >&PO=V]R:W-H965T<R]S:&5E=#DP+GAM;%!+ 0(4 Q0
M   ( -)TL%3%2%H_;@(  .H%   9              " @1VH @!X;"]W;W)K
M<VAE971S+W-H965T.3$N>&UL4$L! A0#%     @ TG2P5%M6[8'J @  L@<
M !D              ("!PJH" 'AL+W=O<FMS:&5E=',O<VAE970Y,BYX;6Q0
M2P$"% ,4    " #2=+!4@5<*R^$"  !?"   &0              @('CK0(
M>&PO=V]R:W-H965T<R]S:&5E=#DS+GAM;%!+ 0(4 Q0    ( -)TL%2"/P[C
M'04  #89   9              " @?NP @!X;"]W;W)K<VAE971S+W-H965T
M.30N>&UL4$L! A0#%     @ TG2P5'U72O52 @  4@4  !D
M ("!3[8" 'AL+W=O<FMS:&5E=',O<VAE970Y-2YX;6Q02P$"% ,4    " #2
M=+!4.O3P-H4"  !2!@  &0              @('8N ( >&PO=V]R:W-H965T
M<R]S:&5E=#DV+GAM;%!+ 0(4 Q0    ( -)TL%1DT:?ESP(  $0'   9
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M965T,3 Q+GAM;%!+ 0(4 Q0    ( -)TL%25IX0C9@(  ,L%   :
M      " @>O- @!X;"]W;W)K<VAE971S+W-H965T,3 R+GAM;%!+ 0(4 Q0
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M965T,3 V+GAM;%!+ 0(4 Q0    ( -)TL%1F%B_<700  )P7   :
M      " @8+> @!X;"]W;W)K<VAE971S+W-H965T,3 W+GAM;%!+ 0(4 Q0
M   ( -)TL%2B6]E!: (  /(%   :              " @1?C @!X;"]W;W)K
M<VAE971S+W-H965T,3 X+GAM;%!+ 0(4 Q0    ( -)TL%2GIA'NVP,  *@2
M   :              " @;?E @!X;"]W;W)K<VAE971S+W-H965T,3 Y+GAM
M;%!+ 0(4 Q0    ( -)TL%1MNM5GT0(   H(   :              " @<KI
M @!X;"]W;W)K<VAE971S+W-H965T,3$P+GAM;%!+ 0(4 Q0    ( -)TL%3!
M.-.9H@@  (@C   :              " @=/L @!X;"]W;W)K<VAE971S+W-H
M965T,3$Q+GAM;%!+ 0(4 Q0    ( -)TL%2"EQ/_2 8  /<@   :
M      " @:WU @!X;"]W;W)K<VAE971S+W-H965T,3$R+GAM;%!+ 0(4 Q0
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M965T,3$V+GAM;%!+ 0(4 Q0    ( -)TL%1 6>Y0 A   (A"   :
M      " @?L( P!X;"]W;W)K<VAE971S+W-H965T,3$W+GAM;%!+ 0(4 Q0
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M965T,3(Q+GAM;%!+ 0(4 Q0    ( -)TL%01;-?0&P,  %H*   :
M      " @80K P!X;"]W;W)K<VAE971S+W-H965T,3(R+GAM;%!+ 0(4 Q0
M   ( -)TL%0GHS((&P0  /H/   :              " @=<N P!X;"]W;W)K
M<VAE971S+W-H965T,3(S+GAM;%!+ 0(4 Q0    ( -)TL%3+YF)\L ,   \0
M   :              " @2HS P!X;"]W;W)K<VAE971S+W-H965T,3(T+GAM
M;%!+ 0(4 Q0    ( -)TL%0>6!S/9P(   $&   :              " @1(W
M P!X;"]W;W)K<VAE971S+W-H965T,3(U+GAM;%!+ 0(4 Q0    ( -)TL%3=
M)+!7AP\  "4_   :              " @;$Y P!X;"]W;W)K<VAE971S+W-H
M965T,3(V+GAM;%!+ 0(4 Q0    ( -)TL%1$].A?M0(  (T)   :
M      " @7!) P!X;"]W;W)K<VAE971S+W-H965T,3(W+GAM;%!+ 0(4 Q0
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M965T,3,Q+GAM;%!+ 0(4 Q0    ( -)TL%3Y W_$)P,  (((   :
M      " @;Y> P!X;"]W;W)K<VAE971S+W-H965T,3,R+GAM;%!+ 0(4 Q0
M   ( -)TL%1!8^Q;SP(  /@(   :              " @1UB P!X;"]W;W)K
M<VAE971S+W-H965T,3,S+GAM;%!+ 0(4 Q0    ( -)TL%37 Q9QIP(  %('
M   :              " @21E P!X;"]W;W)K<VAE971S+W-H965T,3,T+GAM
M;%!+ 0(4 Q0    ( -)TL%2U=A98U00  ,0/   :              " @0-H
M P!X;"]W;W)K<VAE971S+W-H965T,3,U+GAM;%!+ 0(4 Q0    ( -)TL%2>
ME!U>#P,  -\(   :              " @1!M P!X;"]W;W)K<VAE971S+W-H
M965T,3,V+GAM;%!+ 0(4 Q0    ( -)TL%3"W,LR" ,  .@,   :
M      " @5=P P!X;"]W;W)K<VAE971S+W-H965T,3,W+GAM;%!+ 0(4 Q0
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M965T,30Q+GAM;%!+ 0(4 Q0    ( -)TL%3D<=)U'@0  %40   :
M      " @5J# P!X;"]W;W)K<VAE971S+W-H965T,30R+GAM;%!+ 0(4 Q0
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M96QS+RYR96QS4$L! A0#%     @ TG2P5#9=,[M?"   ]UX   \
M     ( !LIT# 'AL+W=O<FMB;V]K+GAM;%!+ 0(4 Q0    ( -)TL%3<3]BN
MXP,  /A4   :              "  3ZF P!X;"]?<F5L<R]W;W)K8F]O:RYX
M;6PN<F5L<U!+ 0(4 Q0    ( -)TL%3GOI22Z0(   51   3
M  "  5FJ P!;0V]N=&5N=%]4>7!E<UTN>&UL4$L%!@    "9 )D 5"H  '.M
$ P    $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.22.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>448</ContextCount>
  <ElementCount>662</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>176</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>6</UnitCount>
  <MyReports>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>000 - Document - Document And Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/DocumentAndEntityInformation</Role>
      <ShortName>Document And Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>001 - Statement - Consolidated Statements of Financial Position</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedBalanceSheet</Role>
      <ShortName>Consolidated Statements of Financial Position</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>002 - Statement - Consolidated Statements of Financial Position (Parentheticals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals</Role>
      <ShortName>Consolidated Statements of Financial Position (Parentheticals)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>003 - Statement - Consolidated Statements of Profit or Loss</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedIncomeStatement</Role>
      <ShortName>Consolidated Statements of Profit or Loss</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>004 - Statement - Consolidated Statements of Comprehensive Income</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedComprehensiveIncome</Role>
      <ShortName>Consolidated Statements of Comprehensive Income</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>005 - Statement - Consolidated Statements of Changes in Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ShareholdersEquityType2or3</Role>
      <ShortName>Consolidated Statements of Changes in Equity</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>006 - Statement - Consolidated Statements of Other Comprehensive Income</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedCashFlow</Role>
      <ShortName>Consolidated Statements of Other Comprehensive Income</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>007 - Statement - Consolidated Statements of Cash Flows</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ConsolidatedCashFlow0</Role>
      <ShortName>Consolidated Statements of Cash Flows</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>008 - Disclosure - General</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/General</Role>
      <ShortName>General</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>009 - Disclosure - Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SignificantAccountingPolicies</Role>
      <ShortName>Significant Accounting Policies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>010 - Disclosure - Business Combination, Significant Transaction and Sale of Business</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>011 - Disclosure - Marketable Securities</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/MarketableSecurities</Role>
      <ShortName>Marketable Securities</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>012 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable</Role>
      <ShortName>Prepaid Expesnes and Other Accounts Receivavable</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>013 - Disclosure - Fair Value Measurement</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/FairValueMeasurement</Role>
      <ShortName>Fair Value Measurement</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>014 - Disclosure - Investments in Companies Accounted for at Equity Method</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>015 - Disclosure - Property, Plants and Equipment, Net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/PropertyPlantsandEquipmentNet</Role>
      <ShortName>Property, Plants and Equipment, Net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>016 - Disclosure - Intangible Assets, Net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IntangibleAssetsNet</Role>
      <ShortName>Intangible Assets, Net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>017 - Disclosure - Goodwill</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/Goodwill</Role>
      <ShortName>Goodwill</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>018 - Disclosure - Short Term Liabilities to Banks and Others</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers</Role>
      <ShortName>Short Term Liabilities to Banks and Others</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>19</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>019 - Disclosure - Other Accounts Payable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/OtherAccountsPayable</Role>
      <ShortName>Other Accounts Payable</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>20</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>020 - Disclosure - Long Term Liabilities to Banks and Others</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers</Role>
      <ShortName>Long Term Liabilities to Banks and Others</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>21</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>021 - Disclosure - Debentures</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/Debentures</Role>
      <ShortName>Debentures</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>22</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>022 - Disclosure - Related Parties Transactions</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/RelatedPartiesTransactions</Role>
      <ShortName>Related Parties Transactions</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>23</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>023 - Disclosure - Leases</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/Leases</Role>
      <ShortName>Leases</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>24</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>024 - Disclosure - Employee Option Plans</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EmployeeOptionPlans</Role>
      <ShortName>Employee Option Plans</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>25</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>025 - Disclosure - Employee Benefit Liabilities</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EmployeeBenefitLiabilities</Role>
      <ShortName>Employee Benefit Liabilities</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>26</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>026 - Disclosure - Commitments and Contingencies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/CommitmentsandContingencies</Role>
      <ShortName>Commitments and Contingencies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>27</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>027 - Disclosure - Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/Equity</Role>
      <ShortName>Equity</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>28</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>028 - Disclosure - Income Tax</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IncomeTax</Role>
      <ShortName>Income Tax</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>29</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>029 - Disclosure - Supplementary Financial Statement Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SupplementaryFinancialStatementInformation</Role>
      <ShortName>Supplementary Financial Statement Information</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>30</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>030 - Disclosure - Operating Segments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/OperatingSegments</Role>
      <ShortName>Operating Segments</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>31</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>031 - Disclosure - Subsequent Events</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SubsequentEvents</Role>
      <ShortName>Subsequent Events</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>32</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>032 - Disclosure - Accounting Policies, by Policy (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/AccountingPoliciesByPolicy</Role>
      <ShortName>Accounting Policies, by Policy (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPolicies</ParentRole>
      <Position>33</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>033 - Disclosure - General (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/GeneralTables</Role>
      <ShortName>General (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/General</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>034 - Disclosure - Significant Accounting Policies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SignificantAccountingPoliciesTables</Role>
      <ShortName>Significant Accounting Policies (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPolicies</ParentRole>
      <Position>35</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>035 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness</ParentRole>
      <Position>36</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>036 - Disclosure - Marketable Securities (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/MarketableSecuritiesTables</Role>
      <ShortName>Marketable Securities (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/MarketableSecurities</ParentRole>
      <Position>37</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>037 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables</Role>
      <ShortName>Prepaid Expesnes and Other Accounts Receivavable (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable</ParentRole>
      <Position>38</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>038 - Disclosure - Fair Value Measurement (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/FairValueMeasurementTables</Role>
      <ShortName>Fair Value Measurement (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/FairValueMeasurement</ParentRole>
      <Position>39</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>039 - Disclosure - Investments in Companies Accounted for at Equity Method (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod</ParentRole>
      <Position>40</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>040 - Disclosure - Property, Plants and Equipment, Net (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables</Role>
      <ShortName>Property, Plants and Equipment, Net (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/PropertyPlantsandEquipmentNet</ParentRole>
      <Position>41</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>041 - Disclosure - Intangible Assets, Net (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IntangibleAssetsNetTables</Role>
      <ShortName>Intangible Assets, Net (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IntangibleAssetsNet</ParentRole>
      <Position>42</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>042 - Disclosure - Goodwill (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/GoodwillTables</Role>
      <ShortName>Goodwill (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/Goodwill</ParentRole>
      <Position>43</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>043 - Disclosure - Short Term Liabilities to Banks and Others (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables</Role>
      <ShortName>Short Term Liabilities to Banks and Others (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers</ParentRole>
      <Position>44</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>044 - Disclosure - Other Accounts Payable (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/OtherAccountsPayableTables</Role>
      <ShortName>Other Accounts Payable (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OtherAccountsPayable</ParentRole>
      <Position>45</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>045 - Disclosure - Long Term Liabilities to Banks and Others (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables</Role>
      <ShortName>Long Term Liabilities to Banks and Others (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers</ParentRole>
      <Position>46</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>046 - Disclosure - Debentures (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/DebenturesTables</Role>
      <ShortName>Debentures (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/Debentures</ParentRole>
      <Position>47</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>047 - Disclosure - Leases (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/LeasesTables</Role>
      <ShortName>Leases (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/Leases</ParentRole>
      <Position>48</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>048 - Disclosure - Employee Option Plans (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EmployeeOptionPlansTables</Role>
      <ShortName>Employee Option Plans (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlans</ParentRole>
      <Position>49</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R50.htm</HtmlFileName>
      <LongName>049 - Disclosure - Employee Benefit Liabilities (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables</Role>
      <ShortName>Employee Benefit Liabilities (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeBenefitLiabilities</ParentRole>
      <Position>50</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R51.htm</HtmlFileName>
      <LongName>050 - Disclosure - Commitments and Contingencies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/CommitmentsandContingenciesTables</Role>
      <ShortName>Commitments and Contingencies (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/CommitmentsandContingencies</ParentRole>
      <Position>51</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R52.htm</HtmlFileName>
      <LongName>051 - Disclosure - Equity (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EquityTables</Role>
      <ShortName>Equity (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/Equity</ParentRole>
      <Position>52</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R53.htm</HtmlFileName>
      <LongName>052 - Disclosure - Income Tax (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IncomeTaxTables</Role>
      <ShortName>Income Tax (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTax</ParentRole>
      <Position>53</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R54.htm</HtmlFileName>
      <LongName>053 - Disclosure - Supplementary Financial Statement Information (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</Role>
      <ShortName>Supplementary Financial Statement Information (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformation</ParentRole>
      <Position>54</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R55.htm</HtmlFileName>
      <LongName>054 - Disclosure - Operating Segments (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/OperatingSegmentsTables</Role>
      <ShortName>Operating Segments (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OperatingSegments</ParentRole>
      <Position>55</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R56.htm</HtmlFileName>
      <LongName>055 - Disclosure - General (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/GeneralDetails</Role>
      <ShortName>General (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/GeneralTables</ParentRole>
      <Position>56</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R57.htm</HtmlFileName>
      <LongName>056 - Disclosure - General (Details) - Schedule of the following table presents the ownership of Formula???s directly held investees as of the dates indicated</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable</Role>
      <ShortName>General (Details) - Schedule of the following table presents the ownership of Formula???s directly held investees as of the dates indicated</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/GeneralTables</ParentRole>
      <Position>57</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R58.htm</HtmlFileName>
      <LongName>057 - Disclosure - Significant Accounting Policies (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SignificantAccountingPoliciesDetails</Role>
      <ShortName>Significant Accounting Policies (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>58</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R59.htm</HtmlFileName>
      <LongName>058 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by products and services</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable</Role>
      <ShortName>Significant Accounting Policies (Details) - Schedule of revenue by products and services</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>59</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R60.htm</HtmlFileName>
      <LongName>059 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable</Role>
      <ShortName>Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>60</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R61.htm</HtmlFileName>
      <LongName>060 - Disclosure - Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable</Role>
      <ShortName>Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>61</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R62.htm</HtmlFileName>
      <LongName>061 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable</Role>
      <ShortName>Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>62</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R63.htm</HtmlFileName>
      <LongName>062 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of intangible assets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable</Role>
      <ShortName>Significant Accounting Policies (Details) - Schedule of useful life of intangible assets</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>63</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R64.htm</HtmlFileName>
      <LongName>063 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>64</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R65.htm</HtmlFileName>
      <LongName>064 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>65</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R66.htm</HtmlFileName>
      <LongName>065 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>66</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R67.htm</HtmlFileName>
      <LongName>066 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>67</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R68.htm</HtmlFileName>
      <LongName>067 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>68</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R69.htm</HtmlFileName>
      <LongName>068 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>69</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R70.htm</HtmlFileName>
      <LongName>069 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>70</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R71.htm</HtmlFileName>
      <LongName>070 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>71</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R72.htm</HtmlFileName>
      <LongName>071 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>72</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R73.htm</HtmlFileName>
      <LongName>072 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>73</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R74.htm</HtmlFileName>
      <LongName>073 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>74</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R75.htm</HtmlFileName>
      <LongName>074 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>75</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R76.htm</HtmlFileName>
      <LongName>075 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>76</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R77.htm</HtmlFileName>
      <LongName>076 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>77</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R78.htm</HtmlFileName>
      <LongName>077 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>78</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R79.htm</HtmlFileName>
      <LongName>078 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>79</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R80.htm</HtmlFileName>
      <LongName>079 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>80</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R81.htm</HtmlFileName>
      <LongName>080 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>81</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R82.htm</HtmlFileName>
      <LongName>081 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>82</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R83.htm</HtmlFileName>
      <LongName>082 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>83</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R84.htm</HtmlFileName>
      <LongName>083 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>84</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R85.htm</HtmlFileName>
      <LongName>084 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>85</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R86.htm</HtmlFileName>
      <LongName>085 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>86</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R87.htm</HtmlFileName>
      <LongName>086 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>87</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R88.htm</HtmlFileName>
      <LongName>087 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>88</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R89.htm</HtmlFileName>
      <LongName>088 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>89</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R90.htm</HtmlFileName>
      <LongName>089 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000</Role>
      <ShortName>Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables</ParentRole>
      <Position>90</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R91.htm</HtmlFileName>
      <LongName>090 - Disclosure - Marketable Securities (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/MarketableSecuritiesDetails</Role>
      <ShortName>Marketable Securities (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/MarketableSecuritiesTables</ParentRole>
      <Position>91</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R92.htm</HtmlFileName>
      <LongName>091 - Disclosure - Marketable Securities (Details) - Schedule of marketable securities</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable</Role>
      <ShortName>Marketable Securities (Details) - Schedule of marketable securities</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/MarketableSecuritiesTables</ParentRole>
      <Position>92</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R93.htm</HtmlFileName>
      <LongName>092 - Disclosure -  Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable</Role>
      <ShortName>Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables</ParentRole>
      <Position>93</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R94.htm</HtmlFileName>
      <LongName>093 - Disclosure - Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable</Role>
      <ShortName>Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/FairValueMeasurementTables</ParentRole>
      <Position>94</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R95.htm</HtmlFileName>
      <LongName>094 - Disclosure - Investments in Companies Accounted for at Equity Method (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>95</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R96.htm</HtmlFileName>
      <LongName>095 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company???s investment in TSG</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company???s investment in TSG</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>96</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R97.htm</HtmlFileName>
      <LongName>096 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>97</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R98.htm</HtmlFileName>
      <LongName>097 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>98</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R99.htm</HtmlFileName>
      <LongName>098 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company???s Investment in TSG</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company???s Investment in TSG</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>99</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R100.htm</HtmlFileName>
      <LongName>099 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>100</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R101.htm</HtmlFileName>
      <LongName>100 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable</Role>
      <ShortName>Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables</ParentRole>
      <Position>101</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R102.htm</HtmlFileName>
      <LongName>101 - Disclosure - Property, Plants and Equipment, Net (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails</Role>
      <ShortName>Property, Plants and Equipment, Net (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables</ParentRole>
      <Position>102</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R103.htm</HtmlFileName>
      <LongName>102 - Disclosure - Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable</Role>
      <ShortName>Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables</ParentRole>
      <Position>103</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R104.htm</HtmlFileName>
      <LongName>103 - Disclosure - Intangible Assets, Net (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IntangibleAssetsNetDetails</Role>
      <ShortName>Intangible Assets, Net (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IntangibleAssetsNetTables</ParentRole>
      <Position>104</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R105.htm</HtmlFileName>
      <LongName>104 - Disclosure - Intangible Assets, Net (Details) - Schedule of intangible assets, net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofintangibleassetsnetTable</Role>
      <ShortName>Intangible Assets, Net (Details) - Schedule of intangible assets, net</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IntangibleAssetsNetTables</ParentRole>
      <Position>105</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R106.htm</HtmlFileName>
      <LongName>105 - Disclosure - Goodwill (Details) - Schedule of carrying amount of goodwill</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable</Role>
      <ShortName>Goodwill (Details) - Schedule of carrying amount of goodwill</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/GoodwillTables</ParentRole>
      <Position>106</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R107.htm</HtmlFileName>
      <LongName>106 - Disclosure - Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable</Role>
      <ShortName>Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables</ParentRole>
      <Position>107</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R108.htm</HtmlFileName>
      <LongName>107 - Disclosure - Other Accounts Payable (Details) - Schedule of other accounts payable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofotheraccountspayableTable</Role>
      <ShortName>Other Accounts Payable (Details) - Schedule of other accounts payable</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OtherAccountsPayableTables</ParentRole>
      <Position>108</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R109.htm</HtmlFileName>
      <LongName>108 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable</Role>
      <ShortName>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables</ParentRole>
      <Position>109</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R110.htm</HtmlFileName>
      <LongName>109 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable</Role>
      <ShortName>Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables</ParentRole>
      <Position>110</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R111.htm</HtmlFileName>
      <LongName>110 - Disclosure - Debentures (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/DebenturesDetails</Role>
      <ShortName>Debentures (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/DebenturesTables</ParentRole>
      <Position>111</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R112.htm</HtmlFileName>
      <LongName>111 - Disclosure - Debentures (Details) - Schedule of debentures</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofdebenturesTable</Role>
      <ShortName>Debentures (Details) - Schedule of debentures</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/DebenturesTables</ParentRole>
      <Position>112</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R113.htm</HtmlFileName>
      <LongName>112 - Disclosure - Debentures (Details) - Schedule of aggregate principal annual payments of debentures</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable</Role>
      <ShortName>Debentures (Details) - Schedule of aggregate principal annual payments of debentures</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/DebenturesTables</ParentRole>
      <Position>113</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R114.htm</HtmlFileName>
      <LongName>113 - Disclosure - Related Parties Transactions (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/RelatedPartiesTransactionsDetails</Role>
      <ShortName>Related Parties Transactions (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/RelatedPartiesTransactions</ParentRole>
      <Position>114</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R115.htm</HtmlFileName>
      <LongName>114 - Disclosure - Leases (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/LeasesDetails</Role>
      <ShortName>Leases (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/LeasesTables</ParentRole>
      <Position>115</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R116.htm</HtmlFileName>
      <LongName>115 - Disclosure - Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable</Role>
      <ShortName>Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/LeasesTables</ParentRole>
      <Position>116</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R117.htm</HtmlFileName>
      <LongName>116 - Disclosure - Employee Option Plans (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EmployeeOptionPlansDetails</Role>
      <ShortName>Employee Option Plans (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>117</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R118.htm</HtmlFileName>
      <LongName>117 - Disclosure - Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>118</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R119.htm</HtmlFileName>
      <LongName>118 - Disclosure - Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>119</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R120.htm</HtmlFileName>
      <LongName>119 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>120</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R121.htm</HtmlFileName>
      <LongName>120 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens??? stock option plans</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of Sapiens??? stock option plans</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>121</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R122.htm</HtmlFileName>
      <LongName>121 - Disclosure - Employee Option Plans (Details) - Schedule of the RSU activities</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of the RSU activities</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>122</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R123.htm</HtmlFileName>
      <LongName>122 - Disclosure - Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>123</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R124.htm</HtmlFileName>
      <LongName>123 - Disclosure - Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable</Role>
      <ShortName>Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeOptionPlansTables</ParentRole>
      <Position>124</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R125.htm</HtmlFileName>
      <LongName>124 - Disclosure - Employee Benefit Liabilities (Details) - Schedule of defined benefit plans</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable</Role>
      <ShortName>Employee Benefit Liabilities (Details) - Schedule of defined benefit plans</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables</ParentRole>
      <Position>125</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R126.htm</HtmlFileName>
      <LongName>125 - Disclosure - Commitments and Contingencies (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/CommitmentsandContingenciesDetails</Role>
      <ShortName>Commitments and Contingencies (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/CommitmentsandContingenciesTables</ParentRole>
      <Position>126</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R127.htm</HtmlFileName>
      <LongName>126 - Disclosure -  Commitments and Contingencies (Details) - Schedule of composition of pledged shares</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable</Role>
      <ShortName>Commitments and Contingencies (Details) - Schedule of composition of pledged shares</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/CommitmentsandContingenciesTables</ParentRole>
      <Position>127</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R128.htm</HtmlFileName>
      <LongName>127 - Disclosure - Equity (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/EquityDetails</Role>
      <ShortName>Equity (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EquityTables</ParentRole>
      <Position>128</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R129.htm</HtmlFileName>
      <LongName>128 - Disclosure - Equity (Details) - Schedule of share capital</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofsharecapitalTable</Role>
      <ShortName>Equity (Details) - Schedule of share capital</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/EquityTables</ParentRole>
      <Position>129</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R130.htm</HtmlFileName>
      <LongName>129 - Disclosure - Income Tax (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/IncomeTaxDetails</Role>
      <ShortName>Income Tax (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>130</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R131.htm</HtmlFileName>
      <LongName>130 - Disclosure - Income Tax (Details) - Schedule of deferred tax liabilities, net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable</Role>
      <ShortName>Income Tax (Details) - Schedule of deferred tax liabilities, net</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>131</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R132.htm</HtmlFileName>
      <LongName>131 - Disclosure - Income Tax (Details) - Schedule of composition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofcompositionTable</Role>
      <ShortName>Income Tax (Details) - Schedule of composition</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>132</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R133.htm</HtmlFileName>
      <LongName>132 - Disclosure - Income Tax (Details) - Schedule of pre-tax income</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofpretaxincomeTable</Role>
      <ShortName>Income Tax (Details) - Schedule of pre-tax income</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>133</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R134.htm</HtmlFileName>
      <LongName>133 - Disclosure - Income Tax (Details) - Schedule of taxes on income (tax benefit)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable</Role>
      <ShortName>Income Tax (Details) - Schedule of taxes on income (tax benefit)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>134</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R135.htm</HtmlFileName>
      <LongName>134 - Disclosure - Income Tax (Details) - Schedule of theoretical tax expense</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable</Role>
      <ShortName>Income Tax (Details) - Schedule of theoretical tax expense</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>135</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R136.htm</HtmlFileName>
      <LongName>135 - Disclosure - Income Tax (Details) - Schedule of total unrecognized tax benefits</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable</Role>
      <ShortName>Income Tax (Details) - Schedule of total unrecognized tax benefits</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/IncomeTaxTables</ParentRole>
      <Position>136</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R137.htm</HtmlFileName>
      <LongName>136 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable</Role>
      <ShortName>Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</ParentRole>
      <Position>137</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R138.htm</HtmlFileName>
      <LongName>137 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable</Role>
      <ShortName>Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</ParentRole>
      <Position>138</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R139.htm</HtmlFileName>
      <LongName>138 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of property and equipment located</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable</Role>
      <ShortName>Supplementary Financial Statement Information (Details) - Schedule of property and equipment located</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</ParentRole>
      <Position>139</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R140.htm</HtmlFileName>
      <LongName>139 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable</Role>
      <ShortName>Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</ParentRole>
      <Position>140</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R141.htm</HtmlFileName>
      <LongName>140 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable</Role>
      <ShortName>Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables</ParentRole>
      <Position>141</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R142.htm</HtmlFileName>
      <LongName>141 - Disclosure - Operating Segments (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/OperatingSegmentsDetails</Role>
      <ShortName>Operating Segments (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OperatingSegmentsTables</ParentRole>
      <Position>142</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R143.htm</HtmlFileName>
      <LongName>142 - Disclosure - Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable</Role>
      <ShortName>Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OperatingSegmentsTables</ParentRole>
      <Position>143</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R144.htm</HtmlFileName>
      <LongName>143 - Disclosure - Operating Segments (Details) - Schedule of reporting on operating segments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable</Role>
      <ShortName>Operating Segments (Details) - Schedule of reporting on operating segments</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/OperatingSegmentsTables</ParentRole>
      <Position>144</Position>
    </Report>
    <Report instance="f20f2021_formulasystems.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R145.htm</HtmlFileName>
      <LongName>144 - Disclosure - Subsequent Events (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://formulasystems.com/role/SubsequentEventsDetails</Role>
      <ShortName>Subsequent Events (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://formulasystems.com/role/SubsequentEvents</ParentRole>
      <Position>145</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="20-F" original="f20f2021_formulasystems.htm">f20f2021_formulasystems.htm</File>
    <File>f20f2021ex12-1_formulasys.htm</File>
    <File>f20f2021ex12-2_formulasys.htm</File>
    <File>f20f2021ex13-1_formulasys.htm</File>
    <File>f20f2021ex13-2_formulasys.htm</File>
    <File>f20f2021ex15-1_formulasys.htm</File>
    <File>f20f2021ex15-2_formulasys.htm</File>
    <File>f20f2021ex2-2_formulasys.htm</File>
    <File>f20f2021ex8-1_formulasys.htm</File>
    <File>forty-20211231.xsd</File>
    <File>forty-20211231_cal.xml</File>
    <File>forty-20211231_def.xml</File>
    <File>forty-20211231_lab.xml</File>
    <File>forty-20211231_pre.xml</File>
  </InputFiles>
  <SupplementalFiles>
    <File>image_001.jpg</File>
    <File>image_002.jpg</File>
  </SupplementalFiles>
  <BaseTaxonomies>
    <BaseTaxonomy items="38">http://fasb.org/us-gaap/2021-01-31</BaseTaxonomy>
    <BaseTaxonomy items="1059">http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full</BaseTaxonomy>
    <BaseTaxonomy items="42">http://xbrl.sec.gov/dei/2021q4</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>170
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "f20f2021_formulasystems.htm": {
   "axisCustom": 12,
   "axisStandard": 22,
   "contextCount": 448,
   "dts": {
    "calculationLink": {
     "local": [
      "forty-20211231_cal.xml"
     ]
    },
    "definitionLink": {
     "local": [
      "forty-20211231_def.xml"
     ]
    },
    "inline": {
     "local": [
      "f20f2021_formulasystems.htm"
     ]
    },
    "labelLink": {
     "local": [
      "forty-20211231_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "forty-20211231_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "forty-20211231.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/reference-2009-12-16.xsd",
      "http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd",
      "https://xbrl.sec.gov/country/2021/country-2021.xsd",
      "https://xbrl.sec.gov/currency/2021/currency-2021.xsd",
      "https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd",
      "https://xbrl.sec.gov/sic/2021/sic-2021.xsd"
     ]
    }
   },
   "elementCount": 1063,
   "entityCount": 1,
   "hidden": {
    "http://formulasystems.com/20211231": 139,
    "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full": 89,
    "http://xbrl.sec.gov/dei/2021q4": 4,
    "total": 232
   },
   "keyCustom": 366,
   "keyStandard": 296,
   "memberCustom": 99,
   "memberStandard": 36,
   "nsprefix": "forty",
   "nsuri": "http://formulasystems.com/20211231",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:EntityRegistrantName",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "000 - Document - Document And Entity Information",
     "role": "http://formulasystems.com/role/DocumentAndEntityInformation",
     "shortName": "Document And Entity Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:EntityRegistrantName",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R10": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "009 - Disclosure - Significant Accounting Policies",
     "role": "http://formulasystems.com/role/SignificantAccountingPolicies",
     "shortName": "Significant Accounting Policies",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R100": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c200",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:CurrentAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "099 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position",
     "role": "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c200",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:CurrentAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R101": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c199",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Revenue",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "100 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance",
     "role": "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c199",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Revenue",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R102": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:DepreciationExpense",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "101 - Disclosure - Property, Plants and Equipment, Net (Details)",
     "role": "http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails",
     "shortName": "Property, Plants and Equipment, Net (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:DepreciationExpense",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R103": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:PropertyPlantAndEquipmentsGross",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "102 - Disclosure - Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment",
     "role": "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable",
     "shortName": "Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:PropertyPlantAndEquipmentsGross",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R104": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:AmortisationExpense",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "103 - Disclosure - Intangible Assets, Net (Details)",
     "role": "http://formulasystems.com/role/IntangibleAssetsNetDetails",
     "shortName": "Intangible Assets, Net (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:AmortisationExpense",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R105": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfIntangibleAssetsNetTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:OriginalAmountsOfIntangibleAssetsNet",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "104 - Disclosure - Intangible Assets, Net (Details) - Schedule of intangible assets, net",
     "role": "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable",
     "shortName": "Intangible Assets, Net (Details) - Schedule of intangible assets, net",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfIntangibleAssetsNetTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:OriginalAmountsOfIntangibleAssetsNet",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R106": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:GoodwillBusinessCombination",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "105 - Disclosure - Goodwill (Details) - Schedule of carrying amount of goodwill",
     "role": "http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable",
     "shortName": "Goodwill (Details) - Schedule of carrying amount of goodwill",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c30",
      "decimals": "-3",
      "lang": null,
      "name": "forty:GoodwillBusinessCombination",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R107": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:CurrentFinancialLiabilities",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "106 - Disclosure - Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others",
     "role": "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable",
     "shortName": "Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "td",
       "tr",
       "table",
       "forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c224",
      "decimals": null,
      "lang": "en-US",
      "name": "ifrs-full:BorrowingsInterestRateBasis",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R108": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:GovernmentInstitution",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "107 - Disclosure - Other Accounts Payable (Details) - Schedule of other accounts payable",
     "role": "http://formulasystems.com/role/ScheduleofotheraccountspayableTable",
     "shortName": "Other Accounts Payable (Details) - Schedule of other accounts payable",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:GovernmentInstitution",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R109": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:LongTermLiabilitiesAndOthersLongtermLiabilities",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "108 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition",
     "role": "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
     "shortName": "Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:LongTermLiabilitiesAndOthersLongtermLiabilities",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R11": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "010 - Disclosure - Business Combination, Significant Transaction and Sale of Business",
     "role": "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness",
     "shortName": "Business Combination, Significant Transaction and Sale of Business",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R110": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "109 - Disclosure - Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates",
     "role": "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable",
     "shortName": "Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others maturity dates",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R111": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:InterestExpenses",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "110 - Disclosure - Debentures (Details)",
     "role": "http://formulasystems.com/role/DebenturesDetails",
     "shortName": "Debentures (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:InterestExpenses",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R112": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c263",
      "decimals": "4",
      "first": true,
      "lang": null,
      "name": "ifrs-full:BorrowingsInterestRate",
      "reportCount": 1,
      "unitRef": "pure",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "111 - Disclosure - Debentures (Details) - Schedule of debentures",
     "role": "http://formulasystems.com/role/ScheduleofdebenturesTable",
     "shortName": "Debentures (Details) - Schedule of debentures",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:NotionalAmount",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R113": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:RepaymentsOfBondsWithinNextFinancialYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "112 - Disclosure - Debentures (Details) - Schedule of aggregate principal annual payments of debentures",
     "role": "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable",
     "shortName": "Debentures (Details) - Schedule of aggregate principal annual payments of debentures",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:RepaymentsOfBondsWithinNextFinancialYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R114": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:PerformedServicesSubcontractor",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "113 - Disclosure - Related Parties Transactions (Details)",
     "role": "http://formulasystems.com/role/RelatedPartiesTransactionsDetails",
     "shortName": "Related Parties Transactions (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:PerformedServicesSubcontractor",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R115": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:LeasePeriodsExpiringTerm",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "114 - Disclosure - Leases (Details)",
     "role": "http://formulasystems.com/role/LeasesDetails",
     "shortName": "Leases (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:LeasePeriodsExpiringTerm",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R116": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "115 - Disclosure - Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases",
     "role": "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable",
     "shortName": "Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:UndiscountedFutureLeasePaymentsReceivableForOperatingLeases",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R117": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c317",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:RestrictedShares",
      "reportCount": 1,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "116 - Disclosure - Employee Option Plans (Details)",
     "role": "http://formulasystems.com/role/EmployeeOptionPlansDetails",
     "shortName": "Employee Option Plans (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "lang": "en-US",
      "name": "ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R118": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c323",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "117 - Disclosure - Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants",
     "role": "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable",
     "shortName": "Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c323",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R119": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c51",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionsOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "118 - Disclosure - Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software)",
     "role": "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
     "shortName": "Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c51",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionsOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R12": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "011 - Disclosure - Marketable Securities",
     "role": "http://formulasystems.com/role/MarketableSecurities",
     "shortName": "Marketable Securities",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R120": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c53",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:AmountOfOptionsOutstandingAtBeginningOfYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "119 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software)",
     "role": "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
     "shortName": "Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c53",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:AmountOfOptionsOutstandingAtBeginningOfYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R121": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfSapiensStockOptionPlansTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "120 - Disclosure - Employee Option Plans (Details) - Schedule of Sapiens\u2019 stock option plans",
     "role": "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
     "shortName": "Employee Option Plans (Details) - Schedule of Sapiens\u2019 stock option plans",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfSapiensStockOptionPlansTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R122": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:AmountOfOptionsUnvestedBeginning",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "121 - Disclosure - Employee Option Plans (Details) - Schedule of the RSU activities",
     "role": "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable",
     "shortName": "Employee Option Plans (Details) - Schedule of the RSU activities",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:AmountOfOptionsUnvestedBeginning",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R123": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c333",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstandingAtBeginningOfYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "122 - Disclosure - Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity",
     "role": "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable",
     "shortName": "Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c333",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstandingAtBeginningOfYear",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R124": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c338",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "123 - Disclosure - Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories",
     "role": "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable",
     "shortName": "Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c338",
      "decimals": "INF",
      "first": true,
      "lang": null,
      "name": "forty:NumberOfShareOptionOutstanding",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R125": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:DefinedBenefitObligationAtPresentValue",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "124 - Disclosure - Employee Benefit Liabilities (Details) - Schedule of defined benefit plans",
     "role": "http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable",
     "shortName": "Employee Benefit Liabilities (Details) - Schedule of defined benefit plans",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:DefinedBenefitObligationAtPresentValue",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R126": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:AggregateSecurityAmount",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "125 - Disclosure - Commitments and Contingencies (Details)",
     "role": "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
     "shortName": "Commitments and Contingencies (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "lang": null,
      "name": "forty:BankGuaranteesAmount",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R127": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c349",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:FinancialInstitutionCreditAgreement",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "126 - Disclosure -  Commitments and Contingencies (Details) - Schedule of composition of pledged shares",
     "role": "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable",
     "shortName": "Commitments and Contingencies (Details) - Schedule of composition of pledged shares",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c349",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:FinancialInstitutionCreditAgreement",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R128": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:FormulaHoldShares",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "127 - Disclosure - Equity (Details)",
     "role": "http://formulasystems.com/role/EquityDetails",
     "shortName": "Equity (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "forty:FormulaHoldShares",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R129": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "ifrs-full:NumberOfSharesAuthorised",
      "reportCount": 1,
      "unitRef": "shares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "128 - Disclosure - Equity (Details) - Schedule of share capital",
     "role": "http://formulasystems.com/role/ScheduleofsharecapitalTable",
     "shortName": "Equity (Details) - Schedule of share capital",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "0",
      "lang": null,
      "name": "forty:NumberOfSharesOutstanding1",
      "reportCount": 1,
      "unique": true,
      "unitRef": "shares",
      "xsiNil": "false"
     }
    },
    "R13": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "012 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable",
     "role": "http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable",
     "shortName": "Prepaid Expesnes and Other Accounts Receivavable",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R130": {
     "firstAnchor": {
      "ancestors": [
       "ifrs-full:TaxRateEffectFromChangeInTaxRate",
       "ifrs-full:TaxRateEffectFromChangeInTaxRate",
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "2",
      "first": true,
      "lang": null,
      "name": "ifrs-full:TaxRateEffectFromChangeInTaxRate",
      "reportCount": 1,
      "unitRef": "pure",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "129 - Disclosure - Income Tax (Details)",
     "role": "http://formulasystems.com/role/IncomeTaxDetails",
     "shortName": "Income Tax (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R131": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "ifrs-full:NetDeferredTaxAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "130 - Disclosure - Income Tax (Details) - Schedule of deferred tax liabilities, net",
     "role": "http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable",
     "shortName": "Income Tax (Details) - Schedule of deferred tax liabilities, net",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "ifrs-full:NetDeferredTaxAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R132": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "131 - Disclosure - Income Tax (Details) - Schedule of composition",
     "role": "http://formulasystems.com/role/ScheduleofcompositionTable",
     "shortName": "Income Tax (Details) - Schedule of composition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R133": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProfitLossesBeforeTax",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "132 - Disclosure - Income Tax (Details) - Schedule of pre-tax income",
     "role": "http://formulasystems.com/role/ScheduleofpretaxincomeTable",
     "shortName": "Income Tax (Details) - Schedule of pre-tax income",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProfitLossesBeforeTax",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R134": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:CurrentTaxExpenseIncome",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "133 - Disclosure - Income Tax (Details) - Schedule of taxes on income (tax benefit)",
     "role": "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable",
     "shortName": "Income Tax (Details) - Schedule of taxes on income (tax benefit)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:CurrentTaxExpenseIncome",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R135": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfTheoreticalTaxExpenseTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "134 - Disclosure - Income Tax (Details) - Schedule of theoretical tax expense",
     "role": "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable",
     "shortName": "Income Tax (Details) - Schedule of theoretical tax expense",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfTheoreticalTaxExpenseTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R136": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:UnrecognizedTaxOnIncomeBenefits",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "135 - Disclosure - Income Tax (Details) - Schedule of total unrecognized tax benefits",
     "role": "http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable",
     "shortName": "Income Tax (Details) - Schedule of total unrecognized tax benefits",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c43",
      "decimals": "-3",
      "lang": null,
      "name": "forty:UnrecognizedTaxOnIncomeBenefits",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R137": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:NoncontrollingInterests",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "136 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries",
     "role": "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
     "shortName": "Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c371",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:NoncontrollingInterests",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R138": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:FinancialIncomeAndExpensesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "137 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses",
     "role": "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable",
     "shortName": "Supplementary Financial Statement Information (Details) - Schedule of financial income and expenses",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:FinancialIncomeAndExpensesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R139": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:PropertyPlantAndEquipment",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "138 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of property and equipment located",
     "role": "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
     "shortName": "Supplementary Financial Statement Information (Details) - Schedule of property and equipment located",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:PropertyAndEquipmentTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c379",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:PropertyPlantAndEquipment",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R14": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "013 - Disclosure - Fair Value Measurement",
     "role": "http://formulasystems.com/role/FairValueMeasurement",
     "shortName": "Fair Value Measurement",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R140": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Revenue",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "139 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers)",
     "role": "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable",
     "shortName": "Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:RevenuesClassifiedByGeographicAreaTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c389",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:Revenue",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R141": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:BasicAndDilutedNetEarningsPerShareTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "140 - Disclosure - Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share",
     "role": "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable",
     "shortName": "Supplementary Financial Statement Information (Details) - Schedule of computation basic and diluted net earnings per share",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:BasicAndDilutedNetEarningsPerShareTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R142": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "141 - Disclosure - Operating Segments (Details)",
     "role": "http://formulasystems.com/role/OperatingSegmentsDetails",
     "shortName": "Operating Segments (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R143": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Goodwill",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "142 - Disclosure - Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries",
     "role": "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
     "shortName": "Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c412",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:Goodwill",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R144": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfOperatingSegmentsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:RevenueFromContractsWithCustomers",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "143 - Disclosure - Operating Segments (Details) - Schedule of reporting on operating segments",
     "role": "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
     "shortName": "Operating Segments (Details) - Schedule of reporting on operating segments",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfOperatingSegmentsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:RevenueFromContractsWithCustomers",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R145": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c446",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:PurchaseAgreement",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "144 - Disclosure - Subsequent Events (Details)",
     "role": "http://formulasystems.com/role/SubsequentEventsDetails",
     "shortName": "Subsequent Events (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c446",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:PurchaseAgreement",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R15": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "014 - Disclosure - Investments in Companies Accounted for at Equity Method",
     "role": "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod",
     "shortName": "Investments in Companies Accounted for at Equity Method",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R16": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "015 - Disclosure - Property, Plants and Equipment, Net",
     "role": "http://formulasystems.com/role/PropertyPlantsandEquipmentNet",
     "shortName": "Property, Plants and Equipment, Net",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R17": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "016 - Disclosure - Intangible Assets, Net",
     "role": "http://formulasystems.com/role/IntangibleAssetsNet",
     "shortName": "Intangible Assets, Net",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R18": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfGoodwillExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "017 - Disclosure - Goodwill",
     "role": "http://formulasystems.com/role/Goodwill",
     "shortName": "Goodwill",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfGoodwillExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R19": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "018 - Disclosure - Short Term Liabilities to Banks and Others",
     "role": "http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers",
     "shortName": "Short Term Liabilities to Banks and Others",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R2": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Cash",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "001 - Statement - Consolidated Statements of Financial Position",
     "role": "http://formulasystems.com/role/ConsolidatedBalanceSheet",
     "shortName": "Consolidated Statements of Financial Position",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Cash",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R20": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:OtherAccountsPayableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "019 - Disclosure - Other Accounts Payable",
     "role": "http://formulasystems.com/role/OtherAccountsPayable",
     "shortName": "Other Accounts Payable",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:OtherAccountsPayableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R21": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "020 - Disclosure - Long Term Liabilities to Banks and Others",
     "role": "http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers",
     "shortName": "Long Term Liabilities to Banks and Others",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R22": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDebenturesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "021 - Disclosure - Debentures",
     "role": "http://formulasystems.com/role/Debentures",
     "shortName": "Debentures",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDebenturesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R23": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "022 - Disclosure - Related Parties Transactions",
     "role": "http://formulasystems.com/role/RelatedPartiesTransactions",
     "shortName": "Related Parties Transactions",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R24": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfLeasesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "023 - Disclosure - Leases",
     "role": "http://formulasystems.com/role/Leases",
     "shortName": "Leases",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfLeasesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R25": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfEmployeeOptionPlansExplanatoryTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "024 - Disclosure - Employee Option Plans",
     "role": "http://formulasystems.com/role/EmployeeOptionPlans",
     "shortName": "Employee Option Plans",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfEmployeeOptionPlansExplanatoryTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R26": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "025 - Disclosure - Employee Benefit Liabilities",
     "role": "http://formulasystems.com/role/EmployeeBenefitLiabilities",
     "shortName": "Employee Benefit Liabilities",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R27": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "026 - Disclosure - Commitments and Contingencies",
     "role": "http://formulasystems.com/role/CommitmentsandContingencies",
     "shortName": "Commitments and Contingencies",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R28": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "027 - Disclosure - Equity",
     "role": "http://formulasystems.com/role/Equity",
     "shortName": "Equity",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R29": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "028 - Disclosure - Income Tax",
     "role": "http://formulasystems.com/role/IncomeTax",
     "shortName": "Income Tax",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R3": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "002 - Statement - Consolidated Statements of Financial Position (Parentheticals)",
     "role": "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals",
     "shortName": "Consolidated Statements of Financial Position (Parentheticals)",
     "subGroupType": "parenthetical",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R30": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:SupplementaryFinancialStatementInformationTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "029 - Disclosure - Supplementary Financial Statement Information",
     "role": "http://formulasystems.com/role/SupplementaryFinancialStatementInformation",
     "shortName": "Supplementary Financial Statement Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:SupplementaryFinancialStatementInformationTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R31": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "030 - Disclosure - Operating Segments",
     "role": "http://formulasystems.com/role/OperatingSegments",
     "shortName": "Operating Segments",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R32": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "031 - Disclosure - Subsequent Events",
     "role": "http://formulasystems.com/role/SubsequentEvents",
     "shortName": "Subsequent Events",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R33": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "032 - Disclosure - Accounting Policies, by Policy (Policies)",
     "role": "http://formulasystems.com/role/AccountingPoliciesByPolicy",
     "shortName": "Accounting Policies, by Policy (Policies)",
     "subGroupType": "policies",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R34": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "033 - Disclosure - General (Tables)",
     "role": "http://formulasystems.com/role/GeneralTables",
     "shortName": "General (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R35": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "034 - Disclosure - Significant Accounting Policies (Tables)",
     "role": "http://formulasystems.com/role/SignificantAccountingPoliciesTables",
     "shortName": "Significant Accounting Policies (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R36": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfProvisionalEstimatedConsideration",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "035 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Tables)",
     "role": "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfProvisionalEstimatedConsideration",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R37": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfMarketableSecuritiesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "036 - Disclosure - Marketable Securities (Tables)",
     "role": "http://formulasystems.com/role/MarketableSecuritiesTables",
     "shortName": "Marketable Securities (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfMarketableSecuritiesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R38": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "037 - Disclosure - Prepaid Expesnes and Other Accounts Receivavable (Tables)",
     "role": "http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables",
     "shortName": "Prepaid Expesnes and Other Accounts Receivavable (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R39": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "038 - Disclosure - Fair Value Measurement (Tables)",
     "role": "http://formulasystems.com/role/FairValueMeasurementTables",
     "shortName": "Fair Value Measurement (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R4": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "003 - Statement - Consolidated Statements of Profit or Loss",
     "role": "http://formulasystems.com/role/ConsolidatedIncomeStatement",
     "shortName": "Consolidated Statements of Profit or Loss",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:RevenueFromRenderingOfInformationTechnologyConsultingServices",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R40": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:SummaryOfFormulasInvestmentsTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "039 - Disclosure - Investments in Companies Accounted for at Equity Method (Tables)",
     "role": "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables",
     "shortName": "Investments in Companies Accounted for at Equity Method (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:SummaryOfFormulasInvestmentsTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R41": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "040 - Disclosure - Property, Plants and Equipment, Net (Tables)",
     "role": "http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables",
     "shortName": "Property, Plants and Equipment, Net (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R42": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfIntangibleAssetsNetTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "041 - Disclosure - Intangible Assets, Net (Tables)",
     "role": "http://formulasystems.com/role/IntangibleAssetsNetTables",
     "shortName": "Intangible Assets, Net (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfIntangibleAssetsNetTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R43": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "042 - Disclosure - Goodwill (Tables)",
     "role": "http://formulasystems.com/role/GoodwillTables",
     "shortName": "Goodwill (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R44": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "043 - Disclosure - Short Term Liabilities to Banks and Others (Tables)",
     "role": "http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables",
     "shortName": "Short Term Liabilities to Banks and Others (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ShortTermLiabilitiesToBanksAndOthersTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R45": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
      "reportCount": 1,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "044 - Disclosure - Other Accounts Payable (Tables)",
     "role": "http://formulasystems.com/role/OtherAccountsPayableTables",
     "shortName": "Other Accounts Payable (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": null
    },
    "R46": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "045 - Disclosure - Long Term Liabilities to Banks and Others (Tables)",
     "role": "http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables",
     "shortName": "Long Term Liabilities to Banks and Others (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R47": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "046 - Disclosure - Debentures (Tables)",
     "role": "http://formulasystems.com/role/DebenturesTables",
     "shortName": "Debentures (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R48": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "047 - Disclosure - Leases (Tables)",
     "role": "http://formulasystems.com/role/LeasesTables",
     "shortName": "Leases (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R49": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "048 - Disclosure - Employee Option Plans (Tables)",
     "role": "http://formulasystems.com/role/EmployeeOptionPlansTables",
     "shortName": "Employee Option Plans (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R5": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProfitLoss",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "004 - Statement - Consolidated Statements of Comprehensive Income",
     "role": "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
     "shortName": "Consolidated Statements of Comprehensive Income",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "lang": null,
      "name": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R50": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c339",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "049 - Disclosure - Employee Benefit Liabilities (Tables)",
     "role": "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables",
     "shortName": "Employee Benefit Liabilities (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c339",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R51": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "050 - Disclosure - Commitments and Contingencies (Tables)",
     "role": "http://formulasystems.com/role/CommitmentsandContingenciesTables",
     "shortName": "Commitments and Contingencies (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R52": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "051 - Disclosure - Equity (Tables)",
     "role": "http://formulasystems.com/role/EquityTables",
     "shortName": "Equity (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R53": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "052 - Disclosure - Income Tax (Tables)",
     "role": "http://formulasystems.com/role/IncomeTaxTables",
     "shortName": "Income Tax (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R54": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "053 - Disclosure - Supplementary Financial Statement Information (Tables)",
     "role": "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables",
     "shortName": "Supplementary Financial Statement Information (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R55": {
     "firstAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "054 - Disclosure - Operating Segments (Tables)",
     "role": "http://formulasystems.com/role/OperatingSegmentsTables",
     "shortName": "Operating Segments (Tables)",
     "subGroupType": "tables",
     "uniqueAnchor": {
      "ancestors": [
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R56": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "1",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ParValuePerShare",
      "reportCount": 1,
      "unique": true,
      "unitRef": "ilsPershares",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "055 - Disclosure - General (Details)",
     "role": "http://formulasystems.com/role/GeneralDetails",
     "shortName": "General (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "1",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ParValuePerShare",
      "reportCount": 1,
      "unique": true,
      "unitRef": "ilsPershares",
      "xsiNil": "false"
     }
    },
    "R57": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c50",
      "decimals": "4",
      "first": true,
      "lang": null,
      "name": "forty:PercentageOfOwnershipInterestInInvestees",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "056 - Disclosure - General (Details) - Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated",
     "role": "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable",
     "shortName": "General (Details) - Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c50",
      "decimals": "4",
      "first": true,
      "lang": null,
      "name": "forty:PercentageOfOwnershipInterestInInvestees",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     }
    },
    "R58": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:SeveranceExpenses",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "057 - Disclosure - Significant Accounting Policies (Details)",
     "role": "http://formulasystems.com/role/SignificantAccountingPoliciesDetails",
     "shortName": "Significant Accounting Policies (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:SeveranceExpenses",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R59": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProprietarySoftwareAndRelatedServices",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "058 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by products and services",
     "role": "http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable",
     "shortName": "Significant Accounting Policies (Details) - Schedule of revenue by products and services",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProprietarySoftwareAndRelatedServices",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R6": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c37",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Equity",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "005 - Statement - Consolidated Statements of Changes in Equity",
     "role": "http://formulasystems.com/role/ShareholdersEquityType2or3",
     "shortName": "Consolidated Statements of Changes in Equity",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c37",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:Equity",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R60": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProductsAndServicesTransferredOverTime",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "059 - Disclosure - Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition",
     "role": "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable",
     "shortName": "Significant Accounting Policies (Details) - Schedule of revenue by timing of revenue recognition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ProductsAndServicesTransferredOverTime",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R61": {
     "firstAnchor": {
      "ancestors": [
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "060 - Disclosure - Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets",
     "role": "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable",
     "shortName": "Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R62": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "forty:DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c71",
      "decimals": "2",
      "first": true,
      "lang": null,
      "name": "forty:UsefulLifeOfTheAssetsAtAnnualRates",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "061 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates",
     "role": "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable",
     "shortName": "Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "forty:DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c71",
      "decimals": "2",
      "first": true,
      "lang": null,
      "name": "forty:UsefulLifeOfTheAssetsAtAnnualRates",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     }
    },
    "R63": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "forty:DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c80",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:UsefulLifeOfOtherIintangibleAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "062 - Disclosure - Significant Accounting Policies (Details) - Schedule of useful life of intangible assets",
     "role": "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable",
     "shortName": "Significant Accounting Policies (Details) - Schedule of useful life of intangible assets",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "forty:DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c80",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "forty:UsefulLifeOfOtherIintangibleAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R64": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c133",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "063 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details)",
     "role": "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c133",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R65": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfProvisionalEstimatedConsideration",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c151",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:CashConsideration",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "064 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration",
     "role": "http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of provisional estimated consideration",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfProvisionalEstimatedConsideration",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c151",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:CashConsideration",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R66": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c153",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "065 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c153",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R67": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c156",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:OtherNoncurrentAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "066 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c156",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:OtherNoncurrentAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R68": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c160",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "067 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c160",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R69": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c93",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "068 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c93",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R7": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "006 - Statement - Consolidated Statements of Other Comprehensive Income",
     "role": "http://formulasystems.com/role/ConsolidatedCashFlow",
     "shortName": "Consolidated Statements of Other Comprehensive Income",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R70": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c163",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "069 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c163",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R71": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c100",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "070 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c100",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R72": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c166",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "071 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c166",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R73": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c168",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "072 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c168",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R74": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c170",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "073 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c170",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R75": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c172",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "074 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c172",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R76": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c114",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "075 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c114",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R77": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c117",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "076 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c117",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R78": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c119",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "077 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c119",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R79": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c124",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingAcquiredCash",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "078 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c124",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingAcquiredCash",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R8": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProfitLoss",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "statement",
     "isDefault": "false",
     "longName": "007 - Statement - Consolidated Statements of Cash Flows",
     "role": "http://formulasystems.com/role/ConsolidatedCashFlow0",
     "shortName": "Consolidated Statements of Cash Flows",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "lang": null,
      "name": "forty:AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R80": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c178",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "079 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c178",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R81": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c180",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "080 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c180",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R82": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c182",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "081 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c182",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R83": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c184",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "082 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c184",
      "decimals": "0",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R84": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c186",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "083 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c186",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:FinancialAssetsRecognisedAsOfAcquisitionDate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R85": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c139",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "084 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c139",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R86": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c142",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "085 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c142",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R87": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c190",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "086 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c190",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R88": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c148",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "087 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c148",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R89": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c149",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "088 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c149",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetLiabilitiesExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R9": {
     "firstAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "008 - Disclosure - General",
     "role": "http://formulasystems.com/role/General",
     "shortName": "General",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    },
    "R90": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c194",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "089 - Disclosure - Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "role": "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000",
     "shortName": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c194",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:NetAssetsExcludingCashAcquired",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R91": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "link:footnote",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:GainsLossesFromMarketableSecurities",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "090 - Disclosure - Marketable Securities (Details)",
     "role": "http://formulasystems.com/role/MarketableSecuritiesDetails",
     "shortName": "Marketable Securities (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "link:footnote",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c0",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:GainsLossesFromMarketableSecurities",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R92": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMarketableSecuritiesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "091 - Disclosure - Marketable Securities (Details) - Schedule of marketable securities",
     "role": "http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable",
     "shortName": "Marketable Securities (Details) - Schedule of marketable securities",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfMarketableSecuritiesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R93": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:CurrentPrepaidExpensesAndAdvancesToSuppliers",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "092 - Disclosure -  Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments",
     "role": "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable",
     "shortName": "Prepaid Expesnes and Other Accounts Receivavable (Details) - Schedule of prepaid expenses, other accounts receivable and other investments",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:CurrentPrepaidExpensesAndAdvancesToSuppliers",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R94": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ConvertibleBondsAtFairValueThroughProfitOrLoss",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "093 - Disclosure - Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis",
     "role": "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable",
     "shortName": "Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:ConvertibleBondsAtFairValueThroughProfitOrLoss",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R95": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c199",
      "decimals": "2",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProportionOfOwnershipInterestInAssociate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "094 - Disclosure - Investments in Companies Accounted for at Equity Method (Details)",
     "role": "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details)",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c199",
      "decimals": "2",
      "first": true,
      "lang": null,
      "name": "ifrs-full:ProportionOfOwnershipInterestInAssociate",
      "reportCount": 1,
      "unique": true,
      "unitRef": "pure",
      "xsiNil": "false"
     }
    },
    "R96": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:SummaryOfFormulasInvestmentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "095 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company\u2019s investment in TSG",
     "role": "http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of changes in the carrying amount of the company\u2019s investment in TSG",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:SummaryOfFormulasInvestmentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R97": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:SharesInvestmentInJointVenture",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "096 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method",
     "role": "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of investment in TSG equity method",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c2",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:SharesInvestmentInJointVenture",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R98": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:InvestmentsAccountedForUsingEquityMethod",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "097 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative",
     "role": "http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of fair value of TSG's dividend preference derivative",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c30",
      "decimals": "-3",
      "lang": null,
      "name": "forty:InvestmentsAccountedForUsingEquityMethod",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    },
    "R99": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfActivityOfInvestmentInTSGTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c3",
      "decimals": "-3",
      "first": true,
      "lang": null,
      "name": "forty:InvestmentAccountedForUsingEquityMethods",
      "reportCount": 1,
      "unitRef": "usd",
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "false",
     "longName": "098 - Disclosure - Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company\u2019s Investment in TSG",
     "role": "http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable",
     "shortName": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of the following table summarizes the changes in the carrying amount of the Company\u2019s Investment in TSG",
     "subGroupType": "details",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "td",
       "tr",
       "table",
       "forty:ScheduleOfActivityOfInvestmentInTSGTableTextBlock",
       "ix:continuation",
       "div",
       "body",
       "html"
      ],
      "baseRef": "f20f2021_formulasystems.htm",
      "contextRef": "c43",
      "decimals": "-3",
      "lang": null,
      "name": "forty:InvestmentAccountedForUsingEquityMethods",
      "reportCount": 1,
      "unique": true,
      "unitRef": "usd",
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 176,
   "tag": {
    "currency_AllCurrenciesDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "All Currencies [Domain]"
       }
      }
     },
     "localname": "AllCurrenciesDomain",
     "nsuri": "http://xbrl.sec.gov/currency/2021",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "currency_ILS": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Israel, New Shekels",
        "terseLabel": "Israel, New Shekels"
       }
      }
     },
     "localname": "ILS",
     "nsuri": "http://xbrl.sec.gov/currency/2021",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "dei_AddressTypeDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "An entity may have several addresses for different purposes and this domain represents all such types.",
        "label": "Address Type [Domain]"
       }
      }
     },
     "localname": "AddressTypeDomain",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag",
        "terseLabel": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditorFirmId": {
     "auth_ref": [
      "r344",
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "PCAOB issued Audit Firm Identifier",
        "label": "Auditor Firm ID",
        "terseLabel": "Auditor Firm ID"
       }
      }
     },
     "localname": "AuditorFirmId",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "nonemptySequenceNumberItemType"
    },
    "dei_AuditorLocation": {
     "auth_ref": [
      "r344",
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Auditor Location",
        "terseLabel": "Auditor Location"
       }
      }
     },
     "localname": "AuditorLocation",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "internationalNameItemType"
    },
    "dei_AuditorName": {
     "auth_ref": [
      "r344",
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Auditor Name",
        "terseLabel": "Auditor Name"
       }
      }
     },
     "localname": "AuditorName",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "internationalNameItemType"
    },
    "dei_BusinessContactMember": {
     "auth_ref": [
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Business contact for the entity",
        "label": "Business Contact [Member]",
        "terseLabel": "Business Contact [Member]"
       }
      }
     },
     "localname": "BusinessContactMember",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code",
        "terseLabel": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_ContactPersonnelFaxNumber": {
     "auth_ref": [
      "r345"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fax Number of contact personnel.",
        "label": "Contact Personnel Fax Number",
        "terseLabel": "Contact Personnel Fax Number"
       }
      }
     },
     "localname": "ContactPersonnelFaxNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_ContactPersonnelName": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of contact personnel",
        "label": "Contact Personnel Name",
        "terseLabel": "Contact Personnel Name"
       }
      }
     },
     "localname": "ContactPersonnelName",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date",
        "terseLabel": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r345"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard",
        "terseLabel": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r344",
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report",
        "terseLabel": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus",
        "terseLabel": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus",
        "terseLabel": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentInformationLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table."
       }
      }
     },
     "localname": "DocumentInformationLineItems",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_DocumentInformationTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Container to support the formal attachment of each official or unofficial, public or private document as part of a submission package."
       }
      }
     },
     "localname": "DocumentInformationTable",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date",
        "terseLabel": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r340"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement",
        "terseLabel": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r345"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report",
        "terseLabel": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r347"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report",
        "terseLabel": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type",
        "terseLabel": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One",
        "terseLabel": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town",
        "terseLabel": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country",
        "terseLabel": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code",
        "terseLabel": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressesAddressTypeAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.",
        "label": "Entity Addresses, Address Type [Axis]"
       }
      }
     },
     "localname": "EntityAddressesAddressTypeAxis",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r342"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key",
        "terseLabel": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding",
        "terseLabel": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status",
        "terseLabel": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r342"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company",
        "terseLabel": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number",
        "terseLabel": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r342"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category",
        "terseLabel": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code",
        "terseLabel": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r348"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current",
        "terseLabel": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r342"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name",
        "terseLabel": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r342"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company",
        "terseLabel": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers",
        "terseLabel": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [
      "r349"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer",
        "terseLabel": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_IcfrAuditorAttestationFlag": {
     "auth_ref": [
      "r344",
      "r345",
      "r346"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "ICFR Auditor Attestation Flag",
        "terseLabel": "ICFR Auditor Attestation Flag"
       }
      }
     },
     "localname": "IcfrAuditorAttestationFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number",
        "terseLabel": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r341"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security",
        "terseLabel": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r343"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name",
        "terseLabel": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol",
        "terseLabel": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2021q4",
     "presentation": [
      "http://formulasystems.com/role/DocumentAndEntityInformation"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "forty_AAEngineeringLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AAEngineeringLtdMember",
        "terseLabel": "A.A Engineering Ltd. [Member]"
       }
      }
     },
     "localname": "AAEngineeringLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AAEngineeringsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AAEngineeringsMember",
        "terseLabel": "A.A Engineering\u2019s [Member]"
       }
      }
     },
     "localname": "AAEngineeringsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AVBTechnologiesLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AVBTechnologiesLtdMember",
        "terseLabel": "AVB Technologies Ltd. [Member]"
       }
      }
     },
     "localname": "AVBTechnologiesLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AccumulatedAmortizationOfIntangibleAssetsNet": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Accumulated amortization of Intangible assets, net.",
        "label": "AccumulatedAmortizationOfIntangibleAssetsNet",
        "terseLabel": "Accumulated amortization"
       }
      }
     },
     "localname": "AccumulatedAmortizationOfIntangibleAssetsNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AccumulatedCostOfSharebasedPayment": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Accumulated cost of share-based payment.",
        "label": "AccumulatedCostOfSharebasedPayment",
        "terseLabel": "Accumulated cost of share-based payment"
       }
      }
     },
     "localname": "AccumulatedCostOfSharebasedPayment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AccumulatedDepreciationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AccumulatedDepreciationAbstract",
        "terseLabel": "Accumulated depreciation:"
       }
      }
     },
     "localname": "AccumulatedDepreciationAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_AccumulatedDepreciationPropertyPlantsAndEquipmentNet": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Property, plants and equipment, net accumulated depreciation.",
        "label": "AccumulatedDepreciationPropertyPlantsAndEquipmentNet",
        "terseLabel": "Accumulated depreciation"
       }
      }
     },
     "localname": "AccumulatedDepreciationPropertyPlantsAndEquipmentNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AccumulatedOtherComprehensiveIncomeloss": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income].",
        "label": "AccumulatedOtherComprehensiveIncomeloss",
        "totalLabel": "Accumulated other comprehensive income (loss)"
       }
      }
     },
     "localname": "AccumulatedOtherComprehensiveIncomeloss",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AcquiredCash": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquiredCash",
        "terseLabel": "Acquired cash"
       }
      }
     },
     "localname": "AcquiredCash",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AcquiredCost": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquiredCost",
        "terseLabel": "Contingent consideration"
       }
      }
     },
     "localname": "AcquiredCost",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AcquiredTechnologyMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquiredTechnologyMember",
        "terseLabel": "Acquired technology [Member]"
       }
      }
     },
     "localname": "AcquiredTechnologyMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOf9540YGSoftITLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquisitionOf9540YGSoftITLtdMember",
        "terseLabel": "Acquisition of 9540 Y.G. Soft IT Ltd. [Member]",
        "verboseLabel": "Magic Software [Member]"
       }
      }
     },
     "localname": "AcquisitionOf9540YGSoftITLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOfITDGroupLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquisitionOfITDGroupLtdMember",
        "terseLabel": "Acquisition of I.T.D. Group Ltd. [Member]"
       }
      }
     },
     "localname": "AcquisitionOfITDGroupLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOfMobisoftMagicHandsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Acquisition of Mobisoft Magic Hands [Member]",
        "label": "AcquisitionOfMobisoftMagicHandsMember",
        "terseLabel": "Acquisition of Mobisoft Magic Hands [Member]"
       }
      }
     },
     "localname": "AcquisitionOfMobisoftMagicHandsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOfNoncontrollingInterests": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of acquisition of non-controlling interests.",
        "label": "AcquisitionOfNoncontrollingInterests",
        "terseLabel": "Acquisition of non-controlling interests"
       }
      }
     },
     "localname": "AcquisitionOfNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AcquisitionOfOfekAerialPhotographyLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquisitionOfOfekAerialPhotographyLtdMember",
        "terseLabel": "Michpal Micro Computers (1983) Ltd. [Member]",
        "verboseLabel": "Ofek Aerial Photography Ltd [Member]"
       }
      }
     },
     "localname": "AcquisitionOfOfekAerialPhotographyLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOfSubsidiaries": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquisitionOfSubsidiaries",
        "terseLabel": "Acquisition of subsidiaries"
       }
      }
     },
     "localname": "AcquisitionOfSubsidiaries",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AcquisitionOfSumcumoGmbHMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AcquisitionOfSumcumoGmbHMember",
        "netLabel": "Knowledge Price [Member]",
        "terseLabel": "Acquisition of sum.cumo GmbH (\u201csum.cumo\u201d) [Member]",
        "verboseLabel": "Acquisition of sum.cumo GmbH [Member]"
       }
      }
     },
     "localname": "AcquisitionOfSumcumoGmbHMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Acquisition of Thor Denmark Holding ApS and its subsidiaries [Member]",
        "label": "AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember",
        "terseLabel": "Ofek [Member]",
        "verboseLabel": "Acquisition of Thor Denmark Holding ApS and its subsidiaries [Member]"
       }
      }
     },
     "localname": "AcquisitionOfThorDenmarkHoldingApSAndItsSubsidiariesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AdditionalOfTheOutstandingSharesPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Additional of the outstanding shares percentage.",
        "label": "AdditionalOfTheOutstandingSharesPercentage",
        "terseLabel": "Additional of outstanding shares, percentage"
       }
      }
     },
     "localname": "AdditionalOfTheOutstandingSharesPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow": {
       "order": 3.0,
       "parentTag": "forty_AccumulatedOtherComprehensiveIncomeloss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments arising from translating financial statements from functional currency to presentation.",
        "label": "AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation",
        "terseLabel": "Adjustments arising from translating financial statements from functional currency to presentation currency"
       }
      }
     },
     "localname": "AdjustmentsArisingFromTranslatingFinancialStatementsFromFunctionalCurrencyToPresentation",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 13.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for amortization of premium and accrued interest on marketable securities to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities",
        "terseLabel": "Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income"
       }
      }
     },
     "localname": "AdjustmentsForAmortizationOfPremiumAndAccruedInterestOnMarketableSecurities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForChangesInDeferredTaxesNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 9.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for deferred taxes net to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForChangesInDeferredTaxesNet",
        "terseLabel": "Changes in deferred taxes, net"
       }
      }
     },
     "localname": "AdjustmentsForChangesInDeferredTaxesNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 2.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for equity in losses (gains) of companies accounted for at equity to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity",
        "terseLabel": "Share of profits of companies accounted for at equity, net"
       }
      }
     },
     "localname": "AdjustmentsForEquityInLossesGainsOfCompaniesAccountedForAtEquity",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 12.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for gain from sale and increase in value of marketable securities classified as trading to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading",
        "terseLabel": "Loss (gain) from sale and increase in value of marketable securities classified as trading"
       }
      }
     },
     "localname": "AdjustmentsForGainLossFromSaleAndIncreaseInValueOfMarketableSecuritiesClassifiedAsTrading",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForImpairmentOfRightofuseAsset": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 11.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Impairment of right-of-use asset.",
        "label": "AdjustmentsForImpairmentOfRightofuseAsset",
        "terseLabel": "Impairment of right-of-use asset"
       }
      }
     },
     "localname": "AdjustmentsForImpairmentOfRightofuseAsset",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForIncreaseDecreaseInDeferredIncomes": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 20.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Increase in deferred revenues.",
        "label": "AdjustmentsForIncreaseDecreaseInDeferredIncomes",
        "terseLabel": "Increase in deferred revenues"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInDeferredIncomes",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 10.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in liability in respect of business combinations to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations",
        "terseLabel": "Change in liability in respect of business combinations"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInLiabilityInRespectOfBusinessCombinations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForIncreaseDecreaseInValueOfDebentures": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 4.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in value of debentures to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForIncreaseDecreaseInValueOfDebentures",
        "terseLabel": "Changes in value of debentures, net"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInValueOfDebentures",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 8.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in value of short-term and long term loans from banks and others and deposits, net to reconcile profit (loss) to net cash flow from (used in) operating activities.",
        "label": "AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet",
        "terseLabel": "Changes in value of short-term and long-term loans from banks and others and deposits, net"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInValueOfShorttermAndLongTermLoansFromBanksAndOthersAndDepositsNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AdjustmentsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AdjustmentsMember",
        "terseLabel": "Adjustments [Member]"
       }
      }
     },
     "localname": "AdjustmentsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AfricaianMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AfricaianMember",
        "terseLabel": "Africa [Member]"
       }
      }
     },
     "localname": "AfricaianMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "After amortization of excess cost of intangible assets net of tax.",
        "label": "AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax",
        "terseLabel": "Company\u2019s share of total comprehensive income"
       }
      }
     },
     "localname": "AfterAmortizationOfExcessCostOfIntangibleAssetsNetOfTax",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateIntrinsicValueOfExercisableShareOptions": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Aggregate intrinsic value of exercisable share options in a share-based payment arrangement.",
        "label": "AggregateIntrinsicValueOfExercisableShareOptions",
        "terseLabel": "Aggregate intrinsic value, Exercisable at end of year",
        "verboseLabel": "Aggregate intrinsic value, Exercisable at end of year (in Dollars)"
       }
      }
     },
     "localname": "AggregateIntrinsicValueOfExercisableShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateIntrinsicValueOfExercisedShareOptions": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Aggregate intrinsic value of exercised share options in a share-based payment arrangement.",
        "label": "AggregateIntrinsicValueOfExercisedShareOptions",
        "terseLabel": "Aggregate intrinsic value, Exercised"
       }
      }
     },
     "localname": "AggregateIntrinsicValueOfExercisedShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars",
        "periodEndLabel": "Aggregate intrinsic value, Outstanding at end of year (in Dollars)"
       }
      }
     },
     "localname": "AggregateIntrinsicValueOfOutstandingAtEndOfYearinDollars",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateIntrinsicValueOfOutstandingShareOptions": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Aggregate intrinsic value of outstanding share options in a share-based payment arrangement.",
        "label": "AggregateIntrinsicValueOfOutstandingShareOptions",
        "periodEndLabel": "Aggregate intrinsic value, Outstanding at end of year",
        "periodStartLabel": "Aggregate intrinsic value, Outstanding at beginning of year"
       }
      }
     },
     "localname": "AggregateIntrinsicValueOfOutstandingShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars",
        "periodStartLabel": "Aggregate intrinsic value, Outstanding at beginning of year (in Dollars)"
       }
      }
     },
     "localname": "AggregateIntrinsicValueOutstandingAtBeginningOfYearinDollars",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregatePrincipalAnnualPaymentsOfDebentures": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Aggregate principal annual payments of debentures.",
        "label": "AggregatePrincipalAnnualPaymentsOfDebentures",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "AggregatePrincipalAnnualPaymentsOfDebentures",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AggregateSecurityAmount": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Aggregate security amount.",
        "label": "AggregateSecurityAmount",
        "terseLabel": "Aggregate amount",
        "verboseLabel": "Aggregate security amount"
       }
      }
     },
     "localname": "AggregateSecurityAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AmericaMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AmericaMember",
        "terseLabel": "United States [Member]"
       }
      }
     },
     "localname": "AmericaMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amortization of excess cost of intangible assets net of deferred tax.",
        "label": "AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax",
        "terseLabel": "Amortization of excess cost of intangible assets net of tax"
       }
      }
     },
     "localname": "AmortizationOfExcessCostOfIntangibleAssetsNetOfDeferredTax",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AmountForDilutedEarningsPerShareIncomeAvailableToShareholders": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The explanation of the adjustments made to the numerator in the calculation of diluted earnings per share.",
        "label": "AmountForDilutedEarningsPerShareIncomeAvailableToShareholders",
        "terseLabel": "Diluted earnings per share \u2013 net income attributable to equity holders of the Company (in Dollars)"
       }
      }
     },
     "localname": "AmountForDilutedEarningsPerShareIncomeAvailableToShareholders",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AmountOfOptionsExpiredAndForfeiture": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of options expired and forfeiture.",
        "label": "AmountOfOptionsExpiredAndForfeiture",
        "terseLabel": "Amount of options, Expired and forfeiture"
       }
      }
     },
     "localname": "AmountOfOptionsExpiredAndForfeiture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_AmountOfOptionsGranted": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of options granted.",
        "label": "AmountOfOptionsGranted",
        "terseLabel": "Amount of options, Granted"
       }
      }
     },
     "localname": "AmountOfOptionsGranted",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_AmountOfOptionsOutstandingAtBeginningOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options outstanding in a share-based payment arrangement.",
        "label": "AmountOfOptionsOutstandingAtBeginningOfYear",
        "periodEndLabel": "Amount of options, Outstanding at end of year",
        "periodStartLabel": "Amount of options, Outstanding at beginning of year"
       }
      }
     },
     "localname": "AmountOfOptionsOutstandingAtBeginningOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_AmountOfOptionsUnvestedBeginning": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Outstanding at beginning of year.",
        "label": "AmountOfOptionsUnvestedBeginning",
        "periodEndLabel": "Amount of options, Unvested ending",
        "periodStartLabel": "Amount of options, Unvested beginning"
       }
      }
     },
     "localname": "AmountOfOptionsUnvestedBeginning",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_AmountOfOptionsVested": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of options vested.",
        "label": "AmountOfOptionsVested",
        "terseLabel": "Amount of options, Vested"
       }
      }
     },
     "localname": "AmountOfOptionsVested",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_AptonetIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AptonetIncMember",
        "terseLabel": "Aptonet Inc [Member]",
        "verboseLabel": "NetEffects Inc [Member]"
       }
      }
     },
     "localname": "AptonetIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ArbitrationExpenses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The financial results of operations of 2021 included a net impact of arbitration expenses.",
        "label": "ArbitrationExpenses",
        "terseLabel": "Arbitration expenses."
       }
      }
     },
     "localname": "ArbitrationExpenses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AssetsAcquiredRemainingBalance": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Assets acquired remaining balance.",
        "label": "AssetsAcquiredRemainingBalance",
        "terseLabel": "Assets acquired remaining balance"
       }
      }
     },
     "localname": "AssetsAcquiredRemainingBalance",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Assets and liabilities of subsidiaries consolidated as of acquisition date.",
        "label": "AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract",
        "terseLabel": "Assets and liabilities of subsidiaries consolidated as of acquisition date:"
       }
      }
     },
     "localname": "AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDateAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_Asste": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "Asste",
        "terseLabel": "Asstes, total"
       }
      }
     },
     "localname": "Asste",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BNonCashActivitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "BNonCashActivitiesAbstract",
        "terseLabel": "B. Non-cash activities:"
       }
      }
     },
     "localname": "BNonCashActivitiesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BackOfficeAndProfessionalServicesExpense": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Professional and back office,others service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.",
        "label": "BackOfficeAndProfessionalServicesExpense",
        "terseLabel": "Back office services amount"
       }
      }
     },
     "localname": "BackOfficeAndProfessionalServicesExpense",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BacklogAndNonCompeteAgreementMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "BacklogAndNonCompeteAgreementMember",
        "terseLabel": "Backlog [Member]"
       }
      }
     },
     "localname": "BacklogAndNonCompeteAgreementMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_BackogIntangibleAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount recognized as of the acquisition date for backlog based intangible assets acquired in a business combination.",
        "label": "BackogIntangibleAssetsRecognisedAsOfAcquisitionDate",
        "terseLabel": "Backlog"
       }
      }
     },
     "localname": "BackogIntangibleAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BankChargesInterestAndForeignExchangeDifferences": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Bank charges, interest and foreign exchange differences.",
        "label": "BankChargesInterestAndForeignExchangeDifferences",
        "terseLabel": "Bank charges, negative foreign exchange differences and other financial expenses"
       }
      }
     },
     "localname": "BankChargesInterestAndForeignExchangeDifferences",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BankGuaranteesAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of bank guarantees in an aggregate for the period.",
        "label": "BankGuaranteesAmount",
        "terseLabel": "Bank guarantees amount"
       }
      }
     },
     "localname": "BankGuaranteesAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BasicAndDilutedNetEarningsPerShareTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Basic and diluted net earnings per share.",
        "label": "BasicAndDilutedNetEarningsPerShareTableTextBlock",
        "terseLabel": "Schedule of computation basic and diluted net earnings per share"
       }
      }
     },
     "localname": "BasicAndDilutedNetEarningsPerShareTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Before amortization of excess cost of intangible assets net of tax.",
        "label": "BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax",
        "terseLabel": "Company's share of total comprehensive income before amortization of excess cost of intangible assets net of tax"
       }
      }
     },
     "localname": "BeforeAmortizationOfExcessCostOfIntangibleAssetsNetOfTax",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BrandNamesAndPatentsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "BrandNamesAndPatentsMember",
        "terseLabel": "Patents [Member]"
       }
      }
     },
     "localname": "BrandNamesAndPatentsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_BusinessCombinationAcquisitionsRelatedCosts": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period.",
        "label": "BusinessCombinationAcquisitionsRelatedCosts",
        "terseLabel": "Acquisition related costs"
       }
      }
     },
     "localname": "BusinessCombinationAcquisitionsRelatedCosts",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_BusinessCombinationAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "BusinessCombinationAxis",
        "terseLabel": "Business Combination [Axis]"
       }
      }
     },
     "localname": "BusinessCombinationAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Details) [Line Items]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Line Items]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Details) - Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Table]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessDetailsScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Details) [Table]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Tables) [Line Items]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessTablesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Combination, Significant Transaction and Sale of Business (Tables) [Table]"
       }
      }
     },
     "localname": "BusinessCombinationSignificantTransactionandSaleofBusinessTablesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CalculoSAUMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CalculoSAUMember",
        "terseLabel": "Calculo S.A.U [Member]"
       }
      }
     },
     "localname": "CalculoSAUMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_CapitalNotesInvestmentInJointVenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The equity method of corporate accounting is used to value a company's investment in a joint venture when it holds significant influence over the company it is investing in.",
        "label": "CapitalNotesInvestmentInJointVenture",
        "terseLabel": "Capital note"
       }
      }
     },
     "localname": "CapitalNotesInvestmentInJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CapitalPayment": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CapitalPayment",
        "terseLabel": "Capital payment"
       }
      }
     },
     "localname": "CapitalPayment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cash and cash equivalents held by the Group's investees outside of Israel.",
        "label": "CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael",
        "terseLabel": "Cash and cash equivalents held by the Group's investees outside of Israel"
       }
      }
     },
     "localname": "CashAndCashEquivalentsHeldByGroupsInvesteesOutsideOfIsrael",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashConsideration": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cash consideration.",
        "label": "CashConsideration",
        "terseLabel": "Cash consideration"
       }
      }
     },
     "localname": "CashConsideration",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashConsiderationAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cash consideration amount.",
        "label": "CashConsiderationAmount",
        "terseLabel": "Cash consideration amount"
       }
      }
     },
     "localname": "CashConsiderationAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashPaidDueToExerciseofPutOptionByNoncontrollingInterests": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 13.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CashPaidDueToExerciseofPutOptionByNoncontrollingInterests",
        "negatedLabel": "Cash paid due to exercise of put option by non-controlling interests"
       }
      }
     },
     "localname": "CashPaidDueToExerciseofPutOptionByNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 7.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations",
        "negatedLabel": "Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations"
       }
      }
     },
     "localname": "CashPaidInConjunctionwithDeferredPaymentsAndContingentLiabilitiesRelatedToBusinessCombinations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CashPaidReceivedInRespectOfAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CashPaidReceivedInRespectOfAbstract",
        "terseLabel": "Cash paid (received) in respect of:"
       }
      }
     },
     "localname": "CashPaidReceivedInRespectOfAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 3.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The cash inflow from the repayment of advances and loans made to other parties (other than advances and loans of a financial institution), classified as investing activities.",
        "label": "CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities",
        "terseLabel": "Collection (grant) of short-term loans"
       }
      }
     },
     "localname": "CashReceiptsFromRepaymentOfAdvancesAndLoanMadeToOtherPartiesClassifiedAsInvestingActivities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ChangeInValueOfDividendPreferenceDerivativeInTsg": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 14.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of change in value of dividend preference derivative in TSG.",
        "label": "ChangeInValueOfDividendPreferenceDerivativeInTsg",
        "terseLabel": "Change in value of dividend preference derivative in TSG"
       }
      }
     },
     "localname": "ChangeInValueOfDividendPreferenceDerivativeInTsg",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ClassificationsAboutGoodwill": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Classifications about goodwill.",
        "label": "ClassificationsAboutGoodwill",
        "terseLabel": "Classifications"
       }
      }
     },
     "localname": "ClassificationsAboutGoodwill",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CommercialSecuritiesNotListedMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CommercialSecuritiesNotListedMember",
        "terseLabel": "Commercial securities not listed [Member]"
       }
      }
     },
     "localname": "CommercialSecuritiesNotListedMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_CommitmentAndContingencies": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_EquityAndLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commitment and Contingencies",
        "label": "CommitmentAndContingencies",
        "terseLabel": "COMMITMENTS AND CONTINGENCIES"
       }
      }
     },
     "localname": "CommitmentAndContingencies",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CommitmentsandContingenciesDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Commitments and Contingencies (Details) [Line Items]"
       }
      }
     },
     "localname": "CommitmentsandContingenciesDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Line Items]"
       }
      }
     },
     "localname": "CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Commitments and Contingencies (Details) - Schedule of composition of pledged shares [Table]"
       }
      }
     },
     "localname": "CommitmentsandContingenciesDetailsScheduleofcompositionofpledgedsharesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CommitmentsandContingenciesDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Commitments and Contingencies (Details) [Table]"
       }
      }
     },
     "localname": "CommitmentsandContingenciesDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CompanysShareInDividendDeclaredByTsg": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Company's Share in dividend declared by TSG.",
        "label": "CompanysShareInDividendDeclaredByTsg",
        "terseLabel": "Company\u2019s Share in dividend declared by TSG"
       }
      }
     },
     "localname": "CompanysShareInDividendDeclaredByTsg",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CompanysShareOfEarningsLossesOfJointVenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents company's share of earnings (losses) of joint venture.",
        "label": "CompanysShareOfEarningsLossesOfJointVenture",
        "terseLabel": "Company\u2019s share of profit"
       }
      }
     },
     "localname": "CompanysShareOfEarningsLossesOfJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ComputerInfrastructureAndIntegrationSolutionsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ComputerInfrastructureAndIntegrationSolutionsMember",
        "terseLabel": "Computer infrastructure and integration solutions [Member]"
       }
      }
     },
     "localname": "ComputerInfrastructureAndIntegrationSolutionsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ComputersSoftwareAndPeripheralEquipmentMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ComputersSoftwareAndPeripheralEquipmentMember",
        "terseLabel": "Computers, software, and peripheral equipment [Member]"
       }
      }
     },
     "localname": "ComputersSoftwareAndPeripheralEquipmentMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ConsolidatedStatementsOfChangesInEquityAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Consolidated Statements of Changes in Equity [Abstract]"
       }
      }
     },
     "localname": "ConsolidatedStatementsOfChangesInEquityAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ConsolidatedStatementsOfComprehensiveIncomeAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Consolidated Statements of Comprehensive Income [Abstract]"
       }
      }
     },
     "localname": "ConsolidatedStatementsOfComprehensiveIncomeAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ContingentConsiderationInRespectOfBusinessCombination": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents of contingent consideration in respect of business combination.",
        "label": "ContingentConsiderationInRespectOfBusinessCombination",
        "terseLabel": "Contingent consideration in respect of business combination"
       }
      }
     },
     "localname": "ContingentConsiderationInRespectOfBusinessCombination",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ContingentLiability": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Contingent liability.",
        "label": "ContingentLiability",
        "terseLabel": "Contingent liability"
       }
      }
     },
     "localname": "ContingentLiability",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ConvertibleBondsAtFairValueThroughProfitOrLoss": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "\u201cFair value through profit or loss\u201d means that at each balance sheet date the asset or liability is re-measured to fair value and any movement in that fair value is taken directly to the income statement.",
        "label": "ConvertibleBondsAtFairValueThroughProfitOrLoss",
        "terseLabel": "Convertible bonds at fair value through profit or loss"
       }
      }
     },
     "localname": "ConvertibleBondsAtFairValueThroughProfitOrLoss",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Convertible bonds designated at fair value through profit or loss.",
        "label": "ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss",
        "terseLabel": "Convertible bonds designated at fair value through profit or loss"
       }
      }
     },
     "localname": "ConvertibleBondsDesignatedAtFairValueThroughProfitOrLoss",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CostAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CostAbstract",
        "terseLabel": "Cost:"
       }
      }
     },
     "localname": "CostAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CostOfRevenuesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CostOfRevenuesAbstract",
        "terseLabel": "Cost of revenues:"
       }
      }
     },
     "localname": "CostOfRevenuesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CostOfSharebasedPayment": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CostOfSharebasedPayment",
        "terseLabel": "Cost of share-based payment (Note 17)"
       }
      }
     },
     "localname": "CostOfSharebasedPayment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CreditFacilityAgreementsAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CreditFacilityAgreementsAxis",
        "terseLabel": "Credit Facility Agreements [Axis]"
       }
      }
     },
     "localname": "CreditFacilityAgreementsAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CreditFacilityAgreementsDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CreditFacilityAgreements [Domain]"
       }
      }
     },
     "localname": "CreditFacilityAgreementsDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_CumulativeLossesForTaxPurpose": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CumulativeLossesForTaxPurpose",
        "terseLabel": "Cumulative losses for tax purposes"
       }
      }
     },
     "localname": "CumulativeLossesForTaxPurpose",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CumulativeLossesForTaxPurposes": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cumulative losses for tax purposes.",
        "label": "CumulativeLossesForTaxPurposes",
        "terseLabel": "Cumulative losses for tax purposes"
       }
      }
     },
     "localname": "CumulativeLossesForTaxPurposes",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrencyExchangeRateInOtherComprehensiveIncome": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CurrencyExchangeRateInOtherComprehensiveIncome",
        "terseLabel": "Currency exchange rate in other comprehensive income"
       }
      }
     },
     "localname": "CurrencyExchangeRateInOtherComprehensiveIncome",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentEmployees": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Current Employee means any individual who is employed by any Seller or any Affiliate of any Seller immediately prior to the Closing Date primarily in connection with the Business, including any such individual on leave of absence, maternity or paternity leave, vacation, sick leave, short term or long term disability.",
        "label": "CurrentEmployees",
        "terseLabel": "Employees"
       }
      }
     },
     "localname": "CurrentEmployees",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentGovernmentDepartments": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of current government departments.",
        "label": "CurrentGovernmentDepartments",
        "terseLabel": "Government departments"
       }
      }
     },
     "localname": "CurrentGovernmentDepartments",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Other long-term liabilities.",
        "label": "CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities",
        "negatedLabel": "Other long-term liabilities"
       }
      }
     },
     "localname": "CurrentLiabilitiesRecognisedAsOfAcquisitionDateOtherLongtermLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentMaturities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "CurrentMaturities",
        "terseLabel": "Current maturities"
       }
      }
     },
     "localname": "CurrentMaturities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract",
        "terseLabel": "Current maturities of long-term loans from banks and"
       }
      }
     },
     "localname": "CurrentMaturitiesOfLongTermLoansFromBanksAndAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_CurrentMaturitiesOfLongtermLoansFromBanksMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CurrentMaturitiesOfLongtermLoansFromBanksMember",
        "terseLabel": "Current maturities of long-term loans from banks [Member]"
       }
      }
     },
     "localname": "CurrentMaturitiesOfLongtermLoansFromBanksMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_CurrentPrepaidExpensesAndAdvancesToSuppliers": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.",
        "label": "CurrentPrepaidExpensesAndAdvancesToSuppliers",
        "terseLabel": "Prepaid expenses and advances to suppliers"
       }
      }
     },
     "localname": "CurrentPrepaidExpensesAndAdvancesToSuppliers",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CurrentRelatedParties": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Related parties include parent companies, subsidiaries, associate firms, joint ventures, or a company or entity that is controlled or significantly influenced or managed by a person who is a related party.",
        "label": "CurrentRelatedParties",
        "terseLabel": "Related Parties"
       }
      }
     },
     "localname": "CurrentRelatedParties",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_CustomerRelationshipAndBacklogMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "CustomerRelationshipAndBacklogMember",
        "terseLabel": "Customer relationship, backlog and distribution rights [Member]"
       }
      }
     },
     "localname": "CustomerRelationshipAndBacklogMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_DamagesAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Damages amount.",
        "label": "DamagesAmount",
        "terseLabel": "Damages amount"
       }
      }
     },
     "localname": "DamagesAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DanaEngineeringLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DanaEngineeringLtdMember",
        "terseLabel": "Dana Engineering Ltd [Member]"
       }
      }
     },
     "localname": "DanaEngineeringLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_DebenturesDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of debentures.",
        "label": "DebenturesDescription",
        "terseLabel": "Description of debentures"
       }
      }
     },
     "localname": "DebenturesDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DebenturesDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Debentures (Details) [Line Items]"
       }
      }
     },
     "localname": "DebenturesDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DebenturesDetailsScheduleofdebenturesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Debentures (Details) - Schedule of debentures [Line Items]"
       }
      }
     },
     "localname": "DebenturesDetailsScheduleofdebenturesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DebenturesDetailsScheduleofdebenturesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Debentures (Details) - Schedule of debentures [Table]"
       }
      }
     },
     "localname": "DebenturesDetailsScheduleofdebenturesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DebenturesDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Debentures (Details) [Table]"
       }
      }
     },
     "localname": "DebenturesDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DecreaseRelatedToPriorYearsTaxPositions": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Decrease related to prior years' tax positions.",
        "label": "DecreaseRelatedToPriorYearsTaxPositions",
        "terseLabel": "Decrease related to prior years' tax positions"
       }
      }
     },
     "localname": "DecreaseRelatedToPriorYearsTaxPositions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredAssetsDividendPayableToFormerShareholder": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredAssetsDividendPayableToFormerShareholder",
        "terseLabel": "Dividend payable to former shareholder"
       }
      }
     },
     "localname": "DeferredAssetsDividendPayableToFormerShareholder",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredIncomeClassifiedCurrent": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 5.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredIncomeClassifiedCurrent",
        "terseLabel": "Deferred revenues"
       }
      }
     },
     "localname": "DeferredIncomeClassifiedCurrent",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredIncomeClassifiedNoncurrent": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 6.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredIncomeClassifiedNoncurrent",
        "terseLabel": "Deferred revenues"
       }
      }
     },
     "localname": "DeferredIncomeClassifiedNoncurrent",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredPaymentRelatedtoBusinessCombinations": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredPaymentRelatedtoBusinessCombinations",
        "terseLabel": "Deferred and contingent payments related to business combinations"
       }
      }
     },
     "localname": "DeferredPaymentRelatedtoBusinessCombinations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredPaymentsandContingentConsideration": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 5.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredPaymentsandContingentConsideration",
        "terseLabel": "Deferred payments and contingent consideration"
       }
      }
     },
     "localname": "DeferredPaymentsandContingentConsideration",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredRevenues": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredRevenues",
        "terseLabel": "Deferred revenues"
       }
      }
     },
     "localname": "DeferredRevenues",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet",
        "terseLabel": "Deferred tax, net"
       }
      }
     },
     "localname": "DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes",
        "negatedLabel": "Deferred taxes",
        "terseLabel": "Deferred taxes"
       }
      }
     },
     "localname": "DeferredTaxAssetsRecognisedAsOfAcquisitionDeferredTaxes",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities",
        "negatedLabel": "Deferred tax liabilities",
        "terseLabel": "Deferred tax liabilities",
        "verboseLabel": "Deferred tax liability"
       }
      }
     },
     "localname": "DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDeferredTaxLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxLiabilityNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 11.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Net amount of deferred tax liability.",
        "label": "DeferredTaxLiabilityNet",
        "negatedLabel": "Deferred tax liability, net"
       }
      }
     },
     "localname": "DeferredTaxLiabilityNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxNoncontrollingInterests": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Non-controlling interests.",
        "label": "DeferredTaxNoncontrollingInterests",
        "terseLabel": "Non-controlling interests"
       }
      }
     },
     "localname": "DeferredTaxNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DeferredTaxesOnCurrentLosses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Deferred taxes on current losses.",
        "label": "DeferredTaxesOnCurrentLosses",
        "terseLabel": "Deferred taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was provided, net"
       }
      }
     },
     "localname": "DeferredTaxesOnCurrentLosses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DelphiTechnologyIncAndItsSubsidiaryMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DelphiTechnologyIncAndItsSubsidiaryMember",
        "terseLabel": "Delphi Technology Inc. and its subsidiary [Member]"
       }
      }
     },
     "localname": "DelphiTechnologyIncAndItsSubsidiaryMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_DenominatorAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DenominatorAbstract",
        "terseLabel": "Denominator:"
       }
      }
     },
     "localname": "DenominatorAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DenominatorForBasicNetEarningsPerShare": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Denominator for basic net earnings per share.",
        "label": "DenominatorForBasicNetEarningsPerShare",
        "terseLabel": "Basic earnings per share \u2013 weighted average shares outstanding"
       }
      }
     },
     "localname": "DenominatorForBasicNetEarningsPerShare",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_DenominatorForDilutedNetEarningsPerShare": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Denominator for diluted net earnings per share.",
        "label": "DenominatorForDilutedNetEarningsPerShare",
        "terseLabel": "Diluted earnings per share \u2013 adjusted weighted average shares outstanding"
       }
      }
     },
     "localname": "DenominatorForDilutedNetEarningsPerShare",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_DepreciationExpensesOfOperatingLeaseRightofuseAssets": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DepreciationExpensesOfOperatingLeaseRightofuseAssets",
        "terseLabel": "Depreciation expenses of operating lease right-of-use assets"
       }
      }
     },
     "localname": "DepreciationExpensesOfOperatingLeaseRightofuseAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/LeasesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy for concentration of credit risk.",
        "label": "DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock",
        "terseLabel": "Concentration of credit risk"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyConcentrationOfCreditRiskPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy basis of presentation of the financial statements.",
        "label": "DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock",
        "terseLabel": "Basis of presentation of the financial statements"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForBasisOfPresentationOfFinancialStatementsTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy for consolidated financial statements.",
        "label": "DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock",
        "terseLabel": "Consolidated financial statements"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForConsolidatedFinancialStatementsPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy for debentures policy.",
        "label": "DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock",
        "terseLabel": "Debentures"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForDebenturesPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Short Term Liabilities to Banks and Others [Abstract]"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFinancialLiabilitiesTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory",
        "terseLabel": "Financial statements have been reclassified"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFinancialStatementsReclassifiedExplanatory",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory",
        "terseLabel": "Changes in accounting policies - initial adoption of new financial reporting and accounting standards"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForInitialAdoptionOfNewFinancialReportingAndAccountingStandardsExplanatory",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Description of accounting policy for investments other than investments accounted for using equity method [text block] [Abstract]"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy for short-term and restricted deposits.",
        "label": "DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock",
        "terseLabel": "Short-term and restricted deposits"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForShortTermAndRestrictedDepositsPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfExerciseShareOptionsGranted": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The expected excercise of the share price used to calculate the fair value of the share options granted.",
        "label": "DescriptionOfExerciseShareOptionsGranted",
        "terseLabel": "Fair value options, exercise factor"
       }
      }
     },
     "localname": "DescriptionOfExerciseShareOptionsGranted",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_DescriptionOfFinancialCovenants": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of financial covenants.",
        "label": "DescriptionOfFinancialCovenants",
        "terseLabel": "Description of financial covenants"
       }
      }
     },
     "localname": "DescriptionOfFinancialCovenants",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DescriptionOfGoverningBodies": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of governing bodies of board of directors and members.",
        "label": "DescriptionOfGoverningBodies",
        "terseLabel": "Description of governing bodies"
       }
      }
     },
     "localname": "DescriptionOfGoverningBodies",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy for investments accounted for the using method.",
        "label": "DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock",
        "terseLabel": "Investments accounted for using the equity method"
       }
      }
     },
     "localname": "DescriptionOfInvestmentsAccountedForUsingEquityMethodPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DescriptionOfNewAmendmentTaxRate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of new amendment tax rate.",
        "label": "DescriptionOfNewAmendmentTaxRate",
        "terseLabel": "Description of new amendment tax rate"
       }
      }
     },
     "localname": "DescriptionOfNewAmendmentTaxRate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfBusinessCombinationsTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of business combinations [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfBusinessCombinationsTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of commitments and contingent liabilities [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfCommitmentsAndContingentLiabilitiesTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of other accounts receivable and prepaid expense.",
        "label": "DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
        "terseLabel": "Schedule of prepaid expenses, other accounts receivable and other investments"
       }
      }
     },
     "localname": "DisclosureOfCompositionOtherAccountsReceivableAndPrepaidExpensesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavableTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDebenturesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure Of Debentures [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfDebenturesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfDebenturesTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The entire disclosure for all or part of the information related to debentures.",
        "label": "DisclosureOfDebenturesTextBlock",
        "terseLabel": "DEBENTURES"
       }
      }
     },
     "localname": "DisclosureOfDebenturesTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/Debentures"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about annual payments of debentures.",
        "label": "DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock",
        "terseLabel": "Schedule of aggregate principal annual payments of debentures"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutAnnualPaymentsOfDebenturesExplanatoryTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about composition of pledged shares.",
        "label": "DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
        "terseLabel": "Schedule of composition of pledged shares"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutCompositionOfPledgedSharesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about debentures.",
        "label": "DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock",
        "terseLabel": "Schedule of debentures"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutDebenturesExplanatoryTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about deferred tax assets (liabilities), net.",
        "label": "DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
        "terseLabel": "Schedule of deferred tax liabilities, net"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutDeferredTaxAssetsLiabilitiesNetExplanatoryTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutInvesteesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about name of investee.",
        "label": "DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
        "terseLabel": "Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutInvesteesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/GeneralTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure Of Detailed Information About Marketable Securities Explanatory [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of detailed information about marketable securities.",
        "label": "DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock",
        "terseLabel": "MARKETABLE SECURITIES"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutMarketableSecuritiesExplanatoryTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/MarketableSecurities"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfEmployeeBenefitsTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of employee benefits [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfEmployeeBenefitsTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfEmployeeOptionPlansExplanatoryAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure Of Employee Option Plans Explanatory [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfEmployeeOptionPlansExplanatoryAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfEmployeeOptionPlansExplanatoryTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of employee option plans.",
        "label": "DisclosureOfEmployeeOptionPlansExplanatoryTextBlock",
        "terseLabel": "EMPLOYEE OPTION PLANS"
       }
      }
     },
     "localname": "DisclosureOfEmployeeOptionPlansExplanatoryTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlans"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfEntitysOperatingSegmentsTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of entity's operating segments [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfEntitysOperatingSegmentsTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Disclosure of estimated fair values of the assets acquired and liabilities at the date of acquisition.",
        "label": "DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
        "terseLabel": "Schedule of provisional estimated consideration"
       }
      }
     },
     "localname": "DisclosureOfEstimatedFairValuesOfAssetsAcquiredAndLiabilitiesAtDateOfAcquisitionTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfEventsAfterReportingPeriodTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of events after reporting period [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfEventsAfterReportingPeriodTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfFairValueMeasurementTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of fair value measurement [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfFairValueMeasurementTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
        "terseLabel": "Schedule of financial assets and liabilities measured at fair value on a recurring basis"
       }
      }
     },
     "localname": "DisclosureOfFairValueOfGroupsOfFinancialInstrumentsTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/FairValueMeasurementTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of general information about financial statements [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfGeneralInformationAboutFinancialStatementsTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfGoodwillTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of goodwill [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfGoodwillTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfIncomeTaxTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of income tax [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfIncomeTaxTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfIntangibleAssetsTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of intangible assets [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfIntangibleAssetsTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfLeasesTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of leases [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfLeasesTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfLiquidityRiskPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DisclosureOfLiquidityRiskPolicyTextBlock",
        "terseLabel": "Liquidity risk"
       }
      }
     },
     "localname": "DisclosureOfLiquidityRiskPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure Of Other Accounts Receivable And Prepaid Expenses [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfOtherAccountsReceivableAndPrepaidExpensesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The entire disclosure for other accounts receivable and prepaid expenses.",
        "label": "DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock",
        "terseLabel": "PREPAID EXPESNES AND OTHER ACCOUNTS RECEIVAVABLE"
       }
      }
     },
     "localname": "DisclosureOfOtherAccountsReceivableAndPrepaidExpensesTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/PrepaidExpesnesandOtherAccountsReceivavable"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfOtherLiabilitiesTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of other liabilities [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfOtherLiabilitiesTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of property, plant and equipment [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfPropertyPlantAndEquipmentTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfProvisionalEstimatedConsideration": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "DisclosureOfProvisionalEstimatedConsideration",
        "terseLabel": "Schedule of provisional estimated consideration"
       }
      }
     },
     "localname": "DisclosureOfProvisionalEstimatedConsideration",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureOfRelatedPartyTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of related party [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfRelatedPartyTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of share capital, reserves and other equity interest [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfShareCapitalReservesAndOtherEquityInterestTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfSignificantAccountingPoliciesTextBlockAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of significant accounting policies [text block] [Abstract]"
       }
      }
     },
     "localname": "DisclosureOfSignificantAccountingPoliciesTextBlockAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Disclosure of useful life of the assets at annual rates.",
        "label": "DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock",
        "terseLabel": "Schedule of useful life of the assets at annual rates"
       }
      }
     },
     "localname": "DisclosureOfUsefulLifeOfAssetsAtAnnualRatesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Disclosure of useful life of intangible assets rates.",
        "label": "DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock",
        "terseLabel": "Schedule of useful life of intangible assets"
       }
      }
     },
     "localname": "DisclosureofUsefulLifeofIntangibleAssetsRatesTableTextblock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_DiscountAndIssuanceCostsAmortization": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of discount and issuance costs amortization.",
        "label": "DiscountAndIssuanceCostsAmortization",
        "terseLabel": "Amortization of debt premium, discount and issuance costs, net"
       }
      }
     },
     "localname": "DiscountAndIssuanceCostsAmortization",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendFromJointVenture": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 4.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Dividend from joint venture.",
        "label": "DividendFromJointVenture",
        "terseLabel": "Dividend from companies accounted for at equity"
       }
      }
     },
     "localname": "DividendFromJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendPayableAmountPerShare": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Dividends payable, amount per share.",
        "label": "DividendPayableAmountPerShare",
        "terseLabel": "Dividend per share"
       }
      }
     },
     "localname": "DividendPayableAmountPerShare",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_DividendPayableAmountPerShares": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Dividends payable, amount per share.",
        "label": "DividendPayableAmountPerShares",
        "terseLabel": "Dividend per share"
       }
      }
     },
     "localname": "DividendPayableAmountPerShares",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_DividendPayableToRedeemableNoncontrollingInterests": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Dividend payable to redeemable non-controlling interests.",
        "label": "DividendPayableToRedeemableNoncontrollingInterests",
        "terseLabel": "Dividend payable to non-controlling interests"
       }
      }
     },
     "localname": "DividendPayableToRedeemableNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendPayableToShareholders": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Dividend payable to Formula's shareholders.",
        "label": "DividendPayableToShareholders",
        "terseLabel": "Dividend payable to Formula\u2019s shareholders"
       }
      }
     },
     "localname": "DividendPayableToShareholders",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendPreferenceDerivativeInTSG": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Current dividend preference means preferred shareholders are entitled to receive dividends before common shareholders. Preferred shareholders have a higher ranking (than common share holders) in terms of receiving money owed to them, but they don't typically have voting rights.",
        "label": "DividendPreferenceDerivativeInTSG",
        "terseLabel": "Dividend preference derivative in TSG"
       }
      }
     },
     "localname": "DividendPreferenceDerivativeInTSG",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendPreferenceDerivativeInTsg": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents dividend preference derivative in TSG.",
        "label": "DividendPreferenceDerivativeInTsg",
        "terseLabel": "Dividend preference derivative at fair value through profit or loss"
       }
      }
     },
     "localname": "DividendPreferenceDerivativeInTsg",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DividendToFormulasShareholders": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of dividend to formula's shareholders.",
        "label": "DividendToFormulasShareholders",
        "terseLabel": "Dividend to Formula\u2019s shareholders"
       }
      }
     },
     "localname": "DividendToFormulasShareholders",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_DocumentAndEntityInformationAbstract": {
     "auth_ref": [],
     "localname": "DocumentAndEntityInformationAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_DueFromItsTransactionsWithAsseco": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "DueFromItsTransactionsWithAsseco",
        "terseLabel": "Due from its transactions with Asseco"
       }
      }
     },
     "localname": "DueFromItsTransactionsWithAsseco",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage",
        "terseLabel": "EBITDA decreasing, percentage"
       }
      }
     },
     "localname": "EarningsBeforeInterestTaxesDepreciationAndAmortizationDecreasingPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Earnings before interest, taxes, depreciation, and amortization, percentage.",
        "label": "EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage",
        "terseLabel": "EBITDA, percentage"
       }
      }
     },
     "localname": "EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Earnings before interest, taxes, depreciation and amortization percentage, description.",
        "label": "EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription",
        "terseLabel": "EBITDA percentage, description"
       }
      }
     },
     "localname": "EarningsBeforeInterestTaxesDepreciationAndAmortizationPercentageDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Effect of \"Approved, Beneficiary or Preferred Enterprise\" status.",
        "label": "EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus",
        "terseLabel": "Effect of \u201cApproved, Beneficiary or Preferred Enterprise\u201d status"
       }
      }
     },
     "localname": "EffectOfApprovedBeneficiaryOrPreferredEnterpriseStatus",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_EffectOfDilutiveSecurities": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Effect of dilutive securities.",
        "label": "EffectOfDilutiveSecurities",
        "terseLabel": "Effect of dilutive securities"
       }
      }
     },
     "localname": "EffectOfDilutiveSecurities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_EmployeeBenefitLiabilitiesTablesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Benefit Liabilities (Tables) [Line Items]"
       }
      }
     },
     "localname": "EmployeeBenefitLiabilitiesTablesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeBenefitLiabilitiesTablesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Benefit Liabilities (Tables) [Table]"
       }
      }
     },
     "localname": "EmployeeBenefitLiabilitiesTablesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "EmployeeOptionPlansAxis",
        "terseLabel": "Employee Option Plans [Axis]"
       }
      }
     },
     "localname": "EmployeeOptionPlansAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Matrix stock-based compensation activity (and not Magic software) [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Sapiens stock-based compensation activity (and not Magic software) [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Sapiens\u2019 stock option plans [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of Sapiens\u2019 stock option plans [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofSapiensstockoptionplansTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of magic Software stock-based compensation activity [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofmagicSoftwarestockbasedcompensationactivityTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of options outstanding separated into ranges of exercise price categories [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) - Schedule of stock-based compensation expense resulting from stock options grants [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Details) [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "EmployeeOptionPlans [Domain]"
       }
      }
     },
     "localname": "EmployeeOptionPlansDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_EmployeeOptionPlansTablesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Tables) [Line Items]"
       }
      }
     },
     "localname": "EmployeeOptionPlansTablesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EmployeeOptionPlansTablesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Employee Option Plans (Tables) [Table]"
       }
      }
     },
     "localname": "EmployeeOptionPlansTablesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EnableITLLCMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "EnableITLLCMember",
        "terseLabel": "EnableIT, LLC [Member]"
       }
      }
     },
     "localname": "EnableITLLCMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_EquityDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Equity (Details) [Line Items]"
       }
      }
     },
     "localname": "EquityDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EquityDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Equity (Details) [Table]"
       }
      }
     },
     "localname": "EquityDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_EquityIncludingImpactOfAdoptionOfIfrs15": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Equity including the impact of the adoption of IFRS 15.",
        "label": "EquityIncludingImpactOfAdoptionOfIfrs15",
        "terseLabel": "Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16)"
       }
      }
     },
     "localname": "EquityIncludingImpactOfAdoptionOfIfrs15",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_EuropeanMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Europe member.",
        "label": "EuropeanMember",
        "terseLabel": "Europe [Member]"
       }
      }
     },
     "localname": "EuropeanMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_EventsAfterReportingPeriodMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "EventsAfterReportingPeriodMember",
        "terseLabel": "Events After Reporting Period [Member]"
       }
      }
     },
     "localname": "EventsAfterReportingPeriodMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents Excess cost of intangible assets net of deferred tax liabilities.",
        "label": "ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities",
        "terseLabel": "Excess cost of intangible assets net of deferred tax"
       }
      }
     },
     "localname": "ExcessCostOfIntangibleAssetsNetOfDeferredTaxLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of expense recognised during the period in respect of bad or doubtful debts.",
        "label": "ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts",
        "terseLabel": "Bad debt expenses"
       }
      }
     },
     "localname": "ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebts",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items]"
       }
      }
     },
     "localname": "FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Table]"
       }
      }
     },
     "localname": "FairValueMeasurementDetailsScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_FairValueOfContingentConsideration": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fair value of contingent consideration.",
        "label": "FairValueOfContingentConsideration",
        "terseLabel": "Fair value consideration"
       }
      }
     },
     "localname": "FairValueOfContingentConsideration",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FairValueOfGrantSharePricePerShare": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fair value of grant share price per share.",
        "label": "FairValueOfGrantSharePricePerShare",
        "terseLabel": "Fair value of grant share price per share (in Dollars per share)"
       }
      }
     },
     "localname": "FairValueOfGrantSharePricePerShare",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_FederalCorporateIncomeTaxRateDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Federal corporate income tax rate description.",
        "label": "FederalCorporateIncomeTaxRateDescription",
        "terseLabel": "Federal corporate income tax rate, description"
       }
      }
     },
     "localname": "FederalCorporateIncomeTaxRateDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_FinalConsiderationAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Final consideration amount.",
        "label": "FinalConsiderationAmount",
        "terseLabel": "Final consideration amount"
       }
      }
     },
     "localname": "FinalConsiderationAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FinancialCostsRelatedToDebentures": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Financial costs related to debentures.",
        "label": "FinancialCostsRelatedToDebentures",
        "terseLabel": "Financial costs related to Debentures"
       }
      }
     },
     "localname": "FinancialCostsRelatedToDebentures",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FinancialExpenses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Financial expenses.",
        "label": "FinancialExpenses",
        "terseLabel": "Financial expenses"
       }
      }
     },
     "localname": "FinancialExpenses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FinancialExpensesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "FinancialExpensesAbstract",
        "terseLabel": "Financial expenses:"
       }
      }
     },
     "localname": "FinancialExpensesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "inancial expenses related to liabilities in respect of business combinations.",
        "label": "FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations",
        "terseLabel": "Financial expenses related to liabilities in respect of business combinations"
       }
      }
     },
     "localname": "FinancialExpensesRelatedToLiabilitiesInRespectOfBusinessCombinations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FinancialIncome": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Financial income.",
        "label": "FinancialIncome",
        "terseLabel": "Financial income"
       }
      }
     },
     "localname": "FinancialIncome",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FinancialIncomeAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "FinancialIncomeAbstract",
        "terseLabel": "Financial income:"
       }
      }
     },
     "localname": "FinancialIncomeAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_FinancialIncomeAndExpensesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Financial income and expenses.",
        "label": "FinancialIncomeAndExpensesTableTextBlock",
        "terseLabel": "Schedule of financial income and expenses"
       }
      }
     },
     "localname": "FinancialIncomeAndExpensesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_FinancialInstitutionCreditAgreement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Share of financial institution credit agreement for the reporting period.",
        "label": "FinancialInstitutionCreditAgreement",
        "terseLabel": "Formula\u2019s series A secured Debentures"
       }
      }
     },
     "localname": "FinancialInstitutionCreditAgreement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_ForeignCurrencyDerivativeContract": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A foreign exchange derivative is a financial derivative whose payoff depends on the foreign exchange rates of two currencies. These instruments are commonly used for currency speculation and arbitrage or for hedging foreign exchange risk.",
        "label": "ForeignCurrencyDerivativeContract",
        "terseLabel": "Foreign currency derivative contracts"
       }
      }
     },
     "localname": "ForeignCurrencyDerivativeContract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ForeignCurrencyTranslation": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax, before reclassification adjustments. [Refer: Other comprehensive income]",
        "label": "ForeignCurrencyTranslation",
        "terseLabel": "Foreign currency translation"
       }
      }
     },
     "localname": "ForeignCurrencyTranslation",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ForeignCurrencyTranslationAdjustmentsForGoodwill": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Foreign currency translation adjustments for good will.",
        "label": "ForeignCurrencyTranslationAdjustmentsForGoodwill",
        "terseLabel": "Foreign currency translation adjustments"
       }
      }
     },
     "localname": "ForeignCurrencyTranslationAdjustmentsForGoodwill",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_FormulaHoldShares": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "FormulaHoldShares",
        "terseLabel": "Ordinary shares"
       }
      }
     },
     "localname": "FormulaHoldShares",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_FormulaMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "FormulaMember",
        "terseLabel": "Formula [Member]"
       }
      }
     },
     "localname": "FormulaMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_GainsLossesFromMarketableSecurities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Gains (losses) from marketable securities.",
        "label": "GainsLossesFromMarketableSecurities",
        "terseLabel": "Gains (losses) from marketable securities"
       }
      }
     },
     "localname": "GainsLossesFromMarketableSecurities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/MarketableSecuritiesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_GeneralAssemblyMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "GeneralAssemblyMember",
        "terseLabel": "General Assembly [Member]"
       }
      }
     },
     "localname": "GeneralAssemblyMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "General (Details) - Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated [Line Items]"
       }
      }
     },
     "localname": "GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "General (Details) - Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated [Table]"
       }
      }
     },
     "localname": "GeneralDetailsScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_GestetnertecLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "GestetnertecLtdMember",
        "terseLabel": "Gestetnertec Ltd. [Member]"
       }
      }
     },
     "localname": "GestetnertecLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_GoodwillAndIntangibleAssets": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 2.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination.",
        "label": "GoodwillAndIntangibleAssets",
        "terseLabel": "Goodwill and intangible assets"
       }
      }
     },
     "localname": "GoodwillAndIntangibleAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_GoodwillBusinessCombination": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Goodwill business  combination.",
        "label": "GoodwillBusinessCombination",
        "periodEndLabel": "Closing balance",
        "periodStartLabel": "Opening balance"
       }
      }
     },
     "localname": "GoodwillBusinessCombination",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_GovernmentInstitution": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable": {
       "order": 1.0,
       "parentTag": "us-gaap_OtherAccountsPayableAndAccruedLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Government institution.",
        "label": "GovernmentInstitution",
        "terseLabel": "Government institutions"
       }
      }
     },
     "localname": "GovernmentInstitution",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_GutmanMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "GutmanMember",
        "terseLabel": "Mr. Moti Gutman [Member]"
       }
      }
     },
     "localname": "GutmanMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ITDGroupLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ITDGroupLtdMember",
        "terseLabel": "I.T.D. Group Ltd [Member]"
       }
      }
     },
     "localname": "ITDGroupLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ITDGroupsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ITDGroupsMember",
        "terseLabel": "I.T.D Group\u2019s [Member]"
       }
      }
     },
     "localname": "ITDGroupsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ImpactOfTheAdoptionOfIFRS15": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Impact of the adoption of IFRS 15.",
        "label": "ImpactOfTheAdoptionOfIFRS15",
        "terseLabel": "Impact of the adoption of IFRS 16"
       }
      }
     },
     "localname": "ImpactOfTheAdoptionOfIFRS15",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations",
        "terseLabel": "Income before income taxes, as per the statement of operations"
       }
      }
     },
     "localname": "IncomeBeforeIncomeTaxesAsPerTheStatementOfOperations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IncomeFromMarketableSecurities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Income from marketable securities.",
        "label": "IncomeFromMarketableSecurities",
        "terseLabel": "Income from marketable securities and embedded derivative"
       }
      }
     },
     "localname": "IncomeFromMarketableSecurities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IncomeTax": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "IncomeTax",
        "terseLabel": "Income tax"
       }
      }
     },
     "localname": "IncomeTax",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_IncomeTaxAssessmentsDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Income tax assessments, description.",
        "label": "IncomeTaxAssessmentsDescription",
        "terseLabel": "Income tax assessments, description"
       }
      }
     },
     "localname": "IncomeTaxAssessmentsDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IncomeTaxDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Income Tax (Details) [Line Items]"
       }
      }
     },
     "localname": "IncomeTaxDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IncomeTaxDetailsScheduleofpretaxincomeLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Income Tax (Details) - Schedule of pre-tax income [Line Items]"
       }
      }
     },
     "localname": "IncomeTaxDetailsScheduleofpretaxincomeLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IncomeTaxDetailsScheduleofpretaxincomeTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Income Tax (Details) - Schedule of pre-tax income [Table]"
       }
      }
     },
     "localname": "IncomeTaxDetailsScheduleofpretaxincomeTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IncomeTaxDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Income Tax (Details) [Table]"
       }
      }
     },
     "localname": "IncomeTaxDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IncreaseRelatedToCurrentYearTaxPositions": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Increase related to current year tax positions.",
        "label": "IncreaseRelatedToCurrentYearTaxPositions",
        "terseLabel": "Increase related to current year tax positions"
       }
      }
     },
     "localname": "IncreaseRelatedToCurrentYearTaxPositions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InsyncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "InsyncMember",
        "terseLabel": "Insync [Member]"
       }
      }
     },
     "localname": "InsyncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_IntangibleAssets": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Intangible assets.",
        "label": "IntangibleAssets",
        "terseLabel": "Intangible assets"
       }
      }
     },
     "localname": "IntangibleAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Intangible Assets, Net (Details) - Schedule of intangible assets, net [Line Items]"
       }
      }
     },
     "localname": "IntangibleAssetsNetDetailsScheduleofintangibleassetsnetLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Intangible Assets, Net (Details) - Schedule of intangible assets, net [Table]"
       }
      }
     },
     "localname": "IntangibleAssetsNetDetailsScheduleofintangibleassetsnetTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InterestExpenses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of interest expenses.",
        "label": "InterestExpenses",
        "terseLabel": "Interest expenses"
       }
      }
     },
     "localname": "InterestExpenses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InterestExpensesAttributedToIfrs": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest expenses attributed to IFRS 16.",
        "label": "InterestExpensesAttributedToIfrs",
        "terseLabel": "Interest expenses attributed to IFRS 16"
       }
      }
     },
     "localname": "InterestExpensesAttributedToIfrs",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InterestExpensesOnShortTermAndLongTermLoans": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest expenses on short-term and long-term loans.",
        "label": "InterestExpensesOnShortTermAndLongTermLoans",
        "terseLabel": "Interest expenses on loans and borrowings"
       }
      }
     },
     "localname": "InterestExpensesOnShortTermAndLongTermLoans",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InterestIncomeFromDepositsAndForeignExchangeDifferences": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest income from deposits and foreign exchange differences.",
        "label": "InterestIncomeFromDepositsAndForeignExchangeDifferences",
        "terseLabel": "Interest income from deposits, positive foreign exchange differences and other financial income"
       }
      }
     },
     "localname": "InterestIncomeFromDepositsAndForeignExchangeDifferences",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InterestRatePercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest rate percentage.",
        "label": "InterestRatePercentage",
        "terseLabel": "Interest rate"
       }
      }
     },
     "localname": "InterestRatePercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_InterestRatePercentage1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest Rate percentage.",
        "label": "InterestRatePercentage1",
        "terseLabel": "Interest Rate percentage"
       }
      }
     },
     "localname": "InterestRatePercentage1",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_InterestReceived": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Interest received on loans and other debt instruments during the current period.",
        "label": "InterestReceived",
        "terseLabel": "Interest received"
       }
      }
     },
     "localname": "InterestReceived",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InterestsPaid": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.",
        "label": "InterestsPaid",
        "terseLabel": "Interest paid"
       }
      }
     },
     "localname": "InterestsPaid",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IntersegmentRevenues": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Inter-segment revenues.",
        "label": "IntersegmentRevenues",
        "terseLabel": "Inter-segment revenues"
       }
      }
     },
     "localname": "IntersegmentRevenues",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IntrinsicValueOfOptionsExercised": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Intrinsic value of options exercised.",
        "label": "IntrinsicValueOfOptionsExercised",
        "terseLabel": "Intrinsic value of options exercised"
       }
      }
     },
     "localname": "IntrinsicValueOfOptionsExercised",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InvesteeNameAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "InvesteeNameAxis",
        "terseLabel": "Investee Name [Axis]"
       }
      }
     },
     "localname": "InvesteeNameAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvesteeNameDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "InvesteeName [Domain]"
       }
      }
     },
     "localname": "InvesteeNameDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_InvestmentAccountedForUsingEquityMethods": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "InvestmentAccountedForUsingEquityMethods",
        "periodEndLabel": "Ending balance",
        "periodStartLabel": "Beginning balance"
       }
      }
     },
     "localname": "InvestmentAccountedForUsingEquityMethods",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InvestmentInCompaniesAccountedForAtEquityMethodAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "InvestmentInCompaniesAccountedForAtEquityMethodAbstract",
        "terseLabel": "Investment in companies accounted for at equity method"
       }
      }
     },
     "localname": "InvestmentInCompaniesAccountedForAtEquityMethodAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentInRestrictedDepositOnAccountOfFutureAcquisition": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 12.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "InvestmentInRestrictedDepositOnAccountOfFutureAcquisition",
        "negatedLabel": "Restricted deposit on account of acquisition"
       }
      }
     },
     "localname": "InvestmentInRestrictedDepositOnAccountOfFutureAcquisition",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InvestmentsAccountedForUsingEquityMethod": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee.",
        "label": "InvestmentsAccountedForUsingEquityMethod",
        "periodEndLabel": "Closing balance",
        "periodStartLabel": "Opening balance"
       }
      }
     },
     "localname": "InvestmentsAccountedForUsingEquityMethod",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) [Line Items]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance [Line Items]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of highlights of TSG profit or loss in accordance [Table]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position [Line Items]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) - Schedule of statement of financial position [Table]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsScheduleofstatementoffinancialpositionTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investments in Companies Accounted for at Equity Method (Details) [Table]"
       }
      }
     },
     "localname": "InvestmentsinCompaniesAccountedforatEquityMethodDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_IsraelCountryMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "IsraelCountryMember",
        "terseLabel": "Israel [Member]"
       }
      }
     },
     "localname": "IsraelCountryMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_IsraeliSubsidiariesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "IsraeliSubsidiariesMember",
        "terseLabel": "Israeli subsidiaries [Member]"
       }
      }
     },
     "localname": "IsraeliSubsidiariesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Issuance of Formula\u2019s ordinary shares as a result of conversion of debentures.",
        "label": "IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture",
        "terseLabel": "Issuance of Formula\u2019s ordinary shares as a result of conversion of debentures"
       }
      }
     },
     "localname": "IssuanceOfFormulasOrdinarySharesAsAResultOfConversionOfDebenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IssuanceOfOrdinarySharesNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 2.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "IssuanceOfOrdinarySharesNet",
        "terseLabel": "Proceeds from issuance of ordinary shares in subsidiaries"
       }
      }
     },
     "localname": "IssuanceOfOrdinarySharesNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IssuanceOfSharesUponConversionOfConvertibleDebentures": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Issuance of shares upon conversion of convertible debentures.",
        "label": "IssuanceOfSharesUponConversionOfConvertibleDebentures",
        "terseLabel": "Issuance of shares upon conversion of convertible debentures"
       }
      }
     },
     "localname": "IssuanceOfSharesUponConversionOfConvertibleDebentures",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_IssuanceOfSharesUponConversionOfConvertibleDebenturesShares": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Issuance of shares upon conversion of convertible debentures, shares.",
        "label": "IssuanceOfSharesUponConversionOfConvertibleDebenturesShares",
        "terseLabel": "Issuance of shares upon conversion of convertible debentures (in Shares)"
       }
      }
     },
     "localname": "IssuanceOfSharesUponConversionOfConvertibleDebenturesShares",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_IssuedAndOutstandingPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Issued and outstanding, percentage.",
        "label": "IssuedAndOutstandingPercentage",
        "terseLabel": "Issued and outstanding, percentage"
       }
      }
     },
     "localname": "IssuedAndOutstandingPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_JapanCountryMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "JapanCountryMember",
        "terseLabel": "Japan [Member]"
       }
      }
     },
     "localname": "JapanCountryMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_LearningAndIntegrationMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LearningAndIntegrationMember",
        "terseLabel": "Training and integration [Member]"
       }
      }
     },
     "localname": "LearningAndIntegrationMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_LeasePeriodsExpiringTerm": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LeasePeriodsExpiringTerm",
        "terseLabel": "Lease periods expiring term"
       }
      }
     },
     "localname": "LeasePeriodsExpiringTerm",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/LeasesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Line Items]"
       }
      }
     },
     "localname": "LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Leases (Details) - Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Table]"
       }
      }
     },
     "localname": "LeasesDetailsScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LessImputedInterest": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "LessImputedInterest",
        "terseLabel": "Less imputed interest"
       }
      }
     },
     "localname": "LessImputedInterest",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LiabilitiesAbstract0": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LiabilitiesAbstract0",
        "terseLabel": "Liabilities:"
       }
      }
     },
     "localname": "LiabilitiesAbstract0",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents of liabilities from acquisition of non controlling interests put options.",
        "label": "LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions",
        "terseLabel": "Liabilities from acquisition of non-controlling interests (put options)"
       }
      }
     },
     "localname": "LiabilitiesFromAcquisitionOfNoncontrollingInterestsputOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LiabilitiesInRespectOfBusinessCombinations": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 8.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Liabilities in respect of business combinations.",
        "label": "LiabilitiesInRespectOfBusinessCombinations",
        "terseLabel": "Liabilities in respect of business combinations"
       }
      }
     },
     "localname": "LiabilitiesInRespectOfBusinessCombinations",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LiabilitiesToBanksAndOthers": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 8.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The total amount of liabilities to banks and others.",
        "label": "LiabilitiesToBanksAndOthers",
        "negatedLabel": "Liabilities to banks and others"
       }
      }
     },
     "localname": "LiabilitiesToBanksAndOthers",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_Liabilitiy": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Total liabilities are the combined debts and obligations that an individual or company owes to outside parties. Everything the company owns is classified as an asset and all amounts the company owes for future obligations are recorded as liabilities.",
        "label": "Liabilitiy",
        "terseLabel": "Liabilities, total"
       }
      }
     },
     "localname": "Liabilitiy",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LiabilityToFinancialInstitutionDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of liability to financial institution.",
        "label": "LiabilityToFinancialInstitutionDescription",
        "terseLabel": "Description of liability to financial institution"
       }
      }
     },
     "localname": "LiabilityToFinancialInstitutionDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LiabilityToFormerlyShareholders": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 12.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The total amount of liability to formerly shareholders.",
        "label": "LiabilityToFormerlyShareholders",
        "negatedLabel": "Liability to formerly shareholders"
       }
      }
     },
     "localname": "LiabilityToFormerlyShareholders",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LinkageBasisCurrencyMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LinkageBasisCurrencyMember",
        "terseLabel": "NIS (Unlinked) [Member]"
       }
      }
     },
     "localname": "LinkageBasisCurrencyMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_LinkageBasisCurrencyOneMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LinkageBasisCurrencyOneMember",
        "terseLabel": "NIS (Linked to USD) [Member]"
       }
      }
     },
     "localname": "LinkageBasisCurrencyOneMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_LinkageBasisDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Linkage basis description.",
        "label": "LinkageBasisDescription",
        "terseLabel": "Currency"
       }
      }
     },
     "localname": "LinkageBasisDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LiramFinancialSoftwareLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LiramFinancialSoftwareLtdMember",
        "terseLabel": "Liram Financial Software Ltd. [Member]"
       }
      }
     },
     "localname": "LiramFinancialSoftwareLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_LocationOfIncomeStatementAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LocationOfIncomeStatementAxis",
        "terseLabel": "Location Of Income Statement [Axis]"
       }
      }
     },
     "localname": "LocationOfIncomeStatementAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": 5.0,
       "parentTag": "forty_LongTermDebtTotal",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of long term debt maturities year five and thereafter.",
        "label": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter",
        "terseLabel": "Fifth year and thereafter"
       }
      }
     },
     "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndThereafter",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": 4.0,
       "parentTag": "forty_LongTermDebtTotal",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of long term debt maturities year four.",
        "label": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour",
        "terseLabel": "Fourth year"
       }
      }
     },
     "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearFour",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": 1.0,
       "parentTag": "forty_LongTermDebtTotal",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "It represents first year (current maturities).",
        "label": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne",
        "terseLabel": "First year (current maturities)"
       }
      }
     },
     "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearOne",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": 3.0,
       "parentTag": "forty_LongTermDebtTotal",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of long term debt maturities year three.",
        "label": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree",
        "terseLabel": "Third year"
       }
      }
     },
     "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearThree",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": 2.0,
       "parentTag": "forty_LongTermDebtTotal",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of long term debt maturities year two.",
        "label": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo",
        "terseLabel": "Second year"
       }
      }
     },
     "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalYearTwo",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermDebtTotal": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of long term debt maturities total.",
        "label": "LongTermDebtTotal",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "LongTermDebtTotal",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandothersmaturitydatesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermLiabilities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 9.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The total amount of long term liabilities.",
        "label": "LongTermLiabilities",
        "negatedLabel": "Long-term liabilities"
       }
      }
     },
     "localname": "LongTermLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermLiabilitiesAndOthersLongtermLiabilities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Long-term liabilities.",
        "label": "LongTermLiabilitiesAndOthersLongtermLiabilities",
        "negatedLabel": "Other long-term liabilities",
        "terseLabel": "Long-term liabilities"
       }
      }
     },
     "localname": "LongTermLiabilitiesAndOthersLongtermLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermLiabilitiesToBanksAndOthersCurrentMaturities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Current maturities.",
        "label": "LongTermLiabilitiesToBanksAndOthersCurrentMaturities",
        "terseLabel": "Current maturities"
       }
      }
     },
     "localname": "LongTermLiabilitiesToBanksAndOthersCurrentMaturities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Line Items]"
       }
      }
     },
     "localname": "LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Liabilities to Banks and Others (Details) - Schedule of long term liabilities to banks and others composition [Table]"
       }
      }
     },
     "localname": "LongTermLiabilitiestoBanksandOthersDetailsScheduleoflongtermliabilitiestobanksandotherscompositionTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract",
        "terseLabel": "Long-term prepaid expenses, other accounts, and other investments"
       }
      }
     },
     "localname": "LongTermPrepaidExpensesOtherAccountsAndOtherInvestmentsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_LongtermLiabilitiesNetOfCurrentMaturities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "LongtermLiabilitiesNetOfCurrentMaturities",
        "terseLabel": "Long-term liabilities net of current maturities"
       }
      }
     },
     "localname": "LongtermLiabilitiesNetOfCurrentMaturities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_LongtermOperatingLeaseLiabilities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "LongtermOperatingLeaseLiabilities",
        "terseLabel": "Lease liabilities"
       }
      }
     },
     "localname": "LongtermOperatingLeaseLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_MagicMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MagicMember",
        "terseLabel": "Magic [Member]",
        "verboseLabel": "Magic Software [Member]"
       }
      }
     },
     "localname": "MagicMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MagicSoftwareMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MagicSoftwareMember",
        "terseLabel": "Magic Software [Member]",
        "verboseLabel": "Magic Software and its subsidiaries [Member]"
       }
      }
     },
     "localname": "MagicSoftwareMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansTables",
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable",
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MatrixMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MatrixMember",
        "terseLabel": "Matrix [Member]",
        "verboseLabel": "Matrix and its subsidiaries [Member]"
       }
      }
     },
     "localname": "MatrixMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansTables",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails",
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MedatechInformationTechnologiesLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MedatechInformationTechnologiesLtdMember",
        "terseLabel": "Acquisition of Medatech Information Technologies Ltd. (\u201cMedatech Technologies\u201d) [Member]",
        "verboseLabel": "Medatech Information Technologies Ltd [Member]"
       }
      }
     },
     "localname": "MedatechInformationTechnologiesLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MenarvaLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MenarvaLtdMember",
        "terseLabel": "Menarva Ltd. [Member]"
       }
      }
     },
     "localname": "MenarvaLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MenravaMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MenravaMember",
        "terseLabel": "Menrava [Member]"
       }
      }
     },
     "localname": "MenravaMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MichpalAndItsSubsidiariesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MichpalAndItsSubsidiariesMember",
        "terseLabel": "Michpal and its subsidiaries [Member]"
       }
      }
     },
     "localname": "MichpalAndItsSubsidiariesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MichpalMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MichpalMember",
        "terseLabel": "Michpal [Member]"
       }
      }
     },
     "localname": "MichpalMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MinorityShareholdersDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Minority shareholders description.",
        "label": "MinorityShareholdersDescription",
        "terseLabel": "Minority shareholders description"
       }
      }
     },
     "localname": "MinorityShareholdersDescription",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_MobisoftAndMagicHandsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MobisoftAndMagicHandsMember",
        "terseLabel": "Mobisoft and Magic Hands [Member]"
       }
      }
     },
     "localname": "MobisoftAndMagicHandsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_MobisoftLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "MobisoftLtdMember",
        "terseLabel": "Pleasant Valley Business Solutions, LLC [Member]",
        "verboseLabel": "Magic Software [Member]"
       }
      }
     },
     "localname": "MobisoftLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_NetAssetsExcludingCashAcquired": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Net assets excluding cash acquired.",
        "label": "NetAssetsExcludingCashAcquired",
        "netLabel": "Net assets, excluding cash acquired",
        "terseLabel": "Net assets excluding cash acquired",
        "verboseLabel": "Net liabilities excluding cash acquired"
       }
      }
     },
     "localname": "NetAssetsExcludingCashAcquired",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NetEffectsIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NetEffectsIncMember",
        "terseLabel": "NetEffects Inc [Member]"
       }
      }
     },
     "localname": "NetEffectsIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_NetEffectsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NetEffectsMember",
        "terseLabel": "NetEffects [Member]"
       }
      }
     },
     "localname": "NetEffectsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The explanation of the adjustments made to the numerator in the calculation of the basic earnings per share.",
        "label": "NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders",
        "terseLabel": "Basic earnings per share \u2013 net income attributable to equity holders of the Company (in Dollars)"
       }
      }
     },
     "localname": "NetIncomeBasicEarningsPerShareIncomeAvailableToShareholders",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NetLiabilitiesExcludingAcquiredCash": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Net liabilities excluding cash acquired.",
        "label": "NetLiabilitiesExcludingAcquiredCash",
        "terseLabel": "Net liabilities excluding cash acquired"
       }
      }
     },
     "localname": "NetLiabilitiesExcludingAcquiredCash",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NetLiabilitiesExcludingCashAcquired": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Net liabilities excluding cash acquired.",
        "label": "NetLiabilitiesExcludingCashAcquired",
        "terseLabel": "Net liabilities excluding cash acquired",
        "verboseLabel": "Net liabilities"
       }
      }
     },
     "localname": "NetLiabilitiesExcludingCashAcquired",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Non-controlling interest in material partially owned subsidiaries.",
        "label": "NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
        "terseLabel": "Schedule of non-controlling interest in material partially owned subsidiaries"
       }
      }
     },
     "localname": "NonControllingInterestInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_NonRefundableWithholdingTaxAndTaxAdvances": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Uncertain tax positions.",
        "label": "NonRefundableWithholdingTaxAndTaxAdvances",
        "terseLabel": "Uncertain tax positions"
       }
      }
     },
     "localname": "NonRefundableWithholdingTaxAndTaxAdvances",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of non-controlling interests arising from initially consolidated companies.",
        "label": "NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies",
        "terseLabel": "Non-controlling interests arising from initially consolidated company"
       }
      }
     },
     "localname": "NoncontrollingInterestsArisingFromInitiallyConsolidatedCompanies",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of non-controlling interests changes due to holding changes, including exercise of employees stock options.",
        "label": "NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions",
        "terseLabel": "Transactions with non-controlling interests due to holding changes, including exercise of employees\u2019 stock options"
       }
      }
     },
     "localname": "NoncontrollingInterestsChangesDueToHoldingChangesIncludingExerciseOfEmployeesStockOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NoncontrollingInterestsInAcquireesSubsidiary": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "NoncontrollingInterestsInAcquireesSubsidiary",
        "terseLabel": "Non-controlling interests in acquiree\u2019s subsidiary"
       }
      }
     },
     "localname": "NoncontrollingInterestsInAcquireesSubsidiary",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_NumberOfCustomer": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Number of customer.",
        "label": "NumberOfCustomer",
        "terseLabel": "Number of customer"
       }
      }
     },
     "localname": "NumberOfCustomer",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "integerItemType"
    },
    "forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options exercisable in a share-based payment arrangement.",
        "label": "NumberOfShareOptionExercisableInSharebasedPaymentArrangement",
        "terseLabel": "Number of options, Exercisable at end of year",
        "verboseLabel": "Amount of options, Exercisable at end of year"
       }
      }
     },
     "localname": "NumberOfShareOptionExercisableInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionExercisableInSharebasedPaymentArrangements": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NumberOfShareOptionExercisableInSharebasedPaymentArrangements",
        "terseLabel": "Options Exercisable (in Shares)",
        "verboseLabel": "Options exercisable"
       }
      }
     },
     "localname": "NumberOfShareOptionExercisableInSharebasedPaymentArrangements",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionExercisedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options exercised in a share-based payment arrangement.",
        "label": "NumberOfShareOptionExercisedInSharebasedPaymentArrangement",
        "netLabel": "Exercised",
        "terseLabel": "Number of options, Exercised",
        "verboseLabel": "Amount of options, Exercised"
       }
      }
     },
     "localname": "NumberOfShareOptionExercisedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options expired and forfeited in a share-based payment arrangement.",
        "label": "NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement",
        "terseLabel": "Amount of options, Expired and forfeited"
       }
      }
     },
     "localname": "NumberOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionForfeitedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options forfeited in a share-based payment arrangement.",
        "label": "NumberOfShareOptionForfeitedInSharebasedPaymentArrangement",
        "terseLabel": "Forfeited"
       }
      }
     },
     "localname": "NumberOfShareOptionForfeitedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options granted in a share-based payment arrangement.",
        "label": "NumberOfShareOptionGrantedInSharebasedPaymentArrangement",
        "terseLabel": "Amount of options, Granted",
        "verboseLabel": "Granted"
       }
      }
     },
     "localname": "NumberOfShareOptionGrantedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionGrantedInSharebasedPaymentArrangements": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NumberOfShareOptionGrantedInSharebasedPaymentArrangements",
        "terseLabel": "Employees and directors to purchase shares description"
       }
      }
     },
     "localname": "NumberOfShareOptionGrantedInSharebasedPaymentArrangements",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_NumberOfShareOptionOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NumberOfShareOptionOutstanding",
        "terseLabel": "Options outstanding (in Shares)",
        "verboseLabel": "Options outstanding"
       }
      }
     },
     "localname": "NumberOfShareOptionOutstanding",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionOutstandingAtBeginningOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Outstanding at beginning of year.",
        "label": "NumberOfShareOptionOutstandingAtBeginningOfYear",
        "periodStartLabel": "Number of options, Outstanding at beginning of year"
       }
      }
     },
     "localname": "NumberOfShareOptionOutstandingAtBeginningOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionOutstandingAtEndOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NumberOfShareOptionOutstandingAtEndOfYear",
        "periodEndLabel": "Number of options, Outstanding at end of year"
       }
      }
     },
     "localname": "NumberOfShareOptionOutstandingAtEndOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfShareOptionsOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of share options outstanding in a share-based payment arrangement.",
        "label": "NumberOfShareOptionsOutstanding",
        "periodEndLabel": "Number of options, Outstanding at end of year",
        "periodStartLabel": "Number of options, Outstanding at beginning of year"
       }
      }
     },
     "localname": "NumberOfShareOptionsOutstanding",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfSharesIncludingImpactOfAdoptionOfIfrs15": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Number of shares including the impact of the adoption of IFRS 15.",
        "label": "NumberOfSharesIncludingImpactOfAdoptionOfIfrs15",
        "terseLabel": "Balance as of January 1, 2019 (Including the impact of the adoption of IFRS 16) (in Shares)"
       }
      }
     },
     "localname": "NumberOfSharesIncludingImpactOfAdoptionOfIfrs15",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfSharesOutstanding1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]",
        "label": "NumberOfSharesOutstanding1",
        "terseLabel": "Outstanding"
       }
      }
     },
     "localname": "NumberOfSharesOutstanding1",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofsharecapitalTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfTreasurySharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Number Of Treasury Shares Outstanding.",
        "label": "NumberOfTreasurySharesOutstanding",
        "terseLabel": "Treasury shares"
       }
      }
     },
     "localname": "NumberOfTreasurySharesOutstanding",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_NumberOfVestedPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Number of vested percentage.",
        "label": "NumberOfVestedPercentage",
        "terseLabel": "Number of vested percentage"
       }
      }
     },
     "localname": "NumberOfVestedPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_NumeratorAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "NumeratorAbstract",
        "terseLabel": "Numerator:"
       }
      }
     },
     "localname": "NumeratorAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OfekAerialPhotographyLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OfekAerialPhotographyLtdMember",
        "terseLabel": "Ofek Aerial Photography Ltd. [Member]",
        "verboseLabel": "Ofek Aerial Photography Ltd [Member]"
       }
      }
     },
     "localname": "OfekAerialPhotographyLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OfekMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OfekMember",
        "terseLabel": "Ofek [Member]"
       }
      }
     },
     "localname": "OfekMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OfficeFurnitureAndEquipmentMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OfficeFurnitureAndEquipmentMember",
        "terseLabel": "Office furniture and equipment [Member]"
       }
      }
     },
     "localname": "OfficeFurnitureAndEquipmentMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OnTargetGroupIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OnTargetGroupIncMember",
        "terseLabel": "OnTarget Group Inc [Member]"
       }
      }
     },
     "localname": "OnTargetGroupIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OperatingLeaseLiabilities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 10.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "OperatingLeaseLiabilities",
        "negatedLabel": "Lease liabilities"
       }
      }
     },
     "localname": "OperatingLeaseLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OperatingLeaseNonCash": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "OperatingLeaseNonCash",
        "terseLabel": "Right-of-use asset recognized with corresponding lease liability"
       }
      }
     },
     "localname": "OperatingLeaseNonCash",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OperatingLeaseRightofuseAssets": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 3.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "OperatingLeaseRightofuseAssets",
        "terseLabel": "Right-of-use assets"
       }
      }
     },
     "localname": "OperatingLeaseRightofuseAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OperatingResultsTotal": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "OperatingResultsTotal",
        "terseLabel": "Operating results total"
       }
      }
     },
     "localname": "OperatingResultsTotal",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OperatingSegmentsDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) [Line Items]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Line Items]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) - Schedule of goodwill in material partially owned subsidiaries [Table]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) - Schedule of reporting on operating segments [Table]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsScheduleofreportingonoperatingsegmentsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OperatingSegmentsDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Operating Segments (Details) [Table]"
       }
      }
     },
     "localname": "OperatingSegmentsDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_OptionsExpirePeriods": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Options expire periods.",
        "label": "OptionsExpirePeriods",
        "terseLabel": "Options expire periods"
       }
      }
     },
     "localname": "OptionsExpirePeriods",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_OriginalAmountsOfIntangibleAssetsNet": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Original amounts of Intangible assets, net.",
        "label": "OriginalAmountsOfIntangibleAssetsNet",
        "terseLabel": "Original amounts"
       }
      }
     },
     "localname": "OriginalAmountsOfIntangibleAssetsNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OtherAccountsPayableAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Accounts Payable [Abstract]"
       }
      }
     },
     "localname": "OtherAccountsPayableAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_OtherAccountsPayableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Disclosure of other accounts payable.",
        "label": "OtherAccountsPayableTextBlock",
        "terseLabel": "OTHER ACCOUNTS PAYABLE"
       }
      }
     },
     "localname": "OtherAccountsPayableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OtherAccountsPayable"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_OtherInvestmentComprehensiveIncome": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Other comprehensive income.",
        "label": "OtherInvestmentComprehensiveIncome",
        "terseLabel": "Other comprehensive income"
       }
      }
     },
     "localname": "OtherInvestmentComprehensiveIncome",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OtherLongTermAssets": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 4.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The total amount of other long term assets.",
        "label": "OtherLongTermAssets",
        "terseLabel": "Other long-term assets"
       }
      }
     },
     "localname": "OtherLongTermAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OtherMainlyAsiaPacificMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OtherMainlyAsiaPacificMember",
        "terseLabel": "Other (mainly Asia pacific) [Member]"
       }
      }
     },
     "localname": "OtherMainlyAsiaPacificMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OtherMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "OtherMember",
        "terseLabel": "Other [Member]"
       }
      }
     },
     "localname": "OtherMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_OtherProductsAndThirdParty": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of revenue arising from the sale of products. [Refer: Revenue]",
        "label": "OtherProductsAndThirdParty",
        "terseLabel": "Other products and third party"
       }
      }
     },
     "localname": "OtherProductsAndThirdParty",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OtherSoftwareProductsAndRelatedServices": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "ifrs-full_CostOfSales",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "OtherSoftwareProductsAndRelatedServices",
        "terseLabel": "Other software products and related services"
       }
      }
     },
     "localname": "OtherSoftwareProductsAndRelatedServices",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_OthersCurrentAccountsReceivable": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Other current receivables normally include Advance, Prepayment, Prepaid Insurance, and other non-trade receivables that are subject to receiving within 12 months from the reporting period.",
        "label": "OthersCurrentAccountsReceivable",
        "terseLabel": "Other"
       }
      }
     },
     "localname": "OthersCurrentAccountsReceivable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PPPLoanAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of paycheck protection program to be issued.",
        "label": "PPPLoanAmount",
        "terseLabel": "PPP loan amount"
       }
      }
     },
     "localname": "PPPLoanAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PaidUpAmount": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Paid up amount.",
        "label": "PaidUpAmount",
        "terseLabel": "Paid up amount"
       }
      }
     },
     "localname": "PaidUpAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ParValueInIssuanceCurrencies": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ParValueInIssuanceCurrencies",
        "terseLabel": "Par value in issuance currency"
       }
      }
     },
     "localname": "ParValueInIssuanceCurrencies",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PatentMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PatentMember",
        "terseLabel": "Patent [Member]"
       }
      }
     },
     "localname": "PatentMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 13.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The cash outflow for capitalization of software development and other costs.",
        "label": "PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts",
        "negatedLabel": "Capitalization of software development and other costs"
       }
      }
     },
     "localname": "PaymentsForCapitalizationOfSoftwareDevelopmentAndOtherCosts",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PaymentsToFormerShareholdersOfConsolidatedCompany": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 8.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "PaymentsToFormerShareholdersOfConsolidatedCompany",
        "negatedLabel": "Payments to former shareholders of consolidated company"
       }
      }
     },
     "localname": "PaymentsToFormerShareholdersOfConsolidatedCompany",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PercentageOfEstimatedOnlinePurchaseVolume": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PercentageOfEstimatedOnlinePurchaseVolume",
        "terseLabel": "Percentage of estimated online purchase volume"
       }
      }
     },
     "localname": "PercentageOfEstimatedOnlinePurchaseVolume",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PercentageOfOwnershipInterestInInvestees": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The percentage of ownership interest in investees for the period.",
        "label": "PercentageOfOwnershipInterestInInvestees",
        "terseLabel": "Percentage of ownership"
       }
      }
     },
     "localname": "PercentageOfOwnershipInterestInInvestees",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PercentageOfShareCapital": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Percentage of share capital.",
        "label": "PercentageOfShareCapital",
        "terseLabel": "Percentage of share capital"
       }
      }
     },
     "localname": "PercentageOfShareCapital",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PercentageOfShareInEquity": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Percentage of share in equity.",
        "label": "PercentageOfShareInEquity",
        "terseLabel": "Company\u2019s share in TSG"
       }
      }
     },
     "localname": "PercentageOfShareInEquity",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PercentageOfShareProfit": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Percentage of share profit.",
        "label": "PercentageOfShareProfit",
        "terseLabel": "Company\u2019s share in TSG"
       }
      }
     },
     "localname": "PercentageOfShareProfit",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PercentageOfSubsidiaryOutstandingShares": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Percentage of subsidiary outstanding shares.",
        "label": "PercentageOfSubsidiaryOutstandingShares",
        "terseLabel": "Percentage of subsidiary outstanding shares"
       }
      }
     },
     "localname": "PercentageOfSubsidiaryOutstandingShares",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_PerformedServicesSubcontractor": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Performed services sub-contractor.",
        "label": "PerformedServicesSubcontractor",
        "terseLabel": "Performed services sub-contractor"
       }
      }
     },
     "localname": "PerformedServicesSubcontractor",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PlanNamesAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PlanNamesAxis",
        "terseLabel": "Plan names [Axis]"
       }
      }
     },
     "localname": "PlanNamesAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PlanOfNameAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PlanOfNameAxis",
        "terseLabel": "Plan Of Name [Axis]"
       }
      }
     },
     "localname": "PlanOfNameAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PlanOfNameDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PlanOfName [Domain]"
       }
      }
     },
     "localname": "PlanOfNameDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_PledgeAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PledgeAxis",
        "terseLabel": "Pledge [Axis]"
       }
      }
     },
     "localname": "PledgeAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PowWowIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PowWowIncMember",
        "terseLabel": "PowWow Inc [Member]"
       }
      }
     },
     "localname": "PowWowIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_PrecedingYears": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Preceding years.",
        "label": "PrecedingYears",
        "terseLabel": "Preceding years"
       }
      }
     },
     "localname": "PrecedingYears",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_PreferredTechnologyEnterpriseMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "PreferredTechnologyEnterpriseMember",
        "terseLabel": "Preferred Technology Enterprise [Member]"
       }
      }
     },
     "localname": "PreferredTechnologyEnterpriseMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_PresentValueOfLeaseLiabilities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "PresentValueOfLeaseLiabilities",
        "terseLabel": "Present value of lease liabilities"
       }
      }
     },
     "localname": "PresentValueOfLeaseLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "ifrs-full_ProfitLoss",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Pre-tax income before share of profits of companies accounted for at equity, net.",
        "label": "PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet",
        "negatedLabel": "Share of profits of companies accounted for at equity, net"
       }
      }
     },
     "localname": "PretaxIncomeBeforeShareOfProfitsOfCompaniesAccountedForAtEquityNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProceedsFromIssueOfBondsNotesAndDebenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Debentures amount.",
        "label": "ProceedsFromIssueOfBondsNotesAndDebenture",
        "terseLabel": "Debentures amount"
       }
      }
     },
     "localname": "ProceedsFromIssueOfBondsNotesAndDebenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProductsAndServicesTransferredOverTime": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable": {
       "order": 1.0,
       "parentTag": "forty_TotalRevenueOfProductsandServices",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Products and services transferred over time.",
        "label": "ProductsAndServicesTransferredOverTime",
        "terseLabel": "Products and services transferred over time"
       }
      }
     },
     "localname": "ProductsAndServicesTransferredOverTime",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProductsTransferredAtAPointInTime": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable": {
       "order": 2.0,
       "parentTag": "forty_TotalRevenueOfProductsandServices",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Products transferred at a point in time.",
        "label": "ProductsTransferredAtAPointInTime",
        "terseLabel": "Products transferred at a point in time"
       }
      }
     },
     "localname": "ProductsTransferredAtAPointInTime",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProfitLossAttributableToNoncontrollingInterest": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0": {
       "order": 2.0,
       "parentTag": "ifrs-full_ProfitLoss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]",
        "label": "ProfitLossAttributableToNoncontrollingInterest",
        "terseLabel": "Non-controlling interests"
       }
      }
     },
     "localname": "ProfitLossAttributableToNoncontrollingInterest",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProfitLossesBeforeTax": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "ProfitLossesBeforeTax",
        "terseLabel": "Total"
       }
      }
     },
     "localname": "ProfitLossesBeforeTax",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PropertyAndEquipment": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 1.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.",
        "label": "PropertyAndEquipment",
        "terseLabel": "Property and equipment"
       }
      }
     },
     "localname": "PropertyAndEquipment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PropertyAndEquipmentTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Non current assets are located.",
        "label": "PropertyAndEquipmentTableTextBlock",
        "terseLabel": "Schedule of property and equipment located"
       }
      }
     },
     "localname": "PropertyAndEquipmentTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_PropertyPlantAndEquipmentsGross": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Property plant and equipment gross.",
        "label": "PropertyPlantAndEquipmentsGross",
        "terseLabel": "Cost"
       }
      }
     },
     "localname": "PropertyPlantAndEquipmentsGross",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PropertyPlantsandEquipmentNetDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Disclosure of property, plant and equipment [Abstract]"
       }
      }
     },
     "localname": "PropertyPlantsandEquipmentNetDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment [Line Items]"
       }
      }
     },
     "localname": "PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Property, Plants and Equipment, Net (Details) - Schedule of property, plants and equipment [Table]"
       }
      }
     },
     "localname": "PropertyPlantsandEquipmentNetDetailsScheduleofpropertyplantsandequipmentTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PropertyPlantsandEquipmentNetDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Property, Plants and Equipment, Net (Details) [Table]"
       }
      }
     },
     "localname": "PropertyPlantsandEquipmentNetDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ProprietarySoftwareAndRelatedServices": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of proprietary software and related services.",
        "label": "ProprietarySoftwareAndRelatedServices",
        "negatedLabel": "Proprietary software and related services"
       }
      }
     },
     "localname": "ProprietarySoftwareAndRelatedServices",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ProprietarySoftwareProductsAndRelatedServices": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "ifrs-full_CostOfSales",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "ProprietarySoftwareProductsAndRelatedServices",
        "terseLabel": "Proprietary software products and related services"
       }
      }
     },
     "localname": "ProprietarySoftwareProductsAndRelatedServices",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PurchaseAgreement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Purchase agreement ,description.",
        "label": "PurchaseAgreement",
        "terseLabel": "Description of purchase agreement"
       }
      }
     },
     "localname": "PurchaseAgreement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_PurchaseOfNoncontrollingInterests": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 11.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Purchase of non-controlling interests.",
        "label": "PurchaseOfNoncontrollingInterests",
        "negatedLabel": "Purchase of non-controlling interests"
       }
      }
     },
     "localname": "PurchaseOfNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PurchaseOfOtherInvestment": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 10.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "PurchaseOfOtherInvestment",
        "negatedLabel": "Purchase of other investment"
       }
      }
     },
     "localname": "PurchaseOfOtherInvestment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PurchaseOfPropertyAndEquipment": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The cash outflow for the purchases of property, plant and equipment, classified as investing activities.",
        "label": "PurchaseOfPropertyAndEquipment",
        "terseLabel": "Purchase of property and equipment"
       }
      }
     },
     "localname": "PurchaseOfPropertyAndEquipment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_PurchasePriceAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Purchase price amount.",
        "label": "PurchasePriceAmount",
        "terseLabel": "Purchase price amount in cash"
       }
      }
     },
     "localname": "PurchasePriceAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RangeOfExercisePriceFourthreeTwoMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "RangeOfExercisePriceFourthreeTwoMember",
        "terseLabel": "Ranges of Exercise price 4.32 [Member]"
       }
      }
     },
     "localname": "RangeOfExercisePriceFourthreeTwoMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_RangeOfExercisePriceZeroMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "RangeOfExercisePriceZeroMember",
        "terseLabel": "Ranges of Exercise price 0 [Member]"
       }
      }
     },
     "localname": "RangeOfExercisePriceZeroMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_RangeOfExercisePricesOfOutstandingShareOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The range of exercise price of outstanding share options.",
        "label": "RangeOfExercisePricesOfOutstandingShareOptions",
        "terseLabel": "Ranges of exercise price"
       }
      }
     },
     "localname": "RangeOfExercisePricesOfOutstandingShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The range of exercise price of outstanding share options lower limit.",
        "label": "RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit",
        "terseLabel": "Ranges of exercise price, lower limit"
       }
      }
     },
     "localname": "RangeOfExercisePricesOfOutstandingShareOptionsLowerLimit",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The range of exercise price of outstanding share options upper limit.",
        "label": "RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit",
        "terseLabel": "Ranges of exercise price, upper limit"
       }
      }
     },
     "localname": "RangeOfExercisePricesOfOutstandingShareOptionsUpperLimit",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_RangesAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "RangesAxis",
        "terseLabel": "Ranges [Axis]"
       }
      }
     },
     "localname": "RangesAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_RangesDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Ranges [Domain]"
       }
      }
     },
     "localname": "RangesDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_RangesOfExercisePrice": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The range of exercise price of outstanding share options.",
        "label": "RangesOfExercisePrice",
        "terseLabel": "Ranges of Exercise price"
       }
      }
     },
     "localname": "RangesOfExercisePrice",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_ReceiptOfLongTermLoans": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 8.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Receipt of long term loans.",
        "label": "ReceiptOfLongTermLoans",
        "negatedLabel": "Receipt of long-term loans from banks and others"
       }
      }
     },
     "localname": "ReceiptOfLongTermLoans",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RedeemableNonControllingInterestsAtAcquisitionDate": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 6.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Redeemable non-controlling interests at acquisition date.",
        "label": "RedeemableNonControllingInterestsAtAcquisitionDate",
        "terseLabel": "Non-controlling interests at acquisition date"
       }
      }
     },
     "localname": "RedeemableNonControllingInterestsAtAcquisitionDate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RedeemableNoncontrollingInterests": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of non-controlling interest in the acquire recognized at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquire at the acquisition date.",
        "label": "RedeemableNoncontrollingInterests",
        "negatedLabel": "Redeemable non-controlling interests",
        "negatedTerseLabel": "Non-controlling interests",
        "netLabel": "Non-controlling interest",
        "terseLabel": "Non-controlling interests",
        "verboseLabel": "Redeemable non-controlling interests"
       }
      }
     },
     "localname": "RedeemableNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RelatedPartiesTransactionsDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Related Parties Transactions (Details) [Line Items]"
       }
      }
     },
     "localname": "RelatedPartiesTransactionsDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_RelatedPartiesTransactionsDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Related Parties Transactions (Details) [Table]"
       }
      }
     },
     "localname": "RelatedPartiesTransactionsDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ReleaseOfTrappedEarningsseeNote21a2": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Release of trapped earnings.",
        "label": "ReleaseOfTrappedEarningsseeNote21a2",
        "terseLabel": "Release of trapped earnings"
       }
      }
     },
     "localname": "ReleaseOfTrappedEarningsseeNote21a2",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RemainingInterestRate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Remaining interest rate.",
        "label": "RemainingInterestRate",
        "terseLabel": "Remaining interest rate"
       }
      }
     },
     "localname": "RemainingInterestRate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 9.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Repayment of long-term liabilities to office of the chief scientist.",
        "label": "RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist",
        "negatedLabel": "Repayment of long-term liabilities to office of the chief scientist"
       }
      }
     },
     "localname": "RepaymentOfLongTermLiabilitiesToOfficeOfTheChiefScientist",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": 5.0,
       "parentTag": "forty_AggregatePrincipalAnnualPaymentsOfDebentures",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of repayments of bonds within next fifth and thereafter financial year.",
        "label": "RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear",
        "terseLabel": "2026"
       }
      }
     },
     "localname": "RepaymentsOfBondsWithinNextFifthAndThereafterFinancialYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RepaymentsOfBondsWithinNextFinancialYear": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": 1.0,
       "parentTag": "forty_AggregatePrincipalAnnualPaymentsOfDebentures",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of repayments of bonds within next financial year.",
        "label": "RepaymentsOfBondsWithinNextFinancialYear",
        "terseLabel": "2022"
       }
      }
     },
     "localname": "RepaymentsOfBondsWithinNextFinancialYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RepaymentsOfBondsWithinNextFourthFinancialYear": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": 4.0,
       "parentTag": "forty_AggregatePrincipalAnnualPaymentsOfDebentures",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of repayments of bonds within next fourth financial year.",
        "label": "RepaymentsOfBondsWithinNextFourthFinancialYear",
        "terseLabel": "2025"
       }
      }
     },
     "localname": "RepaymentsOfBondsWithinNextFourthFinancialYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RepaymentsOfBondsWithinNextSecondFinancialYear": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": 2.0,
       "parentTag": "forty_AggregatePrincipalAnnualPaymentsOfDebentures",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of repayments of bonds within next second financial year.",
        "label": "RepaymentsOfBondsWithinNextSecondFinancialYear",
        "terseLabel": "2023"
       }
      }
     },
     "localname": "RepaymentsOfBondsWithinNextSecondFinancialYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RepaymentsOfBondsWithinNextThirdFinancialYear": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable": {
       "order": 3.0,
       "parentTag": "forty_AggregatePrincipalAnnualPaymentsOfDebentures",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of repayments of bonds within next third financial year.",
        "label": "RepaymentsOfBondsWithinNextThirdFinancialYear",
        "terseLabel": "2024"
       }
      }
     },
     "localname": "RepaymentsOfBondsWithinNextThirdFinancialYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofaggregateprincipalannualpaymentsofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RestrictedShares": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Number of restricted shares.",
        "label": "RestrictedShares",
        "terseLabel": "Number of restricted shares (in Shares)",
        "verboseLabel": "Restricted shares (in Shares)"
       }
      }
     },
     "localname": "RestrictedShares",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_RevenuesByProductServices": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Revenues by product services.",
        "label": "RevenuesByProductServices",
        "negatedLabel": "Total revenues"
       }
      }
     },
     "localname": "RevenuesByProductServices",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_RevenuesClassifiedByGeographicAreaTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Revenues classified by geographic area.",
        "label": "RevenuesClassifiedByGeographicAreaTableTextBlock",
        "terseLabel": "Schedule of revenues classified by geographic area (based on the location of customers)"
       }
      }
     },
     "localname": "RevenuesClassifiedByGeographicAreaTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformationTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_RightStarIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "RightStarIncMember",
        "terseLabel": "RightStar Inc. [Member]",
        "verboseLabel": "Knowledge Price [Member]"
       }
      }
     },
     "localname": "RightStarIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SQServiceQualityLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SQServiceQualityLtdMember",
        "terseLabel": "SQ Service Quality Ltd. [Member]"
       }
      }
     },
     "localname": "SQServiceQualityLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SQServiceQualitysMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SQServiceQualitysMember",
        "terseLabel": "SQ Service Quality\u2019s [Member]"
       }
      }
     },
     "localname": "SQServiceQualitysMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensFiveMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensFiveMember",
        "terseLabel": "Exercise Price Range 31.96 [Member]"
       }
      }
     },
     "localname": "SapiensFiveMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensFourMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensFourMember",
        "terseLabel": "Exercise Price Range 24.29-25.4 [Member]"
       }
      }
     },
     "localname": "SapiensFourMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensMember",
        "netLabel": "Sapiens and its subsidiaries [Member]",
        "terseLabel": "Sapiens [Member]",
        "verboseLabel": "Exercise Price Range 1.12 [Member]"
       }
      }
     },
     "localname": "SapiensMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansTables",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensOneMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensOneMember",
        "terseLabel": "Exercise Price Range 8.31-10.07 [Member]"
       }
      }
     },
     "localname": "SapiensOneMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensSeriesBDebenturesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensSeriesBDebenturesMember",
        "terseLabel": "Sapiens' Series B Debentures [Member]"
       }
      }
     },
     "localname": "SapiensSeriesBDebenturesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensThreeMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensThreeMember",
        "terseLabel": "Exercise Price Range 11.85-15.46 [Member]"
       }
      }
     },
     "localname": "SapiensThreeMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SapiensTwoMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SapiensTwoMember",
        "terseLabel": "Exercise Price Range 11.07-11.09 [Member]"
       }
      }
     },
     "localname": "SapiensTwoMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ScheduleOfActivityOfInvestmentInTSGTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfActivityOfInvestmentInTSGTableTextBlock",
        "terseLabel": "Schedule of the following table summarizes the changes in the carrying amount of the Company\u2019s Investment in TSG"
       }
      }
     },
     "localname": "ScheduleOfActivityOfInvestmentInTSGTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of aggregate principal annual payments of debentures [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfAggregatePrincipalAnnualPaymentsOfDebenturesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of amortization periods of the right-of-use assets [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfAmortizationPeriodsOfTheRightOfUseAssetsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfCarryingAmountOfGoodwillAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of carrying amount of goodwill [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfCarryingAmountOfGoodwillAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfCarryingAmountOfGoodwillTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of carrying amount of goowill forthe period.",
        "label": "ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
        "terseLabel": "Schedule of carrying amount of goodwill"
       }
      }
     },
     "localname": "ScheduleOfCarryingAmountOfGoodwillTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/GoodwillTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of changes in the carrying amount of the company\u2019s investment in TSG [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfCompositionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of composition [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfCompositionAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock",
        "terseLabel": "Schedule of statement of financial position"
       }
      }
     },
     "localname": "ScheduleOfCompositionOfInvestmentInJointVentureTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfCompositionOfPledgedSharesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of composition of pledged shares [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfCompositionOfPledgedSharesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of computation basic and diluted net earnings per share [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfComputationBasicAndDilutedNetEarningsPerShareAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfDebenturesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of debentures [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfDebenturesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfDeferredTaxLiabilitiesNetAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of deferred tax liabilities, net [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfDeferredTaxLiabilitiesNetAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfDefinedBenefitPlansAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of defined benefit plans [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfDefinedBenefitPlansAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfEstimatedFairValuesOfTheAssetsAcquiredAndLiabilitiesAtTheDateOfAcquisitionAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of fair value of TSG's dividend preference derivative [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of fair value of TSG's dividend preference derivative.",
        "label": "ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock",
        "terseLabel": "Schedule of fair value of TSG's dividend preference derivative"
       }
      }
     },
     "localname": "ScheduleOfFairValueOfTsgsDividendPreferenceDerivativeTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of financial assets and liabilities measured at fair value on a recurring basis [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnARecurringBasisAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfFinancialIncomeAndExpensesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of financial income and expenses [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfFinancialIncomeAndExpensesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of goodwill in material partially owned subsidiaries [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of goodwill in material partially owned subsidiaries.",
        "label": "ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
        "terseLabel": "Schedule of goodwill in material partially owned subsidiaries"
       }
      }
     },
     "localname": "ScheduleOfGoodwillInMaterialPartiallyOwnedSubsidiariesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of highlights of TSG profit or loss in accordance [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfHighlightsOfTsgProfitOrLossInAccordanceAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of income before taxes on income.",
        "label": "ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock",
        "terseLabel": "Schedule of pre-tax income"
       }
      }
     },
     "localname": "ScheduleOfIncomeBeforeTaxesOnIncomeTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfIntangibleAssetsNetAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of intangible assets, net [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfIntangibleAssetsNetAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfIntangibleAssetsNetTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Shedule of intangible assets net.",
        "label": "ScheduleOfIntangibleAssetsNetTableTextBlock",
        "terseLabel": "Schedule of intangible assets, net"
       }
      }
     },
     "localname": "ScheduleOfIntangibleAssetsNetTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IntangibleAssetsNetTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfInvestmentInTsgEquityMethodAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of investment in TSG equity method [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfInvestmentInTsgEquityMethodAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock",
        "terseLabel": "Schedule of investment in TSG equity method"
       }
      }
     },
     "localname": "ScheduleOfInvestmentInTsgEquityMethodInvestmentsTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of long term liabilities to banks and others composition [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfLongTermLiabilitiesToBanksAndOthersCompositionAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of long term liabilities to banks and others maturity dates [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Tabular of maturity dates.",
        "label": "ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock",
        "terseLabel": "Schedule of long term liabilities to banks and others maturity dates"
       }
      }
     },
     "localname": "ScheduleOfLongTermLiabilitiesToBanksAndOthersMaturityDatesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Tabular of composition.",
        "label": "ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
        "terseLabel": "Schedule of long term liabilities to banks and others composition"
       }
      }
     },
     "localname": "ScheduleOfLongTermLiabilitiesToBanksAndOthersTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthersTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of magic Software stock-based compensation activity [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfMagicSoftwareStockBasedCompensationActivityAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfMarketableSecuritiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of marketable securities [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfMarketableSecuritiesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfMarketableSecuritiesTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Tabular disclosure of summary of marketable securities.",
        "label": "ScheduleOfMarketableSecuritiesTableTextBlock",
        "terseLabel": "Schedule of marketable securities"
       }
      }
     },
     "localname": "ScheduleOfMarketableSecuritiesTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/MarketableSecuritiesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of Matrix stock-based compensation activity (and not Magic software) [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfMatrixStockBasedCompensationActivityAndNotMagicSoftwareAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of the Matrix stock-based compensation activity.",
        "label": "ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock",
        "terseLabel": "Schedule of Matrix stock-based compensation activity (and not Magic software)"
       }
      }
     },
     "localname": "ScheduleOfMatrixStockbasedCompensationActivityTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
        "terseLabel": "Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases"
       }
      }
     },
     "localname": "ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLease",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/LeasesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of maturity analysis of undiscounted future lease payments receivable for operating leases [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfMaturityAnalysisOfUndiscountedFutureLeasePaymentsReceivableForOperatingLeasesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of non-controlling interest in material partially owned subsidiaries [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfNonControllingInterestInMaterialPartiallyOwnedSubsidiariesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of options outstanding separated into ranges of exercise price categories [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfOptionsOutstandingSeparatedIntoRangesOfExercisePriceCategoriesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfOtherAccountsPayableAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of other accounts payable [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfOtherAccountsPayableAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfPreTaxIncomeAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of pre-tax income [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfPreTaxIncomeAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of prepaid expenses, other accounts receivable and other investments [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfPrepaidExpensesOtherAccountsReceivableAndOtherInvestmentsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfPropertyAndEquipmentLocatedAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of property and equipment located [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfPropertyAndEquipmentLocatedAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfPropertyPlantsAndEquipmentAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of property, plants and equipment [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfPropertyPlantsAndEquipmentAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfProvisionalEstimatedConsiderationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of provisional estimated consideration [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfProvisionalEstimatedConsiderationAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfReportingOnOperatingSegmentsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of reporting on operating segments [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfReportingOnOperatingSegmentsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfRevenueByProductsAndServicesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of revenue by products and services [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfRevenueByProductsAndServicesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of revenue by timing of revenue recognition [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfRevenueByTimingOfRevenueRecognitionAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of revenues classified by geographic area (based on the location of customers) [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfRevenuesClassifiedByGeographicAreaBasedOnTheLocationOfCustomersAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of Sapiens stock-based compensation activity (and not Magic software) [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfSapiensStockBasedCompensationActivityAndNotMagicSoftwareAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfSapiensStockOptionPlansAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of Sapiens\u2019 stock option plans [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfSapiensStockOptionPlansAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfSapiensStockOptionPlansTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfSapiensStockOptionPlansTableTextBlock",
        "terseLabel": "Schedule of Sapiens\u2019 stock option plans"
       }
      }
     },
     "localname": "ScheduleOfSapiensStockOptionPlansTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The disclosure of the Sapiens stock-based compensation activity.",
        "label": "ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock",
        "terseLabel": "Schedule of Sapiens stock-based compensation activity (and not Magic software)"
       }
      }
     },
     "localname": "ScheduleOfSapiensStockbasedCompensationActivityTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfShareCapitalAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of share capital [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfShareCapitalAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of short term liabilities to banks and others [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfShortTermLiabilitiesToBanksAndOthersAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfStatementOfFinancialPositionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of statement of financial position [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfStatementOfFinancialPositionAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of stock-based compensation expense resulting from stock options grants [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfStockBasedCompensationExpenseResultingFromStockOptionsGrantsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTaxesOnIncomeTaxBenefitAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of taxes on income (tax benefit) [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTaxesOnIncomeTaxBenefitAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock",
        "terseLabel": "Schedule of taxes on income (tax benefit)"
       }
      }
     },
     "localname": "ScheduleOfTaxesOnIncomeTaxBenefitTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of the following table presents the ownership of Formula\u2019s directly held investees as of the dates indicated [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTheFollowingTablePresentsTheOwnershipOfFormulaSDirectlyHeldInvesteesAsOfTheDatesIndicatedAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of the following table summarizes the changes in the carrying amount of the Company\u2019s Investment in TSG [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTheFollowingTableSummarizesTheChangesInTheCarryingAmountOfTheCompanySInvestmentInTsgAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTheRsuActivitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of the RSU activities [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTheRsuActivitiesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTheoreticalTaxExpenseAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of theoretical tax expense [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTheoreticalTaxExpenseAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfTheoreticalTaxExpenseTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of theoretical tax expense.",
        "label": "ScheduleOfTheoreticalTaxExpenseTableTextBlock",
        "terseLabel": "Schedule of theoretical tax expense"
       }
      }
     },
     "localname": "ScheduleOfTheoreticalTaxExpenseTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfTotalUnrecognizedTaxBenefitsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of total unrecognized tax benefits [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfTotalUnrecognizedTaxBenefitsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfUnrecognizedTaxBenefitsTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of unrecognized tax benefits.",
        "label": "ScheduleOfUnrecognizedTaxBenefitsTableTextBlock",
        "terseLabel": "Schedule of total unrecognized tax benefits"
       }
      }
     },
     "localname": "ScheduleOfUnrecognizedTaxBenefitsTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ScheduleOfUsefulLifeOfIntangibleAssetsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of useful life of intangible assets [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfUsefulLifeOfIntangibleAssetsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Schedule of useful life of the assets at annual rates [Abstract]"
       }
      }
     },
     "localname": "ScheduleOfUsefulLifeOfTheAssetsAtAnnualRatesAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_SecuredDebentureOneMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SecuredDebentureOneMember",
        "terseLabel": "Formula\u2019s Series C Secured Debentures (2.3%) [Member]"
       }
      }
     },
     "localname": "SecuredDebentureOneMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SecuredDebentures": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Shares of secured debenture of series for the reporting period.",
        "label": "SecuredDebentures",
        "terseLabel": "Formula\u2019s series C secured debentures"
       }
      }
     },
     "localname": "SecuredDebentures",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionofpledgedsharesTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_SecuredDebenturesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SecuredDebenturesMember",
        "terseLabel": "Formula\u2019s Series A Secured Debentures (2.8%) [Member]"
       }
      }
     },
     "localname": "SecuredDebenturesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SecuredDebenturesTwoMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SecuredDebenturesTwoMember",
        "terseLabel": "Sapiens\u2019 Series B Debentures (3.37%) [Member]"
       }
      }
     },
     "localname": "SecuredDebenturesTwoMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SellingAndMarketingExpensesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SellingAndMarketingExpensesMember",
        "terseLabel": "Selling and marketing expenses [Member]"
       }
      }
     },
     "localname": "SellingAndMarketingExpensesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SeriesASecuredDebenturesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This member stands for series A secured debentures.",
        "label": "SeriesASecuredDebenturesMember",
        "terseLabel": "Series A Secured Debentures [Member]"
       }
      }
     },
     "localname": "SeriesASecuredDebenturesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SeriesCSecuredDebenturesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SeriesCSecuredDebenturesMember",
        "terseLabel": "Series C Secured Debentures [Member]"
       }
      }
     },
     "localname": "SeriesCSecuredDebenturesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SettlementOfPutOptionsOverNoncontrollingInterests": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of settlement of put options over non-controlling interests.",
        "label": "SettlementOfPutOptionsOverNoncontrollingInterests",
        "terseLabel": "Settlement of put options over non-controlling interests"
       }
      }
     },
     "localname": "SettlementOfPutOptionsOverNoncontrollingInterests",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_SeveranceExpenses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of severance expenses.",
        "label": "SeveranceExpenses",
        "terseLabel": "Severance expenses"
       }
      }
     },
     "localname": "SeveranceExpenses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ShareCapitalAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ShareCapitalAbstract",
        "terseLabel": "Share capital:"
       }
      }
     },
     "localname": "ShareCapitalAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ShareCapitalPercentage": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Pecentage of share capital.",
        "label": "ShareCapitalPercentage",
        "terseLabel": "Share capital percentage"
       }
      }
     },
     "localname": "ShareCapitalPercentage",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow": {
       "order": 4.0,
       "parentTag": "forty_AccumulatedOtherComprehensiveIncomeloss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount recognized in other comprehensive income loss in investment that measured on equity method net.",
        "label": "ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet",
        "terseLabel": "Share in other comprehensive loss of companies accounted for at equity, net"
       }
      }
     },
     "localname": "ShareInOtherComprehensiveLossOfCompaniesAccountedForAtEquityNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ShareOfOtherComprehensiveIncomeOfJointVenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Share of other comprehensive income of joint venture.",
        "label": "ShareOfOtherComprehensiveIncomeOfJointVenture",
        "terseLabel": "Company\u2019s share of other comprehensive income"
       }
      }
     },
     "localname": "ShareOfOtherComprehensiveIncomeOfJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofthefollowingtablesummarizesthechangesinthecarryingamountoftheCompanysInvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_SharesInvestmentInJointVenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a JV, each of the participants is responsible for profits, losses, and costs associated with it.",
        "label": "SharesInvestmentInJointVenture",
        "terseLabel": "Shares"
       }
      }
     },
     "localname": "SharesInvestmentInJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ShortTermInterestOnLongTermLoansFromOtherAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ShortTermInterestOnLongTermLoansFromOtherAbstract",
        "terseLabel": "Short-term interest on long-term loans from other"
       }
      }
     },
     "localname": "ShortTermInterestOnLongTermLoansFromOtherAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ShortTermLiabilitiesToBanksAndOthersTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Schedule of short term liabilities to banks and others.",
        "label": "ShortTermLiabilitiesToBanksAndOthersTableTextBlock",
        "terseLabel": "Schedule of short term liabilities to banks and others"
       }
      }
     },
     "localname": "ShortTermLiabilitiesToBanksAndOthersTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthersTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Line Items]"
       }
      }
     },
     "localname": "ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Short Term Liabilities to Banks and Others (Details) - Schedule of short term liabilities to banks and others [Table]"
       }
      }
     },
     "localname": "ShortTermLiabilitiestoBanksandOthersDetailsScheduleofshorttermliabilitiestobanksandothersTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ShorttermAccruedInterest": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Short-term accrued interest.",
        "label": "ShorttermAccruedInterest",
        "terseLabel": "Short-term accrued interest"
       }
      }
     },
     "localname": "ShorttermAccruedInterest",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ShorttermBankCreditNet": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 6.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of short-term bank credit, net.",
        "label": "ShorttermBankCreditNet",
        "negatedLabel": "Short-term bank credit, net"
       }
      }
     },
     "localname": "ShorttermBankCreditNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ShorttermBankLoans1Member": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ShorttermBankLoans1Member",
        "terseLabel": "Short-term bank loans 1 [Member]"
       }
      }
     },
     "localname": "ShorttermBankLoans1Member",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ShorttermBankLoansMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ShorttermBankLoansMember",
        "terseLabel": "Short-term bank loans [Member]"
       }
      }
     },
     "localname": "ShorttermBankLoansMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) [Line Items]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Table]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofamortizationperiodsoftherightofuseassetsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Line Items]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of useful life of intangible assets [Table]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofusefullifeofintangibleassetsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Line Items]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) - Schedule of useful life of the assets at annual rates [Table]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsScheduleofusefullifeoftheassetsatannualratesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SignificantAccountingPoliciesDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Accounting Policies (Details) [Table]"
       }
      }
     },
     "localname": "SignificantAccountingPoliciesDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SoftITLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SoftITLtdMember",
        "terseLabel": "Soft IT Ltd.[Member]"
       }
      }
     },
     "localname": "SoftITLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SoftwareProduct": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SoftwareProduct",
        "terseLabel": "Software product"
       }
      }
     },
     "localname": "SoftwareProduct",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_SoftwareProductMarketingAndSupportMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SoftwareProductMarketingAndSupportMember",
        "terseLabel": "Software Product Marketing And Support [Member]"
       }
      }
     },
     "localname": "SoftwareProductMarketingAndSupportMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SoftwareSolutionsAndServicesInIsraelMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SoftwareSolutionsAndServicesInIsraelMember",
        "terseLabel": "Information Technologies (IT) Software solutions and services, Consulting &amp; Management in Israel [Member]"
       }
      }
     },
     "localname": "SoftwareSolutionsAndServicesInIsraelMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_StockellInformationSystemsIncMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "StockellInformationSystemsIncMember",
        "terseLabel": "Stockell Information Systems, Inc [Member]"
       }
      }
     },
     "localname": "StockellInformationSystemsIncMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_SubsequentEventsDetailsLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Subsequent Events (Details) [Line Items]"
       }
      }
     },
     "localname": "SubsequentEventsDetailsLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SubsequentEventsDetailsTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Subsequent Events (Details) [Table]"
       }
      }
     },
     "localname": "SubsequentEventsDetailsTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SummaryOfFormulasInvestmentsTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Tabular of summary of formulas's investments in companies accounted for at equity.",
        "label": "SummaryOfFormulasInvestmentsTableTextBlock",
        "terseLabel": "Schedule of changes in the carrying amount of the company\u2019s investment in TSG"
       }
      }
     },
     "localname": "SummaryOfFormulasInvestmentsTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock",
        "terseLabel": "Schedule of highlights of TSG profit or loss in accordance"
       }
      }
     },
     "localname": "SummaryOfStatementsOfIncomeOfInvestmentInTSGTableTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_SupplementaryFinancialStatementInformationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information [Abstract]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Line Items]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of non-controlling interest in material partially owned subsidiaries [Table]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Line Items]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of property and equipment located [Table]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofpropertyandequipmentlocatedTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Line Items]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersLineItems",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplementary Financial Statement Information (Details) - Schedule of revenues classified by geographic area (based on the location of customers) [Table]"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationDetailsScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_SupplementaryFinancialStatementInformationTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Disclosure of supplementary financial statement information.",
        "label": "SupplementaryFinancialStatementInformationTextBlock",
        "terseLabel": "SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION"
       }
      }
     },
     "localname": "SupplementaryFinancialStatementInformationTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/SupplementaryFinancialStatementInformation"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_TaxesInRespectOfPriorYears": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Taxes in respect of prior years.",
        "label": "TaxesInRespectOfPriorYears",
        "terseLabel": "Taxes in respect of prior years"
       }
      }
     },
     "localname": "TaxesInRespectOfPriorYears",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TaxesPaidNet": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.",
        "label": "TaxesPaidNet",
        "terseLabel": "Taxes paid (received), net"
       }
      }
     },
     "localname": "TaxesPaidNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TechtopLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TechtopLtdMember",
        "netLabel": "Techtop Ltd.[Member]",
        "terseLabel": "Techtop Ltd. [Member]",
        "verboseLabel": "Medatech Information Technologies Ltd [Member]"
       }
      }
     },
     "localname": "TechtopLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ThorDenmarkHoldingApSAndSubsidiariesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ThorDenmarkHoldingApSAndSubsidiariesMember",
        "terseLabel": "Thor Denmark Holding ApS and subsidiaries [Member]"
       }
      }
     },
     "localname": "ThorDenmarkHoldingApSAndSubsidiariesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_TifulGemelLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TifulGemelLtdMember",
        "terseLabel": "Tiful Gemel Ltd. [Member]"
       }
      }
     },
     "localname": "TifulGemelLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_TotalCashConsiderationNetOfAcquiredCash": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Total cash consideration net of acquired cash.",
        "label": "TotalCashConsiderationNetOfAcquiredCash",
        "terseLabel": "Total cash consideration net of acquired cash"
       }
      }
     },
     "localname": "TotalCashConsiderationNetOfAcquiredCash",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalConsideration": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Total consideration.",
        "label": "TotalConsideration",
        "terseLabel": "Total consideration"
       }
      }
     },
     "localname": "TotalConsideration",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalConsiderationAmount": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Total consideration amount.",
        "label": "TotalConsiderationAmount",
        "terseLabel": "Total consideration amount"
       }
      }
     },
     "localname": "TotalConsiderationAmount",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalConsiderationAmounts": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "TotalConsiderationAmounts",
        "terseLabel": "Total consideration amount"
       }
      }
     },
     "localname": "TotalConsiderationAmounts",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalInvestmentInJointVenture": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A Joint Venture can be termed as a contractual arrangement between two companies, aiming to undertake a specific task. In a partnership, partners agree to share the profits and take the burden of loss incurred. However, in joint venture, it is not just profit that binds the parties together.",
        "label": "TotalInvestmentInJointVenture",
        "terseLabel": "Total"
       }
      }
     },
     "localname": "TotalInvestmentInJointVenture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofinvestmentinTSGequitymethodTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalLongtermLiabilitiesNetOfCurrentMaturities": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "TotalLongtermLiabilitiesNetOfCurrentMaturities",
        "terseLabel": "Total long-term liabilities net of current maturities"
       }
      }
     },
     "localname": "TotalLongtermLiabilitiesNetOfCurrentMaturities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalOtherLongtermAssets": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Long-term assets that the entity does not separately disclose in the same statement or note.",
        "label": "TotalOtherLongtermAssets",
        "totalLabel": "Total long-term assets"
       }
      }
     },
     "localname": "TotalOtherLongtermAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TotalRevenueOfProductsandServices": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "TotalRevenueOfProductsandServices",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "TotalRevenueOfProductsandServices",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebytimingofrevenuerecognitionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount recognized as of the acquisition date for trade names based intangible assets acquired in a business combination.",
        "label": "TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate",
        "terseLabel": "Trade names"
       }
      }
     },
     "localname": "TradeNameintangibleAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_TsgMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TsgMember",
        "terseLabel": "TSG [Member]"
       }
      }
     },
     "localname": "TsgMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails",
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_TwoThousandElevenPlanMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TwoThousandElevenPlanMember",
        "terseLabel": "2011 Plan [Member]"
       }
      }
     },
     "localname": "TwoThousandElevenPlanMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_TypeOfCountryAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TypeOfCountryAxis",
        "terseLabel": "Type Of Country [Axis]"
       }
      }
     },
     "localname": "TypeOfCountryAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_TypeOfCountryDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TypeOfCountry [Domain]"
       }
      }
     },
     "localname": "TypeOfCountryDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_TypeOfSeriesDebentureAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.",
        "label": "TypeOfSeriesDebentureAxis",
        "terseLabel": "Type Of Series Debenture [Axis]"
       }
      }
     },
     "localname": "TypeOfSeriesDebentureAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_TypeOfSeriesDebentureDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "TypeOfSeriesDebenture [Domain]"
       }
      }
     },
     "localname": "TypeOfSeriesDebentureDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_UnallocatedCorporateExpenses": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Unallocated corporate expenses.",
        "label": "UnallocatedCorporateExpenses",
        "terseLabel": "Unallocated corporate expenses"
       }
      }
     },
     "localname": "UnallocatedCorporateExpenses",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UnamortizedDebtPremiumDiscountAndIssuanceCostNet": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "UnamortizedDebtPremiumDiscountAndIssuanceCostNet",
        "terseLabel": "Unamortized debt premium (discount) and issuance costs, net"
       }
      }
     },
     "localname": "UnamortizedDebtPremiumDiscountAndIssuanceCostNet",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UndiscountedFutureLeasePaymentsReceivableForOperatingLeases": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "label": "UndiscountedFutureLeasePaymentsReceivableForOperatingLeases",
        "terseLabel": "Total undiscounted cash flows"
       }
      }
     },
     "localname": "UndiscountedFutureLeasePaymentsReceivableForOperatingLeases",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UndistributedEarningsOfForeignSubsidiariesAndAffiliates": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Undistributed earnings of foreign subsidiaries and affiliates.",
        "label": "UndistributedEarningsOfForeignSubsidiariesAndAffiliates",
        "terseLabel": "Undistributed earnings of foreign subsidiaries and affiliates"
       }
      }
     },
     "localname": "UndistributedEarningsOfForeignSubsidiariesAndAffiliates",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UniqueSoftwareIndustriesLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "UniqueSoftwareIndustriesLtdMember",
        "terseLabel": "Unique Software Industries Ltd [Member]"
       }
      }
     },
     "localname": "UniqueSoftwareIndustriesLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_UnrecognizedCompensationCost": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Unrecognized compensation cost.",
        "label": "UnrecognizedCompensationCost",
        "terseLabel": "Unrecognized compensation cost"
       }
      }
     },
     "localname": "UnrecognizedCompensationCost",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UnrecognizedCompensationCosts": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Unrecognized compensation costs.",
        "label": "UnrecognizedCompensationCosts",
        "terseLabel": "Unrecognized compensation costs"
       }
      }
     },
     "localname": "UnrecognizedCompensationCosts",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UnrecognizedTaxOnIncomeBenefits": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Unrecognized tax benefits.",
        "label": "UnrecognizedTaxOnIncomeBenefits",
        "periodEndLabel": "Ending Balance",
        "periodStartLabel": "Beginning Balance"
       }
      }
     },
     "localname": "UnrecognizedTaxOnIncomeBenefits",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftotalunrecognizedtaxbenefitsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_UseOfEstimatesAndJudgmentsPolicyTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The description of the entity's accounting policy use of estimates anf judgments.",
        "label": "UseOfEstimatesAndJudgmentsPolicyTextBlock",
        "terseLabel": "Use of estimates, judgments and assumptions"
       }
      }
     },
     "localname": "UseOfEstimatesAndJudgmentsPolicyTextBlock",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "forty_UsefulLifeOfMotorVehicles": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "UsefulLifeOfMotorVehicles",
        "terseLabel": "Useful life of Motor vehicles"
       }
      }
     },
     "localname": "UsefulLifeOfMotorVehicles",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_UsefulLifeOfOfficeFurnitureAndEquipment": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "UsefulLifeOfOfficeFurnitureAndEquipment",
        "terseLabel": "Useful life of Office furniture and equipment"
       }
      }
     },
     "localname": "UsefulLifeOfOfficeFurnitureAndEquipment",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_UsefulLifeOfOtherIintangibleAssets": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Useful life of other intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days",
        "label": "UsefulLifeOfOtherIintangibleAssets",
        "terseLabel": "Useful life of intangible assets"
       }
      }
     },
     "localname": "UsefulLifeOfOtherIintangibleAssets",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_UsefulLifeOfTheAssetsAtAnnualRates": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "UsefulLifeOfTheAssetsAtAnnualRates",
        "terseLabel": "Useful life of the assets at annual rates"
       }
      }
     },
     "localname": "UsefulLifeOfTheAssetsAtAnnualRates",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "percentItemType"
    },
    "forty_UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The useful life of the assets at annual rates of motor vehicles.",
        "label": "UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles",
        "terseLabel": "Motor vehicles"
       }
      }
     },
     "localname": "UsefulLifeofTheAssetsAtAnnualRatesMotorVehicles",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_ValuationtechniquesAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ValuationtechniquesAxis",
        "terseLabel": "Valuationtechniques [Axis]"
       }
      }
     },
     "localname": "ValuationtechniquesAxis",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_ValuationtechniquesDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Valuationtechniques [Domain]"
       }
      }
     },
     "localname": "ValuationtechniquesDomain",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options exercisable in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement",
        "terseLabel": "Weighted average exercise price, Exercisable at end of year",
        "verboseLabel": "Weighted average exercise price, Exercisable at end of year (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements",
        "terseLabel": "Weighted Average Exercise price of Options Exercisable",
        "verboseLabel": "Weighted average exercise price of exercisable options"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionExercisableInSharebasedPaymentArrangements",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options exercised in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement",
        "terseLabel": "Weighted average exercise price, Exercised",
        "verboseLabel": "Exercised (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionExercisedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options expired and forfeited in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement",
        "terseLabel": "Weighted average exercise price, Expired and forfeited"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionExpiredAndForfeitedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options forfeited in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement",
        "terseLabel": "Forfeited (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionForfeitedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options granted in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement",
        "terseLabel": "Weighted average exercise price, Granted",
        "verboseLabel": "Granted (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionGrantedInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average exercise price of share options outstanding in a share-based payment arrangement.",
        "label": "WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement",
        "periodEndLabel": "Weighted average exercise price, Outstanding at end of year",
        "periodStartLabel": "Weighted average exercise price, Outstanding at beginning of year"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangement",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements",
        "terseLabel": "Weighted average exercise price"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOfShareOptionOutstandingInSharebasedPaymentArrangements",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOutstandingAtBeginningOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WeightedAverageExercisePriceOutstandingAtBeginningOfYear",
        "periodStartLabel": "Weighted average exercise price, Outstanding at beginning of year (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOutstandingAtBeginningOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageExercisePriceOutstandingAtEndOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted average exercise price outstanding at end of year.",
        "label": "WeightedAverageExercisePriceOutstandingAtEndOfYear",
        "periodEndLabel": "Weighted average exercise price, Outstanding at end of year"
       }
      }
     },
     "localname": "WeightedAverageExercisePriceOutstandingAtEndOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "forty_WeightedAverageGrantDateFairValueExpiredAndForfeiture": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted Average Grant-Date Fair value, Expired and forfeiture.",
        "label": "WeightedAverageGrantDateFairValueExpiredAndForfeiture",
        "terseLabel": "Weighted Average Grant-Date Fair value, Expired and forfeiture"
       }
      }
     },
     "localname": "WeightedAverageGrantDateFairValueExpiredAndForfeiture",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageGrantDateFairValueGranted": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted Average Grant-Date Fair value, Granted.",
        "label": "WeightedAverageGrantDateFairValueGranted",
        "terseLabel": "Weighted Average Grant-Date Fair value, Granted"
       }
      }
     },
     "localname": "WeightedAverageGrantDateFairValueGranted",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageGrantDateFairValueVested": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted Average Grant-Date Fair value, Vested.",
        "label": "WeightedAverageGrantDateFairValueVested",
        "terseLabel": "Weighted Average Grant-Date Fair value, Vested"
       }
      }
     },
     "localname": "WeightedAverageGrantDateFairValueVested",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageGrantDateFairValuesOfOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted average grant date fair values of options.",
        "label": "WeightedAverageGrantDateFairValuesOfOptions",
        "terseLabel": "Weighted average grant date fair values of options (in Dollars per share)"
       }
      }
     },
     "localname": "WeightedAverageGrantDateFairValuesOfOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAverageGrantDateFairValuesUnvestedEnding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted Average Grant-Date Fair value, Unvested ending.",
        "label": "WeightedAverageGrantDateFairValuesUnvestedEnding",
        "periodEndLabel": "Weighted Average Grant-Date Fair value, Unvested ending",
        "periodStartLabel": "Weighted Average Grant-Date Fair value, Unvested ending"
       }
      }
     },
     "localname": "WeightedAverageGrantDateFairValuesUnvestedEnding",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheRSUactivitiesTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "forty_WeightedAveragePeriod": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WeightedAveragePeriod",
        "terseLabel": "Weighted average period"
       }
      }
     },
     "localname": "WeightedAveragePeriod",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOfExercisableShareOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average remaining contractual life of exercisable share options.",
        "label": "WeightedAverageRemainingContractualTermOfExercisableShareOptions",
        "terseLabel": "Weighted average remaining contractual term, Exercisable at end of year",
        "verboseLabel": "Weighted average remaining contractual life, Exercisable at end of year"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOfExercisableShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOfExercisedShareOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average remaining contractual term of exercised share options.",
        "label": "WeightedAverageRemainingContractualTermOfExercisedShareOptions",
        "terseLabel": "Weighted average remaining contractual term, Exercised"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOfExercisedShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average remaining contractual term of outstanding share option.",
        "label": "WeightedAverageRemainingContractualTermOfOutstandingShareOptions",
        "terseLabel": "Weighted Average remaining contractual Term",
        "verboseLabel": "Weighted average remaining contractual term, Outstanding at beginning of year"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOfOutstandingShareOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockoptionplansTable",
      "http://formulasystems.com/role/ScheduleofmagicSoftwarestockbasedcompensationactivityTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOfOutstandingShareOptions1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Weighted average remaining contractual life.",
        "label": "WeightedAverageRemainingContractualTermOfOutstandingShareOptions1",
        "terseLabel": "Weighted average remaining contractual life (Years)"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOfOutstandingShareOptions1",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOfOutstandingSharesOptions": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The weighted average remaining contractual term of outstanding share option.",
        "label": "WeightedAverageRemainingContractualTermOfOutstandingSharesOptions",
        "periodEndLabel": "Weighted average remaining contractual life, Outstanding at end of year",
        "periodStartLabel": "Weighted average remaining contractual life, Outstanding at beginning of year"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOfOutstandingSharesOptions",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofSapiensstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear",
        "periodEndLabel": "Weighted average remaining contractual term, Outstanding at end of year",
        "periodStartLabel": "Weighted average remaining contractual term, Outstanding at beginning of year"
       }
      }
     },
     "localname": "WeightedAverageRemainingContractualTermOutstandingAtBeginningOfYear",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofMatrixstockbasedcompensationactivityandnotMagicsoftwareTable"
     ],
     "xbrltype": "durationItemType"
    },
    "forty_WorkingCapital": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 7.0,
       "parentTag": "forty_AssetsAndLiabilitiesOfSubsidiariesConsolidatedAsOfAcquisitionDate",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The amount of working capital.",
        "label": "WorkingCapital",
        "negatedLabel": "Working capital (other than cash and cash equivalents)"
       }
      }
     },
     "localname": "WorkingCapital",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_WorkingCapitalAdjustmentsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "WorkingCapitalAdjustmentsAbstract",
        "terseLabel": "Working capital adjustments:"
       }
      }
     },
     "localname": "WorkingCapitalAdjustmentsAbstract",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "forty_WorkingCapitalForAssetsAndLiabilities": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Working capital for assets and liabilites.",
        "label": "WorkingCapitalForAssetsAndLiabilities",
        "terseLabel": "Working capital"
       }
      }
     },
     "localname": "WorkingCapitalForAssetsAndLiabilities",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_ZAPAndItsSubsidiariesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ZAPAndItsSubsidiariesMember",
        "terseLabel": "ZAP and its subsidiaries [Member]"
       }
      }
     },
     "localname": "ZAPAndItsSubsidiariesMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ZAPGroupLtdMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ZAPGroupLtdMember",
        "terseLabel": "ZAP Group Ltd. [Member]"
       }
      }
     },
     "localname": "ZAPGroupLtdMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ZAPGroupMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ZAPGroupMember",
        "terseLabel": "ZAP Group [Member]"
       }
      }
     },
     "localname": "ZAPGroupMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleofthefollowingtablepresentstheownershipofFormulasdirectlyheldinvesteesasofthedatesindicatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ZapGroupAcquisitionMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ZapGroupAcquisitionMember",
        "terseLabel": "Zap Group acquisition [Member]"
       }
      }
     },
     "localname": "ZapGroupAcquisitionMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_ZapMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "ZapMember",
        "terseLabel": "Zap [Member]"
       }
      }
     },
     "localname": "ZapMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_financialInstitutionsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "financialInstitutionsMember",
        "terseLabel": "financial institutions [Member]"
       }
      }
     },
     "localname": "financialInstitutionsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "forty_lawsuitSeekingDamages": {
     "auth_ref": [],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "label": "lawsuitSeekingDamages",
        "terseLabel": "Lawsuit seeking damages (in New Shekels)"
       }
      }
     },
     "localname": "lawsuitSeekingDamages",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "forty_otherFinancialInstitutionsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "otherFinancialInstitutionsMember",
        "terseLabel": "other financial institutions [Member]"
       }
      }
     },
     "localname": "otherFinancialInstitutionsMember",
     "nsuri": "http://formulasystems.com/20211231",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_AccrualsClassifiedAsCurrent": {
     "auth_ref": [
      "r38"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 6.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of accruals classified as current. [Refer: Accruals]"
       }
      },
      "en-us": {
       "role": {
        "label": "Accruals classified as current",
        "terseLabel": "Employees and payroll accrual"
       }
      }
     },
     "localname": "AccrualsClassifiedAsCurrent",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AccumulatedOtherComprehensiveIncome": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_EquityAttributableToOwnersOfParent",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Accumulated other comprehensive income",
        "terseLabel": "Accumulated other comprehensive income"
       }
      }
     },
     "localname": "AccumulatedOtherComprehensiveIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AccumulatedOtherComprehensiveIncomeMember": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for accumulated other comprehensive income. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Accumulated other comprehensive income [member]",
        "terseLabel": "Accumulated other comprehensive Loss"
       }
      }
     },
     "localname": "AccumulatedOtherComprehensiveIncomeMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred": {
     "auth_ref": [
      "r195"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Consideration transferred, acquisition-date fair value",
        "terseLabel": "Acquisition date fair-value of contingent consideration",
        "verboseLabel": "Fair value of total consideration"
       }
      }
     },
     "localname": "AcquisitiondateFairValueOfTotalConsiderationTransferred",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofprovisionalestimatedconsiderationTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination": {
     "auth_ref": [
      "r200"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of additional contingent liabilities recognised in business combinations. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]; Contingent liabilities [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Additional liabilities, contingent liabilities recognised in business combination",
        "negatedLabel": "Contingent liability in respect of business combinations"
       }
      }
     },
     "localname": "AdditionalLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdditionalPaidinCapital": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_EquityAttributableToOwnersOfParent",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount received or receivable from the issuance of the entity's shares in excess of nominal value and amounts received from other transactions involving the entity's stock or stockholders."
       }
      },
      "en-us": {
       "role": {
        "label": "Additional paid-in capital",
        "terseLabel": "Additional paid-in capital"
       }
      }
     },
     "localname": "AdditionalPaidinCapital",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForDecreaseIncreaseInInventories": {
     "auth_ref": [
      "r127"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 15.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for decrease (increase) in inventories",
        "terseLabel": "Decrease (increase) in inventories"
       }
      }
     },
     "localname": "AdjustmentsForDecreaseIncreaseInInventories",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable": {
     "auth_ref": [
      "r127"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 16.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for decrease (increase) in trade accounts receivable",
        "terseLabel": "Decrease (increase) in trade receivables"
       }
      }
     },
     "localname": "AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables": {
     "auth_ref": [
      "r129"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 17.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for decrease (increase) in trade and other receivables",
        "terseLabel": "Decrease (increase) in other current and long-term accounts receivable"
       }
      }
     },
     "localname": "AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense": {
     "auth_ref": [
      "r128"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 3.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for depreciation and amortisation expense",
        "terseLabel": "Depreciation and amortization"
       }
      }
     },
     "localname": "AdjustmentsForDepreciationAndAmortisationExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment": {
     "auth_ref": [
      "r129"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 6.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for gain (loss) on disposals, property, plant and equipment",
        "terseLabel": "Loss (gain) from sale of property, plants and equipment"
       }
      }
     },
     "localname": "AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities": {
     "auth_ref": [
      "r129"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 5.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for increase (decrease) in employee benefit liabilities",
        "terseLabel": "Increase (decrease) in employee benefit liabilities"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable": {
     "auth_ref": [
      "r127"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 18.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for increase (decrease) in trade accounts payable",
        "terseLabel": "Increase (decrease) in trade payables"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables": {
     "auth_ref": [
      "r129"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 19.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for increase (decrease) in trade and other payables",
        "terseLabel": "Increase in other accounts payable and employees and payroll accrual"
       }
      }
     },
     "localname": "AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdjustmentsForReconcileProfitLossAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Adjustments to reconcile profit (loss) [abstract]",
        "terseLabel": "Adjustments to reconcile net income to net cash provided by operating activities:"
       }
      }
     },
     "localname": "AdjustmentsForReconcileProfitLossAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_AdjustmentsForSharebasedPayments": {
     "auth_ref": [
      "r128"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 7.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Adjustments for share-based payments",
        "terseLabel": "Stock-based compensation expenses"
       }
      }
     },
     "localname": "AdjustmentsForSharebasedPayments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AdministrativeExpense": {
     "auth_ref": [
      "r2",
      "r58",
      "r97"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of expenses that the entity classifies as being administrative."
       }
      },
      "en-us": {
       "role": {
        "label": "Administrative expenses",
        "terseLabel": "Total stock-based compensation expense"
       }
      }
     },
     "localname": "AdministrativeExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AggregatedTimeBandsMember": {
     "auth_ref": [
      "r29",
      "r82",
      "r176",
      "r183",
      "r184",
      "r206",
      "r211",
      "r215",
      "r236",
      "r237",
      "r239",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for aggregated time bands. It also represents the standard value for the 'Maturity' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Aggregated time bands [member]"
       }
      }
     },
     "localname": "AggregatedTimeBandsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_AllLevelsOfFairValueHierarchyMember": {
     "auth_ref": [
      "r81",
      "r165"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for all levels of the fair value hierarchy. It also represents the standard value for the 'Levels of fair value hierarchy' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "All levels of fair value hierarchy [member]"
       }
      }
     },
     "localname": "AllLevelsOfFairValueHierarchyMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_AmortisationExpense": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives."
       }
      },
      "en-us": {
       "role": {
        "label": "Amortisation expense",
        "terseLabel": "Amortized expenses"
       }
      }
     },
     "localname": "AmortisationExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IntangibleAssetsNetDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AmountsReceivableRelatedPartyTransactions": {
     "auth_ref": [
      "r90",
      "r94"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Amounts receivable, related party transactions",
        "terseLabel": "Trade receivables balances due from related parties"
       }
      }
     },
     "localname": "AmountsReceivableRelatedPartyTransactions",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination": {
     "auth_ref": [
      "r198"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amounts recognised for transaction recognised separately from the acquisition of assets and the assumption of liabilities in business combinations. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Amounts recognised for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination",
        "terseLabel": "Acquisition of subsidiaries"
       }
      }
     },
     "localname": "AmountsRecognisedForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcarryingamountofgoodwillTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_Assets": {
     "auth_ref": [
      "r26",
      "r164",
      "r165",
      "r166",
      "r223",
      "r227"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits."
       }
      },
      "en-us": {
       "role": {
        "label": "Assets",
        "totalLabel": "Total assets"
       }
      }
     },
     "localname": "Assets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_AssetsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Assets [abstract]",
        "terseLabel": "ASSETS",
        "verboseLabel": "Assets:"
       }
      }
     },
     "localname": "AssetsAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_AverageEffectiveTaxRate": {
     "auth_ref": [
      "r66"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]"
       }
      },
      "en-us": {
       "role": {
        "label": "Average effective tax rate",
        "terseLabel": "Minimum tax rate"
       }
      }
     },
     "localname": "AverageEffectiveTaxRate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_BalancesOnOtherDepositsFromCustomers": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of balances in customers' deposit accounts held by the entity that the entity does not separately disclose in the same statement or note."
       }
      },
      "en-us": {
       "role": {
        "label": "Balances on other deposits from customers",
        "terseLabel": "Restricted bank deposits"
       }
      }
     },
     "localname": "BalancesOnOtherDepositsFromCustomers",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_BasicEarningsLossPerShare": {
     "auth_ref": [
      "r104",
      "r105"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator)."
       }
      },
      "en-us": {
       "role": {
        "label": "Basic earnings (loss) per share",
        "terseLabel": "Basic earnings per share (in Dollars per share)",
        "verboseLabel": "Basic net earnings per share (in Dollars per share)"
       }
      }
     },
     "localname": "BasicEarningsLossPerShare",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "ifrs-full_BorrowingsByNameAxis": {
     "auth_ref": [
      "r210"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Borrowings by name [axis]"
       }
      }
     },
     "localname": "BorrowingsByNameAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_BorrowingsByNameMember": {
     "auth_ref": [
      "r210"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for all borrowings when disaggregated by name. It also represents the standard value for the 'Borrowings by name' axis if no other member is used. [Refer: Borrowings]"
       }
      },
      "en-us": {
       "role": {
        "label": "Borrowings by name [member]"
       }
      }
     },
     "localname": "BorrowingsByNameMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_BorrowingsInterestRate": {
     "auth_ref": [
      "r210"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The interest rate on borrowings. [Refer: Borrowings]"
       }
      },
      "en-us": {
       "role": {
        "label": "Borrowings, interest rate",
        "netLabel": "Fixed interest rate",
        "terseLabel": "Effective Interest rate",
        "verboseLabel": "Interest rate, percentage"
       }
      }
     },
     "localname": "BorrowingsInterestRate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/DebenturesDetails",
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_BorrowingsInterestRateBasis": {
     "auth_ref": [
      "r210"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]"
       }
      },
      "en-us": {
       "role": {
        "label": "Borrowings, interest rate basis",
        "terseLabel": "Interest rate %"
       }
      }
     },
     "localname": "BorrowingsInterestRateBasis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_BorrowingsOriginalCurrency": {
     "auth_ref": [
      "r210"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The currency in which the borrowings are denominated. [Refer: Borrowings]"
       }
      },
      "en-us": {
       "role": {
        "label": "Borrowings, original currency",
        "terseLabel": "Currency"
       }
      }
     },
     "localname": "BorrowingsOriginalCurrency",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_BottomOfRangeMember": {
     "auth_ref": [
      "r168",
      "r169",
      "r172",
      "r190",
      "r210",
      "r239"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the bottom of a range."
       }
      },
      "en-us": {
       "role": {
        "label": "Bottom of range [member]",
        "terseLabel": "Bottom of range [member]",
        "verboseLabel": "Minimum [Member]"
       }
      }
     },
     "localname": "BottomOfRangeMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_BrandNamesMember": {
     "auth_ref": [
      "r113"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of intangible assets representing rights to a group of complementary assets such as a trademark (or service mark) and its related trade name, formulas, recipes and technological expertise. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Brand names [member]",
        "terseLabel": "Brand names [Member]"
       }
      }
     },
     "localname": "BrandNamesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_BuildingsMember": {
     "auth_ref": [
      "r72"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of plant, property and equipment representing depreciable buildings and similar structures for use in operations. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Buildings [member]",
        "terseLabel": "Buildings [Member]"
       }
      }
     },
     "localname": "BuildingsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_BusinessCombinationsAxis": {
     "auth_ref": [
      "r199"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Business combinations [axis]"
       }
      }
     },
     "localname": "BusinessCombinationsAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_Cash": {
     "auth_ref": [
      "r134"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of cash on hand and demand deposits. [Refer: Cash on hand]"
       }
      },
      "en-us": {
       "role": {
        "label": "Cash",
        "terseLabel": "Cash and cash equivalents"
       }
      }
     },
     "localname": "Cash",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashAndCashEquivalents": {
     "auth_ref": [
      "r21",
      "r134",
      "r158"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Cash and cash equivalents",
        "periodEndLabel": "Cash and cash equivalents at end of year",
        "periodStartLabel": "Cash and cash equivalents at beginning of year"
       }
      }
     },
     "localname": "CashAndCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments": {
     "auth_ref": [
      "r122"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 5.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments."
       }
      },
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) decrease (increase) in short-term deposits and investments",
        "terseLabel": "Change in short-term and long-term deposits, net"
       }
      }
     },
     "localname": "CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashFlowsFromUsedInFinancingActivities": {
     "auth_ref": [
      "r119",
      "r136"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 3.0,
       "parentTag": "ifrs-full_IncreaseDecreaseInCashAndCashEquivalents",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) financing activities",
        "totalLabel": "Net cash provided (used) by financing activities"
       }
      }
     },
     "localname": "CashFlowsFromUsedInFinancingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) financing activities [abstract]",
        "terseLabel": "Cash flows from financing activities:"
       }
      }
     },
     "localname": "CashFlowsFromUsedInFinancingActivitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_CashFlowsFromUsedInInvestingActivities": {
     "auth_ref": [
      "r119",
      "r136"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 2.0,
       "parentTag": "ifrs-full_IncreaseDecreaseInCashAndCashEquivalents",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents."
       }
      },
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) investing activities",
        "totalLabel": "Net cash used in investing activities"
       }
      }
     },
     "localname": "CashFlowsFromUsedInInvestingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) investing activities [abstract]",
        "terseLabel": "Cash flows from investing activities:"
       }
      }
     },
     "localname": "CashFlowsFromUsedInInvestingActivitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_CashFlowsFromUsedInOperatingActivities": {
     "auth_ref": [
      "r119",
      "r136"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 1.0,
       "parentTag": "ifrs-full_IncreaseDecreaseInCashAndCashEquivalents",
       "weight": 1.0
      }
     },
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) operating activities",
        "totalLabel": "Net cash provided by operating activities"
       }
      }
     },
     "localname": "CashFlowsFromUsedInOperatingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash flows from (used in) operating activities [abstract]",
        "terseLabel": "Cash flows from operating activities:"
       }
      }
     },
     "localname": "CashFlowsFromUsedInOperatingActivitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities": {
     "auth_ref": [
      "r132"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 6.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities",
        "negatedLabel": "Payments for business acquisitions, net of cash acquired (Appendix C)"
       }
      }
     },
     "localname": "CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CashTransferred": {
     "auth_ref": [
      "r194"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Cash transferred",
        "terseLabel": "Total cash consideration"
       }
      }
     },
     "localname": "CashTransferred",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CategoriesOfRelatedPartiesAxis": {
     "auth_ref": [
      "r93"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Categories of related parties [axis]"
       }
      }
     },
     "localname": "CategoriesOfRelatedPartiesAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis": {
     "auth_ref": [
      "r112"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Classes of intangible assets and goodwill [axis]"
       }
      }
     },
     "localname": "ClassesOfIntangibleAssetsAndGoodwillAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis": {
     "auth_ref": [
      "r112"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Classes of intangible assets other than goodwill [axis]"
       }
      }
     },
     "localname": "ClassesOfIntangibleAssetsOtherThanGoodwillAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis": {
     "auth_ref": [
      "r75"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Classes of property, plant and equipment [axis]"
       }
      }
     },
     "localname": "ClassesOfPropertyPlantAndEquipmentAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable",
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ComponentsOfEquityAxis": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Components of equity [axis]"
       }
      }
     },
     "localname": "ComponentsOfEquityAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract]",
        "terseLabel": "Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:"
       }
      }
     },
     "localname": "ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]",
        "terseLabel": "Amounts that will not be reclassified subsequently to profit or loss:"
       }
      }
     },
     "localname": "ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ComprehensiveIncome": {
     "auth_ref": [
      "r4",
      "r46",
      "r139",
      "r141",
      "r150",
      "r155"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners."
       }
      },
      "en-us": {
       "role": {
        "label": "Comprehensive income",
        "terseLabel": "Total comprehensive income (loss)",
        "totalLabel": "Total Comprehensive income"
       }
      }
     },
     "localname": "ComprehensiveIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ComprehensiveIncomeAttributableToAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Comprehensive income attributable to [abstract]",
        "terseLabel": "Total comprehensive income attributable to:"
       }
      }
     },
     "localname": "ComprehensiveIncomeAttributableToAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests": {
     "auth_ref": [
      "r4",
      "r49"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 2.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]"
       }
      },
      "en-us": {
       "role": {
        "label": "Comprehensive income, attributable to non-controlling interests",
        "terseLabel": "Non-controlling interests"
       }
      }
     },
     "localname": "ComprehensiveIncomeAttributableToNoncontrollingInterests",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent": {
     "auth_ref": [
      "r4",
      "r50"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 1.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Comprehensive income, attributable to owners of parent",
        "terseLabel": "Equity holders of the Company"
       }
      }
     },
     "localname": "ComprehensiveIncomeAttributableToOwnersOfParent",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ComputerEquipmentMember": {
     "auth_ref": [
      "r72"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of property, plant and equipment representing computer equipment. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Computer equipment [member]",
        "terseLabel": "Computers, software, furniture, and equipment [Member]"
       }
      }
     },
     "localname": "ComputerEquipmentMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ComputerSoftwareMember": {
     "auth_ref": [
      "r114"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of intangible assets representing computer software. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Computer software [member]",
        "terseLabel": "Capitalized Software costs [Member]"
       }
      }
     },
     "localname": "ComputerSoftwareMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ConsiderationPaidReceived": {
     "auth_ref": [
      "r133"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of consideration paid or received in respect of both obtaining and losing control of subsidiaries or other businesses. [Refer: Subsidiaries [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Consideration paid (received)",
        "terseLabel": "Consideration paid"
       }
      }
     },
     "localname": "ConsiderationPaidReceived",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r196"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount, at acquisition date, of contingent consideration arrangements recognised as consideration transferred in a business combination. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Contingent consideration recognised as of acquisition date",
        "terseLabel": "Contingent consideration payments"
       }
      }
     },
     "localname": "ContingentConsiderationRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ContractualCommitmentsForAcquisitionOfIntangibleAssets": {
     "auth_ref": [
      "r116"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of contractual commitments for the acquisition of intangible assets."
       }
      },
      "en-us": {
       "role": {
        "label": "Contractual commitments for acquisition of intangible assets",
        "terseLabel": "Acquisition amount"
       }
      }
     },
     "localname": "ContractualCommitmentsForAcquisitionOfIntangibleAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CostOfSales": {
     "auth_ref": [
      "r2",
      "r58"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "ifrs-full_GrossProfit",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories."
       }
      },
      "en-us": {
       "role": {
        "label": "Cost of sales",
        "totalLabel": "Total cost of revenues"
       }
      }
     },
     "localname": "CostOfSales",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CountryOfDomicileMember": {
     "auth_ref": [
      "r231",
      "r232"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the country in which the entity is registered and where it has its legal address or registered office."
       }
      },
      "en-us": {
       "role": {
        "label": "Country of domicile [member]",
        "terseLabel": "Domestic (Israel) [Member]"
       }
      }
     },
     "localname": "CountryOfDomicileMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable": {
       "order": 2.0,
       "parentTag": "us-gaap_OtherAccountsPayableAndAccruedLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current accrued expenses and other current liabilities",
        "terseLabel": "Accrued expenses and other current liabilities"
       }
      }
     },
     "localname": "CurrentAccruedExpensesAndOtherCurrentLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentAssets": {
     "auth_ref": [
      "r30",
      "r150",
      "r151"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current assets",
        "terseLabel": "Current assets",
        "totalLabel": "Total current assets"
       }
      }
     },
     "localname": "CurrentAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentAssetsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Current assets [abstract]",
        "terseLabel": "CURRENT ASSETS:"
       }
      }
     },
     "localname": "CurrentAssetsAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_CurrentFinancialAssetsAvailableforsale": {
     "auth_ref": [
      "r247"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current financial assets available-for-sale. [Refer: Financial assets available-for-sale; Current financial assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current financial assets available-for-sale",
        "terseLabel": "Total marketable securities"
       }
      }
     },
     "localname": "CurrentFinancialAssetsAvailableforsale",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmarketablesecuritiesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentFinancialLiabilities": {
     "auth_ref": [
      "r207"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current financial liabilities. [Refer: Financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current financial liabilities",
        "terseLabel": "Credit from banks and others",
        "verboseLabel": "Short term liabilities to banks and others"
       }
      }
     },
     "localname": "CurrentFinancialLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofshorttermliabilitiestobanksandothersTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentInvestments": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current investments."
       }
      },
      "en-us": {
       "role": {
        "label": "Current investments",
        "terseLabel": "Marketable securities"
       }
      }
     },
     "localname": "CurrentInvestments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentLeaseLiabilities": {
     "auth_ref": [
      "r179"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current lease liabilities. [Refer: Lease liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current lease liabilities",
        "terseLabel": "Current maturities of lease liabilities"
       }
      }
     },
     "localname": "CurrentLeaseLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentLiabilities": {
     "auth_ref": [
      "r32",
      "r150",
      "r153"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_EquityAndLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Expiry date 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.\nEffective 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period."
       }
      },
      "en-us": {
       "role": {
        "label": "Current liabilities",
        "totalLabel": "Total current liabilities"
       }
      }
     },
     "localname": "CurrentLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentLiabilitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Current liabilities [abstract]",
        "terseLabel": "CURRENT LIABILITIES:"
       }
      }
     },
     "localname": "CurrentLiabilitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued": {
     "auth_ref": [
      "r11"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current notes and debentures issued and the current portion of non-current notes and debentures issued. [Refer: Notes and debentures issued]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current notes and debentures issued and current portion of non-current notes and debentures issued",
        "terseLabel": "Debentures"
       }
      }
     },
     "localname": "CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current net defined benefit liability. [Refer: Net defined benefit liability]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current net defined benefit liability",
        "negatedLabel": "Current liabilities"
       }
      }
     },
     "localname": "CurrentRecognisedLiabilitiesDefinedBenefitPlan",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentTaxExpenseIncome": {
     "auth_ref": [
      "r64"
     ],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable": {
       "order": 1.0,
       "parentTag": "ifrs-full_IncomeTaxExpenseContinuingOperations",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period."
       }
      },
      "en-us": {
       "role": {
        "label": "Current tax expense (income)",
        "terseLabel": "Current taxes"
       }
      }
     },
     "localname": "CurrentTaxExpenseIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CurrentTradeReceivables": {
     "auth_ref": [
      "r31",
      "r35"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current trade receivables. [Refer: Trade receivables]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current trade receivables",
        "terseLabel": "Trade receivables (net of allowances for doubtful accounts of $9,717 and $12,855 as of December 31, 2020 and 2021, respectively)"
       }
      }
     },
     "localname": "CurrentTradeReceivables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_CustomerrelatedIntangibleAssetsMember": {
     "auth_ref": [
      "r115"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of intangible assets representing assets related to customers. Such assets may include customer lists, order or production backlog, customer contracts and related customer relationships as well as non-contractual customer relationships."
       }
      },
      "en-us": {
       "role": {
        "label": "Customer-related intangible assets [member]",
        "terseLabel": "Customer relationship [Member]"
       }
      }
     },
     "localname": "CustomerrelatedIntangibleAssetsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Customer-related intangible assets recognised as of acquisition date",
        "terseLabel": "Customer relationships"
       }
      }
     },
     "localname": "CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxAssets": {
     "auth_ref": [
      "r23",
      "r27",
      "r67"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "forty_TotalOtherLongtermAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax assets",
        "terseLabel": "Deferred taxes"
       }
      }
     },
     "localname": "DeferredTaxAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxExpenseIncome": {
     "auth_ref": [
      "r68"
     ],
     "calculation": {
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable": {
       "order": 2.0,
       "parentTag": "ifrs-full_IncomeTaxExpenseContinuingOperations",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax expense (income)",
        "terseLabel": "Deferred taxes"
       }
      }
     },
     "localname": "DeferredTaxExpenseIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss": {
     "auth_ref": [
      "r68"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax expense (income) recognised in profit or loss",
        "terseLabel": "Differences in measurement basis (cash basis for tax purposes)"
       }
      }
     },
     "localname": "DeferredTaxExpenseIncomeRecognisedInProfitOrLoss",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxLiabilities": {
     "auth_ref": [
      "r23",
      "r27",
      "r67"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 5.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax liabilities",
        "terseLabel": "Deferred taxes"
       }
      }
     },
     "localname": "DeferredTaxLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for deferred tax liabilities assumed in a business combination. [Refer: Deferred tax liabilities; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax liabilities recognised as of acquisition date",
        "negatedLabel": "Deferred tax liabilities"
       }
      }
     },
     "localname": "DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxLiabilityAsset": {
     "auth_ref": [
      "r67"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax liability (asset)",
        "terseLabel": "Intangibles, fixed asset and right-of-use assets"
       }
      }
     },
     "localname": "DeferredTaxLiabilityAsset",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances": {
     "auth_ref": [
      "r171",
      "r173"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deferred tax liability associated with regulatory deferral account balances. [Refer: Deferred tax liabilities; Regulatory deferral account balances [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Deferred tax liability associated with regulatory deferral account balances",
        "terseLabel": "Deferred tax liability"
       }
      }
     },
     "localname": "DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DefinedBenefitObligationAtPresentValue": {
     "auth_ref": [
      "r83"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]"
       }
      },
      "en-us": {
       "role": {
        "label": "Defined benefit obligation, at present value",
        "terseLabel": "Defined benefit obligation"
       }
      }
     },
     "localname": "DefinedBenefitObligationAtPresentValue",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DepositsFromBanks": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deposit liabilities from banks held by the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Deposits from banks",
        "negatedLabel": "Credit from banks and others"
       }
      }
     },
     "localname": "DepositsFromBanks",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DepreciationAndAmortisationExpense": {
     "auth_ref": [
      "r1",
      "r3",
      "r58",
      "r160",
      "r220",
      "r229"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives."
       }
      },
      "en-us": {
       "role": {
        "label": "Depreciation and amortisation expense",
        "terseLabel": "Depreciation and amortization"
       }
      }
     },
     "localname": "DepreciationAndAmortisationExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DepreciationExpense": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives."
       }
      },
      "en-us": {
       "role": {
        "label": "Depreciation expense",
        "terseLabel": "Depreciation expenses"
       }
      }
     },
     "localname": "DepreciationExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/PropertyPlantsandEquipmentNetDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for business combinations and goodwill. [Refer: Business combinations [member]; Goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for business combinations and goodwill [text block]",
        "terseLabel": "Business combinations and goodwill"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for derivative financial instruments and hedging. [Refer: Financial instruments, class [member]; Derivatives [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for derivative financial instruments and hedging [text block]",
        "terseLabel": "Derivative financial instruments and hedging"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for earnings per share."
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for earnings per share [text block]",
        "terseLabel": "Earnings per share"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment."
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for employee benefits [text block]",
        "terseLabel": "Employee benefit liabilities"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for fair value measurement [text block]",
        "terseLabel": "Fair value measurement"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for financial instruments [text block]",
        "terseLabel": "Financial instruments"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for financial liabilities. [Refer: Financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for financial liabilities [text block]",
        "terseLabel": "SHORT TERM LIABILITIES TO BANKS AND OTHERS"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShortTermLiabilitiestoBanksandOthers"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates."
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for functional currency [text block]",
        "terseLabel": "Functional currency, presentation currency and foreign currency"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants": {
     "auth_ref": [
      "r87"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for government grants, including the methods of presentation adopted in the financial statements. [Refer: Government [member]; Government grants]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for government grants [text block]",
        "terseLabel": "Government grants"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForGovernmentGrants",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for impairment of non-financial assets [text block]",
        "terseLabel": "Impairment of non-financial assets"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for intangible assets other than goodwill [text block]",
        "terseLabel": "Intangible assets"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for investments in associates. [Refer: Associates [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for investment in associates [text block]",
        "terseLabel": "Investments in associates"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForInvestmentInAssociates",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for investment in associates and joint ventures [text block]",
        "terseLabel": "Investment in joint arrangements"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for investments other than investments accounted for using equity method [text block]",
        "terseLabel": "INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethod"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time."
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for leases [text block]",
        "terseLabel": "Leases"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForLeasesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories": {
     "auth_ref": [
      "r85"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for measuring inventories [text block]",
        "terseLabel": "Inventories"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForMeasuringInventories",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for property, plant and equipment [text block]",
        "terseLabel": "Property, plant and equipment, net"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for provisions. [Refer: Provisions]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for provisions [text block]",
        "terseLabel": "Provisions"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForProvisionsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for recognition of revenue [text block]",
        "terseLabel": "Revenue recognition"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForRecognitionOfRevenue",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for share-based payment transactions [text block]",
        "terseLabel": "Share-based payment transactions"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for taxes other than income tax. [Refer: Tax expense other than income tax expense]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for taxes other than income tax [text block]",
        "terseLabel": "Income tax"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for transactions with non-controlling interests. [Refer: Non-controlling interests]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for transactions with non-controlling interests [text block]",
        "terseLabel": "Non-controlling interests"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy for treasury shares. [Refer: Treasury shares]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for treasury shares [text block]",
        "terseLabel": "Treasury shares"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents": {
     "auth_ref": [
      "r135"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of accounting policy for determining components of cash and cash equivalents [text block]",
        "terseLabel": "Cash equivalents"
       }
      }
     },
     "localname": "DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/AccountingPoliciesByPolicy"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary": {
     "auth_ref": [
      "r146"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of current commitments or intentions to provide support to a subsidiary. [Refer: Subsidiaries [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of current commitments or intentions to provide support to subsidiary",
        "terseLabel": "Royalty commitments, description"
       }
      }
     },
     "localname": "DescriptionOfCurrentCommitmentsOrIntentionsToProvideSupportToSubsidiary",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted": {
     "auth_ref": [
      "r191"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time."
       }
      },
      "en-us": {
       "role": {
        "label": "Expected volatility, share options granted",
        "terseLabel": "Fair value options, expected volatility"
       }
      }
     },
     "localname": "DescriptionOfExpectedVolatilityShareOptionsGranted",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower": {
     "auth_ref": [
      "r148"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of significant judgements and assumptions made when the entity determines that it controls another entity even though it holds less than half of voting rights."
       }
      },
      "en-us": {
       "role": {
        "label": "Description of significant judgements and assumptions made in determining that entity controls another entity even though it holds less than half of voting rights",
        "terseLabel": "Description of voting rights"
       }
      }
     },
     "localname": "DescriptionOfNatureOfRelationshipWithSubsidiaryWhereParentHasDirectlyOrIndirectlyLessThanHalfOfVotingPower",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_DescriptionOfPrimaryReasonsForBusinessCombination": {
     "auth_ref": [
      "r193"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the primary reasons for a business combination. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of primary reasons for business combination",
        "terseLabel": "Description of business combination"
       }
      }
     },
     "localname": "DescriptionOfPrimaryReasonsForBusinessCombination",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted": {
     "auth_ref": [
      "r191"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Risk free interest rate, share options granted",
        "terseLabel": "Fair value options, risk-free interest rate"
       }
      }
     },
     "localname": "DescriptionOfRiskFreeInterestRateShareOptionsGranted",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement": {
     "auth_ref": [
      "r188"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of vesting requirements for share-based payment arrangement",
        "terseLabel": "Description of options vest"
       }
      }
     },
     "localname": "DescriptionOfVestingRequirementsForSharebasedPaymentArrangement",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_DilutedEarningsLossPerShare": {
     "auth_ref": [
      "r104",
      "r105"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Diluted earnings (loss) per share",
        "terseLabel": "Diluted earnings per share (in Dollars per share)",
        "verboseLabel": "Diluted net earnings per share (in Dollars per share)"
       }
      }
     },
     "localname": "DilutedEarningsLossPerShare",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/ScheduleofcomputationbasicanddilutednetearningspershareTable"
     ],
     "xbrltype": "perShareItemType"
    },
    "ifrs-full_DirectorsRemunerationExpense": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of remuneration paid or payable to the entity's directors."
       }
      },
      "en-us": {
       "role": {
        "label": "Directors' remuneration expense",
        "terseLabel": "Fees paid for board services in affiliates"
       }
      }
     },
     "localname": "DirectorsRemunerationExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DisclosureOfBusinessCombinationsExplanatory": {
     "auth_ref": [
      "r204"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for business combinations."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of business combinations [text block]",
        "terseLabel": "BUSINESS COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS"
       }
      }
     },
     "localname": "DisclosureOfBusinessCombinationsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusiness"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory": {
     "auth_ref": [
      "r42"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of classes of share capital. [Refer: Share capital [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of classes of share capital [text block]",
        "terseLabel": "Schedule of share capital"
       }
      }
     },
     "localname": "DisclosureOfClassesOfShareCapitalExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EquityTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of commitments and contingent liabilities [text block]",
        "terseLabel": "COMMITMENTS AND CONTINGENCIES"
       }
      }
     },
     "localname": "DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingencies"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfCompositionOfGroupExplanatory": {
     "auth_ref": [
      "r143"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the composition of the group (the parent and all its subsidiaries). [Refer: Subsidiaries [member]; Parent [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of composition of group [text block]",
        "terseLabel": "Schedule of composition"
       }
      }
     },
     "localname": "DisclosureOfCompositionOfGroupExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory": {
     "auth_ref": [
      "r80"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of defined benefit plans [text block]",
        "terseLabel": "Schedule of defined benefit plans"
       }
      }
     },
     "localname": "DisclosureOfDefinedBenefitPlansExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory": {
     "auth_ref": [
      "r75"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of detailed information about property, plant and equipment [text block]",
        "terseLabel": "Schedule of property, plants and equipment"
       }
      }
     },
     "localname": "DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/PropertyPlantsandEquipmentNetTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory": {
     "auth_ref": [
      "r175"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the disaggregation of revenue from contracts with customers. [Refer: Revenue from contracts with customers]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of disaggregation of revenue from contracts with customers [text block]",
        "terseLabel": "Schedule of revenue by timing of revenue recognition"
       }
      }
     },
     "localname": "DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfEmployeeBenefitsExplanatory": {
     "auth_ref": [
      "r84"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for employee benefits."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of employee benefits [text block]",
        "terseLabel": "EMPLOYEE BENEFIT LIABILITIES"
       }
      }
     },
     "localname": "DisclosureOfEmployeeBenefitsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeBenefitLiabilities"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory": {
     "auth_ref": [
      "r235"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for operating segments."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of entity's operating segments [text block]",
        "terseLabel": "OPERATING SEGMENTS"
       }
      }
     },
     "localname": "DisclosureOfEntitysReportableSegmentsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegments"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory": {
     "auth_ref": [
      "r62"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for events after the reporting period."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of events after reporting period [text block]",
        "terseLabel": "SUBSEQUENT EVENTS"
       }
      }
     },
     "localname": "DisclosureOfEventsAfterReportingPeriodExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEvents"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfFairValueMeasurementExplanatory": {
     "auth_ref": [
      "r170"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for fair value measurement."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of fair value measurement [text block]",
        "terseLabel": "FAIR VALUE MEASUREMENT"
       }
      }
     },
     "localname": "DisclosureOfFairValueMeasurementExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/FairValueMeasurement"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory": {
     "auth_ref": [
      "r167"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the fair value measurement of assets."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of fair value measurement of assets [text block]",
        "terseLabel": "Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition",
        "verboseLabel": "Schedule of other accounts payable"
       }
      }
     },
     "localname": "DisclosureOfFairValueMeasurementOfAssetsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables",
      "http://formulasystems.com/role/OtherAccountsPayableTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for general information about financial statements."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of general information about financial statements [text block]",
        "terseLabel": "GENERAL"
       }
      }
     },
     "localname": "DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/General"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfGoodwillExplanatory": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of goodwill. [Refer: Goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of goodwill [text block]",
        "terseLabel": "GOODWILL"
       }
      }
     },
     "localname": "DisclosureOfGoodwillExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/Goodwill"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfIncomeTaxExplanatory": {
     "auth_ref": [
      "r69"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for income taxes."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of income tax [text block]",
        "terseLabel": "INCOME TAX"
       }
      }
     },
     "localname": "DisclosureOfIncomeTaxExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTax"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfIntangibleAssetsExplanatory": {
     "auth_ref": [
      "r118"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for intangible assets."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of intangible assets [text block]",
        "terseLabel": "INTANGIBLE ASSETS, NET"
       }
      }
     },
     "localname": "DisclosureOfIntangibleAssetsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IntangibleAssetsNet"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfLeasesExplanatory": {
     "auth_ref": [
      "r185",
      "r186"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for leases."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of leases [text block]",
        "terseLabel": "LEASES"
       }
      }
     },
     "localname": "DisclosureOfLeasesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/Leases"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory": {
     "auth_ref": [
      "r189"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of number and weighted average exercise prices of share options [text block]",
        "terseLabel": "Schedule of the RSU activities"
       }
      }
     },
     "localname": "DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfOperatingSegmentsExplanatory": {
     "auth_ref": [
      "r223"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of operating segments. [Refer: Operating segments [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of operating segments [text block]",
        "terseLabel": "Schedule of reporting on operating segments"
       }
      }
     },
     "localname": "DisclosureOfOperatingSegmentsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfOtherLiabilitiesExplanatory": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of other liabilities. [Refer: Other liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of other liabilities [text block]",
        "terseLabel": "LONG TERM LIABILITIES TO BANKS AND OTHERS"
       }
      }
     },
     "localname": "DisclosureOfOtherLiabilitiesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/LongTermLiabilitiestoBanksandOthers"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory": {
     "auth_ref": [
      "r77"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for property, plant and equipment."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of property, plant and equipment [text block]",
        "terseLabel": "PROPERTY, PLANTS AND EQUIPMENT, NET"
       }
      }
     },
     "localname": "DisclosureOfPropertyPlantAndEquipmentExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/PropertyPlantsandEquipmentNet"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory": {
     "auth_ref": [
      "r181"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of quantitative information about right-of-use assets [text block]",
        "terseLabel": "Schedule of amortization periods of the right-of-use assets"
       }
      }
     },
     "localname": "DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory": {
     "auth_ref": [
      "r190"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the range of exercise prices for outstanding share options."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of range of exercise prices of outstanding share options [text block]",
        "terseLabel": "Schedule of Sapiens\u2019 stock option plans"
       }
      }
     },
     "localname": "DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory": {
     "auth_ref": [
      "r112"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of reconciliation of changes in intangible assets and goodwill [text block]",
        "terseLabel": "Schedule of estimated fair values of the assets acquired and liabilities at the date of acquisition"
       }
      }
     },
     "localname": "DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfRelatedPartyExplanatory": {
     "auth_ref": [
      "r96"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for related parties."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of related party [text block]",
        "terseLabel": "RELATED PARTIES TRANSACTIONS"
       }
      }
     },
     "localname": "DisclosureOfRelatedPartyExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactions"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory": {
     "auth_ref": [
      "r43"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for share capital, reserves and other equity interest."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of share capital, reserves and other equity interest [text block]",
        "terseLabel": "EQUITY"
       }
      }
     },
     "localname": "DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/Equity"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory": {
     "auth_ref": [
      "r187"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for share-based payment arrangements."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of share-based payment arrangements [text block]",
        "terseLabel": "Schedule of stock-based compensation expense resulting from stock options grants"
       }
      }
     },
     "localname": "DisclosureOfSharebasedPaymentArrangementsExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The entire disclosure for significant accounting policies applied by the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Disclosure of significant accounting policies [text block]",
        "terseLabel": "SIGNIFICANT ACCOUNTING POLICIES"
       }
      }
     },
     "localname": "DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPolicies"
     ],
     "xbrltype": "textBlockItemType"
    },
    "ifrs-full_DividendPayables": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of dividends that the company has declared but not yet paid."
       }
      },
      "en-us": {
       "role": {
        "label": "Dividend payables",
        "terseLabel": "Dividend payables"
       }
      }
     },
     "localname": "DividendPayables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DividendsPaidOtherSharesPerShare": {
     "auth_ref": [
      "r107"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of dividends paid per other share."
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends paid, other shares per share",
        "terseLabel": "Dividends paid, other shares per share"
       }
      }
     },
     "localname": "DividendsPaidOtherSharesPerShare",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities": {
     "auth_ref": [
      "r125"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 5.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for dividends paid to equity holders of the parent, classified as financing activities."
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends paid to equity holders of parent, classified as financing activities",
        "negatedLabel": "Dividend to Formula\u2019s shareholders"
       }
      }
     },
     "localname": "DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DividendsPaidToNoncontrollingInterests": {
     "auth_ref": [
      "r149"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of dividends paid to non-controlling interests. [Refer: Non-controlling interests]"
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends paid to non-controlling interests",
        "negatedLabel": "Dividend to non-controlling interests in subsidiaries"
       }
      }
     },
     "localname": "DividendsPaidToNoncontrollingInterests",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities": {
     "auth_ref": [
      "r125"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 4.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for dividends paid to non-controlling interests, classified as financing activities. [Refer: Non-controlling interests; Dividends paid to non-controlling interests]"
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends paid to non-controlling interests, classified as financing activities",
        "negatedLabel": "Dividend paid to non-controlling interests"
       }
      }
     },
     "localname": "DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DividendsPayable": {
     "auth_ref": [
      "r137"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of dividends payable by means of the distribution of non-cash assets to owners."
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends payable, non-cash assets distributions",
        "terseLabel": "Dividends payable, non-cash assets distributions"
       }
      }
     },
     "localname": "DividendsPayable",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners": {
     "auth_ref": [
      "r14",
      "r60"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time."
       }
      },
      "en-us": {
       "role": {
        "label": "Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners",
        "terseLabel": "Cash dividend"
       }
      }
     },
     "localname": "DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_EarningsPerShareAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Earnings per share [abstract]",
        "terseLabel": "Net earnings per share attributable to equity holders of The Company"
       }
      }
     },
     "localname": "EarningsPerShareAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents": {
     "auth_ref": [
      "r130",
      "r131"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 4.0,
       "parentTag": "ifrs-full_IncreaseDecreaseInCashAndCashEquivalents",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Effect of exchange rate changes on cash and cash equivalents",
        "terseLabel": "Effect of exchange rate changes on cash and cash equivalents"
       }
      }
     },
     "localname": "EffectOfExchangeRateChangesOnCashAndCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_EntitysTotalForBusinessCombinationsMember": {
     "auth_ref": [
      "r199",
      "r202"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the standard value for the 'Business combinations' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Entity's total for business combinations [member]"
       }
      }
     },
     "localname": "EntitysTotalForBusinessCombinationsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessTables"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_EntitysTotalForRelatedPartiesMember": {
     "auth_ref": [
      "r93"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the standard value for the 'Categories of related parties' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Entity's total for related parties [member]"
       }
      }
     },
     "localname": "EntitysTotalForRelatedPartiesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Equity": {
     "auth_ref": [
      "r26",
      "r37",
      "r138",
      "r140",
      "r164",
      "r165",
      "r166"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_EquityAndLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of residual interest in the assets of the entity after deducting all its liabilities."
       }
      },
      "en-us": {
       "role": {
        "label": "Equity",
        "periodEndLabel": "Balance at ending",
        "periodStartLabel": "Balance at beginning",
        "terseLabel": "Total equity",
        "totalLabel": "Total equity"
       }
      }
     },
     "localname": "Equity",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_EquityAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Equity [abstract]",
        "terseLabel": "EQUITY"
       }
      }
     },
     "localname": "EquityAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_EquityAndLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Equity and liabilities",
        "totalLabel": "Total liabilities and equity"
       }
      }
     },
     "localname": "EquityAndLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_EquityAttributableToOwnersOfParent": {
     "auth_ref": [
      "r25"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_Equity",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest."
       }
      },
      "en-us": {
       "role": {
        "label": "Equity attributable to owners of parent",
        "totalLabel": "Total equity attributable to Formula Systems shareholders"
       }
      }
     },
     "localname": "EquityAttributableToOwnersOfParent",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_EquityMember": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the residual interest in the assets of the entity after deducting all its liabilities. It also represents the standard value for the 'Components of equity' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Equity [member]"
       }
      }
     },
     "localname": "EquityMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions]"
       }
      },
      "en-us": {
       "role": {
        "label": "Expense from share-based payment transactions with employees",
        "terseLabel": "Total stock-based compensation expense"
       }
      }
     },
     "localname": "ExpenseFromSharebasedPaymentTransactionsWithEmployees",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_FactorsUsedToIdentifyEntitysReportableSegments": {
     "auth_ref": [
      "r218"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The description of the factors used to identify the entity's reportable segments, including the basis of organisation (for example, whether management has chosen to organise the entity around differences in products and services, geographical areas, regulatory environments or a combination of factors and whether operating segments have been aggregated). [Refer: Geographical areas [member]; Operating segments [member]; Products and services [member]; Reportable segments [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Description of factors used to identify entity's reportable segments",
        "terseLabel": "Description of factors used to segments"
       }
      }
     },
     "localname": "FactorsUsedToIdentifyEntitysReportableSegments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_FinanceCosts": {
     "auth_ref": [
      "r52"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 3.0,
       "parentTag": "ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of costs associated with financing activities of the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Finance costs",
        "terseLabel": "Financial expenses"
       }
      }
     },
     "localname": "FinanceCosts",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_FinanceIncome": {
     "auth_ref": [
      "r56"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of income associated with interest and other financing activities of the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Finance income",
        "terseLabel": "Financial income"
       }
      }
     },
     "localname": "FinanceIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_FinanceIncomeCost": {
     "auth_ref": [
      "r56"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of income or cost associated with interest and other financing activities of the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Finance income (cost)",
        "terseLabel": "Financial expenses, net"
       }
      }
     },
     "localname": "FinanceIncomeCost",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197",
      "r203"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Financial assets recognised as of acquisition date",
        "negatedLabel": "Net assets excluding cash acquired",
        "negatedTerseLabel": "Net liabilities excluding cash acquired",
        "netLabel": "Net assets",
        "terseLabel": "Net assets excluding cash acquired",
        "verboseLabel": "Net assets, excluding cash acquired"
       }
      }
     },
     "localname": "FinancialAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ForeignCountriesMember": {
     "auth_ref": [
      "r231",
      "r232"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for countries outside the entity's country of domicile. [Refer: Country of domicile [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Foreign countries [member]",
        "terseLabel": "Foreign [Member]"
       }
      }
     },
     "localname": "ForeignCountriesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax": {
     "auth_ref": [
      "r57"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 5.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax, before reclassification adjustments. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Gains (losses) on exchange differences on translation of foreign operations, net of tax",
        "terseLabel": "Foreign exchange differences on translation of foreign operations"
       }
      }
     },
     "localname": "GainsLossesOnExchangeDifferencesOnTranslationNetOfTax",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax": {
     "auth_ref": [
      "r245",
      "r246"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 4.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The gains (losses) recognised in other comprehensive income on remeasuring available-for-sale financial assets, net of tax, before reclassification adjustments. [Refer: Financial assets available-for-sale]"
       }
      },
      "en-us": {
       "role": {
        "label": "Gains (losses) on remeasuring available-for-sale financial assets, net of tax",
        "terseLabel": "Unrealized gain (loss) on debt instruments at fair value through other comprehensive income, net"
       }
      }
     },
     "localname": "GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_GeographicalAreasAxis": {
     "auth_ref": [
      "r79",
      "r178",
      "r233",
      "r241"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Geographical areas [axis]"
       }
      }
     },
     "localname": "GeographicalAreasAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails",
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable",
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_GeographicalAreasMember": {
     "auth_ref": [
      "r79",
      "r178",
      "r233",
      "r241"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for aggregated geographical areas. It also represents the standard value for the 'Geographical areas' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Geographical areas [member]"
       }
      }
     },
     "localname": "GeographicalAreasMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/OperatingSegmentsDetails",
      "http://formulasystems.com/role/ScheduleofpretaxincomeTable",
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Goodwill": {
     "auth_ref": [
      "r17",
      "r109",
      "r110",
      "r201"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 7.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Goodwill",
        "terseLabel": "GOODWILL",
        "verboseLabel": "Goodwill"
       }
      }
     },
     "localname": "Goodwill",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofgoodwillinmaterialpartiallyownedsubsidiariesTable",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_GoodwillRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r199",
      "r203"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Goodwill recognised as of acquisition date",
        "terseLabel": "Goodwill"
       }
      }
     },
     "localname": "GoodwillRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_GrossLeaseLiabilities": {
     "auth_ref": [
      "r182",
      "r212"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of contractual undiscounted cash flows in relation to lease liabilities before deducting finance charges. [Refer: Lease liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Gross lease liabilities",
        "terseLabel": "Lease liability"
       }
      }
     },
     "localname": "GrossLeaseLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_GrossProfit": {
     "auth_ref": [
      "r2"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "us-gaap_OperatingIncomeLoss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Gross profit",
        "totalLabel": "Gross profit"
       }
      }
     },
     "localname": "GrossProfit",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed": {
     "auth_ref": [
      "r197",
      "r203"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Total liabilities acquired net of acquired cash",
        "netLabel": "Total assets acquired",
        "terseLabel": "Total assets acquired net of acquired cash",
        "verboseLabel": "Total assets acquired, net of acquired cash"
       }
      }
     },
     "localname": "IdentifiableAssetsAcquiredLiabilitiesAssumed",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197",
      "r203"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Identifiable intangible assets recognised as of acquisition date",
        "terseLabel": "Intangible assets",
        "verboseLabel": "Intangible assets, net"
       }
      }
     },
     "localname": "IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IncomeStatementAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Profit or loss [abstract]"
       }
      }
     },
     "localname": "IncomeStatementAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "xbrltype": "stringItemType"
    },
    "ifrs-full_IncomeTaxExpenseContinuingOperations": {
     "auth_ref": [
      "r54",
      "r63",
      "r65",
      "r66",
      "r98",
      "r161",
      "r222"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 3.0,
       "parentTag": "ifrs-full_ProfitLoss",
       "weight": -1.0
      },
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax expense (income)",
        "negatedLabel": "Taxes on income",
        "terseLabel": "Taxes on income",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "IncomeTaxExpenseContinuingOperations",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable",
      "http://formulasystems.com/role/ScheduleoftaxesonincometaxbenefitTable",
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IncreaseDecreaseInCashAndCashEquivalents": {
     "auth_ref": [
      "r134"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The increase (decrease) in cash and cash equivalents after the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Increase (decrease) in cash and cash equivalents after effect of exchange rate changes",
        "totalLabel": "Increase (decrease) in cash and cash equivalents"
       }
      }
     },
     "localname": "IncreaseDecreaseInCashAndCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IncreaseDecreaseInWorkingCapital": {
     "auth_ref": [
      "r129"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The increase (decrease) in working capital."
       }
      },
      "en-us": {
       "role": {
        "label": "Increase (decrease) in working capital",
        "terseLabel": "Working capital"
       }
      }
     },
     "localname": "IncreaseDecreaseInWorkingCapital",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised": {
     "auth_ref": [
      "r208",
      "r216"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The increase (decrease) in the aggregate difference between the fair value at initial recognition and the transaction price of financial instruments yet to be recognised in profit or loss resulting from amounts recognised in profit or loss. [Refer: Aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss; Financial instruments, class [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Increase (decrease) through amounts recognised in profit or loss, aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss",
        "terseLabel": "Increase in fair value recognized in profit or loss"
       }
      }
     },
     "localname": "IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueYetToBeRecognised",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffairvalueofTSGsdividendpreferencederivativeTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IntangibleAssetsOtherThanGoodwill": {
     "auth_ref": [
      "r17",
      "r111"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 6.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Intangible assets other than goodwill",
        "terseLabel": "INTANGIBLE ASSETS, NET",
        "verboseLabel": "Total"
       }
      }
     },
     "localname": "IntangibleAssetsOtherThanGoodwill",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IntangibleAssetsOtherThanGoodwillMember": {
     "auth_ref": [
      "r108",
      "r112",
      "r181"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for intangible assets other than goodwill. It also represents the standard value for the 'Classes of intangible assets other than goodwill' axis if no other member is used. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Intangible assets other than goodwill [member]"
       }
      }
     },
     "localname": "IntangibleAssetsOtherThanGoodwillMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Inventories": {
     "auth_ref": [
      "r20",
      "r31",
      "r86"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 6.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current inventories. [Refer: Inventories]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current inventories",
        "terseLabel": "Inventories"
       }
      }
     },
     "localname": "Inventories",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_InvestmentAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r19",
      "r163",
      "r224"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Investments accounted for using equity method",
        "netLabel": "Company\u2019s carrying amount of the investment in TSG",
        "terseLabel": "INVESTMENTS IN COMPANIES ACCOUNTED FOR AT EQUITY METHOD",
        "verboseLabel": "Total"
       }
      }
     },
     "localname": "InvestmentAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of investments in joint ventures accounted for using the equity method. [Refer: Joint ventures [member]; Investments accounted for using equity method]"
       }
      },
      "en-us": {
       "role": {
        "label": "Investments in joint ventures accounted for using equity method",
        "terseLabel": "TSG (Joint venture)"
       }
      }
     },
     "localname": "InvestmentsInJointVenturesAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates": {
     "auth_ref": [
      "r99"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]"
       }
      },
      "en-us": {
       "role": {
        "label": "Investments in subsidiaries, joint ventures and associates reported in separate financial statements",
        "terseLabel": "Other investments"
       }
      }
     },
     "localname": "InvestmentsInSubsidiariesJointVenturesAndAssociates",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofchangesinthecarryingamountofthecompanysinvestmentinTSGTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IssueOfConvertibleInstruments": {
     "auth_ref": [
      "r8"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The change in equity resulting from the issuing of convertible instruments."
       }
      },
      "en-us": {
       "role": {
        "label": "Issue of convertible instruments",
        "terseLabel": "Fair value of debentures"
       }
      }
     },
     "localname": "IssueOfConvertibleInstruments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IssueOfEquity": {
     "auth_ref": [
      "r7"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The increase in equity through the issue of equity instruments."
       }
      },
      "en-us": {
       "role": {
        "label": "Issue of equity",
        "terseLabel": "Dilution in Formula\u2019s share in Sapiens due to issuance of Sapiens\u2019 ordinary shares"
       }
      }
     },
     "localname": "IssueOfEquity",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_IssuedCapital": {
     "auth_ref": [
      "r37"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_EquityAttributableToOwnersOfParent",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The nominal value of capital issued."
       }
      },
      "en-us": {
       "role": {
        "label": "Issued capital",
        "terseLabel": "Ordinary shares of NIS 1 par value - Authorized: 25,000,000 shares as of December 31, 2020 and 2021; Issued: 15,862,887 as of December 31, 2020 and 2021; Outstanding: 15,294,267 as of December 31, 2020 and 2021"
       }
      }
     },
     "localname": "IssuedCapital",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment": {
     "auth_ref": [
      "r89"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Key management personnel compensation, share-based payment",
        "terseLabel": "Total equity-based compensation expense"
       }
      }
     },
     "localname": "KeyManagementPersonnelCompensationSharebasedPayment",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_KeyManagementPersonnelOfEntityOrParentMember": {
     "auth_ref": [
      "r92"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Key management personnel of entity or parent [member]",
        "terseLabel": "CEO [Member]"
       }
      }
     },
     "localname": "KeyManagementPersonnelOfEntityOrParentMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/CommitmentsandContingenciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LandAndBuildingsMember": {
     "auth_ref": [
      "r70"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of property, plant and equipment representing land and depreciable buildings and similar structures for use in operations. [Refer: Buildings; Land; Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Land and buildings [member]",
        "terseLabel": "Land and buildings [member]"
       }
      }
     },
     "localname": "LandAndBuildingsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LaterThanFiveYearsMember": {
     "auth_ref": [
      "r183",
      "r184",
      "r211",
      "r214",
      "r217",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of later than five years."
       }
      },
      "en-us": {
       "role": {
        "label": "Later than five years [member]",
        "terseLabel": "2027 and thereafter [Member]"
       }
      }
     },
     "localname": "LaterThanFiveYearsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember": {
     "auth_ref": [
      "r11",
      "r183",
      "r184",
      "r211",
      "r217",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of later than four years and not later than five years."
       }
      },
      "en-us": {
       "role": {
        "label": "Later than four years and not later than five years [member]",
        "terseLabel": "2026 [Member]"
       }
      }
     },
     "localname": "LaterThanFourYearsAndNotLaterThanFiveYearsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember": {
     "auth_ref": [
      "r211",
      "r213",
      "r217"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of later than one year and not later than three years."
       }
      },
      "en-us": {
       "role": {
        "label": "Later than one year and not later than three years [member]",
        "terseLabel": "2024 [Member]"
       }
      }
     },
     "localname": "LaterThanOneYearAndNotLaterThanThreeYearsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember": {
     "auth_ref": [
      "r11",
      "r183",
      "r184",
      "r211",
      "r217",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of later than one year and not later than two years."
       }
      },
      "en-us": {
       "role": {
        "label": "Later than one year and not later than two years [member]",
        "terseLabel": "2023 [Member]"
       }
      }
     },
     "localname": "LaterThanOneYearAndNotLaterThanTwoYearsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember": {
     "auth_ref": [
      "r11",
      "r183",
      "r184",
      "r211",
      "r217",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of later than three years and not later than four years."
       }
      },
      "en-us": {
       "role": {
        "label": "Later than three years and not later than four years [member]",
        "terseLabel": "2025 [Member]"
       }
      }
     },
     "localname": "LaterThanThreeYearsAndNotLaterThanFourYearsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LeaseholdImprovementsMember": {
     "auth_ref": [
      "r72"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of property, plant and equipment representing improvements to assets held under a lease agreement."
       }
      },
      "en-us": {
       "role": {
        "label": "Leasehold improvements [member]",
        "terseLabel": "Leasehold improvements [Member]"
       }
      }
     },
     "localname": "LeaseholdImprovementsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Level2OfFairValueHierarchyMember": {
     "auth_ref": [
      "r165"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a category of the fair value hierarchy where inputs to the valuation techniques are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly."
       }
      },
      "en-us": {
       "role": {
        "label": "Level 2 of fair value hierarchy [member]",
        "terseLabel": "Level 2 [Member]"
       }
      }
     },
     "localname": "Level2OfFairValueHierarchyMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Level3OfFairValueHierarchyMember": {
     "auth_ref": [
      "r165"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a category of the fair value hierarchy where inputs to the valuation techniques are unobservable inputs for the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that the market participants would use when pricing the asset or liability."
       }
      },
      "en-us": {
       "role": {
        "label": "Level 3 of fair value hierarchy [member]",
        "terseLabel": "Level 3 [Member]"
       }
      }
     },
     "localname": "Level3OfFairValueHierarchyMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_LevelsOfFairValueHierarchyAxis": {
     "auth_ref": [
      "r81",
      "r165"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Levels of fair value hierarchy [axis]"
       }
      }
     },
     "localname": "LevelsOfFairValueHierarchyAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_Liabilities": {
     "auth_ref": [
      "r26",
      "r164",
      "r165",
      "r166",
      "r223",
      "r228"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits."
       }
      },
      "en-us": {
       "role": {
        "label": "Liabilities",
        "negatedLabel": "Liability to acquire non-controlling interests (put option)"
       }
      }
     },
     "localname": "Liabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_LiabilitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Liabilities [abstract]",
        "terseLabel": "Liabilities:"
       }
      }
     },
     "localname": "LiabilitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_MaturityAxis": {
     "auth_ref": [
      "r29",
      "r82",
      "r176",
      "r183",
      "r184",
      "r206",
      "r209",
      "r211",
      "r236",
      "r237",
      "r239",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Maturity [axis]"
       }
      }
     },
     "localname": "MaturityAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_MotorVehiclesMember": {
     "auth_ref": [
      "r71"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of property, plant and equipment representing self-propelled ground vehicles used in the entity's operations. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Motor vehicles [member]",
        "terseLabel": "Motor vehicles [member]",
        "verboseLabel": "Motor vehicles [Member]"
       }
      }
     },
     "localname": "MotorVehiclesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable",
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse": {
     "auth_ref": [
      "r100"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The name of the entity's ultimate or any intermediate parent whose consolidated financial statements that comply with IFRSs have been produced for public use. [Refer: Consolidated [member]; IFRSs [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Name of entity whose consolidated financial statements have been produced for public use",
        "terseLabel": "Public offering, description"
       }
      }
     },
     "localname": "NameOfEntityWhoseConsolidatedFinancialStatementsHaveBeenProducedForPublicUse",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_NetDeferredTaxAssets": {
     "auth_ref": [
      "r67"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Net deferred tax assets",
        "terseLabel": "Deferred taxes assets"
       }
      }
     },
     "localname": "NetDeferredTaxAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NetDeferredTaxLiabilities": {
     "auth_ref": [
      "r67"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Net deferred tax liabilities",
        "terseLabel": "Total"
       }
      }
     },
     "localname": "NetDeferredTaxLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdeferredtaxliabilitiesnetTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NonadjustingEventsAfterReportingPeriodAxis": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Non-adjusting events after reporting period [axis]"
       }
      }
     },
     "localname": "NonadjustingEventsAfterReportingPeriodAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_NonadjustingEventsMember": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for events that occur between the end of the reporting period and the date when the financial statements are authorised for issue and are indicative of conditions that arose after the reporting period. It also represents the standard value for the 'Non-adjusting events after reporting period' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Non-adjusting events after reporting period [member]"
       }
      }
     },
     "localname": "NonadjustingEventsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/EquityDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_NoncontrollingInterests": {
     "auth_ref": [
      "r24",
      "r142",
      "r145"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_Equity",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-controlling interests",
        "terseLabel": "Non-controlling interests",
        "verboseLabel": "Non-controlling interest"
       }
      }
     },
     "localname": "NoncontrollingInterests",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000",
      "http://formulasystems.com/role/ScheduleofnoncontrollinginterestinmaterialpartiallyownedsubsidiariesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncontrollingInterestsMember": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for equity in a subsidiary not attributable, directly or indirectly, to the parent."
       }
      },
      "en-us": {
       "role": {
        "label": "Non-controlling interests [member]",
        "terseLabel": "Non-controlling interests"
       }
      }
     },
     "localname": "NoncontrollingInterestsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_NoncurrentAssets": {
     "auth_ref": [
      "r30",
      "r150",
      "r152"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of assets that do not meet the definition of current assets. [Refer: Current assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current assets",
        "terseLabel": "Noncurrent assets excluding goodwill"
       }
      }
     },
     "localname": "NoncurrentAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncurrentAssetsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Non-current assets [abstract]",
        "terseLabel": "LONG-TERM ASSETS:"
       }
      }
     },
     "localname": "NoncurrentAssetsAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_NoncurrentFinancialLiabilities": {
     "auth_ref": [
      "r207"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 1.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current financial liabilities. [Refer: Financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current financial liabilities",
        "terseLabel": "Loans from banks and others"
       }
      }
     },
     "localname": "NoncurrentFinancialLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncurrentLiabilities": {
     "auth_ref": [
      "r32",
      "r150",
      "r154"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_EquityAndLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current liabilities",
        "totalLabel": "Total long-term liabilities"
       }
      }
     },
     "localname": "NoncurrentLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncurrentLiabilitiesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Non-current liabilities [abstract]",
        "terseLabel": "LONG-TERM LIABILITIES:"
       }
      }
     },
     "localname": "NoncurrentLiabilitiesAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 7.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "Expiry date 2022-01-01: The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Business combinations [member]]\nEffective 2022-01-01: The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Non-current liabilities; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current liabilities recognised as of acquisition date",
        "terseLabel": "Liability in respect of business combinations"
       }
      }
     },
     "localname": "NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued": {
     "auth_ref": [
      "r11"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The non-current portion of non-current notes and debentures issued. [Refer: Notes and debentures issued]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current portion of non-current notes and debentures issued",
        "terseLabel": "Debentures",
        "verboseLabel": "Total long-term debentures, net of current maturities"
       }
      }
     },
     "localname": "NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NoncurrentProvisionsForEmployeeBenefits": {
     "auth_ref": [
      "r36"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 9.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current provisions for employee benefits. [Refer: Provisions for employee benefits]"
       }
      },
      "en-us": {
       "role": {
        "label": "Non-current provisions for employee benefits",
        "terseLabel": "Employee benefit liabilities"
       }
      }
     },
     "localname": "NoncurrentProvisionsForEmployeeBenefits",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NotLaterThanOneYearMember": {
     "auth_ref": [
      "r28",
      "r183",
      "r184",
      "r211",
      "r217",
      "r240"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a time band of not later than one year."
       }
      },
      "en-us": {
       "role": {
        "label": "Not later than one year [member]",
        "terseLabel": "2022 [Member]"
       }
      }
     },
     "localname": "NotLaterThanOneYearMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofmaturityanalysisofundiscountedfutureleasepaymentsreceivableforoperatingleasesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_NotesAndDebenturesIssued": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of notes and debentures issued by the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Notes and debentures issued",
        "terseLabel": "Total short-term and long-term debentures"
       }
      }
     },
     "localname": "NotesAndDebenturesIssued",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NotionalAmount": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The nominal or face amount of a financial instrument, used to calculate payments made on that instrument."
       }
      },
      "en-us": {
       "role": {
        "label": "Notional amount",
        "terseLabel": "Par Value"
       }
      }
     },
     "localname": "NotionalAmount",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdebenturesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_NumberOfSharesAuthorised": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The number of shares authorised."
       }
      },
      "en-us": {
       "role": {
        "label": "Number of shares authorised",
        "terseLabel": "Ordinary shares, authorized",
        "verboseLabel": "Authorized"
       }
      }
     },
     "localname": "NumberOfSharesAuthorised",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals",
      "http://formulasystems.com/role/ScheduleofsharecapitalTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "ifrs-full_NumberOfSharesIssued": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The number of shares issued by the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Number of shares issued",
        "terseLabel": "Ordinary shares, issued",
        "verboseLabel": "Issued"
       }
      }
     },
     "localname": "NumberOfSharesIssued",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals",
      "http://formulasystems.com/role/ScheduleofsharecapitalTable"
     ],
     "xbrltype": "sharesItemType"
    },
    "ifrs-full_NumberOfSharesOutstanding": {
     "auth_ref": [
      "r41"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]"
       }
      },
      "en-us": {
       "role": {
        "label": "Number of shares outstanding",
        "periodEndLabel": "Balance at ending (in Shares)",
        "periodStartLabel": "Balance at beginning (in Shares)",
        "terseLabel": "Ordinary shares, outstanding"
       }
      }
     },
     "localname": "NumberOfSharesOutstanding",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "sharesItemType"
    },
    "ifrs-full_OtherComprehensiveIncome": {
     "auth_ref": [
      "r6",
      "r45",
      "r57",
      "r157"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 2.0,
       "parentTag": "ifrs-full_ComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other comprehensive income",
        "terseLabel": "Total other comprehensive income (loss)",
        "totalLabel": "Total other comprehensive income (loss), net of tax"
       }
      }
     },
     "localname": "OtherComprehensiveIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments": {
     "auth_ref": [
      "r33",
      "r57"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 3.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of other comprehensive income, net of tax, related to gains (losses) from changes in the fair value of investments in equity instruments that the entity has designated at fair value through other comprehensive income applying paragraph 5.7.5 of IFRS 9. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other comprehensive income, net of tax, gains (losses) from investments in equity instruments",
        "terseLabel": "Adjustments arising from translating financial statements from functional currency to presentation currency"
       }
      }
     },
     "localname": "OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans": {
     "auth_ref": [
      "r33",
      "r57",
      "r78"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 1.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans",
        "terseLabel": "Actuarial gain (loss) from defined benefit plans",
        "verboseLabel": "Actuarial gain from defined benefit plans"
       }
      }
     },
     "localname": "OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax": {
     "auth_ref": [
      "r55",
      "r59"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of other comprehensive income that will not be reclassified to profit or loss, before tax. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other comprehensive income that will not be reclassified to profit or loss, before tax",
        "totalLabel": "Total Comprehensive income"
       }
      }
     },
     "localname": "OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentAssets": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current assets",
        "terseLabel": "Other"
       }
      }
     },
     "localname": "OtherCurrentAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentFinancialLiabilities": {
     "auth_ref": [
      "r22",
      "r159"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 9.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities; Current financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current financial liabilities",
        "negatedLabel": "Other long-term liabilities",
        "terseLabel": "Put options of non-controlling interests"
       }
      }
     },
     "localname": "OtherCurrentFinancialLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current liabilities",
        "negatedLabel": "Other long-term liabilities",
        "negatedTerseLabel": "Current liabilities"
       }
      }
     },
     "localname": "OtherCurrentLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentNonfinancialAssets": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 5.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current non-financial assets",
        "terseLabel": "Prepaid expenses and other accounts receivable"
       }
      }
     },
     "localname": "OtherCurrentNonfinancialAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentNonfinancialLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 7.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current non-financial liabilities",
        "terseLabel": "Other accounts payable"
       }
      }
     },
     "localname": "OtherCurrentNonfinancialLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherCurrentReceivables": {
     "auth_ref": [
      "r35"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of current other receivables. [Refer: Other receivables]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other current receivables",
        "terseLabel": "Total prepaid expenses, other accounts receivable and other investments"
       }
      }
     },
     "localname": "OtherCurrentReceivables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofprepaidexpensesotheraccountsreceivableandotherinvestmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherFeeAndCommissionExpense": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of fee and commission expense that the entity does not separately disclose in the same statement or note. [Refer: Fee and commission expense]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other fee and commission expense",
        "terseLabel": "Commitment commission expenses"
       }
      }
     },
     "localname": "OtherFeeAndCommissionExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherIntangibleAssetsMember": {
     "auth_ref": [
      "r115"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of intangible assets that the entity does not separately disclose in the same statement or note. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other intangible assets [member]",
        "terseLabel": "Other intangibles [Member]"
       }
      }
     },
     "localname": "OtherIntangibleAssetsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_OtherNoncurrentAssets": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other non-current assets",
        "terseLabel": "Other long-term assets"
       }
      }
     },
     "localname": "OtherNoncurrentAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00000000000000000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherNoncurrentFinancialAssets": {
     "auth_ref": [
      "r18"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other non-current financial assets",
        "terseLabel": "Other long-term assets"
       }
      }
     },
     "localname": "OtherNoncurrentFinancialAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherNoncurrentLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other non-current liabilities",
        "negatedLabel": "Noncurrent liabilities",
        "terseLabel": "Other long-term liabilities"
       }
      }
     },
     "localname": "OtherNoncurrentLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherNoncurrentNonfinancialAssets": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "forty_TotalOtherLongtermAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other non-current non-financial assets",
        "terseLabel": "Prepaid expenses, other accounts receivable and other investments"
       }
      }
     },
     "localname": "OtherNoncurrentNonfinancialAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherNoncurrentNonfinancialLiabilities": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 8.0,
       "parentTag": "ifrs-full_NoncurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of non-current non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other non-current non-financial liabilities",
        "terseLabel": "Put options of non-controlling interests"
       }
      }
     },
     "localname": "OtherNoncurrentNonfinancialLiabilities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherOperatingIncomeExpense": {
     "auth_ref": [
      "r56"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of operating income (expense) that the entity does not separately disclose in the same statement or note."
       }
      },
      "en-us": {
       "role": {
        "label": "Other operating income (expense)",
        "terseLabel": "Segment operating income"
       }
      }
     },
     "localname": "OtherOperatingIncomeExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherReceivables": {
     "auth_ref": [
      "r35"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount receivable by the entity that it does not separately disclose in the same statement or note."
       }
      },
      "en-us": {
       "role": {
        "label": "Other receivables",
        "negatedLabel": "Total"
       }
      }
     },
     "localname": "OtherReceivables",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherRevenue": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of revenue arising from sources that the entity does not separately disclose in the same statement or note. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other revenue",
        "terseLabel": "Total"
       }
      }
     },
     "localname": "OtherRevenue",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_OtherTradingIncomeExpense": {
     "auth_ref": [
      "r11"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of trading income (expense) that the entity does not separately disclose in the same statement or note. [Refer: Trading income (expense)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Other trading income (expense)",
        "terseLabel": "Financial expenses, net"
       }
      }
     },
     "localname": "OtherTradingIncomeExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoffinancialincomeandexpensesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ParValuePerShare": {
     "auth_ref": [
      "r40"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The nominal value per share."
       }
      },
      "en-us": {
       "role": {
        "label": "Par value per share",
        "terseLabel": "Outstanding shares, par value (in New Shekels per share)",
        "verboseLabel": "Ordinary shares, par value"
       }
      }
     },
     "localname": "ParValuePerShare",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals",
      "http://formulasystems.com/role/GeneralDetails"
     ],
     "xbrltype": "perShareItemType"
    },
    "ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities": {
     "auth_ref": [
      "r124"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 12.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]"
       }
      },
      "en-us": {
       "role": {
        "label": "Payments of lease liabilities, classified as financing activities",
        "negatedLabel": "Repayment of lease liabilities"
       }
      }
     },
     "localname": "PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PlanAssetsAtFairValue": {
     "auth_ref": [
      "r83"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Plan assets, at fair value",
        "terseLabel": "Fair value of plan assets"
       }
      }
     },
     "localname": "PlanAssetsAtFairValue",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProceedsFromExerciseOfOptions": {
     "auth_ref": [
      "r125"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 1.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash inflow from the exercise of options."
       }
      },
      "en-us": {
       "role": {
        "label": "Proceeds from exercise of options",
        "terseLabel": "Exercise of employees\u2019 stock options in subsidiaries"
       }
      }
     },
     "localname": "ProceedsFromExerciseOfOptions",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures": {
     "auth_ref": [
      "r125"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 3.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash inflow from the issuing of bonds, notes and debentures."
       }
      },
      "en-us": {
       "role": {
        "label": "Proceeds from issue of bonds, notes and debentures",
        "terseLabel": "Proceeds from issuance of debentures, net",
        "verboseLabel": "Debentures amount"
       }
      }
     },
     "localname": "ProceedsFromIssueOfBondsNotesAndDebentures",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0",
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r122"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 1.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash inflow from sales of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]"
       }
      },
      "en-us": {
       "role": {
        "label": "Proceeds from sales of investments accounted for using equity method",
        "terseLabel": "Proceeds from maturity and sale net of investment in debt instruments at fair value through other comprehensive income or loss, net"
       }
      }
     },
     "localname": "ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities": {
     "auth_ref": [
      "r121"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 2.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Proceeds from sales of property, plant and equipment, classified as investing activities",
        "terseLabel": "Proceeds from sale of property and equipment"
       }
      }
     },
     "localname": "ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProductsAndServicesAxis": {
     "auth_ref": [
      "r177",
      "r230"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Products and services [axis]"
       }
      }
     },
     "localname": "ProductsAndServicesAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ProductsAndServicesMember": {
     "auth_ref": [
      "r177",
      "r230"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the entity's products and services. It also represents the standard value for the 'Products and services' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Products and services [member]"
       }
      }
     },
     "localname": "ProductsAndServicesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ProfitLoss": {
     "auth_ref": [
      "r5",
      "r44",
      "r126",
      "r139",
      "r141",
      "r150",
      "r223",
      "r226",
      "r238",
      "r242"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 1.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInOperatingActivities",
       "weight": 1.0
      },
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 1.0,
       "parentTag": "ifrs-full_ComprehensiveIncome",
       "weight": 1.0
      },
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      },
      "http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Profit (loss)",
        "terseLabel": "Net income",
        "totalLabel": "Net income"
       }
      }
     },
     "localname": "ProfitLoss",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0",
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProfitLossAttributableToAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Profit (loss), attributable to [abstract]",
        "terseLabel": "Attributable to:"
       }
      }
     },
     "localname": "ProfitLossAttributableToAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_ProfitLossAttributableToNoncontrollingInterests": {
     "auth_ref": [
      "r47",
      "r144"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]"
       }
      },
      "en-us": {
       "role": {
        "label": "Profit (loss), attributable to non-controlling interests",
        "terseLabel": "Net income"
       }
      }
     },
     "localname": "ProfitLossAttributableToNoncontrollingInterests",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects": {
     "auth_ref": [
      "r106"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The profit (loss) attributable to ordinary equity holders of the parent entity, adjusted for the effects of all dilutive potential ordinary shares. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share",
        "terseLabel": "Net operating losses carried forward"
       }
      }
     },
     "localname": "ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofcompositionTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ProfitLossAttributableToOwnersOfParent": {
     "auth_ref": [
      "r48"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatementAlt0": {
       "order": 1.0,
       "parentTag": "ifrs-full_ProfitLoss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Profit (loss), attributable to owners of parent",
        "terseLabel": "Equity holders of the Company"
       }
      }
     },
     "localname": "ProfitLossAttributableToOwnersOfParent",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PropertyPlantAndEquipment": {
     "auth_ref": [
      "r16",
      "r74"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 5.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period."
       }
      },
      "en-us": {
       "role": {
        "label": "Property, plant and equipment",
        "terseLabel": "PROPERTY, PLANTS AND EQUIPMENT, NET",
        "verboseLabel": "Property and equipment"
       }
      }
     },
     "localname": "PropertyPlantAndEquipment",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet",
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated": {
     "auth_ref": [
      "r76"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The gross carrying amount of fully depreciated property, plant and equipment that is still in use. [Refer: Gross carrying amount [member]; Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Property, plant and equipment, gross carrying amount of fully depreciated assets still in use",
        "terseLabel": "Depreciated cost"
       }
      }
     },
     "localname": "PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PropertyPlantAndEquipmentMember": {
     "auth_ref": [
      "r75",
      "r108",
      "r181"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for property, plant and equipment. It also represents the standard value for the 'Classes of property, plant and equipment' axis if no other member is used. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Property, plant and equipment [member]"
       }
      }
     },
     "localname": "PropertyPlantAndEquipmentMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyplantsandequipmentTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ProportionOfOwnershipInterestInAssociate": {
     "auth_ref": [
      "r101",
      "r102",
      "r147"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Proportion of ownership interest in associate",
        "terseLabel": "Percentage of share interest"
       }
      }
     },
     "localname": "ProportionOfOwnershipInterestInAssociate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction": {
     "auth_ref": [
      "r91"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of provisions for doubtful debts related to the amount of outstanding balances in related party transactions. [Refer: Provisions]"
       }
      },
      "en-us": {
       "role": {
        "label": "Provisions for doubtful debts related to outstanding balances of related party transaction",
        "terseLabel": "Allowances for doubtful accounts (in Dollars)"
       }
      }
     },
     "localname": "ProvisionsForDoubtfulDebtsRelatedToOutstandingBalancesOfRelatedPartyTransaction",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet_Parentheticals"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities": {
     "auth_ref": [
      "r120"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 9.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Purchase of intangible assets, classified as investing activities",
        "negatedLabel": "Purchase of intangible assets"
       }
      }
     },
     "localname": "PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities": {
     "auth_ref": [
      "r120"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 11.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInInvestingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Purchase of property, plant and equipment, classified as investing activities",
        "negatedLabel": "Purchase of property and equipment"
       }
      }
     },
     "localname": "PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RangeAxis": {
     "auth_ref": [
      "r168",
      "r169",
      "r172",
      "r190",
      "r210",
      "r239"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Range [axis]"
       }
      }
     },
     "localname": "RangeAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable",
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_RangesMember": {
     "auth_ref": [
      "r168",
      "r169",
      "r172",
      "r190",
      "r210",
      "r239"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for aggregate ranges. It also represents the standard value for the 'Range' axis if no other member is used."
       }
      },
      "en-us": {
       "role": {
        "label": "Ranges [member]"
       }
      }
     },
     "localname": "RangesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsAxis": {
     "auth_ref": [
      "r190"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Ranges of exercise prices for outstanding share options [axis]"
       }
      }
     },
     "localname": "RangesOfExercisePricesForOutstandingShareOptionsAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember": {
     "auth_ref": [
      "r190"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for aggregated ranges of exercise prices for outstanding share options that are meaningful for assessing the number and timing of additional shares that may be issued and the cash that may be received upon exercise of those options. It also represents the standard value for the 'Ranges of exercise prices for outstanding share options' axis if no other member is used. [Refer: Ranges [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Ranges of exercise prices for outstanding share options [member]"
       }
      }
     },
     "localname": "RangesOfExercisePricesForOutstandingShareOptionsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofoptionsoutstandingseparatedintorangesofexercisepricecategoriesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_RecognisedLiabilitiesDefinedBenefitPlan": {
     "auth_ref": [
      "r26"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of deficit in a defined benefit plan. [Refer: Defined benefit plans [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Net defined benefit liability",
        "terseLabel": "Net defined benefit liability"
       }
      }
     },
     "localname": "RecognisedLiabilitiesDefinedBenefitPlan",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofdefinedbenefitplansTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RepaymentsOfBondsNotesAndDebentures": {
     "auth_ref": [
      "r125"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 10.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow for repayments of bonds, notes and debentures."
       }
      },
      "en-us": {
       "role": {
        "label": "Repayments of bonds, notes and debentures",
        "negatedLabel": "Repayment of debentures"
       }
      }
     },
     "localname": "RepaymentsOfBondsNotesAndDebentures",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities": {
     "auth_ref": [
      "r123"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow0": {
       "order": 7.0,
       "parentTag": "ifrs-full_CashFlowsFromUsedInFinancingActivities",
       "weight": -1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]"
       }
      },
      "en-us": {
       "role": {
        "label": "Repayments of borrowings, classified as financing activities",
        "negatedLabel": "Repayment of long-term loans from banks and others"
       }
      }
     },
     "localname": "RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ResearchAndDevelopmentExpense": {
     "auth_ref": [
      "r117"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "us-gaap_OperatingIncomeLoss",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of expenditure directly attributable to research or development activities, recognised in profit or loss."
       }
      },
      "en-us": {
       "role": {
        "label": "Research and development expense",
        "terseLabel": "Research and development expenses, net"
       }
      }
     },
     "localname": "ResearchAndDevelopmentExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ReserveOfExchangeDifferencesOnTranslation": {
     "auth_ref": [
      "r88"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow": {
       "order": 2.0,
       "parentTag": "forty_AccumulatedOtherComprehensiveIncomeloss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "A component of equity representing exchange differences on translation of financial statements recognised in other comprehensive income and accumulated in equity. [Refer: Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Reserve of exchange differences on translation",
        "terseLabel": "Foreign currency translation reserve arising from translating financial statements of foreign operations"
       }
      }
     },
     "localname": "ReserveOfExchangeDifferencesOnTranslation",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets": {
     "auth_ref": [
      "r244"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedCashFlow": {
       "order": 1.0,
       "parentTag": "forty_AccumulatedOtherComprehensiveIncomeloss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "A component of equity representing accumulated gains and losses on remeasuring available-for-sale financial assets. [Refer: Financial assets available-for-sale]"
       }
      },
      "en-us": {
       "role": {
        "label": "Reserve of gains and losses on remeasuring available-for-sale financial assets",
        "terseLabel": "Reserve from debt instruments at fair value through other comprehensive income and derivatives"
       }
      }
     },
     "localname": "ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RetainedEarnings": {
     "auth_ref": [
      "r37",
      "r59"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 3.0,
       "parentTag": "ifrs-full_EquityAttributableToOwnersOfParent",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "A component of equity representing the entity's cumulative undistributed earnings or deficit."
       }
      },
      "en-us": {
       "role": {
        "label": "Retained earnings",
        "terseLabel": "Retained earnings"
       }
      }
     },
     "localname": "RetainedEarnings",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RetainedEarningsMember": {
     "auth_ref": [
      "r9",
      "r10"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a component of equity representing an entity's cumulative undistributed earnings or deficit."
       }
      },
      "en-us": {
       "role": {
        "label": "Retained earnings [member]",
        "terseLabel": "Retained earnings"
       }
      }
     },
     "localname": "RetainedEarningsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_Revenue": {
     "auth_ref": [
      "r1",
      "r2",
      "r51",
      "r150",
      "r156",
      "r205",
      "r219",
      "r225",
      "r230",
      "r231",
      "r234"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "ifrs-full_GrossProfit",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims."
       }
      },
      "en-us": {
       "role": {
        "label": "Revenue",
        "terseLabel": "Revenues",
        "totalLabel": "Total revenues"
       }
      }
     },
     "localname": "Revenue",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
      "http://formulasystems.com/role/ScheduleofrevenuesclassifiedbygeographicareabasedonthelocationofcustomersTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RevenueAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Revenue [abstract]",
        "terseLabel": "Revenues:"
       }
      }
     },
     "localname": "RevenueAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_RevenueAndOperatingIncome": {
     "auth_ref": [
      "r56"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Revenue and other operating income",
        "terseLabel": "Total operating income"
       }
      }
     },
     "localname": "RevenueAndOperatingIncome",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RevenueFromContractsWithCustomers": {
     "auth_ref": [
      "r174",
      "r175"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity\u2019s ordinary activities in exchange for consideration."
       }
      },
      "en-us": {
       "role": {
        "label": "Revenue from contracts with customers",
        "terseLabel": "Revenues from external customers"
       }
      }
     },
     "localname": "RevenueFromContractsWithCustomers",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices": {
     "auth_ref": [
      "r11"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "ifrs-full_Revenue",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of revenue arising from the rendering of consulting services relating to information technology. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Revenue from rendering of information technology consulting services",
        "terseLabel": "Proprietary software products and related services"
       }
      }
     },
     "localname": "RevenueFromRenderingOfInformationTechnologyConsultingServices",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices": {
     "auth_ref": [
      "r11"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 2.0,
       "parentTag": "ifrs-full_Revenue",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of revenue arising from the rendering of maintenance and support services relating to information technology. [Refer: Revenue]"
       }
      },
      "en-us": {
       "role": {
        "label": "Revenue from rendering of information technology maintenance and support services",
        "terseLabel": "Software services and other"
       }
      }
     },
     "localname": "RevenueFromRenderingOfInformationTechnologyMaintenanceAndSupportServices",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_RightofuseAssets": {
     "auth_ref": [
      "r180"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_Assets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee."
       }
      },
      "en-us": {
       "role": {
        "label": "Right-of-use assets",
        "terseLabel": "RIGHT-OF-USE ASSETS"
       }
      }
     },
     "localname": "RightofuseAssets",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_SellingGeneralAndAdministrativeExpense": {
     "auth_ref": [
      "r56"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 3.0,
       "parentTag": "us-gaap_OperatingIncomeLoss",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of expense relating to selling, general and administrative activities of the entity."
       }
      },
      "en-us": {
       "role": {
        "label": "Selling, general and administrative expense",
        "terseLabel": "Selling, marketing, general and administrative expenses"
       }
      }
     },
     "localname": "SellingGeneralAndAdministrativeExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ServicesExpense": {
     "auth_ref": [
      "r56"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of expense arising from services."
       }
      },
      "en-us": {
       "role": {
        "label": "Services expense",
        "terseLabel": "Services"
       }
      }
     },
     "localname": "ServicesExpense",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofrevenuebyproductsandservicesTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ServicesReceivedRelatedPartyTransactions": {
     "auth_ref": [
      "r95"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of services received in related party transactions. [Refer: Related parties [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Services received, related party transactions",
        "terseLabel": "Services obtained from Asseco"
       }
      }
     },
     "localname": "ServicesReceivedRelatedPartyTransactions",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/RelatedPartiesTransactionsDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r57",
      "r162",
      "r243"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome": {
       "order": 2.0,
       "parentTag": "ifrs-full_OtherComprehensiveIncome",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]"
       }
      },
      "en-us": {
       "role": {
        "label": "Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax",
        "netLabel": "Company\u2019s share of other comprehensive income",
        "terseLabel": "Share in net other comprehensive income (loss) of companies accounted for at equity",
        "verboseLabel": "Share in other comprehensive income of joint venture"
       }
      }
     },
     "localname": "ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedComprehensiveIncome",
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r53",
      "r221",
      "r229",
      "r243"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "ifrs-full_ProfitLoss",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Share of profit (loss) of associates and joint ventures accounted for using equity method",
        "totalLabel": "Pre-tax income before share of profits of companies accounted for at equity, net"
       }
      }
     },
     "localname": "ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod": {
     "auth_ref": [
      "r56"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The entity's share of the profit (loss) of joint ventures accounted for using the equity method. [Refer: Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]"
       }
      },
      "en-us": {
       "role": {
        "label": "Share of profit (loss) of joint ventures accounted for using equity method",
        "terseLabel": "Company\u2019s share of profit",
        "verboseLabel": "Group\u2019s share of profits of companies accounted for at equity, net"
       }
      }
     },
     "localname": "ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_SharePremiumMember": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the amount received or receivable from issuance of the entity's shares in excess of nominal value."
       }
      },
      "en-us": {
       "role": {
        "label": "Share premium [member]",
        "terseLabel": "Share Capital"
       }
      }
     },
     "localname": "SharePremiumMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents": {
     "auth_ref": [
      "r134"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Short-term deposits, classified as cash equivalents",
        "negatedLabel": "Short-term bank credit"
       }
      }
     },
     "localname": "ShorttermDepositsClassifiedAsCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000000000000000000"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents": {
     "auth_ref": [
      "r26"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 2.0,
       "parentTag": "ifrs-full_CurrentAssets",
       "weight": 1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount of short-term deposits held by the entity that are not classified as cash equivalents. [Refer: Cash equivalents]"
       }
      },
      "en-us": {
       "role": {
        "label": "Short-term deposits, not classified as cash equivalents",
        "terseLabel": "Short-term deposits"
       }
      }
     },
     "localname": "ShorttermDepositsNotClassifiedAsCashEquivalents",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_StatementOfCashFlowsAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statement of cash flows [abstract]"
       }
      }
     },
     "localname": "StatementOfCashFlowsAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "xbrltype": "stringItemType"
    },
    "ifrs-full_StatementOfChangesInEquityLineItems": {
     "auth_ref": [],
     "lang": {
      "en": {
       "role": {
        "documentation": "Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Statement of changes in equity [line items]"
       }
      }
     },
     "localname": "StatementOfChangesInEquityLineItems",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_StatementOfChangesInEquityTable": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "Schedule disclosing information related to changes in equity."
       }
      },
      "en-us": {
       "role": {
        "label": "Statement of changes in equity [table]"
       }
      }
     },
     "localname": "StatementOfChangesInEquityTable",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_StatementOfFinancialPositionAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statement of financial position [abstract]"
       }
      }
     },
     "localname": "StatementOfFinancialPositionAbstract",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "xbrltype": "stringItemType"
    },
    "ifrs-full_TaxEffectFromChangeInTaxRate": {
     "auth_ref": [
      "r65"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in the tax rate. [Refer: Accounting profit]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax effect from change in tax rate",
        "terseLabel": "Effect of different tax rates"
       }
      }
     },
     "localname": "TaxEffectFromChangeInTaxRate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011": {
     "auth_ref": [
      "r65"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation. [Refer: Accounting profit]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax effect of revenues exempt from taxation",
        "terseLabel": "Accumulated tax exempt"
       }
      }
     },
     "localname": "TaxEffectOfRevenuesExemptFromTaxation2011",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TaxEffectOfTaxLosses": {
     "auth_ref": [
      "r65"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax losses. [Refer: Accounting profit]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax effect of tax losses",
        "terseLabel": "Carry-forward tax losses"
       }
      }
     },
     "localname": "TaxEffectOfTaxLosses",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TaxExpenseIncomeAtApplicableTaxRate": {
     "auth_ref": [
      "r65"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax expense (income) at applicable tax rate",
        "terseLabel": "Tax computed at the statutory tax rate"
       }
      }
     },
     "localname": "TaxExpenseIncomeAtApplicableTaxRate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TaxRateEffectFromChangeInTaxRate": {
     "auth_ref": [
      "r66"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from a change in tax rate. [Refer: Average effective tax rate; Applicable tax rate]"
       }
      },
      "en-us": {
       "role": {
        "label": "Tax rate effect from change in tax rate",
        "terseLabel": "Statutory tax rate in Israel"
       }
      }
     },
     "localname": "TaxRateEffectFromChangeInTaxRate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails",
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "percentItemType"
    },
    "ifrs-full_TechnologybasedIntangibleAssetsMember": {
     "auth_ref": [
      "r115"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for a class of intangible assets representing assets based on technology. Such assets may include patented and unpatented technology, databases as well as trade secrets. [Refer: Intangible assets other than goodwill]"
       }
      },
      "en-us": {
       "role": {
        "label": "Technology-based intangible assets [member]",
        "terseLabel": "Acquired technology [Member]"
       }
      }
     },
     "localname": "TechnologybasedIntangibleAssetsMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofintangibleassetsnetTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate": {
     "auth_ref": [
      "r197"
     ],
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The amount recognised as of the acquisition date for technology-based intangible assets acquired in a business combination. [Refer: Technology-based intangible assets [member]; Business combinations [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Technology-based intangible assets recognised as of acquisition date",
        "terseLabel": "Developed technology"
       }
      }
     },
     "localname": "TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TopOfRangeMember": {
     "auth_ref": [
      "r168",
      "r169",
      "r172",
      "r190",
      "r210",
      "r239"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for top of a range."
       }
      },
      "en-us": {
       "role": {
        "label": "Top of range [member]",
        "terseLabel": "Top of range [member]",
        "verboseLabel": "Maximum [Member]"
       }
      }
     },
     "localname": "TopOfRangeMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/EmployeeOptionPlansDetails",
      "http://formulasystems.com/role/ScheduleoflongtermliabilitiestobanksandotherscompositionTable",
      "http://formulasystems.com/role/ScheduleofusefullifeofintangibleassetsTable",
      "http://formulasystems.com/role/ScheduleofusefullifeoftheassetsatannualratesTable"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers": {
     "auth_ref": [
      "r34",
      "r38"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 4.0,
       "parentTag": "ifrs-full_CurrentLiabilities",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]"
       }
      },
      "en-us": {
       "role": {
        "label": "Current trade payables",
        "terseLabel": "Trade payables"
       }
      }
     },
     "localname": "TradeAndOtherCurrentPayablesToTradeSuppliers",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TreasuryShares": {
     "auth_ref": [
      "r37",
      "r103"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedBalanceSheet": {
       "order": 5.0,
       "parentTag": "ifrs-full_EquityAttributableToOwnersOfParent",
       "weight": -1.0
      }
     },
     "crdr": "debit",
     "lang": {
      "en": {
       "role": {
        "documentation": "An entity\u2019s own equity instruments, held by the entity or other members of the consolidated group."
       }
      },
      "en-us": {
       "role": {
        "label": "Treasury shares",
        "negatedLabel": "Treasury shares (568,620 shares as of December 31, 2020 and 2021)"
       }
      }
     },
     "localname": "TreasuryShares",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedBalanceSheet"
     ],
     "xbrltype": "monetaryItemType"
    },
    "ifrs-full_TreasurySharesMember": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "This member stands for the entity\u2019s own equity instruments, held by the entity or other members of the consolidated group."
       }
      },
      "en-us": {
       "role": {
        "label": "Treasury shares [member]",
        "terseLabel": "Treasury shares (cost)"
       }
      }
     },
     "localname": "TreasurySharesMember",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "ifrs-full_TypesOfInvestmentPropertyAxis": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the members in the table and the line items or concepts that complete the table."
       }
      },
      "en-us": {
       "role": {
        "label": "Types of investment property [axis]"
       }
      }
     },
     "localname": "TypesOfInvestmentPropertyAxis",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/InvestmentsinCompaniesAccountedforatEquityMethodDetails",
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable",
      "http://formulasystems.com/role/ScheduleofstatementoffinancialpositionTable"
     ],
     "xbrltype": "stringItemType"
    },
    "ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment": {
     "auth_ref": [
      "r73"
     ],
     "lang": {
      "en": {
       "role": {
        "documentation": "The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment]"
       }
      },
      "en-us": {
       "role": {
        "label": "Useful life measured as period of time, property, plant and equipment",
        "terseLabel": "Land and Buildings"
       }
      }
     },
     "localname": "UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable"
     ],
     "xbrltype": "durationItemType"
    },
    "ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted": {
     "auth_ref": [
      "r192"
     ],
     "crdr": "credit",
     "lang": {
      "en": {
       "role": {
        "documentation": "The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]]"
       }
      },
      "en-us": {
       "role": {
        "label": "Weighted average fair value at measurement date, share options granted",
        "terseLabel": "Total fair value of grant"
       }
      }
     },
     "localname": "WeightedAverageFairValueAtMeasurementDateShareOptionsGranted",
     "nsuri": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
     "presentation": [
      "http://formulasystems.com/role/EmployeeOptionPlansDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "srt_AmericasMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Americas [Member]",
        "terseLabel": "United States [Member]"
       }
      }
     },
     "localname": "AmericasMember",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofpropertyandequipmentlocatedTable"
     ],
     "xbrltype": "domainItemType"
    },
    "srt_CurrencyAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Currency [Axis]"
       }
      }
     },
     "localname": "CurrencyAxis",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "srt_MaximumMember": {
     "auth_ref": [
      "r281",
      "r282",
      "r287",
      "r289",
      "r310",
      "r311",
      "r312",
      "r313",
      "r314",
      "r315",
      "r316",
      "r336",
      "r337",
      "r338",
      "r339"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum [Member]",
        "terseLabel": "Maximum [Member]"
       }
      }
     },
     "localname": "MaximumMember",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "srt_MinimumMember": {
     "auth_ref": [
      "r281",
      "r282",
      "r287",
      "r289",
      "r310",
      "r311",
      "r312",
      "r313",
      "r314",
      "r315",
      "r316",
      "r336",
      "r337",
      "r338",
      "r339"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Minimum [Member]",
        "terseLabel": "Minimum [Member]"
       }
      }
     },
     "localname": "MinimumMember",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "srt_RangeAxis": {
     "auth_ref": [
      "r281",
      "r282",
      "r284",
      "r287",
      "r289",
      "r310",
      "r311",
      "r312",
      "r313",
      "r314",
      "r315",
      "r316",
      "r336",
      "r337",
      "r338",
      "r339"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statistical Measurement [Axis]"
       }
      }
     },
     "localname": "RangeAxis",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "srt_RangeMember": {
     "auth_ref": [
      "r281",
      "r282",
      "r284",
      "r287",
      "r289",
      "r310",
      "r311",
      "r312",
      "r313",
      "r314",
      "r315",
      "r316",
      "r336",
      "r337",
      "r338",
      "r339"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statistical Measurement [Domain]"
       }
      }
     },
     "localname": "RangeMember",
     "nsuri": "http://fasb.org/srt/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails",
      "http://formulasystems.com/role/ScheduleofamortizationperiodsoftherightofuseassetsTable",
      "http://formulasystems.com/role/SignificantAccountingPoliciesDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_AccountingPoliciesAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Accounting Policies [Abstract]"
       }
      }
     },
     "localname": "AccountingPoliciesAbstract",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "xbrltype": "stringItemType"
    },
    "us-gaap_AdditionalPaidInCapitalMember": {
     "auth_ref": [
      "r258",
      "r259",
      "r260",
      "r290",
      "r291",
      "r292",
      "r302"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders.",
        "label": "Additional Paid-in Capital [Member]",
        "terseLabel": "Additional paid-in capital"
       }
      }
     },
     "localname": "AdditionalPaidInCapitalMember",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ShareholdersEquityType2or3"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_BusinessAcquisitionAcquireeDomain": {
     "auth_ref": [
      "r286",
      "r288"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Identification of the acquiree in a material business combination (or series of individually immaterial business combinations), which may include the name or other type of identification of the acquiree.",
        "label": "Business Acquisition, Acquiree [Domain]"
       }
      }
     },
     "localname": "BusinessAcquisitionAcquireeDomain",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_BusinessAcquisitionAxis": {
     "auth_ref": [
      "r286",
      "r288",
      "r295",
      "r296"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Information by business combination or series of individually immaterial business combinations.",
        "label": "Business Acquisition [Axis]"
       }
      }
     },
     "localname": "BusinessAcquisitionAxis",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/EmployeeBenefitLiabilitiesTables",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable00",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable0000",
      "http://formulasystems.com/role/ScheduleofestimatedfairvaluesoftheassetsacquiredandliabilitiesatthedateofacquisitionTable000000000"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Date when the business acquisition agreement was executed, in YYYY-MM-DD format.",
        "label": "Business Acquisition, Date of Acquisition Agreement",
        "terseLabel": "Maturity date"
       }
      }
     },
     "localname": "BusinessAcquisitionDateOfAcquisitionAgreement1",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "dateItemType"
    },
    "us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity": {
     "auth_ref": [
      "r294"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "With respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information.",
        "label": "Business Acquisition, Description of Acquired Entity",
        "terseLabel": "Business acquisition description"
       }
      }
     },
     "localname": "BusinessAcquisitionDescriptionOfAcquiredEntity",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_DebtInstrumentDescription": {
     "auth_ref": [
      "r249",
      "r250",
      "r283",
      "r329",
      "r330",
      "r333",
      "r335"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.",
        "label": "Debt Instrument, Description",
        "terseLabel": "Description of debentures"
       }
      }
     },
     "localname": "DebtInstrumentDescription",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms": {
     "auth_ref": [
      "r332",
      "r334"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Describes the general term and nature of the advances from the Federal Home Loan Bank outstanding as of the Balance Sheet date.",
        "label": "Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, General Description of Terms",
        "terseLabel": "Description of bank loan"
       }
      }
     },
     "localname": "FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresGeneralDescriptionOfTerms",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost": {
     "auth_ref": [
      "r293"
     ],
     "crdr": "debit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of reported income tax expense (benefit) in excess of (less than) expected income tax expense (benefit) computed by applying domestic federal statutory income tax rate to pretax income (loss) from continuing operation, attributable to nondeductible expense for award under share-based payment arrangement. Includes, but is not limited to, expense determined to be nondeductible upon grant or after for award under share-based payment arrangement.",
        "label": "Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount",
        "terseLabel": "Non-deductible expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs"
       }
      }
     },
     "localname": "IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_OperatingIncomeLoss": {
     "auth_ref": [
      "r264",
      "r265",
      "r266",
      "r267",
      "r268"
     ],
     "calculation": {
      "http://formulasystems.com/role/ConsolidatedIncomeStatement": {
       "order": 1.0,
       "parentTag": "ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
       "weight": 1.0
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The net result for the period of deducting operating expenses from operating revenues.",
        "label": "Operating Income (Loss)",
        "totalLabel": "Operating income"
       }
      }
     },
     "localname": "OperatingIncomeLoss",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedIncomeStatement"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_OtherAccountsPayableAndAccruedLiabilities": {
     "auth_ref": [],
     "calculation": {
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of liabilities incurred and payable to vendors for goods and services received classified as other, and expenses incurred but not yet paid, payable within one year or the operating cycle, if longer.",
        "label": "Other Accounts Payable and Accrued Liabilities",
        "totalLabel": "Total"
       }
      }
     },
     "localname": "OtherAccountsPayableAndAccruedLiabilities",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofotheraccountspayableTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_OtherComprehensiveIncomeOtherNetOfTax": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of increase (decrease) in other comprehensive income, after tax, from changes classified as other.",
        "label": "Other Comprehensive Income, Other, Net of Tax",
        "terseLabel": "Total comprehensive income"
       }
      }
     },
     "localname": "OtherComprehensiveIncomeOtherNetOfTax",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofhighlightsofTSGprofitorlossinaccordanceTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_PaymentsForOtherTaxes": {
     "auth_ref": [
      "r256"
     ],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amount of cash outflow for taxes classified as other.",
        "label": "Payments for Other Taxes",
        "terseLabel": "Other"
       }
      }
     },
     "localname": "PaymentsForOtherTaxes",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleoftheoreticaltaxexpenseTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired": {
     "auth_ref": [
      "r254"
     ],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.",
        "label": "Payments to Acquire Businesses, Net of Cash Acquired",
        "terseLabel": "Net of cash acquired"
       }
      }
     },
     "localname": "PaymentsToAcquireBusinessesNetOfCashAcquired",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_ProfitLoss": {
     "auth_ref": [
      "r248",
      "r251",
      "r252",
      "r253",
      "r255",
      "r257",
      "r261",
      "r262",
      "r263",
      "r264",
      "r265",
      "r266",
      "r267",
      "r268",
      "r270",
      "r271",
      "r272",
      "r273",
      "r274",
      "r275",
      "r276",
      "r277",
      "r278",
      "r279",
      "r280",
      "r297",
      "r298",
      "r299",
      "r300",
      "r301",
      "r303",
      "r304",
      "r331"
     ],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.",
        "label": "Net Income (Loss), Including Portion Attributable to Noncontrolling Interest",
        "terseLabel": "Net income"
       }
      }
     },
     "localname": "ProfitLoss",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofreportingonoperatingsegmentsTable"
     ],
     "xbrltype": "monetaryItemType"
    },
    "us-gaap_RelatedPartyDomain": {
     "auth_ref": [
      "r285",
      "r306",
      "r307"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Related parties include affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.",
        "label": "Related Party [Domain]"
       }
      }
     },
     "localname": "RelatedPartyDomain",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_RelatedPartyTransactionsByRelatedPartyAxis": {
     "auth_ref": [
      "r285",
      "r306",
      "r308",
      "r317",
      "r318",
      "r319",
      "r320",
      "r321",
      "r322",
      "r323",
      "r324",
      "r325",
      "r326",
      "r327",
      "r328"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Information by type of related party. Related parties include, but not limited to, affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.",
        "label": "Related Party [Axis]"
       }
      }
     },
     "localname": "RelatedPartyTransactionsByRelatedPartyAxis",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/BusinessCombinationSignificantTransactionandSaleofBusinessDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_SaleOfStockNameOfTransactionDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Sale of the entity's stock, including, but not limited to, initial public offering (IPO) and private placement.",
        "label": "Sale of Stock [Domain]"
       }
      }
     },
     "localname": "SaleOfStockNameOfTransactionDomain",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_SaleOfStockPercentageOfOwnershipBeforeTransaction": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Percentage of subsidiary's or equity investee's stock owned by parent company before stock transaction.",
        "label": "Sale of Stock, Percentage of Ownership before Transaction",
        "terseLabel": "Purchase price"
       }
      }
     },
     "localname": "SaleOfStockPercentageOfOwnershipBeforeTransaction",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/DebenturesDetails"
     ],
     "xbrltype": "percentItemType"
    },
    "us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock": {
     "auth_ref": [
      "r269"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.",
        "label": "Revenue from External Customers by Products and Services [Table Text Block]",
        "terseLabel": "Schedule of revenue by products and services"
       }
      }
     },
     "localname": "ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/SignificantAccountingPoliciesTables"
     ],
     "xbrltype": "textBlockItemType"
    },
    "us-gaap_SellingGeneralAndAdministrativeExpensesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Primary financial statement caption encompassing selling, general and administrative expense.",
        "label": "Selling, General and Administrative Expenses [Member]",
        "terseLabel": "General and administrative expenses [Member]"
       }
      }
     },
     "localname": "SellingGeneralAndAdministrativeExpensesMember",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ScheduleofstockbasedcompensationexpenseresultingfromstockoptionsgrantsTable"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_SubsequentEventMember": {
     "auth_ref": [
      "r305",
      "r309"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Identifies event that occurred after the balance sheet date but before financial statements are issued or available to be issued.",
        "label": "Subsequent Event [Member]",
        "terseLabel": "Subsequent Event [Member]"
       }
      }
     },
     "localname": "SubsequentEventMember",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_SubsequentEventTypeAxis": {
     "auth_ref": [
      "r305",
      "r309"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Information by event that occurred after the balance sheet date but before financial statements are issued or available to be issued.",
        "label": "Subsequent Event Type [Axis]"
       }
      }
     },
     "localname": "SubsequentEventTypeAxis",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_SubsequentEventTypeDomain": {
     "auth_ref": [
      "r305",
      "r309"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Event that occurred after the balance sheet date but before financial statements are issued or available to be issued.",
        "label": "Subsequent Event Type [Domain]"
       }
      }
     },
     "localname": "SubsequentEventTypeDomain",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/SubsequentEventsDetails"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_SubsidiarySaleOfStockAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Information by type of sale of the entity's stock.",
        "label": "Sale of Stock [Axis]"
       }
      }
     },
     "localname": "SubsidiarySaleOfStockAxis",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/IncomeTaxDetails"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_SupplementalCashFlowInformationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Supplemental Cash Flow Information [Abstract]",
        "terseLabel": "A. Supplemental cash flow information:"
       }
      }
     },
     "localname": "SupplementalCashFlowInformationAbstract",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://formulasystems.com/role/ConsolidatedCashFlow0"
     ],
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 6
  }
 },
 "std_ref": {
  "r0": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "10",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r1": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "102",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_102&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r10": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "108",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_108&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r100": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "27",
   "Paragraph": "16",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_16_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r101": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "27",
   "Paragraph": "16",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_16_b_iii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r102": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "27",
   "Paragraph": "17",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_17_b_iii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r103": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "32",
   "Paragraph": "34",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=32&code=ifrs-tx-2021-en-r&anchor=para_34&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r104": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "33",
   "Paragraph": "66",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=33&code=ifrs-tx-2021-en-r&anchor=para_66&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r105": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "33",
   "Paragraph": "67",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=33&code=ifrs-tx-2021-en-r&anchor=para_67&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r106": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "33",
   "Paragraph": "70",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=33&code=ifrs-tx-2021-en-r&anchor=para_70_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r107": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "34",
   "Paragraph": "16A",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=34&code=ifrs-tx-2021-en-r&anchor=para_16A_f&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r108": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "36",
   "Paragraph": "127",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=36&code=ifrs-tx-2021-en-r&anchor=para_127&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r109": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "36",
   "Paragraph": "134",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=36&code=ifrs-tx-2021-en-r&anchor=para_134_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r11": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "112",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_112_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r110": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "36",
   "Paragraph": "135",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=36&code=ifrs-tx-2021-en-r&anchor=para_135_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r111": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "118",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_118_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r112": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "118",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_118&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r113": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "119",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_119_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r114": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "119",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_119_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r115": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "119",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_119&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r116": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "122",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_122_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r117": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Paragraph": "126",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&anchor=para_126&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r118": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "38",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS38_g118-128_TI",
   "URIDate": "2021-03-24"
  },
  "r119": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "10",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_10&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r12": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "117",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_117_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r120": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "16",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_16_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r121": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "16",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_16_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r122": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "16",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_16&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r123": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "17",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_17_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r124": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "17",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_17_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r125": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "17",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_17&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r126": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "18",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_18_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r127": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "20",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_20_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r128": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "20",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_20_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r129": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "20",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_20&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r13": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "117",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_117&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r130": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "25",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_25&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r131": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "28",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_28&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r132": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "39",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_39&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r133": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "40",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_40_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r134": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "45",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_45&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r135": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "46",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_46&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r136": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "7",
   "Paragraph": "50",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_50_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r137": {
   "IssueDate": "2021-01-01",
   "Name": "IFRIC",
   "Number": "17",
   "Paragraph": "16",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRIC&num=17&code=ifrs-tx-2021-en-r&anchor=para_16_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r138": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "1",
   "Paragraph": "24",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_24_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r139": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "1",
   "Paragraph": "24",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_24_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r14": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "137",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_137_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r140": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "1",
   "Paragraph": "32",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_32_a_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r141": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "1",
   "Paragraph": "32",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_32_a_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r142": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "10",
   "Paragraph": "22",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=10&code=ifrs-tx-2021-en-r&anchor=para_22&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r143": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "10",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_10_a_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r144": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "12",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_12_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r145": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "12",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_12_f&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r146": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "19D",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_19D_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r147": {
   "Clause": "iv",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "21",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_21_a_iv&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r148": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "9",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_9_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r149": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B10",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B10_a&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r15": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "51",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_51&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r150": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B10",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r151": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_i&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r152": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_ii&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r153": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_iii&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r154": {
   "Clause": "iv",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_iv&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r155": {
   "Clause": "ix",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_ix&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r156": {
   "Clause": "v",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r157": {
   "Clause": "viii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B12",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_viii&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r158": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B13",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B13_a&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r159": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B13",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B13_b&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r16": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r160": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B13",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B13_d&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r161": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B13",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B13_g&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r162": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B16",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B16_c&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r163": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "12",
   "Paragraph": "B16",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B16&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r164": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "93",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r165": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "93",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r166": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "93",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r167": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "93",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r168": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "B6",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_B6&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r169": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Paragraph": "IE63",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_IE63&doctype=Illustrative%20Examples",
   "URIDate": "2021-03-24"
  },
  "r17": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r170": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "13",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI",
   "URIDate": "2021-03-24"
  },
  "r171": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "14",
   "Paragraph": "24",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=14&code=ifrs-tx-2021-en-r&anchor=para_24&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r172": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "14",
   "Paragraph": "33",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=14&code=ifrs-tx-2021-en-r&anchor=para_33_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r173": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "14",
   "Paragraph": "B11",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=14&code=ifrs-tx-2021-en-r&anchor=para_B11_b&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r174": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "15",
   "Paragraph": "113",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2021-en-r&anchor=para_113_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r175": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "15",
   "Paragraph": "114",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2021-en-r&anchor=para_114&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r176": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "15",
   "Paragraph": "120",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2021-en-r&anchor=para_120_b_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r177": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "15",
   "Paragraph": "B89",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2021-en-r&anchor=para_B89_a&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r178": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "15",
   "Paragraph": "B89",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2021-en-r&anchor=para_B89_b&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r179": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "47",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_47_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r18": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r180": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "53",
   "Subparagraph": "j",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_53_j&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r181": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "53",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_53&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r182": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "58",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_58&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r183": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "94",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_94&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r184": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Paragraph": "97",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_97&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r185": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI",
   "URIDate": "2021-03-24"
  },
  "r186": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "16",
   "Section": "Presentation",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI",
   "URIDate": "2021-03-24"
  },
  "r187": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "44",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_44&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r188": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "45",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_45_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r189": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "45",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_45_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r19": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r190": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "45",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_45_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r191": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "47",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_47_a_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r192": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "2",
   "Paragraph": "47",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_47_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r193": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_d&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r194": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_f_i&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r195": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_f&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r196": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_g_i&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r197": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "i",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_i&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r198": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "Subparagraph": "l",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64_l_iii&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r199": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B64",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B64&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r2": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "103",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_103&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r20": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_g&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r200": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B67",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B67_c&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r201": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B67",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B67_d&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r202": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "B67",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_B67&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r203": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Paragraph": "IE72",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&anchor=para_IE72&doctype=Illustrative%20Examples",
   "URIDate": "2021-03-24"
  },
  "r204": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "3",
   "Section": "Disclosures",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS03_g59-63__IFRS03_g59-63_TI",
   "URIDate": "2021-03-24"
  },
  "r205": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "5",
   "Paragraph": "33",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2021-en-r&anchor=para_33_b_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r206": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "23B",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_23B_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r207": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "25",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_25&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r208": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "28",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_28_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r209": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "42E",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_42E_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r21": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "i",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r210": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "7",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r211": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "B11",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_B11&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r212": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "B11D",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_B11D_a&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r213": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "B35",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_B35_e&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r214": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "B35",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_B35_g&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r215": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "B35",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_B35&doctype=Appendix&subtype=B",
   "URIDate": "2021-03-24"
  },
  "r216": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "IG14",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_IG14&doctype=Implementation%20Guidance",
   "URIDate": "2021-03-24"
  },
  "r217": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "7",
   "Paragraph": "IG31A",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_IG31A&doctype=Implementation%20Guidance",
   "URIDate": "2021-03-24"
  },
  "r218": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "22",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_22_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r219": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "23",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r22": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "m",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_m&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r220": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "23",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r221": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "23",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_g&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r222": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "23",
   "Subparagraph": "h",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_h&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r223": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "23",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r224": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "24",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_24_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r225": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "28",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r226": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "28",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r227": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "28",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r228": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "28",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r229": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "28",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r23": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "o",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_o&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r230": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "32",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_32&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r231": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "33",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r232": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "33",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r233": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "33",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r234": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Paragraph": "34",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_34&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r235": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Number": "8",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI",
   "URIDate": "2021-03-24"
  },
  "r236": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "109",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_109&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r237": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "109A",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_109A&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r238": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "113",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_113_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r239": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "120",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_120&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r24": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "q",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_q&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r240": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "132",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_132_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r241": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective 2023-01-01",
   "Number": "17",
   "Paragraph": "96",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_96_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r242": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective on first application of IFRS 9",
   "Number": "4",
   "Paragraph": "39L",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2021-en-b&anchor=para_39L_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r243": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Effective on first application of IFRS 9",
   "Number": "4",
   "Paragraph": "39M",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2021-en-b&anchor=para_39M_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r244": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Note": "Expiry date 2023-01-01",
   "Number": "1",
   "Paragraph": "78",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2017-en-b&anchor=para_78_e&doctype=Standard&forcepdf=true",
   "URIDate": "2021-03-24"
  },
  "r245": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Note": "Expiry date 2023-01-01",
   "Number": "1",
   "Paragraph": "91",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2017-en-b&anchor=para_91_a&doctype=Standard&forcepdf=true",
   "URIDate": "2021-03-24"
  },
  "r246": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Expiry date 2023-01-01",
   "Number": "7",
   "Paragraph": "20",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_20_a_ii&doctype=Standard&book=b",
   "URIDate": "2021-03-24"
  },
  "r247": {
   "IssueDate": "2021-01-01",
   "Name": "IFRS",
   "Note": "Expiry date 2023-01-01",
   "Number": "7",
   "Paragraph": "8",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_8_d&doctype=Standard&book=b",
   "URIDate": "2021-03-24"
  },
  "r248": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "7",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Topic": "205",
   "URI": "http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760"
  },
  "r249": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.5-02(19))",
   "Topic": "210",
   "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682"
  },
  "r25": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "54",
   "Subparagraph": "r",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_54_r&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r250": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.5-02(22))",
   "Topic": "210",
   "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682"
  },
  "r251": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(a)",
   "Topic": "220",
   "URI": "http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580"
  },
  "r252": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(a)",
   "Topic": "220",
   "URI": "http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580"
  },
  "r253": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "6",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "220",
   "URI": "http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067"
  },
  "r254": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "13",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(b)",
   "Topic": "230",
   "URI": "http://asc.fasb.org/extlink&oid=123570139&loc=d3e3213-108585"
  },
  "r255": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "2",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Topic": "230",
   "URI": "http://asc.fasb.org/extlink&oid=123570139&loc=d3e3000-108585"
  },
  "r256": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "25",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(g)",
   "Topic": "230",
   "URI": "http://asc.fasb.org/extlink&oid=123570139&loc=d3e3536-108585"
  },
  "r257": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.4-08(g)(1)(ii))",
   "Topic": "235",
   "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690"
  },
  "r258": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "23",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(b)",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793"
  },
  "r259": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "24",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793"
  },
  "r26": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "55",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_55&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r260": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "5",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Subparagraph": "(b)",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124436220&loc=d3e21711-107793"
  },
  "r261": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(b)(2)",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794"
  },
  "r262": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "8",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794"
  },
  "r263": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "9",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "250",
   "URI": "http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794"
  },
  "r264": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "22",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599"
  },
  "r265": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "30",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(b)",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599"
  },
  "r266": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "31",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599"
  },
  "r267": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "32",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(c)",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599"
  },
  "r268": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "32",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(f)",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599"
  },
  "r269": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "40",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "280",
   "URI": "http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599"
  },
  "r27": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "56",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_56&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r270": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(c)",
   "Topic": "323",
   "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571"
  },
  "r271": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-01(a)(4)(i))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756"
  },
  "r272": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-01(a)(4)(ii))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756"
  },
  "r273": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-01(a)(4)(iii)(A))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756"
  },
  "r274": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-01(a)(4)(iv))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756"
  },
  "r275": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-01(a)(5))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756"
  },
  "r276": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-02(a)(4)(i))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756"
  },
  "r277": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-02(a)(4)(iii)(A))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756"
  },
  "r278": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-02(a)(4)(iii)(B))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756"
  },
  "r279": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-02(a)(4)(iv))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756"
  },
  "r28": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "61",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_61_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r280": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "10",
   "Subparagraph": "(SX 210.13-02(a)(5))",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756"
  },
  "r281": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1B",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(d)",
   "Topic": "470",
   "URI": "http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611"
  },
  "r282": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "13",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(d)",
   "Topic": "505",
   "URI": "http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644"
  },
  "r283": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "505",
   "URI": "http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644"
  },
  "r284": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(d)(i)",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920"
  },
  "r285": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(n)",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920"
  },
  "r286": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "11",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "80",
   "Subparagraph": "(a)",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947"
  },
  "r287": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "5",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "80",
   "Subparagraph": "(d)",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947"
  },
  "r288": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "6",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "80",
   "Subparagraph": "(a)",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450673-114947"
  },
  "r289": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "8",
   "Publisher": "FASB",
   "Section": "55",
   "SubTopic": "80",
   "Topic": "715",
   "URI": "http://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948"
  },
  "r29": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "61",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_61&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r290": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "15",
   "Publisher": "FASB",
   "Section": "65",
   "SubTopic": "10",
   "Subparagraph": "(e)",
   "Topic": "718",
   "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333"
  },
  "r291": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "15",
   "Publisher": "FASB",
   "Section": "65",
   "SubTopic": "10",
   "Subparagraph": "(f)(1)",
   "Topic": "718",
   "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333"
  },
  "r292": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "15",
   "Publisher": "FASB",
   "Section": "65",
   "SubTopic": "10",
   "Subparagraph": "(f)(2)",
   "Topic": "718",
   "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333"
  },
  "r293": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "12",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "740",
   "URI": "http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319"
  },
  "r294": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "2",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(a)",
   "Topic": "805",
   "URI": "http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463"
  },
  "r295": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "2",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "805",
   "URI": "http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463"
  },
  "r296": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "805",
   "URI": "http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463"
  },
  "r297": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "19",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "10",
   "Topic": "810",
   "URI": "http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683"
  },
  "r298": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(a)(1)",
   "Topic": "810",
   "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684"
  },
  "r299": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1A",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(c)(1)",
   "Topic": "810",
   "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684"
  },
  "r3": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "104",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_104&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r30": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "66",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_66&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r300": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "4J",
   "Publisher": "FASB",
   "Section": "55",
   "SubTopic": "10",
   "Topic": "810",
   "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686"
  },
  "r301": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "4K",
   "Publisher": "FASB",
   "Section": "55",
   "SubTopic": "10",
   "Topic": "810",
   "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686"
  },
  "r302": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "65",
   "SubTopic": "40",
   "Subparagraph": "(e)(3)",
   "Topic": "815",
   "URI": "http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011"
  },
  "r303": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "65",
   "SubTopic": "40",
   "Subparagraph": "(f)",
   "Topic": "815",
   "URI": "http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011"
  },
  "r304": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "28",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(f)",
   "Topic": "825",
   "URI": "http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612"
  },
  "r305": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "2",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "30",
   "Topic": "830",
   "URI": "http://asc.fasb.org/extlink&oid=6450520&loc=d3e32618-110901"
  },
  "r306": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(c)",
   "Topic": "850",
   "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864"
  },
  "r307": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(d)",
   "Topic": "850",
   "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864"
  },
  "r308": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "850",
   "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864"
  },
  "r309": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "2",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Topic": "855",
   "URI": "http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662"
  },
  "r31": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "68",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_68&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r310": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(c)(1)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719"
  },
  "r311": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(c)(2)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719"
  },
  "r312": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(c)(3)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719"
  },
  "r313": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "4",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(b)(1)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719"
  },
  "r314": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "4",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(b)(2)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719"
  },
  "r315": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "4",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "20",
   "Subparagraph": "(b)(3)",
   "Topic": "860",
   "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719"
  },
  "r316": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "6",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "10",
   "Subparagraph": "(b)",
   "Topic": "910",
   "URI": "http://asc.fasb.org/extlink&oid=123353855&loc=SL119991595-234733"
  },
  "r317": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "15",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(a)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e61929-109447"
  },
  "r318": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "15",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(b)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e61929-109447"
  },
  "r319": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "20",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(a)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62059-109447"
  },
  "r32": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "69",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_69&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r320": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "20",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(b)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62059-109447"
  },
  "r321": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "28",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(a)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62395-109447"
  },
  "r322": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "28",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(b)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62395-109447"
  },
  "r323": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "33",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(a)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62479-109447"
  },
  "r324": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "33",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(b)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e62479-109447"
  },
  "r325": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "35A",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(a)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=SL6807758-109447"
  },
  "r326": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "35A",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(b)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=SL6807758-109447"
  },
  "r327": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "8",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(c)(1)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e61872-109447"
  },
  "r328": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "8",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "235",
   "Subparagraph": "(c)(2)",
   "Topic": "932",
   "URI": "http://asc.fasb.org/extlink&oid=123377692&loc=d3e61872-109447"
  },
  "r329": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "210",
   "Subparagraph": "(SX 210.9-03(13))",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878"
  },
  "r33": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "7",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r330": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "210",
   "Subparagraph": "(SX 210.9-03(16))",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878"
  },
  "r331": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "235",
   "Subparagraph": "(SX 210.9-05(b)(2))",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884"
  },
  "r332": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "45",
   "SubTopic": "470",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822"
  },
  "r333": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "470",
   "Subparagraph": "(a)",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823"
  },
  "r334": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "3",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "470",
   "Topic": "942",
   "URI": "http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823"
  },
  "r335": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "S99",
   "SubTopic": "210",
   "Subparagraph": "(SX 210.7-03(16))",
   "Topic": "944",
   "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910"
  },
  "r336": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "7A",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "40",
   "Subparagraph": "(d)",
   "Topic": "944",
   "URI": "http://asc.fasb.org/extlink&oid=124506351&loc=SL117782755-158439"
  },
  "r337": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "29F",
   "Publisher": "FASB",
   "Section": "55",
   "SubTopic": "40",
   "Topic": "944",
   "URI": "http://asc.fasb.org/extlink&oid=124504033&loc=SL117819544-158441"
  },
  "r338": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "310",
   "Subparagraph": "(c)",
   "Topic": "976",
   "URI": "http://asc.fasb.org/extlink&oid=6497875&loc=d3e22274-108663"
  },
  "r339": {
   "Name": "Accounting Standards Codification",
   "Paragraph": "1",
   "Publisher": "FASB",
   "Section": "50",
   "SubTopic": "310",
   "Subparagraph": "(b)",
   "Topic": "978",
   "URI": "http://asc.fasb.org/extlink&oid=123360121&loc=d3e27327-108691"
  },
  "r34": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "70",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_70&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r340": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r341": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r342": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r343": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r344": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  },
  "r345": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r346": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r347": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r348": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r349": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r35": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "78",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_78_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r36": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "78",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_78_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r37": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "78",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_78_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r38": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "78",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_78&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r39": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "79",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79_a_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r4": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r40": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "79",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79_a_iii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r41": {
   "Clause": "iv",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "79",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79_a_iv&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r42": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "79",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r43": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "79",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r44": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81A",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81A_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r45": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81A",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81A_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r46": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81A",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81A_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r47": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81B",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81B_a_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r48": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81B",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81B_a_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r49": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81B",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81B_b_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r5": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106_d_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r50": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "81B",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81B_b_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r51": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "82",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r52": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "82",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r53": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "82",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r54": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "82",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r55": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "82A",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82A&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r56": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "85",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_85&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r57": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "91",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_91_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r58": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "99",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_99&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r59": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "IG6",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_IG6&doctype=Implementation%20Guidance",
   "URIDate": "2021-03-24"
  },
  "r6": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106_d_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r60": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "10",
   "Paragraph": "13",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=10&code=ifrs-tx-2021-en-r&anchor=para_13&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r61": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "10",
   "Paragraph": "21",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=10&code=ifrs-tx-2021-en-r&anchor=para_21&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r62": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "10",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=10&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS10_g17-22_TI",
   "URIDate": "2021-03-24"
  },
  "r63": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "79",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_79&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r64": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "80",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_80_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r65": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "81",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_81_c_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r66": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "81",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_81_c_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r67": {
   "Clause": "i",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "81",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_81_g_i&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r68": {
   "Clause": "ii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Paragraph": "81",
   "Subparagraph": "g",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&anchor=para_81_g_ii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r69": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "12",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI",
   "URIDate": "2021-03-24"
  },
  "r7": {
   "Clause": "iii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106_d_iii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r70": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "37",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_37_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r71": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "37",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_37_f&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r72": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "37",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_37&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r73": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "73",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_73_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r74": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "73",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_73_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r75": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "73",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_73&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r76": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Paragraph": "79",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_79_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r77": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "16",
   "Section": "Disclosure",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI",
   "URIDate": "2021-03-24"
  },
  "r78": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "135",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_135_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r79": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "138",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_138_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r8": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "Subparagraph": "d",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106_d&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r80": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "138",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_138&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r81": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "142",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_142&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r82": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "147",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_147_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r83": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Paragraph": "57",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&anchor=para_57_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r84": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "19",
   "Section": "Scope",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI",
   "URIDate": "2021-03-24"
  },
  "r85": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "2",
   "Paragraph": "36",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=2&code=ifrs-tx-2021-en-r&anchor=para_36_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r86": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "2",
   "Paragraph": "36",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=2&code=ifrs-tx-2021-en-r&anchor=para_36_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r87": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "20",
   "Paragraph": "39",
   "Subparagraph": "a",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=20&code=ifrs-tx-2021-en-r&anchor=para_39_a&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r88": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "21",
   "Paragraph": "52",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=21&code=ifrs-tx-2021-en-r&anchor=para_52_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r89": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "17",
   "Subparagraph": "e",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_17_e&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r9": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "1",
   "Paragraph": "106",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_106&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r90": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "18",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_18_b&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r91": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "18",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_18_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r92": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "19",
   "Subparagraph": "f",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_19_f&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r93": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "19",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_19&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r94": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "20",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_20&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r95": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Paragraph": "21",
   "Subparagraph": "c",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&anchor=para_21_c&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r96": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "24",
   "Section": "Disclosures",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI",
   "URIDate": "2021-03-24"
  },
  "r97": {
   "Clause": "vi",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "26",
   "Paragraph": "35",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=26&code=ifrs-tx-2021-en-r&anchor=para_35_b_vi&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r98": {
   "Clause": "viii",
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "26",
   "Paragraph": "35",
   "Subparagraph": "b",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=26&code=ifrs-tx-2021-en-r&anchor=para_35_b_viii&doctype=Standard",
   "URIDate": "2021-03-24"
  },
  "r99": {
   "IssueDate": "2021-01-01",
   "Name": "IAS",
   "Number": "27",
   "Paragraph": "10",
   "URI": "http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_10&doctype=Standard",
   "URIDate": "2021-03-24"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>171
<FILENAME>0001213900-22-026961-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001213900-22-026961-xbrl.zip
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MV1N%EVZ_53CVK3A-)O"K(8Q6%_".I_/&>U"/OTMT"EK\I$[UUJ=XHE%E^]_
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MJW5JM/-,;73J7].IE5T5-2>=I\9%/E/_Q_Z?JO+(_;29OXU^N"7]T)_J-,5
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M&L.7\(!2-Q-!&RG>2/$M^H?#85QRK[514LYKU+Z4EAJF":=47 @D'L$"E&A
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M&5P^C+/H0%,1!,)T^VC(P).PPA4Q?\8\0@ R%^L13AH6B$"]4ZK\F\>%.D/
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M''+# ;1_D1DVJ%$<*GBG7I<EC ]3.!@^0:B'X F&JA->'CF2=,NZ*R2[ ZW
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M!]@;@*85M)9(CSEOS^"<G9.)#Q*;Y@N5P<,J/9QF>9I/2*S0=AX5AGZ:6PG
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M$Q?(ZH">E5<0."DPL(Q*!NE),/R,3/'DI\EYFR.2RT\?8_/L0F*$A!##/)[
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M8V:>2W\_X<5SG-O"1%?DZ1(%K+,9, _@6;:VS,L=A_,B8;XX.?3)9K&&@[4
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MX$=AN0ORZF%.6BA,^-0Q7^CQT-M8+!X##XI = 64U?DZ(@>2>X^,DZ1T=I:
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M_RJ(VI(;RB<9C(*-#V04H69Z2#,HY D.!8R[ -M]YH74WV #'S$D?'5$[W"
M#/JQT..4FV$E0?U*LV1+N$8B^*_<Q\5CDLKUX0]BA-L"/'BBC@O\-P:E_!9
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M7&%@AZ*]])4VT&M.GQ4133H(2,6:8L;2T&X:M]P72"_E+2D6BMZY7B*1D]!
M&$TS* J0F='AX5)C6J\2A=L),J[M6+9Q4W"#XE3_P$,.IL<.GF 0:@'JM,!F
M"?7<)?<Y2^)+ E]@G5@.$F\1F%/84.!?6^2,YH7--_L497$6L3<=H%""6(#M
M=#V,"XPG@C<KMESYA",M?M<4>=I94M14F7:.(5O<K-I$H,L*K3&4!#[[J]RD
M7WGSSF)DSB%4JM$MIDMQQV:)@@Z,V"6,ALY"C5_"!K!YP[2IGMK54C?JVT82
M#KN"L0TN7_<;4=@[S<=3" [/:A!IV:2,/.$@%.XU:7+)(^0RQ*Q&;B%*_=F@
M>C2H)_"IS0/.S1!,!Q@;,PNYQ..MSIB+3(_2 .X2;)&FSF8C.4ZHB%W$UG:D
M\[BRI)"*DA,&0F/;B1 <@.$2!/<FH[;CPA@=:QTR?T4*EAHS>-"&:*EB-M^'
MH1-L+=44I@LD)"R 6IK"(N!$=[Q-)OGMQ9&L_R5#<<N#L?<QA9^,)67Y34*V
M)VOLNXI3(I"U.CRD O#A&Z5A%D8:O++T<!D"Z<!*18DRVJQK[I,-^6JHHE K
MHI_+1,Q46*=1(K!\AEUV3.I4&&,9T15.@V.XHXJQ-8LDW4<KX.6$H<5&FJK_
M6TX*JJLF!:.K) 4;%?DWG^F+OC73IX),7TBD^$WIN\BE[]35TW<WF*-3DJ.+
M;C!'MR(?=\4T7+1)PUV'(K>)8+34(X;!"5LV,7[>0_F8&E*Y2 J8EP]\0UNP
M3._N63 4W9$43JL)%UTOG0,3H9F;@>-]C .T[^Y<-^,3C#SR1[Z4_E&WF_ZQ
M;F#$*3=;NFQ&MP3B,-C CG)WT#;"W.?2[=:/NC"* QIOIM%/! ? V.V]_K':
M?;6]O0,2>;RO=NDEG_9[3R[.6=EG!YFJ5O_5PTF%F2L$V]Q.WDI]:]XJ6I6W
MLE':I4"PB_3RR^Q!:SNY9R3>SCYM>F.,H#(^:AODW0"]?<O7Q.H98NU%?FV;
M4T$4,8>>$->LG-/F=A%KBS5[*R9*ILIC5H/?&$1[@V]W*9KZ&*=3D /6L3?X
M9Q(R?L(3MONY/[1':LV%]OX9#/^<2V-DX]Q[<5:/Z,4"#?*"[5RC&EW7=S0G
M[$0$=^<%ZC0\VJD?$WMH;9>:4/(WAHV#9R9-)2R\%9=$B;\E.MRP;<1^:- 7
M+,=U(QO75?OV9@?\&^7SJL44]=UEKU0W\1MM-Q@!>:_PU@FYSO\O>V_:W+:5
MK8U^W[\"E3IYRSX78EORW#ZGJQ3'3KM/$OM:SDWU_7(*)$$1,0@P&$2S?_V[
MQKW7!D%93GM0+%9U=2P)P\8>UOBL9]%2.KZ=7FC"(MS8U!^=GT"[U 2%5I>(
M6LTJ@[0<>=K.==3$/9 IT#!L]5(@&(Y*!YR(O$&WC/%4S26E2Z%20XHPTJ1=
MLO,I+MD7((ZZ%BS0SSQAL@ESC$?CG=9D@D;MJ%Z02.T3ED6--K$=]/(;2KFX
M_#8U[C31B9\3-RV%/W;$8'^([8?69I$0BN2;!7G"T4V%)8Y+PGP!M;8N94\"
MRSL0]&WX*%GID :=)&>%-DD=RQHT>8AJ<T0VA,^<\#-J?T Q/3BP38%-YA_&
M$'W &:&]2.0XS)[O:UREAI6L%KQF(-G1BLIW=C0J/XKO#TJ_T?Q00YZW8=.(
M$%UY*G$Y#B;_*#;,@B@*(O=@DOR_LB:4?"9/4Z#TI>3=D6T ]5]!@9THUM\6
MJ][74&,D8L[M=H?!S):8B)HXIJF9!2[YR:N+HJDKTYDQ4DS.,QG%TX<?#J+S
M0N)M42)#%GB2[)489HK(-+'%3TJ1*6V2&/O6NK%8FBH5U1^2[0-M4\B>Y>""
MKW8S]C4[;-QDV[HKGJ&3;S9#4 (VA<\';WM#90<BQ"S=6]NUPV6/L@442V N
M ,KO1.K+Z'4=*#VIZE>@]YQE*/5MGLAPAK7# &P]HQU22[\F6=$0#PAK)B$/
M[2^[KZ_"6$MB]_Z6Q-<L@G 5)-J#&XQ$.SX@T6X2$BV21ZW7W4$!-"@(ZJ&S
M%/)%:#1415<W)NC @FK I\SJVOLVPATBI1L,L0FTZNBH^#BT,?^=Y:D.K@"^
MCL/ J?)/!Y631M;()#D-<6I#]6;I:L2:M-2>IM;:YYJ#WK<2_L<!RL2K+?+P
MA N=ZL2B6)X/RG(/G#A6S?B5=;8=(;=M)^YU1(ZM?/#$PIMC6?! (^Y#?[W-
M0QMD_TL_+BSJXL("WPDA: 1X(=J2".Y3^FQ#Z*TMEP<Y%$_..[3\.4W/2Z0F
M'4XQ]Z;4+T!7TG"G=]LU9X==H#:D/$+?#/;3$ >D?CSGOF55R>99%6TK-$JJ
MU=7%,+$3T:F),$95=3#J7(#JAT<0ILYRK$Q]^3932F$T:LV].>B3J?]31EH]
MU/:./52+B'LE>9"* &<*,O0#\)"8C\"NV>.-+YBD/;A6$17+9=7<HT9#W)1S
M8#1H7\X;Y5B_J-2=X(PL,2\H"ZWER=:@J5+B<#0'+BXE/&R[J F?F8V;8H2O
M*XA9.*+?'MK5/A^%*<A,6B-IRBSP@;@1QI<]'#NCA#STN/.FWG34NAD!'MW!
M;_?MATU6R*\4:AV&][*/E7 O<10_8KM34V 2X4(EL4%Y@!1P.0< %,%F'3^.
MY>]NO*#O/5V?IB$4&JA[Q7?1CIU]].%)2<L69TZ.K!6R*4R=83J<I51D,82\
M[9"=-;9/ZB:B.-,6X0JY\J^-C\$NP.7E3E">7*\I\\14^GI).,^9R\.'(N/A
MC%2B6JRB$LF9)NV2S!T9EVE#O3N]H6LD,927)0],J^(PBK"U0F%G)-0]<(4W
M-IQ5:%N.%E$4Z,4;W$QPK>2U=[L=2S$[*/LCC 2O*-]-(_%)]M1PQ,-7.+O(
MI,B*EM_K&=,Y7!^ _][$"YOMNSQTSK9A8VNKLI46*LD%KD7+2;JY[==$-4DT
M-A6:(G)<&F8NCB485RV^1U2;'.H5);4+DCK7 @:!&K F9>ZEG9WA&0/'WJ%V
MP# @WMCOMWS.PR8-RZR]0E3& ^""[K@L?J*J(UGW4P1W,>S"]HUTQLH8F-6G
M<!H%)1G93LQ,&6T$ZDW." J=G.E6#.^=*9+,I6]= 684&)!O\S*"C5":DW9+
M7W$>#YT#IE$Y0HPP&:-^$QB H<]3W72%%GF:1"R)-G/1.NLIP%I7U,K>PF)"
M>,OW_"D92C[8WSC?(W:3]AP9>:#J*.+5HI/IV4#&GQ2$#>Y[=#(YS\=*5SOH
MQO?PE029Q;@IZV52X^2IY'/A[2$)"!JD."]8UU@1*/!":MUJGL5>@6]V%,UL
MLF]FK2P=GUWW0;/;1TU7*05K^ZK2V0A>M@ZIW.KWWRAS_VG6(2U?O5XJ9XN/
MMP8X9G#LG%;*A]I^!"](@I:EG^!"5Z:,@[W?0=M:$HPV]*U7:F_?@_6MUG=<
M[&";*BN*WX?YLP:,:\U;D5=LZ-\$SX+.N6@50WXWX(6:^9U1S*3KBU 4#':(
MBV-I5'UB=Y4$(D)\3"F@:?]8Q&>*'&_5.6JWCBMNECU\#CR  G-M7V5@\*9(
MC5HCA^L&Y@DYY# FD8-AN 1C\2WVY%E2F G^ M9\C7_$ZH&6#946Z= P*9=1
M7(I=_D:H?0BKOL8<%N7KA2V*8:%%FY,F5S 4R:T:O):,T.(68$ AH'KA.@K?
M%"WUH=MDC3BW;"U:'$&QCVUN!U=E.NG)>',P0.K5EA&O8,V7W+:;N31,1WM'
M]G6%0#D.8Q)!A3+.F@7C'!J*;3+^^DJ0V^@A"+AP-PMHT=U=01DDA>?R.E,6
M5YJO4WM0X?-3^"S7W>#6/"=V^2[WI.*,G\H4L6,&N[,9V[WSB,' +@*L.V-B
MTMOKQD1@1;XA-Q_*-BO.R!SVLB[BH-H5;G2WD7#1Y2KJ?'[53AAEH^FW4>YW
M#>;?&BDF(^02@EV"9\YD*XN< H:H]03$'UK\>2RU6J_:Y?%/5:-YJ6Y[L[2Y
M8+/?!MU..ZQ$1S,#SDHNLW<.$H8V([.H,AL-Q9:RDMV5)=;24N\: ;]%I+I4
MXT(&&"Q1<YX//8A/I]J^J%FQ'_419M]/+>(;]BQ%(DLADQX7&D<KL*3PC4^=
MAS5 YUMQ;R7"#!?H[&U!3RB<##%Y[T@>E5OW'P].[DX>)2L8&)F7=*B^SV<Y
MYK>3NT3M?_P U_D_CB?'#^\]2J:777IRG.B15A*WV>]]T2KYM_JJ/IDNY?+.
MDV%Z$DQS'T&O0W&I$/G@TTO0FT>E="G$J8O:9U\^R7:_I^K)R/:=N!_,<A'0
M>%%@CP<P(!:C#XM[+9B#(*/-$/"94<B? 3&3Y"5IXIU/D/X&>!=JKR63.;(S
MD1$WE):F<^0FO"K4#'F*AQ?AKP+22>TXD=D:G1*/"@GH%8TA1\D!YP/':20$
MWGOPJ7'M>T3%!Z0TW&B$^YJY]U=!.3R\P2B'DP/*X>M$.:@N!N5 4MX+@QD8
MJ5B.!8]XFW<#S]M%GC?YVX+59^1SZ#,8\%.?Q!MW!V]\#Q5B,,C5!4=UZ$;\
M\%!#'9*.GFZ0NW$5L$Z=]=A],Q0MQF*?8=$CF^_X#D*7CSK:RWN=-'H:=>[A
MIM\8INBW)-]K'VG*$TQ#]EW7E1NI1 $ 08@@#&/,.3W57#\/(SPL-:_@(8T7
M&J.O\X$ND?1PO-0C2H<ND7^[^D92>\"\%& M\("UP$</WIYP%I61[/B2=1,?
MU!TG\FMMFOO&MC0.!G[!O3ZCJ&,HTI7=[D9EH:T+":RB8U'BF)%A#&9Z"$2.
M4O/D8)\VODF%7['64>!ND #=60D&"^^PE@R 6(9&@"B/+ZF/T07B&HQB(:1L
M$C^1(BPS@-!W(PQED)#.35M8GYVP[F<N;?,\QL D87!Z*(V-XB93YTU;8=,.
MUMLEEBH9GT'"4U%5N'47^2;,V>@&-L4+5GK5Z!SHIQ>C&)Y!7>]II80=;6Z1
MZKH&I@'))6=FQ!]AP/RG[&IU?3,L+PU_GRAV0[^-4=-.B>ZW+L-.,CSE%*V=
M9M7;?38$O*7K33BAONQ%\WR:5YTP#\8N>F8.@V\W?9%3%_>*+!-5>@LEFIBG
M.S MA(V4>6CG0C[TM%3,*-5?(F04?P^#Z3ZW3+T6\E/BV=0,X)W/S6(<;!\*
MEL[98@&[ \Z>;TYHP[@?L$\HMM/D6!2,UH;F8>)-6'#'0M./D8&N3".A1@U.
M!,S0*3.E@8#[WF\P&H;\_>G(WWFW#L+TW$:Q0B82BB;U%?, S)T\Z;OH"=I?
MAP;996_S:J=?M17QONN>\&RL"JUJX49?FO*V9@6FK3P+4=\XWU=).C<$PS]Z
MVB#]3 ,\QT.F'<@76IB/.&@\;5/LKT,L7-BM@^)V<D:8F -$)@>B.#SD]"42
MYB.F%GE)Q;^E)'<PFN3-I%%4/%/6'QV*3(A!Y*(X^J5D2^@<##=):H45\W#E
M<VXVUK==8*OB'"2&"0C, '/B:=?IRCP/W3/ /R D#U(,$0GZ0N6%WUL(@XO0
MZ\ZNNM: 6X"G2#'O(7FQIBMH44BX/#O/H*F(4?=8A2NC51(!'!0U2$)V@H3W
MS8+7T;*[,&D3&/^K'G'K'5'.X_)J7!NGD!Y!"I,T]+)NNB,\AM8I2P>480II
M]H8%&Q1(T,-=7H6]GK<@_-!0/!C#7AJ/CN8A\Z.4%S 23M<J+(IN$7L2N'!?
M9QI-$V8Q%]Q3WR#_8@#:*5S/%V2TQ/-W7K SR=V[3)\_TUEG0$ISD7.O/+]Z
M" W&U@0=2,R:7\^<CRD:941$Q>T/M7;4+"TG4G%CMWYG7[(Y+>6M(+IX;\,7
M]NL-]A6 L:"&T*)_=G/P;&#%(*%.LVW& G">#R=:[V!WT]='A@L\<RXO&.9H
MZTUUWF28P)J".;=!0<3[F_LC(-!>.PZPL3MR=.@;Z*L8%;FIM<(64RJ_]UG3
MB?V<12@?_W(=N(Q+^'BE&9+YOEL\QN^^^^[H=K+A7'DM"HPZK?*7T[%:9)1Y
M#GQT!O;'1%=7LD?B&4X=[R9_-]&V*@^C,JKYO+<0B/IFT,.*2GCV\[K!\M@/
M5IC._MW3XC"^5P24<NOAAJ7]*>\*/8P)V0BR<9F7\UWSXN1)\E,&"NA=JMJ8
M1O)3=E[,$N4EG+CA!C$VHMDB'[X&;5B$X< Q!=6UHU0M8CM^12GJ\[(&T>][
ME'G4B3ATC!AWQ%>M/QT=>?ZD539KZB,.L\$]V!QPCL#XXOP\E_U2= &T4E2+
M (9.$'/,7.Q,BDJ,>[HWANY=&IE!E_4O'BFO &.', 8@Y:ESB:3*9ITWP?9$
MNG?(>=4HNY$.Q!O3S$XWCNX7AZGP939'PS<G)JLX8^AG6NZ3T.PD^<$2Q+7+
MOD.YS2N)>^'DSI,6! B(>!C-T;K,9N2(G!P_4>!UV\-F:QD7ZKBO">^\B'I.
M"(XZT>EDFVZ0,2.7?K-3TV*' \9CA"GI"*^X89LRH%CJ[D*=[;&6$RL3B"64
MCXJ(W5UC3T*,*9L(&6:EV;:<YXHR"(_%PDE*)0N'$:HH/8J:4L9@Y2KSH16?
M\V%;6/=YBW2[^V,S-SWR:'I4$*PC$V@.ME;BH'IGCX:7H3KW8#]RI$077 [!
M0'P:3U'\%S1Z5)A2W%^Z+H+-DVHEB#^!%99.$.=V3DV@9 ?@;7M?(8JS5VN0
M:Y;GX0;P$<JZ?@O:=(E-KWS]B>\LY3]?QS%Q9U:P,ZTKLP45E)9HE\5ZS41+
MQ&]G=KE7$.@WK)'@CDF;N+Z!!?6BU^)=+0]&Y[MH9KWJEI8FR)$7(3($OJ'U
M@@/O(^K0=0T6"H<3T?*+;.&8*HI0,F.S.-?V66$"TL2NA/-W<6$?T5'Q^F,A
MD\')""$(KG 7,FN_^@86"G+<*-[$T]5BKFFHA"US+:K.^+F!"5A8E,<5ZHT_
M^8-6(HL,O<A*CC&&3#4%*7VX.1;1!ZM33A4UB]?@MJP0=81&*QY],W:"=Q['
M*%;E51[("UBR MV=&1&Q=$1G_ZNG?WO+N]"^/M*(G@+,\S(NBW-M?AZ.P6W9
MD<PZ9).'(QM;&_]2%YQ5UGFS?<PR')69'@@=)D EKBVY6^/C*X$M50)T4LWH
MICGL_$+S&/XDD&L>,R5XH94P7M.('QHR+\OHQ. ; X-D'6Y./9,3A]=@<<C[
MCDT?F+=-GKVM) I!F&;CY>:K==W ,&[\"=Q]^65 KD<W&,AU]P#D^DQ KC_7
M"7K5U&AA6:LNJ#!,N"#PQ")0U4H5LY6[57G_^)*,N ^1AEPM5Y/[/S!3<(!6
M2V$$!FR5]X B.\/"$\N-B'A@T#^5M%7AH'3@BMGECIX1L[/2P+'3(Q@:BE)Z
M]N(>A+D4%*G2\5.VS+.R6TY@>:1R=\P:+,9\7 (L#*;44R&W39:7'*S[97(V
MP6N?]5B8:PD)S1L&=*#!<Z0/Y32)0*@698]LO)*DM<4_F7<G66TVJ&NZW'N4
MN#P>NQ2A532O@@XCQ1L1;)[&:/;DY-ZW&G#S& DMJYD'A^&7B@H^S[!I2SM\
MQH.[.\]P@V?HW,4W'A^_]^4RP6QQQ2/_5AA]*'6EBW5KQ9SWIVV1@<"EWBNW
M)RZ*MF81K-ITKS<#P<TV&(J%\@T"X'[.0]5CV!&8<I5BH(#[>\_F'*OH05^4
M1E0:XO:L"R!!#,T13A!1_Y;)F(\)=CR233-Q,0TO\QSCWL>QE0;&-ENB-X;/
M6M0P%&ZU?+2L^QCXX;N4$,5Q_I;ZEA%;+K^;:?J(SK_*SVNP#/%<.)M(TC C
M4AN$A.&012,N9)[F6I!,-8I:Q5M*?H33/A@DK$'^Q89PF&P-Y8\17OFJ"RXN
M*4MA(]+/%1@L9EE#Y7"HI N]9^1>Z\,)9"QYPUX$=SKAI!R9NX)0I+HWV%S$
M1*4LZKY6OV@->W?$FK$'*R7$38C_:7*QG]/X",+,.KX$:0?X>/"9\V&TZ5:#
M!004(&I\$:JR1Z/MA@BHL6TNUQ)+2!/27*J_QM![44>E5%:6#R@&(7 O4KY*
MJ"^LJQREJS]S]\$_EQGR$Q)'8%.>AAO!#=AK4I?3*FBC[QB#R2HM%8:- *GS
M=5W$KH$[F=>6,&FP%S,U"+PPE1YK!IT,HAO$"EI \,*=>F+3S(@RQ@.Q8*6^
MNJ(>E&P-#_]FBB%DR89B,POE73/I?40N4U%O<LO#K?G(AOGP\MED)A::2+M]
MX_=:)/ZB0(/SP=DE)OFP&P?H'R6SHQ@K1FQY=9KD C0^_HQHI:S2& ZW>Z.+
MV0@12?,"A! "S3%N.S (4)X2"D 3S[!ARSE1[ 1Z)!2^3%:+38(T=B%\]@-F
MA-$RL51+PX.9*.V*.&7&J5.UB]FD=;[9E2H"/$NJ#4UKM0&X2#'L<7X,9D&1
M7=Y]X#FC#_Y3)4\_-/CP^ 8''^X=@@]_^BHRP@6\)N*&UT$=O8#I(3L3&[N\
M(LZH;OL%H,Q?%$=]"J9 (XU0,')LF>.XN3NF@<B]<![Z>%'4DI)BSBU?2U78
M*5W+E&(/J.4(EB6R,#PS>4P>M-L.+:.NZ.,IG4,YB:(9@LOC_=W6(=(5-&S.
MO0<E44#56+D')W(>-H!\D9A*H:C25K*SE+IJWADBXX:8BJG R]S,.\=N$#?8
M(!1VL3XY5G]KWQJ&+XC9N/MU:./:H;=F[!@B6F_Y'=BB, ,S":QNZ=Z(/[H6
MHT:^$"T4?O3LS6=T2$8:D"0[G>/2^ S9T$8,,$-DY_#[4JHOE+?QZ,W@S=@#
M"GG\Q.V,=."3L+\K-)H<(.'*0'(--\MZY3:Y.M*VE0.[\".OO/&6^2E8G 0=
MVV ^KD1, 5FZ;G^%G.0S5<92E-9C5_>*46Z#:;?8QF?2B9,Z3[9UGTAHQ%SH
MB&]"+L,=9H6[]-D,';7P).]L(P8S-.30,HMZ( #2QE_ZJ8-67U*956V=A(B]
MWO'#BJ-)9+TP"**IMV#0;V. <MT872+-.X,42N._]]CG2SK",2.KHWBA',GQ
M+6T@"L.)-1W!9!:UT-3CKT1)4BS3:M;M>X6@614S31)>M@J:J4ZP[7PNXH*P
M_K',]*)"K@!1B1( "6HI>5QAY+/,$<OM9/%,<2V+!O#[T'YEWPS#"3 =TOQ8
M(^LJZ[ETEWDW83DZ+IFHN'F]4,=S+*#-!T."A9C*5+K++8F13E W7/I4V_%-
M[*YVR)FQ6?;:)7H#Z[TO4QO)7K6Q9T7_&,_\*!36-!?0_D=YQZTFE'->;!.,
M=RFY]05,[UQH:NN^PUZ VFX03SC!'^?<\6^!_1PLM?X5!6CJVS5TV@6#Y"@&
M]0K4&IU;(<I$:@AS/#0(8NJXIJ1'3)Q4OM(A6BF#*5,#7]2-[7$A4G0NQ+E[
M>U!$7?"X8Y(3_4.?VH9.T-H]X'E #*54%B7+)//&%B1&PK&N@".:5J(C)EWZ
M6<0\TZ8Y=9,C99AVY)">%'53Y5N?,EWD.7=+\$N$K;<Z$6>H318]/Y57ATC&
M,I:]'@L_NAN?@$+ B.0JHZ[6CG>R2/;>4P^,J;A0>(Q$V^<\_5ZS#_=&?HF:
M1Z<&9[E](LOG3+9DO-$5)Z\(U;=W@$^L0K63WU>TA4@MJJ)%&@LYQ2&[A D&
MBMM03<^4%">%Y*B3AW3RK')J<X\P(SW^HH2H5RZ77M+4@"5;4=/DWLJ402_
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M^##RRJ$C\U,&XN]=<FM#XI"'0=::7"EOQR??MJX#_?NG[!SL]3.%\.P^A#Z
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M+_^_%]\?'3_F$I8:AS.V<75;7GGWC>#]?PC/"P89U61Z#L.HZZSI?$(;UQ2
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M76NB/K@!C+T!P\!>#>.C&!!]CG^++]=HQ1#C.?#VX]X=KZS44EDTN,]E7 F
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M15T5.(:T,!C*"-E$&G>X'M^=U9JD*)_HON-H?S*II"N?R 7_;1+RE=-45CV
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M\%V>I?B.HSY\0QP=0S?<V9HW<G3T!CU,!VU8^+;W)=9$=:M+KMK1?<?E^>K
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M%&_@[0H.("UKHI^U7N)FG"US;;'I6Q55S&J,E2'4)P@>"BZ4WD MF2#5:=2
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M)UNCK><CN6*$8)<)O)MFY)YQ5(!#)L\X:JL13F&$J9Y1M*A ]8ZV1K"FJ/]
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M2-\(43]7_NK<4:)WZ_XL97<D+-VXN,_&.YY1.^5"PII:QF+S"%B4[[;WGG!
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M8,$<NQW'R$.$/&Y4G7<EB#R9A"/&. K3BKVO[%]D]8W;HO2Y:BH3$]PSRZ0
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MA>O?326AO24AKO<"U8OJ#^-X6^QS$979NZJN#:B@B%I?01%PF]<XLV,FT."
M-= =U!.+"B]V=;YAC@2&&&4UG7Z&&2.KNU@1-%*J$IU6WM)'X&*/0Y[O0_B.
M"_1>(LGDJ'H=$)>E[=X+U%&7F5OSX.&F&]V1SA<%K3;3<(V41_VC.W@K/!/*
MN?&[4,L1=QK&/#T I\2V#XA[NW:1I?6>Q .2! T#8[@8.3Y\E("TK+BK;Z4:
M*@'O< XS\NT]2H )<X'YG-(/I?HK.<($Y3::!=@Q,ZG;0];GANJL5 QM;7&-
MD/>5C(D#V82ORJYJ-]APH% H2+P2N%.6!$5#:DY7;)>IZ5=$V^4EF9;.WP0.
M@BFVB,6?5P/O'P=OL*<;"$&-ML"I$C--MM_)9#O3<%_O*I9(O\63=>8L&\3R
M*&T4!_HHL=LTC6#XHW!HRC/O(L^$,7Y9=O?:=@>-EKUSNS")("_XI1N'ZVSR
MRIO<9%R3<>V[@F=&7@"W%K,-<X=W#;G2O6GJ3I3_;V1?$ZO29V!5.N;0V.O\
M1329<&.POF@"1:=#+YEG+UC=/>4M^H31[4GCTP#F"-Z3P&0&;V#\F40@Z/ J
MZ4/CLXTH!1$:#=U?3+PK2<*E<H!$OU>0Q9)I5O2C*()M>N;\S@?*OJY<IJ-Q
MO"]!&L[1.T:CB)M.Z$V!*".^!G\P0#(&#^&V A@*#J',L5GS''2?/[@& 090
MW4:5C/DH4\IYF/G2*\.\]1Y'V"Q3Z83J%X(QX\3SI:]Y73+:A@_6E<*GHF#0
M6"X6XQP;5I(-R:Z-4O75\,4B16Y(Q0".VTVPO<YN=F^RL]]Z.OG?6QO2##%_
M,\(/QYR^]P1L/NVY7\Z>*Q:'4EFF\#RVOE#_9WVJ6?Z:^1MJ_P&T/%3\EX?K
MI$KUYM7KM/355?V[Y&"?9'.>3/= 3/=,-]H,5CK+[9]:N>=N%-,\AXHRFRSO
MSS,*'6;\$Z:/&8)J^W9AVM@VWX5O7U27&RVWVN<^5; YV?.AV+.3_$?-F<<'
MI/VU30Q8&-8%4.T=\>G)6?XH_SY4&'\\QB\\+R3]$U.-UN(=Y%Q%,E'PB"F'
M="B:=X0:&D/^L[V;;SJ>EY;?*&Q!?_8C^=/"F!;&G2Z,5V:V65@&LDC\7_:M
ME-$*84)QNE;)1]6X]=?SVI5-;]]1>4LZ$BC_/ZE-WX=D[6-A_7\Z8%C_UQ.L
M_W["^J<MX(O: IX'BH,B&P'PC'-%MP+-6<]\3<^H06@51UP0#\Y>OWI8B#"I
MI0G/.;(J\N<C:LAG<0)0,!0^ZW>1RII#,_0DI+U?Z-;QH26M?^Z9?.>"K]>\
MRMJ+J;PU^8W?Q6_\2":7E?.Y6P^<XFBV(KKKE!,])$\!L75/X\3#,;JV]<-'
MG$M%M/'L>KIMSG@R56QG=EE@/IJ ^8@XI%!A,+[K[%_MIFO<5@&_T=6!;8;N
MI61HVF80#47%MGDMR-UV_91C30OE[G(LH[?)L4AL7($I+MIKD.8NJ[5A9$,]
M 2T_0;$++QKT-6T5H:G()&;W="><+/G76_*G-%RV4R\DS]G'A_[?7INN U]U
M0J<R"!@]W[8;&?K ],ZB4O8K4580IP\>[X^YC%+E$.*(U4B%ML)Q'9@:=)+R
M%Q?-%QX_OAI/BX2F\!0R_MO[CWNX$[[\*C,/\;=6:MLG*;=33 #WE_R?53>
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M6>24X-3\@P=U!V=$:Z(E![D5"I"V]J-CJ[9QDE:M2Q'EV[-U:[N6%EGME%1
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MJ<:/EHE">6I5IE0\ ]0"/@L9]):);1S/15<4F.D1*%X4=CVP+ G"4/F:C,U
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M1LRSG,M1_G3+<&:A&_,(Y_AZKQGG'D\0@'GD/6W!/-# 4%B]7_4+F2ELRZP
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MIV5_9T7QLSQ(WX:U__O")/+/!9.8%LZT<.YHX9SN <G8ZOEHH$Q^?X R^;T
MRN3W BB3WPE09G(YD\NY$Y?S2BN4.<.F&;(G?,$VUO07."#&=)+M\MR5?D$_
M%]8>6;^\^K3)8MMJU-EX!PK4S7K4H-9:GZE68'KH0HY7CB\J'L\ 2J0+I=8
MP5?XJF%/;QK@E2-[O]</WB&\:>%NA6A,O448\>J'\N*"*6%IL<L<X\[E@S-+
MG9@3$K&+33.W,H"_@WV7'G@M;YNMP>6F2./1,,WX;6$T7#K"S,>^_YHQ)U-*
M01@-LE$Q:><B#'.-#W4MY6:?SC_=NL3O-<KOCP>,\GLRH?P.".7W"V27'I\7
MB2D?'MOE#0_'SP"$-%8KTR.>@S")(>&X3K,4R>C+N&P]PCF%RG"Q,[ 1\0CN
MD'MH3JVE-*U\,]L$VHK.@8RHZU+6/$YG6"TDRN"C:0^=.=;9C&Z[GU([<ZMU
M>^UB@EDT(KL24;Q00E8KYK%6=$7 4L0LO,(*#:8(+H0;J$/*CD$2:-R;Y._A
MIK,P=306N)+]]V?_C&]@:8A[LEZN0)Y.E(D(';%_1F@>*;<'TU%F&HI=@W?2
MFBJ:'MJD:AF^:RPO16"7!O0%N4FQ8QY5'RJB$E59NS@TP4?C\47F[P1_"JID
MT;WN8EN*.(-%NOOVY%@::7OZ-Z/'P\Q4QL+-C,3<_<FX.0W+%U4HKZ 6LY[$
M_9<BUQ8:$RQ=N_.0P8VI&!-48>!DU;)K?(9,KVR$0-*44%/Z:(&NRT&F&VNV
M\*$=2FVL8:E>ZS3CT0VZ!SO/1=F= S$!GDK/L?1^O*ELK[G4O6#>>!IK#Y0\
M>(*IYU$4K/1+_)IA69JV>"4MH:\MY/49OUFS8,6C[0Q<(W!(5;M("_O6;56C
MI)70)YYYSY(PW92RR([7ZZ>@7@?,58T$,)8?_Z>(U57DQ^]YS'4K&B?-'ND3
M'B@V"WYU^D8-=P0-MBU *-\#8U6Z:?"JXN:FF=,59T<L)J4+E0'$R D#*F5A
MD+,4A"98%-#(RD*A#);9T9SHK#%T5CPG.%ZRU"_>N'Q2-\MSJFX)X;TK*\@H
M1;>H)!C/?,+,:NQ5N/=0 Y-T-=M+*R\7502NP-%X(BBXP!@ULUI(N,XB2% P
M%<*(L@J/KTOX"#Q[D=#\, 0\.EB;0(;6.ARK?G#6 GG$>6'"GD_N^O3U<1$X
M_,-.#O:0D8>)22"R'YNZ>H?7W _6)Y.I7 .\CZ<Y0$8OS&WHG&EPL6ET8 1-
M,MKVSHWE@^7P* \Q4:25&TINW6FICO=RB"HHH<+"S>M249+!E<J68U/?13A*
MV 25.XP!"AUHY%;KJO;:%VX&(@; NX-.A^ :0/S$:3C.Z*L$1293J[+7@^>W
M4J+K<K$E&UZXO1%%PM F 6/L^AF2L5V76G[@Q=+[.^6+POW-C#2"MXDLY7VY
M;>:69120*G$\BN*FJ:9(%$7!X'S(L4KF-EA?*2&8Q$Q7+FEJ>GZI>AOV<MER
M8S8LI?>PEV)5V/!N#(<;G&3^,4XR<H=9<)*QZ_2+6FG6#.9OZRB$J7,EP%:.
M# ;[S]U"%E4*G]$[] @Y5NI)'4,6F*M\/PU$0N\.?I?^I;PJKO-[EV]S^/NY
M>D04B(W?^ +$(GFI1%Q[//<!41H0<7#3?0:BI?U+5D@H]LF&V:0;2Q>-1%C]
MRNMX>"A4*0T$$;GTFUBW93_F]6;\;<KF)GNR[6T[*6BJ^BD<[+\EUU(PJOJ)
MK+R@;RT$=VZ95E1KW,U?/RZW^I'KHTE"$#VL*+WF%W-R^D]9M'&BG:988+N+
MXQ^I:EL(%!\\F,M.F),(&\B(@$X?8/+1YU Q'=X(4B=W%$<OGMTK'B&;E9=-
M"Q:>2/9VYX6J=(\_FN\#;GD.,WW-XL\U2_1#$4RMNFK!X,94DYYPB)[*4BAV
M&YM.VPRL;['0()3AQ8V[J%1OQZ.</<.*CIO)*Q)V,_\WVT.%2L/8CSUXCF$]
MO,.Y40A=[<DJ;0]-*/_I?Q'YV#)4\^TSJW:H7>BXJFT^>TB6=CL4:65%[$4"
MF9(AW4Y[$2-<.E?8!T$499*JQ@8ULI1K)7/F4"H]L.^U#7!;@S/=KB$:NS7R
M4(VNN*"CZSN80!;SN*1,BG0YSX3=+^AZ^+.P8$A0#@N2(;#17^+NG':]-%;N
M'7>XZ&V$I0Q2,PXE+;[@9OXU/="*H[,>-+3T*E5>0E'",IYXX5EG[,O&W2/?
M6B"2!1<47I#J<T<=K2P>#6!1+(P&V7=4U2U\POK@%E.Q 7*L1Z80+=288I4G
M&^LZ1O^TNBUY!U=D81/TCKKM^G%.&"V2J%89Y9B>%JC(&6[!=5?)>SR4*>+X
M\2+A.J.1L:JY&C[2.&AQ53Y<#H)Z>[)!CYWB)*)7:>[H*THZWMH:B\MU0M%.
MP3WZF4?93V(H_%CCG35YAF%[D/D]O[;7[9K'R (<:^\(W.GQFYCB^(C<?L&2
MTU7^X/CTT3>/'S\L,M6[_OOS_,6"L1L147)^NJ2COVDKU+/#;Y_+-""6C@I'
MBZWR'N/F[<R/-_MQ%@C9-O]JMX:YEY!)\D=!A&4(%:Q1ZTG)G/$\BZR@YVUB
M[U35VDB_+/O '$]OE8*&A*2;(:BL3RBR@Q5#86E-#Q8E+%U9#\LYHE0MO'2I
MFF%T^/6&=O!Y<H 0&HJ )#+-2]$J.GC_^'&MVC\=<*OVZZE5.^FLW$#Q%W%^
M4:9$GH5V)PG%UYL.N#_N5*2;="G3U>K0)AZ6"<9V1\A9Q$85XT$!'>!"SU??
MQ65!KFA>=,X]DMFR,0VUCE5XQEP*,Q:Q?$AH>.[C6C%"^T@\(_2PWV.4GX(L
M$)9\-V$W)Z._J_$J*[UP*GZ3X2=MB%&UQG=G&J[7N+J"6LD@F9^.*LDPIDJ=
M)ET+ZS*4_;O)KB>[OKNY[+C=RM9Z@VF7H\[L+C(UP"D\N;HU#EEC'<)'0\L5
M^@]%2H7A@<GF)YN_*YL_#FUX5(191MB):V4 OK?^!.LW-O@8^1!Z@MP*_ Z_
MF QV,M@[8SX<=1T3'QU(J,81AU33?#2-,-N/;_KB883["+*)<2,OJL;=DVF#
M^U3PUSV.Q5^R%$>[OZ<M31V1V1/-4^"\4-P=NLU*TJ=]&)XBQE(D^ E^2P%=
M<92]WG0!4K&WT;T+1KL!BV:X. ^)$'WMG<9XV\V73D U:8<X2ZG4TO[?ZZ0+
M:J2< @7%4XG:9*$&' _LA()N$ X GU3>LU@\_GD)O:K&] C&I6&T9%VG@%^H
MKT&%@DO[7RY%MLT'D"7ME5:2H8##+EO?_H0*;B3M -OVK/<BH*1+KTWOJR)[
M6+ANB:L3+=LEBT>AZYM@G'D5 S-JH"[5W6$QHPM H!9U0I$VX[9^(;O$##R(
M#26?$?*5+OT=9'QCR(>BW5:&'\UKGN;+F&D#P*@8$6!=G!BP*<-SO_"0F44$
M9<^\*5>.$8<@>RKR:^#5JZX?F(^:<8>L2_;X3]R-QVQRDRJ]X76U746F .&@
MYP;/LUY@P=J#*H-3Q.A$@8%!YLTP;A<=70RK;?)#8/^/SZ7)OXB'9 Q@4B!,
M>((<:HH[W/%SS,0"< >(,E<N51X)(XTJ0J>J3=$C^.K@.TZC#7I9>DHN-.$S
M52E;L$T$"]RW> 6Y IDXF:]AF:*;H29[E%=C!1:V%,89AO;\6[Q%#N\:.N9Q
MC$IY\/;D^&&Q%[!B@/1(#Q"+^EK9W$NFVV!5XSW+D/'PO3691QB/+/@M#SIO
MS_^EOHE9T*(AG1&VABY8^+UV9YIF@NH9[_^,JF=]QH1.UI>^5&]#8(!>GNNF
MOG=% 7;):'Y:C$#J "0]YQSH[)_"2(#80=<.-_SW'4EI![19SQXES*@LP!/-
M(#/V_-+YDJL6KLE^<][/N^K<*0P"4-3T0X+DCT_(BIJ,S5)#"+ %58;AB\\\
M[_6.W*T$:?0"HK&$H+8=JC:8\/'0'4BQ;WK=F<B$1MI:)?@A+E>F040;!SY:
MUQD;OJFZWSJL'$I"2ID1(C=I^RM\I,/5@R7#,TDH3Y,\DED4LW$G .P0DY_S
M+UIS$!])9XP^T5FF?+YLT2!<"J1U&XU]5*,I,HRS,8J#ZW7ZAB!3[,Z_B\GL
MZ%?T+W%SWR7C7/C3N5M6\O8H'^HH,47\0=NUNR;C^2ZLN:!5A5D&\@3?*5(J
M9]E?6OZ2(-P>)4C?IS+&#]ZJXTD#W3^S?6,4+'EGW=2C_.G6^^@$[ 2*$S).
MRB>VIH>H$F$ZZ94 .:5!($B]&+.90/5B1&:(BU#L9TW><7ATV_*,*.UY6@%5
M*/$0'#]8B(GQG;ZE5&FPL4*\H%N6+!+1&_3#X@QL[Z34"/T8.PD9IV.XI7%]
M*[I59E3J&*G,XY6KECD?&)<:&R9\(MLW&][*8UGI)UHSYGN7K41/\D@HJ][(
M=9@O3>CH,EP67'1\YWMC! 7<\@8FFQ0;VP"^!ZX,EI590!C-U)5"Y[HJYUMU
MH?0)Q@)&V\E1=C((%,Z KC*LDQ1PQL6:%,]L<<E/M!3)1(O\QZ9Z7^0O*0IZ
M+_4"1H E(Z"^4.2O.%.ZD0CV7HLHQ%'^CQ=G?*"_EU=E&MM/CMD,)AU+,PTS
M-N*.">>9PG1W.NUW'TO+HK&T_*/&TDY?'_^*F;-\[\Q9%M4>KYT'1]_QF)E^
M9?^86<2+DU6!FO57# 9%38#/,QATS[76_GS T+YO)FC? ;&P_-*N8!,N2>6.
MIRTK+B9A\E3(15:]JS$+8+L!,/5&;,LN4-R29_FT+-L(?SET]4Q[RG7-&'B?
MYN\(H&<V6:5^#OK>HOI;Z) 2!P7F^R3/H"UMMZAH.M^C81NY9H6^;Q3W<E7U
M&X[]Z! @PBHR$3NOAD$2A*8U#(R18TAV8%0V=/9^([EQ.6(!#[,MV$"CN[?]
MN5JM**VG9ZYW+43M]=9/ V6>^SC=N_>4257+04)LNFB+@@$B5[:64J+B$$/;
M=T%_<=Y1N,;P<YTP"MPF+I/Y(V:_B&:E1N\0&[>\-HV$93)V*9WJ<1W)-G^A
M<%E4?>\$EZ0!M$B.>0XUN;UL('\G9VI$Q4?')K4(DLR2">T:;9R;-5//<SH8
M3XQ]H1OD?C?PWY2!Z^/IK3)M]ICI-.R$U9V0 W>#''BCSGGD@S\00 N8P9$\
MT./!" 7<V&ISZ;?XWH^T/E)"!/$!J%-B8(O]DN4EVGB-1!WL0M+.<2BD;+A:
M ^=/>4+%O#J^R;;Q;"F@BXSWTX6 Z"'_(_-#>TXD!02KH]-JM/K50F_'E,F%
MS#IY"H-WQWM*X^M][X'N(7'<?%*9\QP=N"[)7RY3=<0:_[$M67CF<1^;3CFS
MC5E;GJT0ZU.V.. -UN469)E,'L&%+-4_%':8@&NBUW.!<"W'EAM#G_B03""<
M,H>4JY8Y1/T.*5-A7%*9%"\FWW:GNH9!6=,P*4U[52:1,2\D6WMKCV\@M\;^
MPZ\Q:64CP N,,[=$IYYB1C1G$EXA:/Q9&*J80%^,C94N9.$&QR"U#LH,]V!D
M_'5JM*8>E7O[6A72!<@5D(N:2WZ=0W.0?Y B8AC3]$4G5RM_@ B8MIM:/W(-
M+Q=)CP$;PR$B'@[7^<EW7%27&X[$N4F5T@ PQ>^H(AWD$)-2MKC?0LKI7.NE
MPP==MJ1\O*9?Q=Q*J-VL)'1GQF+76'>2O\L1*.T,93YBL_&"1#L)$/C!P8[@
MI2C[>=G-0R6=\P(#$%"6)2,M@(IR)Z)7-:'].5CHIDZ^</*%=SB> F?2\H2\
M]O=@O=MK5%*#OTNX-D8DA<$GE2F4J36$,W9Q2NK"@0-&0*FXT")CE$"@6Y)6
M!=9HG;#3\)!+8!B@\XM"XU&*@OCMN7M^/W+W_+[D[ODX=_\-:?ODOR;_=2?^
MZWGH.XOZEL>V,#C$=]B%^F9/ &?>P,-VT)YMM@&5$. +O6*;1L!)E58U85CK
M+J5!C1%;Y9'$"]:/)#=\25X]+.JE:X=82',=WY(($AK+$@AH@1T0PF:YZ$B)
MD .B]'JU6XZ #/@.44[RMQAQ_?$:[AVKM-"3!'*Q;LO%A.6_F;+.Q!6D)K\W
MC+MLT5ATV];2CXB_>L>ER[:ZKQJ.AB)O"<:N[15]5N4[W90[1YLGHTGEA0;^
MFH!Y3TLE?K5PPE(:9!1&[P-_4*@YA5:L !900%?@T+54?^O_Y M#V0Z6)-(2
MLJ=GD]J[[>VC_*F;EP@GKAW?Z(TP,O19]X;H>**99\2Q\I6.T?)FF)1^TE7,
MQ9MQ1<Q =!X?.I)^5B*_H<.B9:$G/^+@F7\F[ .E5=^[\VZ#^9<GC[_ZDPZ:
M9!Z.Z^'*H1_V]='7QLW-F9-WB]:!&NDW\6<!.TDPGXQ&K)FM-1"@C[]VE/WC
MQ1EJ8N\L2PR7$8H!#"=@?4@6TJ:0M$992Z/=<MAAR-7R(_#<J-']=&J_P9
M,/55OY)2W8 X]GB-Y9$=TU4^*=3@ BF@,-K]].Q[!2[$S.:3?>'I=57-QI4;
MS!I0MF%9=<(#YN8;WNI$MO0&'[\?^;V/XHX%1;D.LC;P=[\4C'!.7Z2=U2D9
M6]4P\O+O],(:Q-]&?.U1VF:GN(HGC[][)4=[2Y\%*I%OY1]TT_D/(L>**WKQ
MGGSK3&I=,0_ZF6F3XD'P\;[Z3KBIH&2=D7M_=?(L'/I$Z:I<_G)8'!4CT]\+
MK+SLZ.4]^4^*B):5NQ)MJ&^^^D^]>=T3QO<ZV6=^O+FD3\3>SUM?ML?[?7/T
M6#P+&H+P'L?-)>C=%'WX$^65L86.QD]\XR-*Y!G>)P>)?^V3=8XTLHC#3Q)#
M3U,JR\J5PK]9SM_M7D9,?\]W0'%+NUE;JV<TB.KSR<!PZ%GR,N:B#O*?^RYX
ME!(8AM[ND3[=S%3YRR]:>:1*'3_CK@]89NB'P4'IG XP*[LA02X66<CK_W;V
MZN4?BOS9Z6GA88ZG\ZXB>Y!Q!" B7#?[WXW$%/V\<TXPU,CV-97VP%6Y>Z7@
M9X$"N*F.?^*X@HECY1;W25FP,#/V!ZM/3VR<OYEM[H^/#QB2]H<)DG9?V>;N
MP3I*X/NC/>QBTW$/R0#%*+;0UG42^+?C..5%-+3ZX.3YBX=P9)IWBERL5F9G
MY.47D'#]IS3;3@=RQ*WN@CW_HPCS&>0*,RE:\JBG!>R^9^<GLOS0:Y3*';R;
M?"[DM7&(@HW\NNRSNK)1MQ]H>Z0=+HJ8.5K]88.)5>R!^Z+&7IN-HPF0Y!QY
M. >VQ>\A4L&23#^55PC0O_G3D^]X<O:55,Y?TI;W#%M>;%?^A ?_,D>Y*+W4
M/^=@B%Z5:P.4252FP:>P.7W[S>P<S1QY0_A=1"\AP9^$_-PUT4_;4+)"?/".
M=,"$UQM/EQS\^SA!3O;D\8[?3 >U?)EI%/9KTH]VDLXYQ>%@H=-1;J$%BEAK
MG(=UT;,6_2@&]E"\*U&E)R)89#^<G.7,O\SJ-<W0M74LTUWV-HMZR1-RB)*E
MIZ?(*5SQLY-'SY[[LZ67&(T4)7?)),HZO;1RW26VDK@LQ_@L_J1D%7\TBYU,
MBDWJJQV3@GR//-L]92S!;93:39"^:/BK;X^>@Y5[T<ZYW QS0+6CXPI!YY!T
MK .D8@&59JB/#&'HD?Z=#:CAXI?CHNJY3COQG)P5KK]0O"\SJP0:GL]-K7(O
M##?6?(I,\YK2_KE"H<AQ/7=SMSJG1T9[%QDYSZV3L:Q!BH%"<M(1B.))QDI>
M,"=#PZHMA9^]M!GRS@EYOF!S9'(_D0(213NL L%06NE"-$%3C<NJN>C*?N@V
MK,'&9X[$:]!:JQ?@\RBLX]XSA*A.R(NDTAVO$]I5<;W9JJIKX0.XD':3=6X6
M)1 !+29F+S$XZ@GVH]%5%0F([,_W23PDQ-/683@U5DF2M2QHMFROM@_?+ JJ
MO==W.7=2KS'QB%8ZKCS&/^>M+%9SPT!S=''[:6V"'M3)TU<9+I7+7;O3JQIU
M',6'U#E5UGJ$C])1OJ3L(K")RTK;0"F*;G< .KS=;%Y#P\VKD1[\EA0]^(M6
ML$1XF-_\\#+;SR+1YDM7KY,%$X_*AYIA4+=9N MN<QO'&"VFNFW?1=2XRTVW
M8#1X8EI>=Y4/X-+#4[2CO3RZBK9+<8': B4#K'JAXI'VH97P;O)$6M?W^$Y:
MTKE&RD&T-CM5=R">AFF:!//-DCLN)G&+)*$&5O93NHUN&(]3J420W\\-^LJ=
M6SF3YR>8K#9R%S;!1L:@/#,V.1P);?IN=IZVC--V]GBC2+A9$/>/,77ED!JE
MS49DPOTLM(MB??"\7";!!21'2:P>-$=AAYU%JCZ%/\U,YJ&]+E@RHG$9>DX4
MT>UJ3O-=@ON"-K9*P3+^&H4 I-(5S[YS?,>], 48L4M$^H*_/7O]]/5+5HP)
M&S  !\VE*[+QYQ7L$]:G'=RV)OZB!:WQ57 _XBA_#8TTXV/S0.: ,&8M)7@A
M"6'E.A;3ZHF""TD4>D&##DO8;GFC>_0/4]GHX)H 0V3^ WD);>?'<?;*K'+8
MM,^\4VQ'U,*9IN@F=.(=7,&IL*O$LL$@RM#NG150)$#NYQ1W2&SANE75,\W:
M1%T^6>*=7,&KRHL^@VW3:]]%X:LGB)R,;C*Z.[F"XR@83K;=:*^?C&TRMKLQ
M-M]W&"+*IX"W89<7!,%C]\<%OR@SGFQRLLD[N8+7/+"I.(1(P$F&X+4V!(+8
M0G/4@G,928;1#.^K >23DT5.%GE'&8G*?< OHNSQZ.]/7KPHI(1"__F_Q2T^
MVZ^>=Q^L\+<?^>-P?E\=,,[OVPGG]XEP?I/7_:*]+L6F[N*B@JX,;?7<WYV%
M\5.TC*(*^@6]UDFV;K*^.[N"MYAKPQS^IM\9K\!N7U?G73E%F9/%W9V_X_G@
M@8=V&+9G/DT1-XK-F.I D^W=?:7;NL^^5<W#V(%_2WGQ)Z'-R>CN[ J>/WUV
M:H;U >087Q)X,Q$%K/PHSR$C5W_"#&==N2N1PP#RQ1B1LJNRWLB*#YP3D%>!
M+%B[*!E"SV#WIF)D/@,16:0K7V^Z?G,C.5PDF<""8S9A-=*2$=42^E:[Z;.2
M_K<1+F&^4";W8&AFP,><TXE=R]J#J8Z+U,^5]<K@JRFNM&1&!O=.Q]=5FDK/
M)3!7OKH,(G9T06-5+N,AQ:E.SL9HSYPK*8*SH4<F#]ND]N+[_3$A;Q7"#Q')
M$IA/+U_-^#7TB:R)M$U!X&#<-X;78VA\X2%0M/@=8P*KIJ\NET,?W6 (NF,V
MDL+( I6*A5EE#6U79&6B- W?PGP] ,X4'@FUH#!KCBO\.7P2Z )GVJ4F-J;4
M1 B_,'0AG)5N(H7X*[#%K%)BFD4!IUMD,C#=J\6"_Q;QA#W\==="+S;HUNZB
M*SW(C;'#\@YP++#GKLZ9&L)/JH>UGD-^<N5L66;<)A J.%H4+6O6\I)HSQCQ
M[F5(A+D*XS9UVX<Y>3U>85J18C\(O>>5*$?B-".NB1)#>_,E#X_H8)Y<R,GS
M9X6Q4.#IB1/AHZAG$CTBAFL)\I8OH@$[Q861:P +3H8(*!Y_T 2MKBLE/8T.
M&Q^.GL^<V8Q &NW2\^H+.C)*"V86Q7Q4= 1(!>->-HW(&L9(1+L2OUS#6@8L
M1]POCB>$%5ER)$ E&>2(&[Y>NGIE;*0[G$[2_J&W<$EGO*13R@N!5RX!YF4L
M8PQVYNDF'I3A?83\%"O18 -@B'-F4E:LA6-[3RFJD_J*91L(;HP?/Z5IP//O
M8?_"?\DQ.MZKE%MLL3%EPEP!2C// NY9I#(6BK-8B+'[$2\47P@]I.7VO*L6
MLF]X2[#I8/>>XO3NW."9\9,0^D,1CU7965ZT#*YR(@_KS1B/);;6/SWY3^:5
M3LG;0)HFQ#GD8&42PB-8^>!]/D-;;EW#/EM>L K_9Y/^Z@FMS698]M[NC@&G
ME46)%Y().V4Z[R%/GR'?;%(QEP1,;=WV1A$<=D[825EO?W9%L*'8<-37-TJQ
MB:E+URNW.4^)<%!0J$29CG7%D&5U6P#)&I-2#<V! !%7;KQT-S[X7>0VHJ#L
M)B'U_,%8:IAU'4QJ6 F*1,7XG-8ZAE.JIZ]?GD42+,+N[A5\OWXH$U"1(/$U
M67JG>G09:LVSB\XYK]85BZ/^:J'V$8?<?K*7RGAC0VB6<: **FDA+KVJW'6A
M^Z28MB=25D+"L=NI&A\!%_&M#-W&Q1ID,1PXNBWNM[\X/BFR\:U$N@+\H:=O
M7LD50<0L'>;"O+K?NN$6-KV?A^7RZH5HH,DDK+*+Z3A6H-6F%67Q;K;SR/C-
MX#IWA%(3<EG9##&?NR-P*X?V))0LT8=QVUYFM5FX!T3_FP[;@1\5SN;TAT&M
M$5,IJ"/+]E=$BF?TT"ZJ(;YK/^+9TR7T%S*.-OF)\8LUG5JU1Q%-#(J)\CRC
MMQJ)[ 6^(;.ED<PF^0%6<A<N/.L_P; IWF&2A;^#F%W8]AYSZ& <4Y$%?GWT
M1'U"(Y%9XT4N5!I;9N:,$"IF!ZMR%847GDK<%[LJA)<4^N@(C4PU!KYDU:2T
MQ](B&P(W&VVG(+LS-D7-FHPMC^F3P,&J8U3A&OIWM-DJ@SW+!(8_*0=;K_.>
MM828)ILNL0Z$L_P05&84S'(D9I&$++Q<?!]S(51*%2NL\RH'/T?MC44)=4NG
MNQ/XM_%1WN"T*-9=8&:4TA'S$J;3>7K\ILA?=^6<7/;?G^<OH/,)ZOY7$'L$
MAV9^"MJU-VVE/N,4C'-TTKD[HM",8S26:1S=B\YIA$M37B\_ 3?G&*NLZK9S
MGDS/\[DA$\7M'?BB_R[_C[\^1Q8GQ!=LJ$S,-Q]F9U;"F;VDF#Q_\.+LY<-H
M!E$V',K1R'R:>#W(\AM-BZ&[-Q9_J<"X2I[:UXJ\@V&<I.:UIL^Y0+.&U7-1
M7DHU/'G6-Q  J\V$=,*&;_WV@XT&,P\5I45NA_DXBX+WPK*!N+XCF0,0) MX
M!\%J#DL3$)*Z6A2?Q#02'$'48;K,\BR+8W2+A_5:>LE<N:#_K 0;Q7$VA1@F
MB]'/ R5]]%@D+Y;,.U(L?2E1BY"@:##E0S(;ZPN<0H72$2'L-C<:GJS6D<@V
M@N' 7(+UD.&\/'M8Q+(7GFZ6W^OX8:U+%)[&"B$99(^$FTZGH,U,?*BS4*V1
MZ!=Q,2_.(]ETDSPCV9ZB("1*MP=7TX)RG.(#P:M/WT8<\_B7->7#]C.B[F6[
MX</Y]B)^IL/*>_"UQ O0 L7AT$E[9G5,>1Y<1L31-7Y_2M='NT3_8NN\]('4
M@QQ[VE1BBBT'FMGQR!KH]I=(Q>51B":W\0XBZN7R$;)@&[?T$:ZHLG0M%-[P
MTC06(S\C_[ UI:\@$6+.%^U*"H8A6 @E1A9*MV(NES[%X?CB8,3BS"&J'$T$
M_ [<JW\LC/#) <,(_SC!"#\1C/#?:P7=4#0Q8;Z,I]*O'&CHN6BRY3;^.&6R
M:-,/T=,.KHS@MVKX<:$B1$^FCK5'V(]CIA%3&D;F?P^-/[^-&/=]5#_)$!_X
M@DBI5\K;,Q8_=I#0,TJX:7GOW5IYHD--._ZLYRE@5AK\X$-^4]\[>'<_UE[=
M;[Q9$+:<Y%@G?,G=RG2I9WBC!<I7OD IFC:?56959?STP$&E?%0P1BSI71Q2
M',@-3F)0TRJYJU7RW#1PWH*N1A?&>ETQ*Z7RF8)K9%Z7JB89<XW(M.A%H(!S
M[UD0@OXUPDU#9%*TA*40(NPX2BZSI V6U2YED7 F+'_A'%B;_AK*Z-7%<0*G
M7%[WMF#=.<\&;X'*(M'[T:;]2'<&5!(]LYM(?V!::=-*NZN5=FI*.SOR.K['
M-6XZ19K@)TH?B[X6RNS;-1<[XHJCAE9%NI,M()[5M(-OGO,FQL4.Z77;VJ(T
M((:(:>PMJCS6)T>EIM)2%0_EA IH],NT=\B(D)&"7-0K]T4S[6O$(E@LI[9N
MUTQPN.=6=U4:];["('#L3)C"4N]6&-ND#Y264;]O&5"Q8@1?"GVXZ#@7%]S#
M;O$8)2:%.G$/,]:39(1(PL!+]YA23.(W(B-<Y-:J&)9M[P+W9E))#2H<C0SK
M+S=T5[DU(*, ).DO<M<&M[.LUDG3]GPK+'BP1" L=M%9M]Z,7&ILPN#Y#(5=
MSN*X]FB^//X\"_()FL4:0+'LILL3W:_)*?^R4_YP__O%N=H7J_.N]';*6*F0
MB#(2$=I-<RFW'^5PLXE[ GEF(%WN3:HRZI"LC!XH(,7B6OY^\.O("7K$<:]B
M9'HZS8UO<&[1LDY:..DU^NL;PV]+D_VFWXG3TF<5!-T+*\,K3'!V477DAU/^
M1$19(KBN"Y-Y?WLKB7N((!Q)!\V(C=,&R[[U^PMH?[\HIP7Y[[D@GZO>8U?1
MMO;UMX\I;@"<(=A4)/UXA.68/XTU/N/5P88><*# .:!\;YCA .V356G-2E7;
MUDZ2-H&$_'DS+!G+8;*@MC),I%*S$TK5M4,IE'.:)[AH:XWO0O)[;7_MW(&M
MNO*F1:;XS&VA5Z[0=\/AFTN(-_,@XE4A4A!)%EV/X^F&!!Z/C3JT$A'=T(X[
M7W)$*I_C R_<BF_=>J&3IBVT N)^N2L$T)%Q32EQSQI.2Q4T+I^SM^31 [PS
MH,5<Z+@[#P>4W%CP/P(:N:%V+>]*H3F91Z#4U3OGH7J^"U^$OOVH:,7::O.E
M*,92:J!-^;WP; 9-(91?H:>@<D!KVH 6:F[1; 9/BXSHIX7R]> KYF1,-D'P
M(6J&E=<5@7J'=G"PW;X&>@953Q%%];BI(C^><P7G.:6!^,4V_]XM;!SCU$!<
M#XZ??W_ZT #I'MX>(%'9ZP::O/F#5Z]/Z8/1\:/VT'57Z>X?X;:$UZEM?D$-
MTW>V3 (G<-N+E6K+/E@WP!=J?#$1ST@$4'.J*]&\HJ>/$^.Z#-2"XBJ:0\-&
M<;E-$%59M0U22IQ*.V>FAI4Q(I>"KPU'/.=5M_!WX+8I7$'E!W (,%U-J  R
M^M=D'"I(L6OVE-NV&WX!G('>/C>9?Z,"JO3QT^,WLP >W*FYT)_STT??_.WX
M'\?%+9&&Y:([<&=N  CY>]P8%$P)K53.HE^\?5/DS]Z^ HBF@1D5$7XYKF=H
M$BS#%#Y(F90F]PM=__F7A:YCY_CGV#F^?7%ZYL6>@N=Z_?SX[#C\PI8][[<
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MCEHI"6UWBJ-CDY?E>*0:Z:]BE#Y_;ZQ\D9:_)Q:[LS 9R!>4#;6QY-O(!H.
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M %2B,U'78B!?@A\Y%9NHE^,+5G@'48P11L+GX=7]RG?$M=YQOL'B]Q/D(<U
M?T]PZM]N&'\-.>;<CK*/8R%Z@2UI^+Q\\0,.3?\#Y0_EHW!#'="=K?H8?&[Z
M H3;=/UPD2=R\,2W:U/!^PL=% <3XP+4@MD# %G[:7AMV_3:@E<6/3LZ>AGO
M/+.'[U%P6AY9R_!2^=?OB6C%_M,UKBNA'-F$F]:('GO:-*+1;,3W+59B4\ P
MROS&6E,*EY/#;?!A;,W!+G\GYH$+Y6*SP58R[+K,E(\QA4D4\)E4<D+&%'9
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M1[)$K/3)DHV$!4>7/2N2^/#_\/ 0^?V"O^HW>1+U7(.-^3GF<E;D8A+W%$^
M,5R-)%GC""39H4?R@9[_]_,72?S/ZO@TB8_/3GLY_>/3\W]JLJ$V0PIAJY;G
M^=Q$TPK(.<T;D(%*63Y="[C7Y+G8DQ(<':WBNYM@&/KW[T[__@N?+(XV)8LW
MQT[-T_?U[W\V6I-A50^K^J-O?N12 DFTYA4(L%Y6^-=;Q5\*A?BQ .%'WS!
M>'\ "'\E@/!@M0>K_4E\IXB^HC#ZLE;[HRWUQK!A6,Y?9SEOG/Q/7N-?A]#M
M*^K',9PO^E0?9%C9P\K>TI6M]:TH@.4,RWM8WG=E>1\'J>#!? _K^ZZM[Y.#
MD^B'&%1UP^(>%O<=6]S/;.V-:_X+JS:^&M;ZL-;OVEH_"1J__D+-9ECAPPK?
MTA7^PC5 LCD_<?\<EONPW._><C_5)L'(MR=M:!P<5ORPXN_*BC^CZ6\=$+69
MIX[J6[E^>UA=MP/PC6$7#+O@CNP"FU"W?1_CKC9IM_NQ*_R6X@QO)7CTY?F9
M;5*(@G9A;I>S'"(7>2H\'$E<E:-E;18YFMP@(%_&J?8%B'W+1J[_9@&:9^89
MJ U3@PK4%!V*EG*(/GS6%3,REJG*QGB"DZQ'(1KT- =\BP,0^299A7Y['9UV
M16,&2J%MV]1_5)=1+G3/^WL_TX[YI9W3$]+_6Q;5)/[M=<QO3P#CO5YDUY2'
MCD,AVFMZXBZF6>MIT-X:;C/X[>@D<5U0$31KN(FW6HR!:V0BX:JH9BME?W#J
M,4Z$B9M^I^03%'FKK/"!]E$2"!_9?@<R2=)2 \0[2QJV*R%&3L=5UT9+4RU!
M)B3\$_^JQO);^2<9'&XX9E*E%GRZ<^Z[H.?H*1%P9X:(-"F[M395HDVLGJ6E
M(NSI>0,M'VZ/M,^(5JG=R,T\^4&UE9WJF/>>KCQIR:!*LSA=*<4-?$]9P#C(
MW+_<506RJ)*)_QG"R'UOTGX]8/H';_+V>I.G?F-R(H%-B0^C?AH"IV&IWY&E
M_MR3X 8D?$.";%CA=V6%GZ=%?W%KSS?S\+/B4)&68(\9<F+#PK]+"Q_,$*9L
M.#20>@A]D2E7<W,YI,:V.(H&-9NG8V,"0/I]3^!4Q4PIQK2]UN/JK14U10!Y
MEJ9G\9GG[2.#-T? =II3D V%D48,H?S[-,AX)1)^6PJ0**6%4W9\&W#J<TPN
M ;J05'2-L/TZS4J-/=\N#1,E=@W(.X0UW\7Q&0^R3WT8:K'2 [EHU:8%D)=;
M5*U2_(R[O,ALK://;]$GK.>Q:L0KS *F]GQ;DWE* 7X)Q7C58-V-SS!77CU6
MWT!\_]'>*#,0?(FLME$2B\R @>A,?6%6--/@UE>)Q37IJ4!Q &0@K/ MX_]7
M-8X-U.S2&^#GN.W;\7-G%TU-7XF.Z+[5D&'<-MNH;P=$Y:P$H'O*L?1=5,4%
MDXWA]6W0C[("[7&:U_HEIXHA.@('>WL'N['<)SZD;_%*B$_\I<[X4G$.VQCD
M+\G((FTXJJ8CNL&(957?0:_HA.=X[&XTLQJ\BD* 2)\(D[B.YLS)\X*D7716
ME1X1'(QR ?M+)4<4?;6T<'^7A"I_-:LFG;>:EAI1C#3.#),N"AC)%\^/XW6:
MZBPEHTD_:.)9567*\R@R*I$?0EO3!-B;XA_\U\9,NMIRN"FNE![4*L86T!S>
MMPST^NSV_7D1B) =*2^%M_['/5I_]2*'^%N$219]0<A+"".\)SRTN5(Y!],)
M#4ET5'2:P/_FY,L?Q@L,DR7'A+IF6IM\-L>/RX[>PVHW/G)<U*H%;6<TFM(#
MF3H@KG2,-OZ^CH.G-I:9$E]"TE<%%S4_G%G6_/".]HSRK-UM;R6!$#FB1886
M?TWKIKH(4@@8SKLQAEU4(A^-X[P,I&EB_6G,FZ=JH$36BG^"K\9EMP M&.BG
M[#V8)SQO_5[$%Y4ZF98(>1;T6:JLH'S>KZWQ/%03 %%@7.03<F@YZZVU/QH*
MWOXX;?*OSR_\M35*/XK X,=OF,#@8" P^$H$!E_)A;G#CHP]UABK0"%-P.-X
M52O5>PG6J,O996TN!%)R*[* PV5!]KQIE8N+_@-> ]G<0M4WJ^4<I3_8\BQ*
M^;C87;?#EHQXTBDMY2)]FU,(UV-T!6("15\H8[8UW 8F9%YW9GRI59PUCIV$
M4IF>G.8Z&D,P:EF#&Q:8"SHSF&,V.)9-75=UXX9IU=UD6AC% 9&VM*Z!^&@5
M)>+C/5O#I3B-'MV45NK4"4E8IMB:S$9>&Q62:;H9:UGY$RPHEEI/AHNB]O4M
M1%">#S"FY7/O;@,@3X+4O/&S!\9'GKQ(B\6]F0OB:!$)I6_P*G'S$HB,D+=0
MKU"H97^P62#@O;*.6M7K\HL)SF6E+EG$ZAJJAM,!3'MBRO_D<) O\E2JXW^^
M/(MW7KX^O)?$OW=OZ3))_*+-YVD&)YJ1,V>A;MA+\@_>3#OZL_C7_D,L6GTF
M]U:&D/AK9(TI^OV#WN9%]$7CWL\ZXC$&;:?8BM3?I7/BE9 E1F1:^RKMCN*7
MMF):7Z3Q[VT6:'DE,;]*&!6.J53Q4<X;H>5T ="B)X^.C=^2A\5'3FWF@OV0
M/+(X*&1FSB#>TPJRCGZ^LFE(*_K7_YV&?R9M^29ZE5!P4 ;;.+&!=$TCWEI*
MQM)$]BX21C5>P!,6D8\6,M[+I<.CA'>2X ?/"'A/NI1API:IR1?24B4J11CF
MHVS6Z0H@-TUDRAG']TP8?/TC[\9]4*$#,=&7CL\#-N"7L-%K5Z*?SNITH<?A
MI.[R5G*(,FE*?.[X@/05,M_JAG=(GGR68\5Y:1FE8<9_9@;R]1QD]L=0L *[
M:+U 'BW$18F"8X\PMC=.'$:X."M<T_?I'.M]6ST!+RRC*N#3O!A$1F_!,QV7
MD5=%DD7)*#&LR#0G%Y(MA+*C%P*=FZ:3_B+TBI_>LI$7R9DY6L2B/^H^ AJW
M8+DEN!:H6O1_&X6__=,4T]!B7OUQC:7'*0N6<V)/Z7T#JCK1( D$3-6;9YDD
MVHJ%=^\M@S&G.M0HB4:*80WX/#-QC92:;%B,JS<[*7:^R9>M?BA#?.]\)?;9
MD^@%O8UJ(9[JF2;@DC4K*YJ_:@'R4O10L/TY$<1_(QL$>>*^$#!-@O\=N;QJ
M-JM+!C3*B#$I+8Z;R/Z;!B2+QGV#S '8*"<K^Y1?C?EYV.\?TS<M'@=GX>E&
MNG@\A#Z>I1S!*!28XR(;2M J"+.[?!I[(5&KLAV<US3FX,H<*.&^T!6@A9,W
MK&^=ER/1JB9K@[1L(RN5U7:0 ;EZ#.YZ_TB1_>+,L%?@M#]Y$4,0B\EL^%C'
MHEPYC0*50"Q7$9V0RJ_.$7*W"-"X_9U\51S ";3E98>4>G @(]7,3R#Z J4I
M>N($P^FX]<\D(94*!=JU@7)Q?J&PZB3..J.1/,?QO![FM) !F\_30/&F;Z]#
M$]TXFP[OCSZI::/5'6N[8Y5#7U;""(T7%(EN3R,6#<U==:#P&B%BZV==GAE)
M#=":7#MY3FMZ&#+;IW75ZD8Y[-IY)0/RB__X[)6_[$_1F?YG_&1O;Y\?^O\J
MB%Z5,$2APWWMX$?[O=Z3ZR$;U-=O<;Y@+9Z]Q8_!\6IDXU6L#<A%Q0'F]'8_
MXETT5FOO3 XU='A 1HNA1Q2KS5%OB]EO:^@4![*('4?W7KD>6V<B\I,O4'0U
M%A5DS4X_?ZH2@JY+)S?2Q,])5+XNZVZ%33^L)3XFDT2?BU^ *TP[-G@*\(RE
M' J!5N""Z/.@DV5!7@KBD[4[(_+T()XD"EIS\$7SEMME9GV)0_9!6G'H>:1*
MM)&C-HQ&1DR=_X7 D6S8XQ+\O4RT%#UQR!>K2$J<>&*.K!!"R5UM6R*[SGS!
M8 I5MG'%.7PW/G;,V/)#N?PR7<671NKJWA/"(_2N)#^)X+WQ,"[SHK NB]'7
M1+8?&B"T7E&W@"@5E[(%D85G<SI,DLK8O'BNOE<.&)$W";X5K:^8E4UU<4+(
MMW<M3"J^)?!6AD,3_,YK+U;C?^E71<G>"B*6WK=-0FDO]OI,BF4VJO/)/ H7
MOA_.;OP2JG#!9*#Z(M$.M\+1B>V ?+SMW&GJMI\KPEAH7Y8WM#Y0B4G'M*>&
MFG=8\W[\#=>\[P\U[[M5\[Z];I'49#8[?Z/7JD%KRWTW4[2Y[:_K2WN!]/Y"
M2'C4>UOC7W;QQM;*40*8IH/1**,"G$9M66X":=0@E<*!9EY2/%@46C-I*"Z6
M D.8'4DI>%12IZ!IVGIE4D((O[_(9[4OPH2?T/'>5NW*X45%IPXRFE<'R_49
MFJ<,.9] ]9$%E@,@@,+Q%--@U9G5 9UVQ09TNDP=^<))?+A<,I3=U(G[<V[_
MTVI[OUC1C##5SS]$8O=E.FFK>D5_CU3CL7'XS3=E=5F8C&R?36COQH=>(#(H
M]AE ]EMVQAC@ 8]307;D&[*P)EPE[G_-^6O:%:#M!/":N'06N8J=/BC0M,K%
ML@ZP",F)-OCPC,V]2//".NK0_7;.W,9%)=JK+.A-;E8TY;EABA#G\2&_WBSI
MC ,@'UJ\R-J;98OU,Z30MOZ9K/V)G*$11=3&T$(2=.R2XHHY&Q[:FB-L=8%>
M,UU,J(\J2&'.;UG3%3KP8A5<.3((+Z8U.5W(9>]&?:AR8_B"DM%.7# E<"X7
M>)H&_55Y,Z<ASHIJG$)FET*@4O8($U]XF%(A>IV:C</O3\Y.M9D%:M?TER@8
M6Q F]YMJUG TDD\#X4.=CSL1Y/4PI<!F^:ODI4-_Z=9I##;84)C=_F=B/XQS
M!6SH&-?SISVJUZTR<.R2$Y&OB[QKBJ/%1\584UVIT$1:$MV2CMI,#S\D#33(
MM:>A.Z%E.6+9NBP(YS<NYZ8<0=4XGX[4[A=&$-W\"T#G9&CD6@Q+;NN?B9:<
M;4N(SB2=M(ME=^6@3Z7 H;+ 4P\FM1DM6@#N4+?%D<!"B3&RCAS<%9MEL@N,
M>V<B"B'G%4PFFTO.[MD[ )ZZ[(F="VQ5--L;>C!<5;]]U57Q;LG52V?B!>I0
M(M_<9]L,&>0T;?4<X1NAK D %QY8\H:\ V&H!>BI5PM\E[[V*+"]#=P?Z_KV
MDG1(9&95S-E#S< BAW6+2R5W%QW^IXG42(LJIUU681>;<PK$TF;P"^I>BQ/#
MD#=Q.''016YZ::0]EU,P#,B8YO7"-6N]B>Q] 8TC!\8'&0R.X;2L:1G4TA@W
M./NC<' C'ES,.&(XX[V0I)US.2%\4G:C9 K4BD1_=W'-,V1/VZHJFO[#"M;;
MP6C\KBPKRR1&L1M=LM_X%F"0W"^6Z=).)F^YH-Z8<"!*D=6E J<YX8Q\/SKS
M[%ZD^:ISO2DB,C0T-9WMG68',2T0D*RDFTT +R8;CKBM?R8ZXL[UJ' N%;!,
M6">\2H1A4H&B)O,'BX8"O8(!+V.)B:_K%94PV3KX$Z H,3[T.LB%(PVREW3H
M3/(EAQ9!<<I&[3P.;D< "44G78(HZX^KZDV#+ BN'"^XMR\M- 7BG;**\S6X
MC$U^D,V@$*BIJVIAQR6[ X?<6#-![O$7-";.*ES.\\G<$@ADM#D*M.5G;F"Y
M)%WX9)1QNMH(=M(RU9.OJ"8*YCEGKCX> #Z))IL>1;(]2E= 9VAA:LOS5U#L
M5@8M*DG<::.FU-J:_C$_Z>HZGW1%Q]!B^*@M68$EV1:[%.C[D3^R^==VS=SV
M _?VCG]C:OKX?,A&;\WXZ?4\(SLHC6,#/&3;CCXRLV1::Q=JT7NZI$-!B^DK
MS1)S&X=T<52E&9%'M!PU<SJZK-NJ,,\DGIMBZ3S5ODG.04PZRUL '3F/[?!>
M'I 1(>5,0:#E.$UX0-J.&,+F?(:KP9')QQG]UQLSKY!ZCQ&>&3YE-;E&OS!+
M3PW!-7_/CBI]ACE[H?P,D06N3M(EXT^XN5]G1WHM"TP)@-2FYMH_>[X;>&A"
MN%R.UTBOU9<K'-L%<BV]0][FPY]& KCA'#F2^/T8T6-IG\;5LG6MG-Q%8_&"
MS=.PS7/>T=((*R]/R7^M2P6P,-UM /.QU+4CH:Y]&BWH]<RX= *X[IL@,21I
M?($M/H5X05"7X?>%?_*K$9@MM_V,F@F"9<'HNDJ/2!K(BI%1TT@[Q,(<B+-3
MHBT]2$YQ4-0L4H6AE]++U'>:E';HR^<Y!^?[8RR02WI'BO?!*H1WFDN+;E;S
M3D=&:<Z1(!<=E5J*%FJ6KGBC8]N&QBAV.2*74N?"W)HM8NN'3$K-F'=A@29+
M,$)4&_4M%3NM!T\M]]9"-J5M#G9(\X238+4PP0A[-#=PMP .Y=HP4] L&ZF,
M<NOTV&19N'^4UE#-&UN^*)W452.3Y ?ZE%'N=IRYZ[7UNT.V$GW+&63_+:LT
M(J:-)U('+V93-B?CA:7&,:VJ%F%)FT1Y65878L+#OKM$W?X:?;^&#)%VQVB)
M<)XO&_!CSPR'[JX>XO9G&+]7@E5$9W=;K)S9;VDAY+#Y;$RBM6-H<,BW:H<_
M-\TR;TW$S2(5WB3O =K!VH&)#UXM<EK<);U0"N^XA9#;F_()^J10X&-?!(?=
M1).G(5:1XMVF5]O+RPNR'=KLSTN,D]/R>]D5O&JL%=!*&!T8#8[3%B9ESDT=
M$S(0=BW^*DLX\6DO;O8$(I6+TFE_A.R[T+9[^/WHT?<P6P=[!_OD#B#AVS+)
M$'W%7 +#S]TT3[Z7K?..!\4E$[[F[KZ]Y$&\ ^3AO&V7S4\__'!Y>;D[DX'N
MDIW\P90_D&_!(?T/*% V(\4K-C_@QZ.]_='^XY'^8@2\V"1MVF;DGG&4T_O4
M9QRUU0AC&(&(:10M*S($H_W1$A)T)=;0"->\-R2]OM0S?12 \LDW#*!\,  H
M;Q) ^0UMR<_*$QN0!P24I>H$,=Z%CT@C0*K-RD8AFRN71&VCKP6]VW*B%$]Z
M? 5@)PR^%C4>ZL>,=(,2R,"A_1??P@UR:/\\_N6XUT@9>?XH*2:$V8H5PV)'
M:W0J@HI\2R%,FA=5/5JD&7<""6B32ZW@4JD6ZSV;[CLYH+)PPII&J_JU&:%8
M&@58 MJ5&\"1"0-ZR'&TM*>9F3*\DS,<W;@@A_D*G&O@OA_V[:W?MT&>*-@7
M&\C"W8F%W3MR<A#:KF@FG05M \5 X0S]7Q)F(A.[P_N8R=*T2GM#7UB-31TU
M(>G& I?_KW1![]KR]N O''6&&'=.U"BB1_$5PT8=-NH=VJB'OCVCUTDIV_%/
M$W![85_Y71@'G0_DP&I+)A?CZSI=.020=K J'_8ZUOM*<P;,!>!U K)JVK1N
MNR67M2QNO#;-$@ZVUI?\T>JO# 6" *HEU(H^!ZN.<_B+=<<Y6KN<%T!-'($(
MZCI"51)J(09.P0M.$RNPPG&&; 2^#XH@6QSIK2$66#FS96&CD8I1VLSZJ%A3
MA50ZCR5MEK>62?Q^\NC''V,1IV05QVG\W$P,<WC?WT\T[W@YMY7<(%<>*?^-
MT._P:F*7E$G!FS=Y4?2HX.T@&$C4:X:61G#K(&L--\YR;NY RE=P/7]N&OW^
MP[U(J5X3:?E._\54([@<#66A_>[\V3]VSY)0^/=%5U=++:/,NS*KM??>69,9
MN%(+H5?IA\]I=B$,[#V[$MF&#]U-0' %#^IKQ99G?M%)#^0%FD<";J.\[$7<
M=D J2.)#!A2@5DL<19 _KAARQ!Y()-N<60ROX*M=+=OWAUF/@R[#KTY*H"Y#
M<#6\]P^3A&:&D0!2[B$C,YE'2IO4];I+>M0UB=9U4S9//A6QUBPF(PB3'+YC
MP7+>\\NW]]=8BM;%JQ<G@D4SX+0WG!FA,Z"KR[R9ZZX)6@]MNYI7H;FSF8NM
M'__/^2]GEIXA.NI[[Z^ZEDT'_MV';=W6I_T&#BS78I&* I/':&].6UC;+2K$
M;+QZJ9$-N9=^!W HM13VR?6BNVL"P42=*EB"KA6*1V_KF#M2?E6 8=PMQGY.
ME$XALLXC)MWRK+Q\7+SLF 7$$ZS__OM1$O]/@QN\=@0IQ^5D-XD/Z3QM67(K
MV 9VV<L/7W(7QR4.H#-+/RD__L.T+[A%1?Y")K$\AR/:QK\BRYM$_$?,\Q$%
MI"-Z%?)W^O(T+W.:KMX8Z8HO&#E%7^0[TZ_&7-'YO<UVA:B+SL&\]3WA.P=[
M>T_NR><6A.P.T=ZK%X#.AND4@1&NG08GL0=T^.+_RXH\=3JZ*7#;"\7$7EF6
M& 'V.QH]:>G&&>K?*1>=7<=0CQUXG9Y'+LRN"1UYBGQ;I&]"Q/25Y;YI'/B9
M,8)V#EGGH_4[TF4X <^*--R3J9ARIQ30HT'&WA&D2\KLC!;%[,]_;H?-Y',D
M*TPFWN)%7FN]F?XG<ES05Y*0A0BK;\Q>KM,0V?WS%W=VU!-14Y^HQR7\D;M=
M7F-@@RSN!$M(<6?K_*SJ2O%N]NO/<2/GI6,QF"%F+&5@<V9D!?$^?8")@?0"
M9V@#H%K"Y,<I&&F1+P[SPX'\DO6+0VK,++):",J]K S;F&W[CI1N6B9?WB(K
M 05=9^*E,G# PI& XI?%*U>1R(,[=% UJM-EGA4K#8NSR&_8@-#6+VNY)R^'
M?X/LC]M(Z3H9*\C;]V'ABE!I\!J([W#UXG57+_H(5\_M$NG9A@S2"#I2H&J2
M&0<*R6./_)8<KT))*?:.U^9I-_K3'8"AI)(NN=2VQMIN6Z5YE'\@U3%G;[[!
MOI )#':3GS>^!O<_<5#&Q&W"IG5<.K8*CE6XRVLF>Q2LXCVSM#XJN:\)DBW*
ML[8NF$$Q3SLXS3?;VW"23^;+M!@Z&+;.'987@\Y!347D9%IP C"3A1@B$*4V
M3*0M:81:LQ)>7]#G "W!^#6Z@H'27-"LY5G)6\B]D9VV8PDRD]J*IE=72ZGF
M"TZ//HK0$ 89#^7 Z'/ :,.74Y]-6] 6!J3@;*BE&TP?0J@4VS#09SL4".\8
M6.S#C6FKO<0-4)J[&U&4\$I^CQ-V#STA!G=O5M-@%-[\WY3^S("&^?AG.FPB
MVT^,Y7/M!DF")<Q9*L:9UL(D8TM]5M67KC*9F\F;ABG]8X[%G"34T@HU_HL.
M1.3+\,?%0L,\IJ[W2 #E]%>8]E+^L:"'F*M@,MACN*Q!A@$)PDK;3@K8"7@A
M%W[7M^G;8"P!-D< T7:[N?U>3:QG1ZX4W%JZ@&%4M6PU1< K-6M>NPEH^NZ#
MFSK5'.G]6J"G:*7@_Y3F5'79O(&)+ >H\\X3,/2\>'V:],L85J32, Y>",5*
MABH,FW'KG^FXC/Y&80W.@(.]_<=^X2B6...5$_0P:=B!O]A#AZ-+]B[WGSJ>
M5+W,*6)9:;  +2H7TS=^X[3H+'DJ1&E8QH=V4K&R3<B%M@/'!P\!D(90>6.$
M8E]IW<#7IA?%'A7L-?[+\1ZX+(EL"R9/=T>K["0E6A+X>+%2#8SUW69]Z:4,
M'BUG?!@O[ :S31CV.7K?Y,C B1A19&+'4*27\0Z3+ 2!&#K/WT3"88(DPDLS
MKOF%\4FZ_U@THMSH40V2?P6'Z<&^'[M8H2O7>?(!UXGV]_QU!C#X5H#!'^]]
MPV#PAP,8? "#WZYGHA/W#SJ9.!CJ'[G"N:]'KFLX#HE\T@F="DUNO5]$27O?
MHQ]76.,I1N4D7/S"$E[)! ;5@3;;9:4>/7$BC6@%F>.J/^^H]+#&C239;1\B
M1Y/H2DXO&-2N3":3KK:4KT%5)BUPY(10.J^ALQN!':2]K(*R 6?[BK0KR;W/
MD+*-UV:O[XN@UF[$Q]A_Y'R,_WWQ_%"/;/I!5BVM(*+7C:=Y]/Z#$R<+PD\-
M.U5GJ.=*8ZZ4ODDSNT&VMU^I#YO&0S$]VNQU:58R>;^]CAUJ I>U_A!3BTFH
M &0CV>G$^A4(:21XZ/69NOC(AQ.@6FF'2/DV/%/?.7_B+87=#UP1L"6QGC^>
MK+O9]Q_M6??:5I\HGA6HN^H879M,2@0G$O9$"^.7DI;ZS>#\YOB+^,W1FM],
M_O*PC+?^F=9.O& =2Q*RU2.O06MP%AYRB?RCMNJNVE,L!]XD77*++_WQ'V5.
MGI\O9Q_[NE]XV%W+(^Q!2S;!*]9>R2$QN/M6""\\^4",DEIN.VG&LN(C/8QY
M*&\7.0ON3P+ZTXASO<Z>^R&%)5-(K$ON2\+(\#,A+UDG)%.=NU(X"]QQX/.[
M<N:&C@4.M#9O.Y%0"1.Z7HIE 0*1MKIDT3&F+8#OT@0*,@&'Q]H$.#LCP#Y0
MECBYF2A(Q*&;AM\"2F%=70M3@.CX@D -^3N8L, _ZJ64H>L2F*UUYTG6#!='
M&3ML,B\E'.F0^TER]P 6_F"N).#Y?/?#O@3-6%FUPL!N/-4GVU.%W=$;-ZWC
M-W,WL5>,QN1'I5W#W>&7 I<63]$JY @[=>MKL:@##W9QZY^)[.))NEJKAGB3
MN&'-_BA>ZD8;^'M>D^_Y4K -WA22QP\?V9[E:Z6JP&)%(28EV(86'K^^BP5%
MP>EJIZN+WKFWJ6M#%:5" 5AP;<@+\/:<XGA'/TE+58^ GQI4N.\E8()X\\88
M(?O4\*%P1.E'+U^!4TH$;8-<M]S7N_GW'UKR=SO/4F7/+*Y7_ _IXY&A6)JD
M9E>FV(L3!Q9> *[A#/KIN<8HAY4,@0/;*D5O<H-*1H19H>$4J3M]A%)G1!]K
M$2*KNK'[@YTSA%9TR;?,Q=^7]+8T^C5&KHPOQ:13,$6\0\>,,A^/:V8.3Q<F
M>ITN1G_D\ZX84H#;_TQD9:1-0 R$"QVP2S1&H/>)]'L0(SC2'NL)<<&;J\2I
M9_1QC>Q7<$3K.T5V0.1W@*PK /@#G\G*SYOR(J\K!M'$.T$MO;(TR_>$1Y3+
M$G8L<,0L42\3G(FF,6O[0O%4?3EHXQV]^N?Q\]'^DWA2YZ"O'Z^D(.#!8;DP
MLP8FJL?7PD9"U)*G4^!I>NRMD[KC"Z"/9^0Z+P1'J-9!#_?(13PVAD(M(QAJ
M[(9:5),W&7.JTHQ7&;\7<..E0E7E[L+5$#8CIJZK:X5;>N=*)$N#W['W\<CL
M+Z_W\=8R)1_@[R7KSIZ0]=GYCM:,DC\\!JS236*5CLNS53D9H$K;9]?Q7B+>
MM/\XBX7!N;0)64X+Y>+O^<H?F9M_4MQ'=O3$;S8%H\<[_SPYNQ?_25:-["EY
M0\%73NMJ!@NA;AJ##7#WP.-I$#-YA&7?>%J+X.(Q!K;^%!]ZAY#%LBPP]S!;
MY&7.IHA;D*Q0A474TU_(6 ,'2?,#Y79FX&,^Z=\8O"O8W1=A0]%)B-Z5#I4@
MC/^-39-#]2= W_K.=#H\CW\X>?FK.)LG/4&+,U!WOAOG2]?R4-_$SMT&2&[\
MP9#<T69(KKVT"Y<M@B4*?."]F-XTWA"_4P_?XHO[Q9*+ %/\8$^<T $S>J-V
M^/^ERXC;/@93O&VFV+T:!H9*MM$Y1MQ2WE@-&VZ)H;@6QNS2C!F+K2ZV^#\A
M!/)@C_6MA?9W_4?2)*\LQ7!-T17#W'X.DM56FAOPE]S_,:9G+.#$7< !;.!/
M"KPM3$C2$Y'11Q'@"!E1<I/1H"RW3OC3_S6<PCKE(>^(Q)H\J*U<1ICOMS C
M,B/WV%SBMZ_QM9VU>4+M,D4[!A/IT"_)R<>7=6(#0.ZRSB_2UOAD;="U%K0>
M:2TB2C,FA&"0;3\$[Z-7=YI%JEE)M'9T7N5-C&'X%,B+BFXY+'89OQBIC+CQ
M 0D^X3E"S232O*45><EK]TJ;X#DM#%8-[QYC8-%:@7J''TTEL8UC5GVZUGF]
M_XA_**DB:;(F)QR)S9L"RMYV$_*QH)S];QB4\V@ Y=PD*.>V;[6O(8W@3E$Y
M=(5WQ>J5CE>!099"M[/5=,1 (&LTA8\/S[TQ:3V9A^P0>OANI*. AI!-J0D&
M-;(5=>Y(E0(?ZDJJDNK3SS:(&N/P%-Q,8^6ND#M+5X-)OTG__.?\E^?J<7B\
MU:!3LXT6P/GK[_8<XR_M.4;7>8XLN^F:7A8BI/)!_J/TI-1LF,R;)M0;3EON
M5!7V'GE ]U"VMRMO;:Z8?\K@.TNA[AC>F6[K'4\<=*>HV.$N^!$PLVZ@SNT/
M"-WIOR,&OR,[I&V^4-R3;#[,)LKIESZ=K7W-/5V#P!![^1G7O+"L).GM>LUM
M'X%]2*W%@](H; ?&E=?RT[X5MY?&#IEWO/)I?U2L:#&V.?[&#4^9"?"CH;"V
M55:0C+O?J-Z^#WPVV[;0-IGVS4:6 0D<->_&^\E#Q-E(8"36H#&>BJV<-VW6
M=9-B%_IE6XI1 ALO=4E7/(U8B5&=33'_OG,NT?2 4X25&B/2+8QO$J9P]OEP
M-E6=NQW+HB!#L+][X-(YSH;08!X]W(OA1\XJ8. $XN4>W,LH5V%BZ&"OGQF2
M0JP=FDA[HQOKOF8E:G.1FTL>H@Y+:Z!>F>DA?Y$SU>TJ8@%+.BQQ\ZIQTCF3
MP@#?$<"KU\^\$.'EGB++:S-!AEL4HOS$\+>L]\R\ZK;#T6H\TS=6<5%5;ZQX
MY=7+TWN4W)EHW=KK-9O'@A=&AQAG7_B2_6S,'\=G\4$\ULEU,QFYRGKPV\;#
M[_ "]A]\#[09KX-- XHOR!0MC%^ \0[@9@'7255)<#/60_)K0S8&@_6!\ SO
MPP7H;B <K/E@[I&47"_#P"=YJ]TJ:$X(O%GQ(IA<1/TF^2H[3.2-%*P-6#("
M0V\062L#M3GKZ-*O!-\AX-S1G$OS-(J=9P=']_KF+NS3YKM=-6B"/0<L2_PE
M%.;@&4&0-5 Z2"+QD2NGS&PI755[MY$[RVY( J0%USU7EME)>%]M#S13-&,P
MY60EE3SF1O#VT(T;3OIL1KXT ^-@Y]C,.?:FX VD$/MRXEABE3@=#X88304(
MJ^R2@G\!=O*OAVUX@\Z<C=1=!OUV>W+T1/:E?.W'N &';E-X[D7F>GA^>USO
M/PX*9T"$7N_CX2S=3QZ1X^(U/YTK%;F#-JR6914+,Z GZW+E,*E"]&";:0+G
M*&1IZ;F+\;O<1>\M1H&W*':F[PPQ/'BMAV?-4F_V 1]^H MX("Y@9%W @]#/
MB]_MYY'[*&<!E[5TJGZD/]*XNH66+@.W=/>A&Y.R=N'T2@7H,E2QMG6S]D_6
M?KI,-H;+0=F]:LE0SB2C+N"= &RS<YJNXE/ZY1%MB3?QKU4U4V[UE^3E .M,
M&Y6<#7K@YAY#M_M7>B4BNJDC7U(8I]J%-0(5[XZYI[ ;4ZD/ QI2\C\L1#_P
MV)I(=0\K;O2H '3_?X>GH_^YEZQ)SVCKIC(*JH\?F!\@,'=^/7EV3[;+.%?Y
M4<>->'NWP0T>79_Y,5Y[ (/060.(.S@6VV^K/L6QZ+>5[/^H*1$/85'01H +
M;_J_UCTOJV0W.NRE# XX(745OQ&RVGZ*Z^ 33<YEL#X$@/'^ <1 ,DD. P^4
M_DG^BVLD2OH:\_= IGN9KIBH:HFZ)/L//D=4NYA3R'/=;<@"=A0"SBMHH*)W
MOUY%WGE26).GI5,_(HE-._D@E^;^![HT_8Q->UE%]F><0;$RY[CU03\!EFB:
MRV5:)AV9;_16V=%>YPI)$=>.="_P=)9=,X^[)8,Z(SO(P<AOP6.\PKJ,;O=C
MW&W/,TB"O<N>LX'+R)2"W!FIH0N5'9E7#?=4(I395,;MFQU5CN^9WVC-_-KO
M:'JL9X;9I'ICS*!.X3G4?LT=,HV(-F<=C538SE&XT%IN0))L?[&6E(O\?'C
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MI:X3L=UPB=WXM^H2Z)9$L!;ZE1 +Q4",IALS@U7.4S*CW0G]$4?SF4BFEWD
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M>/-'I]2_<%.NMFM?E<TDQ9)0Y@>#D;TZI_(X03Y-9[3W,OR#B:W-Y!G$3NO
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M\K[I5\Q/(V-M%#%%9L1D(;7.U#L]&P88V6PIZ-6X$H"(VH(0=!H4Z1"B!S<
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M5;0-<JP.1LTQ@JN42F[&LB6$U7<M"2-Z6I7.2,C4OS%3O2'W )@C5/T_9*^
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M*O9'A?M1-+"C GOJQ6F>F_EZ<KXH5/";I 2LVJ?NA#_OF^\_+XIZCK?D'Z$
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MK?/@!K/M:C;,OG$:;R,]B+AHOF&$%GUMT*/V]3X.YE&85$)$.Q7^+ET8=V_
MRV/;6?!;26[NI6JPX!TF[6/[0&!$ ^!*%.8XL,22#O92E"!,$)WX/IQR:*$O
M??M*0(U[%HS"?E'4O]CAH$#"13VJ8A_8:1E>,]YL8F4% &&C);8SQ:IW.E;
M&'A?(<TDYN3+?P67\S?O]&,^2O?K$/@BCC^;4?PCB$L*BX[/J&"XY,."<IAQ
M2O WUU52I,!D9Y@Q$)@]\:T8B39+W,"+ER\NV]/%9:I8/2X<\5YQ6#"4\V-X
MFBU0]'$P" 5[:8CW83R_B!H'T&@#YO$U<SB) A-#OVD<R,$8^,*)=='R%)Q/
MOH\6&\MF5=#)BELIA-4^JEMS,.P8;WH)+\%T2==#H!6B&=#_9 )D+%!+MR6&
MZQN"WC>%NYK"&*5*4H,]>A7%=RF8=N9AJ41'_]/B[)'2>9\*EWQX 29UG)T
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M*%^ZA;?L#%FK@-?T02G9CW(G/V-W<-4?17XQ*UE1EHXF-!O^J5 *.P'-5\(
M>WM>JJM?T9R<:ETU64PW$@@F\YZ.G$+5M8@NUG[LHMHEE):0B#5I.6%BCP7%
MJJ#=#DO5IVNSM&XT(HVV9:/ML.LB:A^U:9X2Q.1)5(<C$\TH1:(($DZ2.R0%
MA*!OR]%N+_Z2;!A4/WC)0?7N+JB^"ZJO)V@DBU6!0&7&WH' 23CU<M^M[H>L
MFPP\)^1(H%Q4SIU"1Z:V+>OOY3+<J&S#1]VBK;DI[<C*NW<JU?,-A)^PN#W8
MWLCL08351,ZG)C&#ZOG69;]*:UBA]EV9)'=IN?"IF<YFLD<FE"P103JUA',"
MV#Q2KA55,5K"H9=),O*JR"01@YV5]?J7)#W;"B@[8*770@+%RU.A0N > >6K
M$&L)I.=MT.B1N@H>1T>'5+22#H%)GS^<VXGAU67RK$1I5D3=EQR[A)-%^AMV
M.MIX5* /G2)O$IG=&JN*@(LP49CUFGBN6DF.V3R.DW0[=>PM8( &MVMC0$]O
M1*#2Q2V4+NK+#M"2E-@=;G<K<+NT"GJA]-G[0O2*!D3OTE-R$+U'M1M8 B-7
M.)T,.L$\<U0TPQAX7U8J_,<&N/LB"L,)+X(XDF(+I=TB1SJ]7I='C&^4MTEG
M6R&M#O8HGA38E,QV?F#M YVNV2&_C-3X0>(5;B3-$.\6,+W'+L(4?@\NR:RD
MO!+9X^U,5+UL6FC.PG,LS*!!DNOT!*KU-JCJ&T8>&S\G:E,$I;D.Z4)A4R'R
M%# M:G$H$W'H&2G(?4,$[@K:(+)5$4&94L?MZ]34?\W2Q5RK:F[;+V'25BLI
MDB;9$0U_?0>:_)4E%>], ODGH+9=@_J8K]5F2::AZK832E$DI3<+W1DJ_<71
M$DM>/*H\]<Q=RNA.?FMK4E_M",Y[XR!ZB9YB&Y:#Z OBGKDOFNO/,@N?Z8 O
M=^:ICXD!H\'X;X3UR^SZX=I0<?^N0G-.S ^YTHU$6A/"=28S>>UWO4M8I+10
M*+,.0SXD'YKG!K(:Q8V,&], IZ'4GXUU@G%;$#Z%J*F%A#%9+"'GP[@(EXP2
M\]X9>AADDR?ZO@[5HN!5 ?^&J:G)J W1=:U%@X6I.G,RJ#S(,M3Y44,]I>QY
M+/T27@3Q6<E"]?(P_,:-X3"X:I]KJ6^A8=+XJ+"JN(:J]&MDLJCE'N2+2Q+9
M: ,M4+715I="P5B;J6I/R26?R>1\A;JL.5'1=*)M[X--&U2^,6T\V;HJ5^9D
M,:6?Q,\UVJ!2FBG=6.^6+TJU;;G"N$?EC.P"XX_/:Y]?\_;VO7=H!T'RMLVB
MX3$ZM</G?XO 5IIAB!B)7A7W TE&UF1>GMLS;WK>D!V$A=^H^MN<E2S9B%A(
M7C(CO>H\2Z\+9KF::\ZS"#X:4:8",R8JAZ>M.>2B\U!FS4C%E9^3):YGX2GK
MRFC24GXT5Z;.[;QPH5_*HBNR&Q'9L&( I0[::F!)E[RVN*75I=F>LOIR?I%F
MQ6N4541'6&&)_L4]:GA3TBPC ZK:0@]'5QVSN%9?=)\XEJW0'M_)I)K/BR).
MTV\O44?\1TCP5KH2K%_ #TBG8(DC*HI(R5"6 YBRP)OP^6\A2Y\\!$V.J*=%
M^)9AO]_N:8\H#O=JB&58S*_H'I3S]SH*DMQU"ZZTQ6&Q].%K7A&N\[0(9W1;
MT D5)-]RX_QP-%9X$A;$>BI->6"!?.24QP?M@?I5J02,H$Z$:#F_ZAYTVQ/W
MS5YO8*V?O.4JF4MA@U0IY%?]<=]\1?[JH&?-A5ZW;K8]0,X*)(*%S?0(ZTE,
MQ:1%H8)T&L1*!<.;OVJW&@X)_O=CFB&V"HL9)3,LZQ:*RO83S*G?'KDKZ_:Z
M[8[94CFQX/P<@RX(5 8=ET;%(V(F)3^F56.B-:I[HP[0V\<+ ?\]),J5_WCG
MGEA+'I>>>QK3QI1Z&EB-DO&G8Q ]O'K,J_#V5>HC_DT%)+"'.(>=?B?E'[T
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MY#4E2K&3^4\ZDT3*#I0V*.ZP40K?Y<IF8MTE53.L_JZ06%>A?./>)V_0/F;
MI2A]9N8TJUF_]1[.&JN]?!$;4-G89,L4H7_ O)EM\)=LC$F<O&1,XF"'27Q!
MF,0EQ>:P;@>V0YC97D!!BGAN:^)&E?X!"(E?:NOA>A6MH!5_7UC?QP@?=0+0
M*5+ZQ8=V.^ZT]V>LO4\)12"ISL[ L.@T\:++RW 680@(U'$I]*,$J%?UZN2L
MVW('V=J22+HGB*OC\N](U4!8!>A.Z2+CA*ZBQ7%SC'*.[(2PWL!*J&TH8=K:
MN4MW5^5.9I O<M2K9=-YC><MAZYM<*_J)< -!*B-2\>;!3>/X,/?D>8S)LVS
M((H1[ #<EU2<$D5FQ*:WAQ9W5/@LJ5!V$VVJ(8,.%N-/>/OV[6M$!QVK2#SJ
MTE]2Q"C^'@1Q6J"B8$I!6Z.RIB#_#39,,@4E8T?$.R*^0R*FV@O +&7M&.ZC
M561IK+UVZ!NT$QHL<KS9$>..&.^*&#66&T0\ >MD9QO;?2 =_C?>]86LCH0]
M85X7Z6NGX*F)"\@?97K.,@\'MGQ<XJDMN6!AED!?W-Q PIQEGUCJ9K.[%[M[
M<2<SX,)>F%RI6\MF(44@X=^9K.ZB;HZ.9UR&84%Y&SJ,3EZ^(OA&W4"*E+IY
MUN.'=Z2[(]T[(UV*CI,CH2:H71? ECGA*3G@SH-LIEBW<PERF#/U50:U9)8N
ML"L928Q*V)R:"E%C;=1JHF01<A^4\U26@L=+M*/X'<7?R0P,5JE,B [[=0G;
MJ?)7E]VS(\\=>=X-?JG,?XTO37-'^3/:?S(BAVJ$7?)A!ZG;D>1]N',161/?
MF/!Q*55 8^Y>'/@E^N5873].,3P\.P.U!F.4NKN2=XB=.LCB?6F)4Q\I]1M!
M81B1A?_ZE5:TG+*L=FTF&XM3^9HX1ZQQE' '^7+;6*;&4@_)$IZ0:I0J?!IE
M>7*?7 MKR,W!@URX%7R#Z33-9A*)QE0?98Q0D]X$>IMR7/.P9G;<6MQ.F\76
MF#[#UF!M4>#KK!J=!U9!8.2R)3T!1<I;IU(?3)M>57,'<7%9A*D[-&VC:C,0
MEC2>\]1X%KF:+DH6GT&B)@5#Z!0,7P(E82F+C/<QS<CO<H/E@.*4G8\P9'8>
MRO@C?CS/0P2_PK.$ =0?3_A/7AY@NW,5CY<SLKHI<E8S5K0-J M\@#N/9K;V
MBO*'S#9PYG'=5C41F_J[@P8@ I2G+;OCP)=NA,T-U1&>+<4?,QF'NB%]]2V:
MN7/:O*CF5!=?<"*WJNJN&T!;_5I]ZD-_B04-K$1.JRTK#Z$[7S;TX*7KQ;O+
MS8>(,CE[(0O%%%@ < W@@(BZ-!>8'7Z1_%7&J& 0,*8 ;Y1_:WO'5)*@VJ1:
MGQD1$*6#L[C1E1'BD/!1Q .$<^%TPK5W=(;->I%0664J?P5L5..68;BM/#\/
MTXA580^[=35!MZ1%S  2Y8=,,V$%B_1S1G!6)JA[AET'T95":,D,9MU^:1$#
MQ<:J<A$Q+#/+BR"7.-DP,37+==$-:X]PMAD"@C%DP/*[*5'=KWNW\I2W?Q4%
MLC%"H1 )=.+N9UH"^^<@:G$:4SZV3/F7IRD/&*%P\'A^ANP$J?G%9\O+UN'Q
MC>^5NL_YPFT]1T2D7(T4?"<JT2[&6OGT)_M,<YM%, ,U+:"9V=OYQV=R1D)C
MHI(4> TQ+VX%3TV8N$B<4S@.V#B\@JA/NW8<#-AM#]J=O=>]7GLTWN/Z74JF
MF K;^+4_VL>JSX+^J)#]Y^T^%[\=O?W\U?M?6(YN;[T5.5MZFY71BH2:0(_6
MTSY8NAK\0GDU7LUJOGP]^OT#K ;L#Q[/+*^[:E_66;WJ:[AJ=7I"_79_M+=4
M 7()3(3?YY':5QL!P@HBU3/CMAO$O+#'"+($*M]W@P4(7SP_V QKW^V\9*S]
M<(>U?TRL_=;>H<-Z@"X*5)1GU G>E#>S%&*;70)?*AF>NMC78+RD9-AP:!J^
M<.\(\RG-G47ME]3PO27#]P_LUA2</( NP@ISIGI1M=M0$H+B1[;C57=D(Z/K
M5[O60+U.NRO40+=;UW\'<^_7+%W,?^B$7X%R(NYB11VK\\^R!;UTD<=3.$J\
M3Z VJ(J>!Q7U-SU%>YIJ-'(?ON:BBGVG?PNJ1V Q)]^,58D#D 82J"*.D>U,
M:I>O"%GV,WY_D8<J=Y\+(DH[#$&'^"4TD/&@SV6AI6F:S5-2J.8+^"DW78#1
M8I).(VD$)@KIC0-<I]DW\K;(/CH)U;/6Y87-P_.T"*G$*MAH8)KFD>4A:<J*
MI*FZ34=9#7.:CLH4C-S**J*JQO+W I.'4OO@Z"KV924V+"@=E/5,HS@?=/:H
MTQQ^Z]*W9\)=QG71:#A2-1&EY2+UZ4T46!@:\T6BF;QHRODRC;+IXA)-GBGU
MXW.ZPF$+5"SO4.O748-'6$5;]BQ_] 2I713F'F(@W?8C!F!*/$Z6+G 2H]-K
ME:[T"L[#:A,&QM,%D#N"WM0OK?Z$N9N*O0V]_G;$^L/TTMLB8M4N9?K!=HK"
M[VJK1'C!51#%]$N4DA@5R!LK9EBD#N*MGL1W5/TLJ+K_F%1](D'U:8U_D&,G
M1D% IQH7':4_2*^VIF!336M'F,^", =/BS")?7*5'LOF=2KS6+^O9]'20I(&
M@"Q<4Z;P/FP_/MG=T?FSH//A%JD5FM:P"'D1<BD^QB"E7/U9VL=@@(/Y6# H
M1[)B#+@'5VG&]==OT"S/9E1#]T8G5"DSMH(A<4H^48^,%X1TJO?-')4:78]T
M>%+(?C74E7+<[(L9C4W[ U]5$L,^6;KMA48VS*)\2CX*!>4Q?19:2\KEB[=@
M]<L^6GZE589=ZIWP)76=8JIUQW5WC[;W13EZ5&!>OTK%R8%T8FS#((J4BU8P
M7CXIHE(O7W*YR,F;VI2ZL*/RD"BO;N"]&IAM+>,2D/NRCT(%]=#GB0 !8:C=
M^^OQVW?>6XSM_W%\Z'N? HEN/LSS5)<,RZVR8JB6RP$U-L/XE&C/"S \OR*0
M@7TQ:S4\E5.4"5YOR[FZCF_N#QWA-%ZD-:*4/OEA3=]EI^V8H+9C:#.;TIG<
M(F@1XX_HC\(F0;(Q&#JQACYO(9K9[/2J5".S1^,&8JVRT\W= -&P 9;K*XS.
M+XH&)]QI"'>8FUF7OHP-$.I==)YTT94FRAW89*<S*C.NI^SV3],5TFPF8 [R
M?>EVT;&S^WMBM41!7+[O.7VQ57,F/7_LS,:>?-G+O==[\:YQ8+]_6P !\MZH
M:Z2ZKIMLA=*5K3F><G=&=>!Q6.I%W^LV\_(#NUF/[J*WI,4D7X>F!D**N.P4
MC/56HC>%:0H;!<&\K7A+S<SM_L].FZ%JAY.^U0QRXZ9#PFX"J9H.:=&F=KFQ
M5S7*Q@,W@%C?<JBWI+U;QX2PZEH.K;')*[H,Z3*12_H,U3*^AMY"GF%'Z/PW
MW$@SOSJ6HBG(T$/=AV@#+H-9*"J,<,=K;HL\Z;YDY,G!#GFR0Y[4=QG\/"U2
MUI-\5VP+ L9B^1E6\*^SJ$#'-D<37V-[Y)(81=76[X\G_KC?44;O-+V\Q"KT
MW!Z8>_V57M.]_U[U)NUAAV*L]+SO,<4)_7U\7(DFYODX/L@;#B KA8-0\N=9
MD)#\H)*[<H"00KS]SNL9V#U<0YA*1RRRZ460PX-S+BYIIU8..V-_,!J(RE**
MFB[-M!B?/5OK35O%;N5L4'Z'W\-L&N6,\CY;Q*"7'"7L0_.%6F06T!.R^K*V
M^,H G,[8ZDBH(=AJOKX7G&'RQRR<+:8TS_4F36%]T"DB;D.IEZ_D[(N73D=)
MM2&<Z@<GJ!\<EGB21ZE-(=6V3>D)5NEWO$PUYIC1LCEG.$V_(07K'*7 2Q9D
M!W$^#1,U':>(H\NH4&!;GBYL0$(%*%6C[,*;PF7@1(N0YG"ZR".N86Y< J61
MR'=K4NF7IO;49_5P/D]M!@\-;O)W-DC=44DB2[)V(LQT*N7LN$?H)N"HO2_E
M(]XN R?0F3$U&39"AMKC\"J,97[&9?"='M=.]X9*[PA9;L[9X<XS,*I)G_&:
MTV=$*7&F;H_.%AEN/FCBH2K*PY8YBI(YUQ()9GA]E.N*:S_8B!MEJ]1V[H@2
MZAK)74)4$E2YVS6L4&8'8?WZ]#H!@8"0**[!$^A#HK6WO4.K=8CK<35Y+;@&
M6A47?K].1;Z83F&+,6]%=EJ@!)S ;B1M/JZ6VE@(;I\GAR7@6O!=DVJFW@S@
M<[&DSZKY:<$T/<>[9S[QXAGS/T*D@"B\DER!DJ@XJ47(7,H\S*ZJ-:KIC_0*
MXN!.K=8U"F=GB=>$*X887E*;YT77.+E1SE)., PI,VEZD6):$K:>RH)KN#:I
M+-X3V:@$OATX[CZ!.9O2U>I2#&]4^*#%Q5*(S9;!GB*_("H\Q>P=&&$:X97#
M>\!..$JHJB#_['14OOBJN15G:G\OP#J FY04%Z1(66<@&1SNEN'#XA\A;3KA
MVF8LH!A32*E?=KUPYI+* T'M)C"Y5OT;+R<8;AG!X>2!,1@VPDX>>)>1ZZ$$
MQ>0[.O.$49-I)G">Y_!N<6&S<7HSE&A+TYR;/+&*8=A 1\E3>2E\625@3S(%
MBAF5F0@V>^%+3],P-(!S!-67S^E:5Q:S=\7XRYV-0P\GRG<,7H'PQ*V\21=,
M9A0X,.]1D N(P'PV301%KKA=#3?GS"2$:QN8S!:P&K"N2JAO]!NK-NZZ?P^;
M$/&-"BA0?62\L@KI>VRBW8>+XH*[Q]$I_1[-LC0]]_9!;L)!1/D%VPSJLI-!
MH91+N*7Q[!HKY$GY(_F +WY/TYEF!]X["0"FES6L%&4EVD[#[AYK$_JVZT"0
M3S&=Q5P*6@L]+C](U^VP^[_:4>SMRWB<Y5K'_6GA+AP&?7R$9IYSN#Q=%#'J
MMGAW*DU:).LP5=5E=,T1K>NV*Q!UW8VT9E3PVNQ2UI1(9Z9%%:,2=GIG;0^(
MP#0,]JWJ\>IQS3&D2 ]4=$^8Z![L"4985.:OZEFO_=:R?;>Y\K[E.>>N]LU>
M\L'8=N#6Q<3P),MQRG5Z$GEW2.-"$6$M9<$D'X1HQ/H]+EJVC"BL7NSDD]]L
M1Y]I@^=&MLFMKKN=^^"9NJ[R?P67\S=465D3!1=8)L/RF/[\Q8?K8G0J2M>7
M?Q&_QNEI$+>(Z4EF%E3),HK_?_;>;+F-*\L"?3]?D>&V.\BX(,U!)"6KVA&T
M!I>J+4LAJLJW^N5& C@@TTIDHG(@!7_]W=.9<@!!B0,HX*&[+ +(/.,>UU[[
M]'3'.O09+-;"FR-N4BOO%> (.$I%F9^]O=T]6_VS!9Y91,RF(K$PF(2#IX!O
ME<[M.!%9A6W&<[/61C^A/Q=7C6EHL$:U=/X*/MBBV6UW73 E#OC7RN:%LG?7
M;(:[UJ'" :.M2RQ+]@=%27KZ__PHXB(6?@B*%>!!\Z3W4U.TQ8S'8"HZY<K@
MGB8B(^!G4TN)2S[5E+VRQ!8XCI(_(>V.82.><XN8P<XT8Q$)#NJ.#W?@/5!!
MUY%=6\W$?>GEA0-W_CVY&_JN[F0/<Y2Y=H>;HM;;Z1BS6RDB457K878?O-/$
MX85@4YEV8QB76G 3+L %?@OI10Y6>@;VQNWM,T/4M69(="]FB+K&#(GNQ0Q1
M"]2&7+KKS)"ONQ7>%5/]M^(16A8K>S'>M.5Y,ZCFY;<\5O 03&2S,A8L@KZ.
M.32Q5U49GAB.Y#IUU?L&)>@Y>:*T@D!'KY@BCI"5%^'#"!K&. $TGM[&<\8:
M6  9RP#X!9ZO09?)O/;'XK2TX5E![05!8>51$$M)[)B#*XGMOLM29Q U2%X=
M84X3)(_[(R7_! $A4V,Z T?><KYY$6JB-"+=#^=-=82KOU&GX<;(CX-U1GZ<
M;) ?#XG\> CZSQ<8M'[/>3?R%]Y9GKSUI?VD19E@<FWFK4Q>%\JQ",9V=< X
MPVJ.TNCQ[P^>'GM8/D8![J&Y]?W!WC,/?<F?[ ],)3YG[VSL,[8/QF^RK+<.
M\ZA[B%W#HX>A07UT>+0 F8GD+IY-[0V;D;//>G^KOC\^\5"A9EYK;Q;\;I)"
MG5NDO"V2%3.I'4U%&_#:)+6-:^E!3+M1V?/83:<:YA/#PT"9/^Y#SWW.P3C1
MTZDX!X7&PT+6'N?<!<A,/@)51/.3YKY3P8@(FH3W2B&]#/D\V4-WC4-:^?T2
M:5+=V8;QI)JA1JTA.%/*^[ET_&6:V,7-XQ%8PDD)CJ'H4E-PBWDX+W6:SX@&
MQ.)'I-UJ!;--. )$4]PR/!H$@Z!P$7=QQ:"N*>,:H&-LH%&8<Z-G-XE)L3QB
M)Y_L( N+J_GR(WS*.;C?[Q]X0.OGS'N+0:O,"0UOZ;F_+(=_X-<&F8-&XQ"I
M]BC9*&]S[SAR..SG0I\+LQR!DD=Y1_@.,$YY02ULNO64_2<.O?Z<670; [4=
MEKP23CH[EI2(&05M#M;C(Q+F5*X#'<C1#N.BWE@.G "&H;1'0G%#@RCIF,N3
M/<<)A0_ 1;>"&D]O&,H,)X&LS(208\_/U,6$;SAHOB%X!2&/,@2SY$72.<#=
MXX#A"1_0/AD\2CL>@Z"AXPE>1#[7(BS@DR+'< -6<E$"K_&^$[\$#MS?DM<?
M"[74<-Z]O&[Z7:?ER"MV6'LETF.++-(B&,AW^@/O:$'H3UL$TZ_*HX8J]]]I
M*%R_?PI#L[\WWU .H@A?.7SJBFD:#_&]6/CFL5?I$7PQ&5W,,"CX_;Y'PN9_
MX]U$LQAH&B.>\>5_WS*HV6,Z1+/',\CJDK_Y)BOGV8B>#4\[:'UNXLWK9!/?
MU)C9VQ@S&V-F>6/FV9&3*=VVC%%+T1#.S22IFL9-0XDT3*/0<(E\PT7U&RXG
M=VFW1('=HJZQ6\+UN6R:!$OHU8-#WY@3TZ Y(W5[AL'A$R>([R^FL0*B\L8J
M>^\ZE7TCS[U39Q\?=>C94&<?G?0HVI;.WL=2V6YE?03J]'HEC46<=C[*_SZK
MWD!#'[O)/90&7@'KT$7K_BEK *K,#]QM^O7X-\\<%(M*]6\=WK;O]^$4NV(G
M&XOCD@7!YW9>9 =T#2]R*/V>M4. )M"G/$N K*$:SS+UL]"3B3CH 1>G>^>.
M[;!2@%[AMA52BY&/R.D<N[)ED.%%*?DHQ&L0"_W]\7K"@35GXAZ/(;SUW]@"
MX!5QVK:8E.][+/>^ KV9:\9N&99LRAR"!9'B85<QGW53566P 7XET +CA(B]
M]W;[4:/[^YY3.7#L!"#;G<J!6ZF(0*/*#2@!R[Y2O^7$!H+0VLB R]EL:/1U
M&XH:/HCJF/WR# VV6;KW2VWVZPN9!P[7.?_\=)-_WC /=,L\'X]HX%.WI+TP
MX-XI[/8]IOU%TFZCG4+M-+\S(^/P> $OT+X7*-X.E=;)S8P,GX5ID\;&VU>?
M8ZWVG6WKB6=6=&SK28_MN'?S;?6YWC9[V[&W=V-.[KOH9;B%AQMS\J8;YG62
M<=?QMK:*KN.!E]]K74<O<M>0LBZBMY2RQ%&8N6SVU55",(2!-A&C6&I!R,FF
M>PV)'Q=82\HH#@Y!LZ2@ZT!X-M%! $)(DFU%#!&F6JDWP1%TBFH]]NF3=EXF
M>.ZX1>KH(1M.7/F:I&/",5$.8V%:Z,D3?UJ< ]FVR[3DH0W:?[=><7SH(TQ"
M0 2&#[?B5A;)2QY1CHA1_P&4Q4NK' >8G.$V9WUF5'S[A=MR?.!TK"S+:+O1
M!,HGLO0IA9J#5)2MVO,--4DJ]E%ENGA^)VNF7[2"=* +JFCO+R._BK'-O74+
M]_NQL+T[,4R/=OO;%3[S>B&&BO"&=NE&^5FO\4YV\6 1WNFILW6"77P2FJ:;
M7;SI+GZY(\$<^GM/';DC=J9O9I /74IA8!FOS G8-D2)UA(=UUB6ISS&:;?7
M!V$68A/GN=E>?U$\CC=Y_\GB3?8@"<MOLD<KKMPF'X91H,TFWRPXL)',W])&
M?JUPWC\Y6GQQO?K\&TCG(#JW%V[ZYO9^5:1H[TXB1?L+DO[/PJX$WE8^O5F@
M:+.5G<$A'\6W($"TUQ\@NJ8_1=OI[FJZ80Z$PCX47AY-?[:<AZT6#]\'W^SL
M7.0WPA! <(.?6I#?+IY '-<>IM&443H2<O_IU(X'^VTF/J\YWA,3EJ*H2E>P
MJPWV\N\!A4^2RVUEF+GQ*Q8[:Q:7T,C"X]V**BTLQ#+@R(&)*@VBX?PGBBMU
MA^C4C6)!)\^:\:6OB2/N^R!@A5&EKPBV+4HQ//':M\"PQXW%\'K:,T-\1Z2Q
M,S?\+(" ZYN'' \/G1R$)TRV7;58B!N_/O1W\,Q_%)VS\VW'1X\78M%2-F)^
M;IOONY!EM2D@GJPS!.?9!H+SD!"<AP65(S<7$76M-XK\=S_]1I5@=2$,9E\(
M)/]^_^2D1?RPMY[U@V91.Q?TVIPFU6J!AF0J2.FX*:5T1&4-BK])=6AKW0-B
M[07%:+!9S<)Z7\D&O5E=_5O;]CD)3!*R*FV5GJW;*PVC4U"G9PPTL9G;SS[P
M[1)C<KJ.8LP\^6>=>51E8PW6+YY(^RWA/L1=(#IUSXZ1.@/EK]]BK@ OEH.E
MD4EI]YNVLYT)#4L<>!.EQZ)?;['HH+#9&R8JN:G'\MMTT"J+&V[WI6>I%8KU
M!CI)!_Q*_$T9^Y=<_P4>Z[U<__TG^XV+^X7W_]C/JM_N_0^=M.#JPY3!^IJ:
MZ)P7N,.*;#0XO<8.G2Z+/VY%  G==QNB!;>!8GX!I*0ILK#^="F1I6X@LJ*;
MB*S]&XDL=5.1U1&.X8,<BJQI7-7$'DI<RR*_IETM[&EQVZ"3H]:!93=[W'C1
MQ[-?.SQ4'[#"JB1I#;%+JJH%A]^SB=9(^(%!/22;FKLE1"^P"QI7\[,5/5PK
M2_I-H\/ZD6-G=[U/QMW1/\<2['4SZR+]-EVEPI:H:6()'[ VGAM+(P.%3PC^
MAGM#-=[NN(";#.@Q]]5K1,'W]PX&!\=[@[V]O6CK^P,OL(+2K7 D 0LFH:3;
MH6@9;G/(G;)!G.WO[?W@F#SM,W=;P;A%?2NPVSA&0Y//7D-VVV<<A/,/F-)1
M2$@ZC;9,,X\YO*J8.PKM-J][WNQ,A5010AN #3N(1#;C530-:@_^5M:SG[/Q
MWW[$_Z4 J==.B^I4L</'L=^T_ GL5QA)=K0=\ .NFY?;YK4?Q(>VNR#O+VPP
M[#9PH-H=AG&(YH2<S9%R9/'"W[C=L&DRO*BAA&LP_&2-Y&NOF+$':V__J1,R
MK?OK\XWS.3AR;OFR=Y7[+MAH<0/62!("SR0__FCW0/4=M"='08KLFHR)YUUY
MP#>OXT5;7&4AI;HZW.N:K9-F"["5BR=M\H%[BZJ GQYXTU77S/;9&EH/UZ(<
MVYN]J%=$*Z_1Q9,OVX;*BQ78HDT;1+UJ2O6K*:<.$FQS>:D-Z762E7!74ML#
MG<;BY'+NM<3:[]010E'JZ8@!N4[89GW!.XY/O *'Y=YR%$DO=6GG[K?*D&5-
MO9ND/&;VSJT9TH.--K9C;2GE@V<_?*4N5IXN=A,E_5M6HG^9[#W3S;_WK,;^
M,W_-CYMZ>;! ,:OK%//A[N%1?_7)7L CT*V:%RV[J&)U8U5\W8.=.C[>"*RP
M7+<AL):#\B\MN_:/^V57V"7$'-DOZ9G&E_YN"AA4.&NW='R^>9)''IU,<YI'
M'A_C]BXN(J(B]#2IIY:=8U&!I8L=;"L)J;55,C[%X^7LN)FN+.S++Z:SD55P
M,9G>SUU+;LE$!#IR06_B"?F7%7](7&KEJ$AF)BCG0E>E\D6][3!<>D+6]&TA
MS4.#2R7"9GH!XR<HV$%="F%/;A!PFJ9=UL,_]:A"9CV*LY5:1SB5@[WGIMN,
M'7_T3OQ4PI(<[#^/XB&\B2-N21F] 8<D.MK])=J2)_R6_*=.QB:\]$(Z,7[0
M90YZ7)NGW%OQS,K*K1OB!([6&">PO[?!"3PD3F!E[] ?(!<1T55%%_&E8T=5
MS@*4EL8BA8*$CJ='N4-1B[V+V@9W=-MI-M)9>UD&^T ;0(>=XWWH$C'VK8JI
M S?B?>&?TPR>0AB'')MVPP\=F ^3:&P4I0GL'RHU6//SW/0ITY<V*1-\6W3G
MP"@V8M/#%R<9/RF69MVO3=/K),.D5<P85U_]H38[V047^$]LM.EGM/"M'T37
MOH\Q)_'1(\4C2^#@^1+?>".+D(SH]0C+>\<K\7=^TZZHR/4Y5":/<>::F3Y<
M*F,%UJ-[".\:I-4B^A3=/$S_6'+HI<3?1N9]=1LV\#F(11N%'1G%6R!*E(B2
M,[9WR5LP>'F1 =XY1ZER*BW1=2>KJC&[;V9PJY;!O3V@'45T-CBZA>86<8.@
MV2,)UK'Y9]-MF)%,PW1X3"!ZU]T4_C86I /3EEN9JR1P=!5CGMH];\MP!2_J
M."?J&7$,AB!=D^HP"7<=1'^\UV+X";_(Z?HYA@L)L(^S9>[P$KM:XEEG)(<A
M#4=; L:9H79(?3 ',Z>S Z<_QU-PG0:--DF-M961X;I&&885L!D>_&Q\KENH
MD<:##'&ZUWVS,;GF#WB>^"A!!D3G=0S:I]*\D7!TBC'M(-)(^ M U*X3Y&>O
MS(MW%T\,#WZ9VX-P"=(HKTO/ >5=+C2O;$(S-,U)K6)V#0NI$6X J/"A)*:$
M 9\F9]SC?:<F5J5KQ,Q4\GBS2/!9U D=4H1(,L(!7)FU%V M?4)1$2.+5)]^
M('7CX"=81N =-1-"$XNO&2+S@$1XJ 5I,K>!+-A8,LPDEB5'2U&1 =S!DB^.
MZ1< !_7-I-7,(9R').@1I5-0=-F</PSE<-?O&O]JWC 0DF1Y [(:ITB</T4$
M"ATS_)P+6W@5#+&RMPHSD'8&J3-*8]@NQ@EI# 9M#MY7'#R2//;T>7'.:PZB
M7R+:.GF%!&6'FJN$L#<[9Y781^DX9_-PT-<>,GX<A=ODB*6@5_+& 8OZ#IAZ
M; =L!8[9^[K L'+5" B?JIZ \,*$"P5LAWCDT- ;@#K&DC\ZDD.MB6#)HT./
M[0% 4UFBO [73ZDI0OJ[6"^I/#HJ#<LHXMZ[85.$)&BOYL6/$3!YE1D\)./Y
MACK-K^Z/B+UOZWDP(S [9GAOL_/_^6[O._IW.8M'YM\F8L?1R5&>IO&LU#]%
MYK^>@PH85Q<_4?KW>;3LT+_#.-K?JL(\GQJ0C^+4C)[C<-])M*T:F^^U8WEN
M@M7XYX7?Y-'M7&EL3H.O2,?/(YF["S-BQ#5XIAT"3!E6)ON?[XZ:R](;M.U\
M9=<<C'CE]X*,_=NP^/'GB#GK<6(_5L4-EZQG76YI#0YN?PT:21Q: 672*Z?V
MGR0,Y%].)#2GV3FGCJ'T'9^O6Z9[79H7G4LS;BS-L@?H.>BZT:?S L37&.][
M7OP4%>?#K8.])X.#PZ>#@Z.C[?:]%"%P<OS#=S\+4PC,'5P*T,PL2@<>YH@Q
M>'N.1**Y^D:F_+!P>>VWPD5+]:3JVU;YR;/&3ZA?U7<_/QGL'SP=/#T^ZAW/
MC=]TS10Z!G$\V(/[?W)\PXO_//*N?L-YOV8KL.5D:RN6'?6B->B8W='@Z<'1
MX/CI_J+O=CWSAJMX,'BROS]X<O+D+D__S\8FP A?GG4L+]S8P^,GS_=V]^YO
MB?<)CWQP?'SG2_SLZ&1P]&PO7.(?R;!8&Y3['QP;>W/ZALW/<_()QNKCV:\#
MLC'_S).L2CE0AY7YVO-3R')DH#>=C &8JM:ML/"-!:U5#CSX1N!'Q><Q@M]P
M&#9LY'$,@,&<\<";CIK 2(=S*A=9' B(&H$ #%FY8,#CLG!O.J2%N>/ *O[N
MYP5B!Y[2,RO55B9TY+I4T-_0* M,ETD,QV+^TW5S:2 )*//S8I?3._C,GQ?)
M$)<NNLW7?Y#VE105?>G*X@;1>SCU)N'X6S(BL-X@TM6H-6!%TB@41=^\)$*0
M&B*XC.M)P8LKK< O1<1<UML8M(LV2 "O D/[_NC C]=0:]PCGX)1O-\$GBE!
M^69>5X&G7E<D$9<81SL+C 4@[FD& "NE5I+(^<7D!][!-;M,])5)\EI+R#M/
MZY?7[1X";I:W3RC31[I >)WB$ FH&FQ8ATK*UO^1"?"%NQ3U;M,;_UWOY5WJ
M [WKGK?K_E/N-\.?':\S_FQ_@S];39Z:C<7U12;/RX>UN#X6.ALK3VYOS"G1
MBQ6N3(A.8XRV0L5'B)RD!(^G%&(?HP.-2OPR54BH;O0I&5IBGO;.M:1',(;-
MUW_0^$/Z(^A,LL,\_!LGY!'5QC]'X-VJJ-(U$A?#GU_))5_F=H,3AHP/,(SH
ME)NQX[:_@H_1\R_M@[HNYK='XM>?MO9N'^5_LSB=ETFI)+WG2D@L(LI48YA;
MD=M;07@5KJZK9X)7"CA3W-/*"OX@>"T&U[C,XPPI(AETJV+8NV),01.*C[QY
M_>&,BXGX6[&?B^QZO 'MP) (6F7SF*.D&-53S%:.*(&-@)Y/.M)\0G ZB%8J
MZRE3C)(O_6<]/A>2&(+G<+=IKEFAO"A*%O$=L3I/0$\>R0KZ>9<ZJR5#:POF
M>$T9+H1;DN8EEJHP$LV0M?#S% /2'&\++HRD1]TP8%.2?+P;&2"S%#W"*FES
M!U"@7B18J477!,=2)&0&$B3)X:"82<=;#)J^HMW6::(O;:X>66[RC&22+?5I
MK32-TQX?WGV4\@(3@-/']"T$LG9+SMXO?H<"P]X*MU;$@J<0_ 9C&H->1^1.
M3+@(XF/A.0FB<!?1B8P$Y7%AK>@XP3HA_C97++F5$PI4^H;LC#THA-(RZ,'=
MZ&U.W$1PYC!NZ=5)&10%U@'##1D1;J3PD$C4WZO2T0$N[E)WR2#8]%CIM-17
M%[IP=4T;L&LSU%/"UPBV3H$3HR24W0V+[9133MN#!W":EU4T,OH%46$);=>D
M3N&@T>&P, BZYGABI<*8HC>X!<$>FH,G"$M\B[)$2?>-=%B![6'X?&"CT]?&
M&O0!B>>?:)DQ"/_=SR\Z+X9R%^,G:XMOD/?F]"\C3::S C'&1-O5]0T#0LVL
MU+W2?IIFRT?%;>^"[4X?12B.1A>D.11(J<P LD$'Y:"G!@CC);5EHF1PQU ;
MD68I=%47AI!;,$AY>LD09;(2J(*8@$F:E1D]BT!%#E9LM3>\T3Q3F2)G?.PL
MOT(PN*F9-0_<C=[G&$7'I;C,&;1+HV2X+JPJ2&\T.&ABJ*' O((OP3]9CV98
M582#N(A+LUALT[@MD3J:WH7'="FJZM)X15S78/#H([?.^9 U @LBY VG<3F,
M*'QM1"@^XD6)02I6-9M5^$5UQ05-A.[#+<:O3+&8"&> B:Q@"0A&?YZ B2.3
M'$1#T-I)A4,I:P0?)H)-K+,$[9TB1IDY!A/-FE(IR,LPIIY/% W8/+/"*507
MVI^HH8M'HZ=[Y7%3VSL6C@K'#J8B;_Y CC/M*!9'J FEZHA$+[1J+&C_)QH7
MQ@>,68K+)^02X=O)X,/W"9Z/?D01_01\T,*0/+"I<HFF@"#(GRL^GSW'T)(?
MA@2&A4'+/W?33VB!/(O(Y"/15(B+(@;+DT[<\T!;XN@0I*HJBW;-YCYXM6>=
M6$9,J71BC/5BVDH-O*)T[_WZQ\:577Q*6)* ADA*,J\R;>W2:3S6LD<E+KC;
MBEE<P1E$8VQ8Z@(MV9BJ_R_)\IUJC=]B5+6WF&MO/KWK<;>4*>+O4Q<.,ZIQ
M&/$$5A]VB"RE,;Z2]PRU"H@%Z_,-Q#06S] DU<MXVG9ZB%JQIH--=[>L=&#@
M84PJKDP+@C*9@AR2JA&I;&19"3_.I\G(.V'@)V1S\L]P(-E(TGUT2F>SE"HW
MW6N,'4F.DL9REXQT[7!NG!O"(H"*I:8)-'M:I]WHS+MK"5Y(Q-/,P#E*^1K1
M*C<'3'@%O$'@/*)/R3:EN=_*>T[XTW!T8L::>5UK)6RN LE-THP6K&+T$NIP
M@K'82C'#!W0EH!=FIXA.-<8=8_"]WV3C&IDN8*B_5:#+2/D>,3$4HD.,W'+Z
M"6':A(_ABF4R:U#(&=U(AK+"6P3KX',24<TRC=Z[D=>4L0VB_XMGT:]XC. C
MF-$L3@?1NXG^A'/ H_'^(J_R\R*>77!)P9OL;)Z-L"ROG"65)M6%J3&Z $,X
M7'6ENRP*-K^2S(ZHHYY.!@GW$FO2^,";F;47@H]TZ4RYLK<T0RJRN\)/L(C6
M+K W@ZLAVOX<_0I&4QKZ'!/#$%&%)68%=]WIE9KB$XYM>'S_Z::"]1:\QE^Z
M2(Y)@9WG^?@J2=.-VQ@.H7/%F!",U9ZHYB%%V]*Y*23SF,/!I */:VS\G=*5
M>WC?2=#RBDNJ69'RH4F<>.R21C.A7<Z^BBGZQ,LD+I'_1'*/K&]H#-5K6_[8
MQQ3H]X%[1**SBQT[=!7$X\ J79E(2<]:^F4!21U*%F_Z/;/#TM_*< >"6<%U
M.EA_QET&Y0WMA33OM"A'XA_'C0<3A#QN*:)=]^-_0X#)R3H#3 XV ),-P5''
M$%ZR"^]++^+((R=I%!=%X@COK TDQ/F3I#+N#2*U387BVLLE"MMU*25E@JS$
M+E3!\4.T+],.]*L>BLA<Q&/.QE[ V37=9N0KJ%\2],!SB2Z*JTU&-NYC0WFK
MEJ[RE!"X1133'>7@\OY%3@%YLG:G0S=6@C^24'%L@SPB5XT:QD4G$F[&](Z)
MN*[[J7GA$LN!*:62TFX';^$2Q@=%^E*P$X2_BKEYC3-#]@-M:&*B>7W.U;.!
M >LX>,Z;#!SBFIPAP=WL1L@X0TH%1G^!4<JRW\ 9]<R4SJHW5:QN#J0,5<F'
M3U#A$Y*R.>W,73 SZH'$O_UKL<2:XJ*@NUBZJ19:GD'P:_6K^"GX<+B%& M.
MY\%KR,(V["4SA(TS>@%3+2.4%AW6=V.-)*#G:&,;1JQRDL3F2GHL2-ME*&IF
M["F!CJ%[67!WZ>6]26DI9P:A++(;6*KPERQ%EE]<?VG773@L/EGJ?DY6M,3)
M4O=RLJ*E3I;"D[4*1V<%#M#-0C%OG-Z&E:40JO*S3YM 3#B$?U"0V5\A9G_V
M_J!\<C**# >1Z=WH'_X_\1;8?"JG_Q RA0198\I\20+3?!TMJLQ_GX'QZ<\)
MW5?L%43Y8Y>/<P"NKA2O(=?"SVO0_,E4RB-+<0#(RN,$IAW12MMRWQPV=Y^#
M()U5^O< \T]V'P;?3Q=%70H7Q$_W"^N_)]G#_[^]A]?YG2Q3S-HH_XZ*&]D4
M/-8N<++#A_H8WY_*,%FUMW^P&YV&;V9 D82@U81#H6R';T3#.HB&AY4-#@)_
MS]+A(<V5KQ,9;LEN46@87P !4$,8C22H#%JDU>Q4J/2:TD7]X84%F)DLE2Q3
M'IF*7FHT1 QZE%TQ UP>\B^_:"S':IHR#W)6/C:\*P1 ^$'+N+EV;7?4A46)
M>G:L)P2%Q$0Z!IL.!X'BH(/"P*'NK*4'\Z-3ZT4,S'9V1CV:+JD?_C$%$73<
M3$33MAJOXL^Z@=.CO+_WYH'BP7;#FRJOH8H'^Y'&-*[E2O!ZD__&.-@0]I%X
M_TS3,H(92;M?1CV9^Q?$><UZ</# 71D""SJ@X#4[2O*@<T._S8MR#QYVTU)R
M!UX"EWS6-RYW&_&8>(N8$,(X'Q$E+U>'!;8P.^0]HB58:40OF0<)AMQK+1[Z
M\#X(-\DF*6=5371,>2'W@%7:E;1(V!,>YOO/T6GFYTZD>9@9U2(A&<YDW0_)
M/VW16[ N+*+#!19K05:8<E>>/>#Y-2+[_'A^%XYE!I_L!,%6EQ:Q9@KJ4.=9
M^53S!OT]A===@(&24$<L[AHV:0^V-=+=Z%>"GW)/^P[\:0 Z54-=76%VL78Z
M:/'SFS!5,=M@#WSE:Y3,LNN[]@?VAI"6I^L,:3G<0%HVD)9%N;*&3]DTAP.5
M2ET3%\GZDGQB)]D6ZHZ68!NT<W4H9[&PIJ26ZS'%>M*YZQ@)$MQ+^@G"0O1]
M @9)4C##V(T&Y@M=944YVO%7%WFZD;\+ZVBZ%&];*=JB&-?DB,IBQFQ/PG,8
M:UXRYK:C0,46KQ@$14<%[7)6  VH!@L5R_D)$^(*<*S5TO7:/OJ&M3\@_YQU
M(!CRB;I.F+217USW2?L+NZ.+KJMK(&!7<=/BGS5Z#Q!+0<F$!Y/HS2DA=["H
M99S/*H/(XK;>='8XWA)A!XN"#,XNO%K9,6PJ&A:(1CKOA:^I:^!K6-)I0&L6
M"];G3C6J>%J8MH7@'64!48RZ=L4;B^$07P*$\P:R0:^$D</  8MLK&JL4/BE
M' _.&:;2?0JZU)GY17@\.CTWI $19-A(\"ZEWRV##B;>K#(&/1B]"^&*BX?6
M/*!T\^0 4"6NZ^^\6#^K#@D>'&_FI?%"X0T8+HU9:%!&2)3!;ET;A]<[JEE:
MH[:;N[[@]G3CRGRI 63=2L04SSVX3_MY)LRX*NB=AR;C=OLMCCQMG_+"09EE
M.3*@#]PY*D^4:]=RS\->,>T]Q&- AT3>:<K"N59\5!=L-;(,1)43T'R;.D;/
MA*AG6 $3L.DT&\R8ES/=+L750<TA \6@?>:D\UV:9^<[U#2=V]=CG+]46\1.
M$'-?N=(PF&_3_>8E*G55I=)%#P%G"8UWEL89)B0RPL9^0D9R3#&-1K4UG=%;
M++6F?,*DW@0M'J=X_\-@B&LM7>32>3M.2/V B:0,^3@BYF^Z3OH--4;I"'G<
M".$VW2Z0B)?8EO=2%V5,8W+C</:<M=:.S"WV925:FEX+J)N(9CL0NMLMY#2N
MV ZLV ZOV"DI#.$N"0-[B;_2<K\2[G2YX)%V TK%I!";D/92'NJUAHFZ \.D
M2Z'W&R9X'M2=6";1#2T3M;%,5B/?^8$Q%]$'E]G>)#2#(9@5HD,=MB%1KEMH
M6 QTU>1=LKA\A P0^0BRZ&"'24(4NZ)LHTO,DSD8Y2,2P#T?:8-#YBMA*+ :
MI=ZB/A!),ZH\[DFTQZB#JRN=MA.+J''E $U5R7C9;I,Y$>;S3X;Z(DXG0J_@
M]1>V!AX!,K;7_C*^0:(E7%*6FN&6%?TGRS6W(=5@HLR6HNO*D2Q*_"A.C12-
MSWUEX:-!_] -[C7D]0B?85CFS,$5FV>*A&$=AY>S-.X RR2G[6/\QI"*- C!
MKCQ'2MD5D:F<%U3#&LC]X) +AQDO1^RSRLG,:#'"MT3-M[A6)O*.L'C-L"^!
M=U2/JG ;L>NJ"_7)(J["J=\@:A<A:A$&>Z_XUS,PA/#*EX:5)Z6N0K#>@X@:
MI&,#=1#K]F)1/@+340DVG,?K&]M8J$0WS7<?(92V\TFW6@!PVK'4@1IE=VB<
M:W*(E"FK"9S@<.E]C>T+&B0Z@PT956'O,@NL-:+(R$(P:%&!9AK-<&<JRW"1
ME04#1-C,E\+PYR+QB2&)_M,R-5_&22I4GX:A^<Y$S_WJUJ^#7SQ;9_C%DPW\
MXG[A%ZMG=?[1:>T@N>%BH4B0:XQ;)6) PFBL12@1XE"4Q5Q90#RU8-OUM_'"
MJ%\E58]*N*K"]\0F1$4Q26ZZAZ)6@L1MB[)WEM>(?E,E#2]5RTXN'G&M=N_\
M&K1U9OS27F %#,*'/I"8H !;'&UJNUN*=TN"1!V[)C%+DU18H)P)1$$;E_P5
MJFMR/1R-,[M86MH>@+).T[E"FNBDDE/6>19(_<;1I,Y&@LA_\U$@0BY0Y2MX
MJNP-M#R-P7L _WH@K*X&EDQG"AT-2>WD=3JV T7_W;"-CX7M!_ZA*VRY+&>.
M;4=_J4Q=@UN1#Z;2QNO:8%='N?8DL(R2@9DDG^'?''O("[FQ\![L\X!TEM^*
MX;',:3Y;+%Z4.;7$MK[@T ["$SM@(%BESUV[%CQ6A$H.7TD^ISEN.YBMPS>8
MVG#N%Z,:-.L(>\ITGXU:PO^4E ] X;B#^\NA)XX54OQUK-,$/B2+,R$+57@D
M/"9[84!R,C0;*V-D8T=@QGP(TPU?*OA7BMS2<<6<XM:A)O949EL7 /?  OPU
M-KP:<;K/2NE9/*=X, %QO'D22[+&0HZ&F![7X5*;.[!.I_F4Z(5@?Q$UU!V-
ML=++25"K0@=>1@C6'&TX-+:DXP&L.DEG!Z8SM1R=VIM(12GF(UF*F,L>K_+B
M$^$^>5/]X"4H:=Q"F[@03G:NVS+49UPJXH57J[S"5C[2J&8L7S<!(7L,L,V9
M@6_AA^X')N6?P06QQ\M;'X)"Q6,Z8M[R()>M+5:A)94'X?<G20$.OXD7:BJC
M\V--$IP*!V$'C?5TQ7T<X<=B<Z!IUQ%"409OV0BC&$+]+KG=D--7-BG*J>N:
M@ LF<E/VR-BR(6255:*N\#4DVI+ @7NTU_9HG414D(+QPF4-"C9/)K5O7:"5
MRF0*NQ]G.J_+=&Y2(J6%XM93X3(2 ZYT^!A1<-18PFWSKN+CQ@I(["J7';+2
M0.+E" ^@F+*WO8%\:T2L\6L.UFAS-6V^N-6\]9N@\S="XV#"V!=Q,;;D\DDV
M*6+D\!MAVOZ;I'WY4EEE7%NS7JJ]7HW,<1LZVADL:2>8)UYZ>7%*>:#8#Z<>
M; B;%[M^'CZD&6\1VNN-A%D/"?/0(@8.,.?,Z<IT9V(>8>;KW@10::N)[3*J
MOH16P^RTPL6W3(S9&49:[>-=<BS #\]J,']'(*7J@I&:>:F5J[<G; (^'IOM
MY-%A-(7EN4 (1)H*5L7CUV4O9^R<=7RH[>#:,^^>@5E\LK)C:[_3HG8(R!R\
MMOF^QM+"<OVIR4\N./H"9F->G,>9^!!=KY,FOE(8*7YLDLUJ>,R6Y1I$5QB>
M=X&CV-Y=@?.V$<GW))(O'T@BRT%7AM:2XQN]9W4CE*^S"L'\FVH*:1%Q*!>R
MFC!.$#N8<.1K@6!HD)#[7\2GD9@P?9S&&W&Q/N)B!:2%GS.RDF,C'JX5#V[9
ME!.XUUQT+]A.&58IE.'>NFDJ)5+2*-MKO"XUN]5/$F/B<<#+/F6"0!K%F1IJ
M+_1=: PWI=Q>UL"")8DB5#@>ZMA\B\/Q%%IE+Y?EG(G2L9R#L?COC?SW$CD0
M^\M9;O..&'Z'6XHQP;G'G(SA.:\AJHG0>Z_*S,B\3%7G2LHXS*Q=^'V=(K"V
M!BJFK=SA] OI("5'#148E[#8R&N1@W[C.IB^D#@EN:F]<! ;CS@!B:D_UR"-
M<'?ARRWAX)7+BW@'SM]Z&S7UAT)EX\1%E;O$2SOG8B^&A=#+112-^I$RZ/9D
M*)M],DWJ34O>D$X0F_MZ?[9KP7_%U:ZJ(AG6K!M1][M9^ DP6/4\8R9%N.%2
M9W?7=5F/"!!XL+?.@,"C#2!PM0&!=X^&!CDJ6K*C_(*Y:$3$*%.%R%JT,LQV
M3O)PIWHL2B$-CV()Y:$)E302[]PF>9)PHY*@TLCQ\+C.U%3!!V*?V]@O*!7Q
M)7)80=\QB+XW15P$3>^BL'ICTE(*PL.U=H (6]?FA7JFQ!RMIUZSX#0D,R:%
M0H/.7SM;<-T*^U,W:>9]2;V^, Y3H0),Q;<BV)=.Y7M-P$G=QVF96V+=&(P-
MA%^-$-4!YW*<4&4JZG."]1&*2=H2'W'!^' >)1.+)_*PGF$5G=E!8R8*YR=;
M!ZBQX804&%@$D[ITFMNR.''];".98I@>.D%*9(O@Z=PBR,GG&/\^@#&8<*P]
MDA9) B8ZPC_ V 6;-^6F8NA$R##I.=B1]8):64_LDTQ4=WM@."3:%RS$H'"'
M+GI9RD-%HQZ>M1N]%#)F@QLJ!TVB:=]^L2GK@;63ZDS'16:'7;I21=X^OU"&
M,(["7;&%'Z3S;283:OQ6-5+QCFK"HB[H "#T8ZXK9D/R#+Q-L&0=@B4/E>TZ
M%7M=B-);=;Z;:$G'$)"%Q@5&R&L2_CQ4D=.<J3.R!7#7 7,$6S$ZTC,N"K,>
ME YME78!-D@^$JG=+U"&W]XQFMEGB<^6,MX5K9LQ3!L'6VHVD_@-X.$E0D;8
M_Z7$%O".O!***\W <85?OJZ&MT1>1)@QD^K$885%Z!33.+J&8:/7S O$7$C7
MG.UKEA!39D85<R(/L<<I67I%)M3=1'B"_YC D_/"^-Q45XEF*DIU)$-FM3I0
M01F(XXVQ".J>H< J@ULW]I9J$%W ><L+LCAB4PR2C'A)R!01/-FYSL^+>';A
M\Y2K*[0O)V@(U(4!_ MPWY4MH%%YS<@&D2VX]VH(#4I\8 =.K7ZB89''8TFZ
MX@:QJE1;PA0PD*1OXWQ=@&$$9^,R+JA;PS;!U)WE9!2G+E$P)>4%U43ZQP(>
MCJ?..W0#&P)I?* N8H:*@\5PF3 ZCS0RS8)NCG<&Z89$UPS?!@C9R'%4/F"3
M)&/<-[(L\2 :NQ!.KN)2R[ZP%9IW1!WDO!D+X#429-RF &K? 0[CU#/;P5YR
MU W1H()IH67%T/FY-PL7L&J]Q0U)#%%'Y'+- =NDC-;)"GHH,^A?(EM"XH6-
M\=,=B0]ULG?;%=]V3Z%;S\_**2ED\Y0\.M?ZLRY&26GC['_6X_.I8<ZP[",4
M: &UQ1 :>J[1"M8_S(*H"<CD^).TJ&UZUN.D) P]K,D,O+J4FT#1 TG(#I"E
M+$$R&J;DSG9&<7G1Y/_H8%BQ0U3L@,L(&Z0>5Z[^#XN.6(-*3^TIE@T(T2!/
M3!IJF[S:6)>C(ADZZ^Z,M%(QWHW>!PS U(/(];980&6"NLK5?EB5CH4YX)JW
M!F1>;+4YV%UETIJG]8<;5NBN.FVF$,T4!CU+QCV.0YK>MJJANL<P*,?ZN?)L
M"="W0PXX8@ E;E0K$N]>&K6*7TQ$PH>J(8H*[07F@K3(M2 K:&C&QGY4IFN&
M6$_@&EU384!)"<M-%&!-]-]#*< 7&+!&[S4?5@:P:>_J1@]VIS1LYI87S:0X
M/-!$!Y46D^3"_^<Z6:]4T%O[P%^WG&:(YB<>=O"D2_$@*?I:&-+,<V$CG)+2
M4T-,\**-C3_<1H;V9FZDYY563KGZ<_;KI1I<NCJ29^0>%]:P$K<[4MO0M_A%
M4J]K@P3M%$Z[ LU6ZTITE;M@B"]F>V2(+V8I2]O]#)2E3K7M%TP$HK;MH*PW
MLI:5N)G?0(2S1!:T3-F?>); B:7UYU/;(S&N+2IQ]2/=Y)J\X\Q7788>HW+?
M[. ;;!XJC,$[.K=6[ F^Y$@_^*7,5E!&E 3SH!S<X1 _LUD69=D:^ ;E9=<[
M.-1@^J7BY6G$^/&4FW:CZW3>_C"U]*GEAZ3H"'>:[<BG81CABL'L)I46 -$L
M74=#M@:G-(B8M$2-[ ,=4-44;2)]!&+/=9W!@4V8XV"NXX*..O:_7(&%7H$A
MW! PL[_.@)GC#6#F?@$S&R=H=9R@Y//# L>1\".VC22B*R*P!2]^4_.WV!FR
M^"YLB<"9CK3,E2&SBMU*HC7&5I*?;^(,RU:RJW<''+C!,(_\B%KB^LS MAR-
M3/<J_J39WD/KE=(2NB@X'4>FOU08(P>525'9#$I9%0E!9L3V1T,$L5B4ML,A
M_IA[@9URE,^X,,:T,Z"D%KD/<!!QE<1CJ0M*9320-WRZ)".*6;<?':IFRE@B
MCI!B9<YXAQ(SQBGAL.0VY449-%3*JFNQ,,E3]-;,<-=Q8ZVIUD([A/W5;;-V
M&0!G>F%UX>"3E^1Z@-E8&FY)%G-CC8F_IQAF1'X)7">,G]UTHY0$VVYGH_QE
MX+%A3IYF0 US::OP=1BTG=930UPU5K!0:7RU&_W3QVMQ8F\2<]B9UI0K6EOG
M=$Z0ZA'Y#\8=L3<@\_NIVT4_+6FX#>JCSF=39QT37.\E>T4OV6 (ED@ PF[X
M_#&,>4]3OL>*4]3=,^4B/&Z!34<L[J(2'KB;0EU38GMA<(3G>3%WV]'QDJK4
MZ62@^AAJ+%8?VZO$Q-T5$.%U<JG@F?>F+-R0(;V3UVUE3/3AQ#1?*L$[X.H,
MS"&WW6*^8-D[5FPW^BWYI*\2RI^'/6;<C5,=M=$>IXO4_P8<6-G8=%]I[AM<
MP\Z=JPCWN& RDO"A,P>G.C^79J6%Z^; @L)[A/6_[)Y2$)T$&I<WC 7(%[D>
M04TUS*=/1(L ?%<C3+ZQ$^_'3GPH,_%E4L;GYZ@;C?Z4<[PQ#+NH*N6Z.C O
MF=5>B!PD"#P\D5RQ%;HF3HL86T98^[8B@V-(;XPU)N\&\+^7.LUGG#1N\*4U
M:2\MUWD?HI?^VQ@@]4Q:]#;R>#YMC850Y47 B6H> @JD(GPS]K,*86R,.W+H
MO,)#6O?H>*M1+?-[ ^<?Y7W0(5KE)=9,^4M1S\#H&1-M6,>D=R/LCMP$A[OR
M,_\O7K1U&3(T=0T9FFD?TH.2"NKZ^H;I#J 9L/"#Y"!6YS/OJP.5UQ41W1.^
MSW'X#3 ZG6-@V"VH/:RPS,DYALW!_".!2R@'&&S,;5$&(=4,K$:2Q@5JM^0R
M02M^%;3:H^HH5>JXH**$L;\ABD*[8("#]U)N>DPUZK]ES?PULID]XYQ1?S5I
M*V>$HW_B&[9Y3];'/!5;!R(L)\[."38B2;Z"[X<(M*[W*&/<PF-M^PI_'+.+
MN)26<0Z@:W[4R$P1CG1$>F0*][DJ#,ZHTJ.+C/(/$QV7B=1R>R50 BMNS:#,
M+>#$<.RX1AG<P9 D*29EGUM&]XQ36(U2\?;RH#26WR.T.JF>,Z['U9K['W<]
MXWETD5]U/YW&:TG2N8MI!(N5@5X86?'[G!,>/">S+ KTPW\8I&46;N"U><5Q
MF^8ATBKDVLD^MR!=;W:F/-"4PQLDK6!6_4LNDQ(J3M0;WB&A((J%#/.@<W%@
M@AVG"(SG1I$[,\:&ERFQ)""X>BH:E94WUO?CZ9CFH"S7*9_WPDL/6Q-+*LX;
MG=E'A"=#88+.)_BC-=@ C%GV<VSL6(9?:*2HF00Y-L;(SG"^8PCLI8#AU'MB
M,XMMY0L/<ZC/R4;162!0"%# )]4AQ\U;T!/MNM_-IK*4J78#-<U-6S]U<4ZY
M&PE93B+&+F'@X]AWQP.Z?NI9C$(:C4^L;W GO!%WI&A@J?A:T.$-PXRNDL'V
M#( 3 C>#=(,L@Y61O@7FL\!C.*D]<MM0(>2[X )3+IX8Y[#C07>%"ND-*!@)
M$]$928%A?6Y"0C G22&;J!X'-)=9N?@3C&66QN@%P!2OU)76GUQSN7"S*<[I
MMDWBNW!G/NF*HF<F$IYD?N4P9<88A@IJ[8)[7NL=D&,:M56)%;:6-YB+-*Y]
M,3H*DCO/ZNF0ZSH]UE^,%PY!5%DQ)2Y64E![)RQQ !F BTO>< +*]R^!M9YY
M,$2&CIJ1FI$X$L]@3/;U8&^36^5/P6\'T#SX0H=B+F?LXD5X,T>:XI$>!LA^
M09CAA6]#$+0D8/!#A#X9\"Q=[V\&8K&$](V<]+7(*;507)K()UI"6)"\@T:U
M01W;(GM'Q@,;-ZG3*$TFMM&N?;EY\);AQC_:.2%LQ%TVYEP]M=CKD+2I"AI6
MMGR9ZVYX+75V@3*%6;YQD=TU'%W  %D&&C01-SL7>WO=G9P_V"(L#9Z, (=B
M6BHIB%]@&TC9Y'F-WKF]*_Q$DR3+"#]&X@LEF^U=71$_3]/ +<,6N(Z^1RQO
M[D11!#R?7+ HA\%H/;FS[E;* RSZR?DL? B3<I;3H)$RJQIXNCX<B'V QY;5
MC)FY.(Y$C$A*)%0";XJ\C ^!?%F>P.#.'49#IZY!T]BX:]3Y JG<>$)V+=P7
M7::& G"#R$C^T&8/:AS-5VPPR]=;B\>OO/&ODQ![Z6BU2()'G*A["<8F&A[J
M<'\0'>SM/\/_?[!'JPS_ 7_,)-%59_;&V6H=;(2%C&JV5GGM9=0-87('ZPR3
M.]G Y!X/3&YEP\7O*"KE5+-BU;P)$#?R>+:D,QXQ5J:]9F&4A_S\I,+HGP\'
M,,$?9W)TLPV2Z4'A@X;-Y+T?W5NT(="F W4_3#(.\C2C31,$&[$Q)D$0>DC)
M(V+.KU=^Y)O9,1A4WFF>M$PYQ*R9"7E&I/+#2#2EP4W#Y"MP]%;@ +;/ </D
M%"'9=&!6!NZN=5J3(OP2][U*-!848 C"BRM:%%ME&%\IDS"6V)B+I7&$>1K/
MD:&6'X")C8\]M0(VGNU_YM&7QIT)$>W&&6/0-$:(8<6> %4:P+E=A5.R8N?#
MWD?E.W6M^RC5<Z:G*5-Y^7&T'=.^M./.#\$\2O-SRO&6++P(.8F1$_RXH,KQ
M&">HJ( <WH,A7<>[SB%N(])L&F).?W\?5Y0@IN]<>Z@Q9\X>56P#-I/PK%&Y
M<Z$GJ6;F(O";0.B"> M3\ZV4CPGMM#U8T^2S1M0<'&%*\B!V#<>%R 'IXAF&
MB=JJ(Z%8!3-$ES^MY&F^$8)+#&EDIXYG)=B7YK\"--;R-)O?H<FW +K%)N-W
M8AA68SN+$!Q%-ON5QO.)OTG'SR.9C#-QT=K_SO^]>2;. :VB__GNH#G/7H=!
M$%3A*]NV\'<__QN]RN9P.\?6\<A@N(2]6F:UGM/]/2_ %1WC3N7%3U%Q/MPZ
MV'LR.#A\.C@X.MIV*]J%+V-0VPL3 6&S 6[#13*+K'0P(9>F?#"3[5SJWI=U
M[ZO_/7KZ;4+>#G?VCY8 V[7'M_Q&++/,IVTI^6B6\&#GZ1VOX)<<99%$3Y_^
M\-W/K&M:-] (JQ^Z)4+S6UV8S^[EEI\\:_Q$5GY_KW<@U[WB=@_=+TZ%/YK#
M]NQK[VN 6UTA#7R/0_@5[,#2>&14=T"X).4!CIH@]Q[CO<VI,TZ0>H^"528S
M9I('')EGN!+7OMNV$&&AO KJCHV!&+J5PIA8D:4I07#/SUQ[GZ'#,*5$C6>3
M.L\KR[C8(&C4 (ZB()'1$L?'BSO*+B;EAL35X#*14DH<)%>"UTQJ2S25QY@$
MA4\\KJ0QM%]J8G(MY@CP:R2%?L%=[82)R/=YW8"X:9P;,#Q3_DOJ>FHJ')LP
MGMG J]*Y(E"!>X776=VDC=A?,6[RV #J;(5\1;V@&CXWDI-,X3]&%OQG?ST(
M?^X2V8[]@W;&YFWN)47S2,[XS8*A'^//C*?B/CH_;:*@(<0"(W)9Q3AXT]P6
METQ=%].C\*">55W,9/#ON6$6P7@CG&F?V2=\+(,H*5ZA+Z2<49H>Y85"Y-6F
M"?=Z%$ ]&%487P)%!_^G]:EZXO_?WM=K38R12 U8,&6[#A",SJ0H:@L@@>]0
MUR^Q^^!?:7Q5>O1!1!VDLYA ?X@PK8=H)K!RMA\,#2XZZ#828[X]3>%_53S&
M87,$TA0_4[%IGF723<UR@-$HW+C#_KI"D\R@@(W@60O!\U"2QS;XV(B>91 [
M;0L%S8::4QG^)0:# ^0$(L:=9UH&KFG#^;1LKJ[ P_J9I9_EHN^:M"[;_+AY
MEJ;?-6WA4;;J!'R9:!'NIK6C)0QS]!S62V 4'LM(_" 0O/ =[!XS4 Y_=ZN2
M-IR6GRKQ,WF4P+,_5"RB*2MIL>S=)+;,3^\QV+()::J-ZBJAJ>,H$//&I+RX
M@[C^5W$QMD$-@M5W;+YR76K&'3,19L<VC]W"&49VAK'/,M]^05BCI;I-9LQ\
MT41CPPULEF0UM=##F!]TJ9B)A/IQ\'61VTL!!Y/:LY$G2L]AOV:^S53(0.V;
M==E@,,2ZB4Q*&C@,P"8$"AG:[^!N#]#^P+;W:'\TW\C)Q9ZW-H^\$3XY=G72
M7$- ^-#=Z#0M\T'CQ=[\H_;\,9 6)&>(6;Q V"<!?-TP8JRWQKIC;+3U=2M1
M)D0-Q(M@7\U#,6\8YYKG+5UK&P0RH56&\HF>R1*"NGKD:3*:TQ,(Q8)0G$JW
MYNI>:$HN0<XEXP0D@O(6#GYS?DY=:GL'\6W>N[L#;QZN,WCSZ0:\N3[@S:_0
M7386J7P"7@S">W*LE/P+A[^H\*ZHN20]8SO*XU^R-0WN!_['A+,)X]]>0X4W
MIV=J_^#;E'2WY67DDPD9<1,//@=.Z#D%Z74&2SIBI6T[7LHO8C]48C);YYB(
M:W[F%)]Q-AKQ6'=.* D63\F-F,5SK]&Z^:N4F-;515ZLB!I;!65VH\3!&P>>
MA)N%4#?K&DHV;9-+:%6C!7UM,DTNGT+'IQA3-KE_38TCMH5<0[K )J:S-!9Y
MAT+-</HLJ FUC P=N$:DYT1W<J :1OF?.7P[0KL9S.UM!Y25W"4V1J34('TY
MR&):9D2'GFUROXN=[]4)K<)=?%A8ZZ1SI?*)ZCP/'F$^M7)K%EQYJ=16W7S?
M;QC V?Z[M'Y4V%*'*\\]F'W*D'S1M%B$30>./X2C49?,-,FQ'IR9_]% ''X)
M\YAJ1NR^-$%\*.,JI'V3B9^KF KJ43V8C[RP40!Z+9+R4^EZ/8B6H&7IG2T;
M#*R4.#5M_#-+F()[AT4$5-OK!AOV53(L9_B%'?DISK\&!ZVK'<%0H\^,E1 M
MWHOKDHYK?WLZ&EK0-K)*&O@T<E;B">I#%QP93.?.D'%A04_(^06S)8.> XB(
MW4DD(=@_>5[ZA\OTLG#Q@!31_<U!7\5^0&PW^F!:5 GL*/PZ!5KB(;QC$)47
ML32H&FINC$ 13_J4WY=?Z<* B9IBQO/_W=R]L[R%D"6JHX6;-^*V:<2!XV'.
MMR5:V)I4,WA(L6$7PB6B5'@65YL2>6E5+A!/;D4ZMUP>*XW /1*:GDXE:G.'
M7 :38?E4V@06,CPO1ME#P41I,.S*X$.KA0O?K:2UIN *KNDF3?AMX!-^%4FN
MPB27#6LFF]3A=8-Y'7;35J%0%2(FYR4L49))00#3!'C05X4YL"VY+1U'8"0I
M-)(DGA\7.D@$2JF28P0LY_"S<Z2.M=TN[7"^3:G^17O]ATG9V>U4C6K(G&F<
M4!$/,!YG.!\BY'R KQ*Y_J2P32O!7OH2=] 56CI0Z&:;+![=W#4+H&UN4XN,
MIMN)Z?4]MK M1Y'7,RI^[/A&N1WZ)_:\8,]TLN;L#6=NSV8ON2;SYBT/4C4'
M:>53>X X&&GP%B]L1/>EH\ 5F'<M@1L"=VN'T9IQ=OEXH8'LIC2*,['JK;.2
M9%[S6,4EQRMJOVYLK6\$DO7&A@<5>P',D(Z2/P@5>A!'R;EPA?+&$KLF@D$=
M/<C18NX!XZH'JT@$D^VJE*3-!VK%"=.JNDQ^*^2 Z$]C/DN +.G>[+*UVR5Q
MGKH!]4"!O.H9J_SSX9^""]*$2Q@MB!=+@W4W+-NRVS^'^(?P+&(?\8"K 15J
M(W* 9)7P.G1O\[HRRV'*M@PD*:N2PA\ QLM])C5G(3L,G(LV+ACC'8CM+SI_
M&P%^7P+\X21XDXJ!B54ROSK,+R+[,5K,IQ&VNIUK@4@UBK5L%==]:8!;/?[W
MKHY02C5<<!4TK#+UB1L/;95Y$0<A,:*O;WBQL6?AAA/QJV!U3]895O=L ZM;
M'UC=G:%Y7EM<@8/2/0X S\8NO5V[]/2!K-+7O>BQ39R@,V/30 *%%)C4PZ:'
MC-,#[<S2NNR RMIT2S=1I_%GO5R.Q"B:$$!;!(^1S!9VJ8>PL[HH\OK\HLF1
M&2;W)"C=&KI!R!1CBH^J=<#'?&D6:)3"1L 7J.^>:;/$T-IAY2L"HB&HB^[B
M/^&R9WY\<PY:\($- F %E,?!G6N/__ZO9\<GSYX_C J!(ZIL*IIZ<5GLG6N^
M2+#%AB2BOF/W&Y7PMF)S5M?PK"*.UK09K>/405VIJ0M6&A?8Z754ME2KH%;O
MUSS:-+Y>0US5']I:!2V+  U$RTU,L$JL#-@8[8L'@_V(0PV%,5VPIR_R=-QU
MS=GTPF@4-\],4\K.$7"_4WR4KEVA_SGFY?I$21F=8Q]-9,-&8TZ@FQCIIU0?
MOM=!VZUK4.8ILB+,XKF8@4@-D\!C9]+\DUCT*<UFNES93R695U?4%AL$PF[$
M:4_Q6)3GL0PD$1D8H]4%9>LJ?9X7\P:%Q B-?V'RYX7BR;=/K)>AGDPD!VE'
MC?A^99*MMF^EZU3>)+-[Q[.D-"<5U+=\+\K98D?PI"CT93ZB9J;<B9%H$IJ7
M#$'=9EIJ.1=I$HUSG%.91SI-IHA]XV0MOH0Z/5(V@&M 2F(-I^=/A>/,]Q2Q
M"#,#F[[2V6@^H)8^2 5(Q!MQ9"C2W5D*^#;BM,QOYM]M_(-UT&0KJLHZ3N<"
MVKT'T'3?L%*#0W^QE&8SI=VVSW7SL9VJ3UVO^J)[4WVJ2_6YQJL.=M.A/&ZH
M!OU#O1LUR(V9U-AODN/8X?R^-G8B5&7Z64A@"V85L=Q!70UN^J_/:L;@-I+^
M6X&WW%S4=S1CVC@RUZ 4FY)4<4">F!^:=JRMF\4&Y"R?35$96M&^#=HVTK&X
M\(8*>E<%WD1;C#;&'C!S-IJ'@=P[;Q##+Y"=#4&H'DF![D;XW;+PNWP@V?>*
M,,(J$'F6]:%E^USH5*K3BQAW?2/TKNLXYC-CJ!;W$#*XA7*.JZY="6WFQ2?2
M119;CV[:C=YU;J5J;B5WX$7^.GCQ98RAC=)O^HQ0M?&8T)SV<S"LN>7CV)74
M7: (-M;T8(D!-Q*N49U)T8V>2V\,B7=0;PP7=[G0XW.V..UJ$EV$E_(=@40
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M"T-3$W.<[9P1_$DFDQ49J.PU<\">A4-Z\"#0U[Z.__\"OQ8,D!<-R>I"Q62
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MLX38Y4KTZ5?--M/^YXMT0D'O*JD65:RAF)3RU[#+Q7U!2OFN_3#8^VD_N&+
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MM:3XXP+G<HR]'L"Z0+N#/#8ST35A08,8?.#L&H043TTC?6KUM]K #AMO$@A
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MJRM8-&N0M!S<+4 WY;V 85#P5:W(>@I;S.+*Z$WIPHW"H T4^*NKEIW/YU*
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M7=;*M'*?UKN^O](,GJJ(JR*/1!IWR;/DQ]]P5XF$PX8QQ2RA6HDEYY3:QSH
M4\N>F%Q1 W/<G6,+/="FF\(W^$VQJ BHHQ-XE-C'B,-4(+BS/(LK[ ]H8H$A
M)^/6 3NW8(D9#8JI8M/599=F^P9-G,W P;4'+=K!<8LLQ<K/A\'A(O<X(<@"
ML_ZGV&%*F7.M"Q'G0-EW88;=+GC!74!892'XE=LPOC9!* ['P0C)E%(%,-@4
MGW"SH 4:?Q['\TKJT^1.AH' [>AF8)%)%E_#9U(28"?F.S%_7#'/EH0X1LS$
M+"E+ZCR(8FNJ_%E^43&#X!,!%MA#*4?4..2,$#TF"=K)YTX^'U\^P?N*X:MN
M$QMY;:KD'2)^)WU/8 10^7=<C-,HF05NW,^A]( C&@,&632CT VXB)G$]4B)
M@N-)=[NBJ^^>)FE'=G 7[?,X1A;-FF)%"8ND ;CE !0F;A9%;(,P.H#@.NEA
M6V4E=3] %AH'ZD=1N%HO$X+D+PK5%M#+)I3 M9#86HA,'EEC0][N )"NG:#0
M"_F,6'%E(W_4?MG&;-IJ8MT9UR':MO@LX][=JR4:VBCR39V0%(8EKY:J4>FK
M)<$@NHFDC]DFKO#9&$9FK#^%)I.,.IRR8-<9+4YZ/Q'A'R'U/U "X2,(;JE)
MF"B(.<"RY0Z@N:YOUN7X+QX?>BIVON3'-_4JF4O3\>HGS5KY#RQ;^DB<YY&N
ME6?* E0-VT8VH?<842XX^TSA851*EW$=XY32#PID^F22+2J/>XU+()2ZC_'>
M&EL"4:H@J^Q2T'XT2X&;1F7H>LA+/+XTX0,C9<P5P01ZN4N0%,9N62JPQ^R]
M=.@K8?NF46'+[NF+%OYPR^XA*F^(]$2>)"Y'RK-TZ;19FQ-]F3Q*5W/H.8F*
MV,F&Y(;AC!()A@Z.SSF=QA>&-87W6GW"G#:2&BG%U*B2"DT)426&E$.4P'-3
M/6PV4^?1%L-$#_L[F.@SP40W(X_B^84P :M=P[_('#5\O</3^>>NW?=H_M;?
MKGY\ ZKJZD?/^:D-Z.G'8+1G?2CDAN$<;I<G]M%03?'1 X9P*:QUE)\1ARI;
MH)%@3W4\V_QSFPQC6X@J3*386H[@#E[9J<O)QGX!-=+#""2=YGF*K>BPT4SP
M)AZ3?:)&@Y"*;$-=$AP[A-AI1,XW=J^;)B6(/?>F^\H2J'+4C/,TC>8E2*W^
MF[?36:[7&?I].H&5JE4+YBO\0 QMHSM:1KPGG;P*Y&/L(8#GX5_<^\W.AF_
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M-D[.M$T2(N1F5I9DJNQC8.Y= IJ:7##)BUO$7\2VBA]6%=]LZ47F<8'!6.(
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MDKKI(XN>8=H4(3%P9]AG@Z-P-#@)CX]/5N0P@^X<IFP,$4*[/SQF3&9]-%5
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MD-5^M3OJ3VZ@Q]TO#]XPC[L_KL%N+$&W9_$UO$5L-8YZ,2#M-LG3R"5R:C?
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M[0</>WTE;Z1O16$V9H__7H&A1!.4 S89\;&T'VDEAOWO") .(^''P)K3T,0
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M>X$C6"R 965"OD[<@9CD_K[(8FTL#L3 X 5,JM(LGUX]'@^<Y;AK#RKRW&]
M75-Q=QF42,^R2"5(PX]F?CK:;92BQA<0SQ]<!<>\=#GP MAF-TR3 F317*4T
MU8QT]>.=- >_-?89 8_U2\]1DK$ZGIBWX+77!B[NOQ'[ F88]8'OFB02,M61
MON8=6R2T';Z8HU'?1==@R5_FTPJ.Z?B';]?KHJD 5V:^(,PI2JG^:IT##+[=
MK^],Z5J:I&$?MQ[8(>RY):K4TR,4UBZ=D\-NXJ!UR8HIKA(*FWJ*@2?<%S8Y
MD+A?<9U'/,%L\^ (KU%W\*A)-(O0]B=SHO8<U%<N/V=H7. TNJ-V*VC 4-Q5
MG@)O_/WB,A@=]@:&[;+MR?X(E3M"8=W3;\!)^?_9^];FMI$DV^_U*Q"SXPTI
M N;H8<GV>+8C:$GNUD[;\DKJG=OWRPV(!"6L08(-@)*UO_[FLQX 2$E^2&R3
M$1/3%DD A:JLK'R</"E/9<Y8;NT[9SJLWRB7<W*B.>%LUBBQ!WQ#F1EI_&[H
MP\9XJY0Y7W ZM6XVTQ5E]_^B+!),(\C=&C6VG@71F=X U_\:'F[?!J/1AEJW
MNZX^K=? !(@M=V>NWA&>.I8AA0^ZZ6V)+@06ZFKJA& I'@79OV34O_(<;/HV
MKN$0O!K'8NG%G(!0*[EK>"H4CNJ$1(&2>]A^O:B9!]&F5]D^UI7'E"89<C G
MDH(SE^"03/349CGNWA:VN9"(D#.*RUGN4[HTWIS00+8WF?;3I?8S&)EW5([&
MT4)N?#CL;T9(VNAQN=ID1?KHQ(U+H  ;VX<]"H+6:[I2A5J48EMZ<%.-F76F
MP)P:^LK^UI;F.8]75K($9D?W$"A3*-N >BLE0F><55Y&#4F0AZ1.4+V"Q\GI
MQ RM7=@6:.FR4][@/6IJPBM*LTY!]6 ()[>[/&#?X"X8^[8P:",L&L(S8B_>
MA7-Q:PN#?2<S'UK'^H*;PDS34M 9\!>-46(/N#LG:>UE\/T'-G5.[4T1C@>)
MH= !ZT5+L'Y+,(23,,M*N<_G+A?:= M<*8MOH@2(&Z>!"6G0Z.\3@_^"QI'M
M_ ,';(;8 H_@J_2O=-4UB#01>N!$"I' R4_+2JJ \$*):/AF!7&*4N+?)6"U
MB_F];M"+PDDRC4EJ^4X<GZV*.V>*IPD/<SQ29:#77-<G1YT$*C$N&M-)H_@;
M;AH"9_1$0M>ZB1Q'8DG4.UFM5/P_IB'^X,SQBU7.'+]>9X[7F6,O6O%_DRES
M%CYNH&()*JQ=O-%QW%,*!D./B9%88Q=9)G5!K2K- 6_\V_[6WM:KYUL[SRE[
MT[2'T.9Y^7HW?L6]Q6+?LQ7OT*Z""_9IS& HN6()=6[@-D">:?U\4Q"N;/@E
M_KWP&/%R H0.Y.06(_:T%SU;2F#842,]BS.OKXA'D(X\"K?OO_F__8^.V[+,
M!F*TEUDE"2AD;4LOD(-4HHUI.S0:JVN&IN@P8-F$%P';?C2"HY&,3<KA(O'X
M9_B*X:0:>^7I4/PHN12WFIT8\E^47\#&877!_ R4M_&7SGL@82CU/CASCMT+
M5I[HM>&?X-8//H&A,#$<T*<L$'B-'L^&O+^;/[L@S9]0S$(1AG%K!E+RGS2Y
MC1;*%$M5+%H61VKH5X@Q$X@IF/FS05#[K?@U%!*)<<.2;^]IC+OQ6 WT.$S#
MXEOB+T#"S?ZNHR7S]Y1[4-(1):^+XA.'K&-G-[KEQ>08<XZ2C,!2VEZJ+FU#
MQMR(YZ&^,NWIUBA#I(2\XEC87@WR-K"T^/HU,_:.4TS7@OM9V8>S4Y)JMR$:
M(B+SQM(.HT.0#<<14"%@V&"(%H%VN:L]V=#B"2)MTPF>I,A(2YE4&WYH;G)Q
MR[38&UM@UI5#G?-C[*8VF.5VC.T%_UKD4;"G2O[0%D#>CM'_%/!R7I?HKLP=
M38Y= 3M)B?3Y,/^93#@YL:?)B?-0#L$"EW;LB0Y">N]XG0-]F >/AX2O#[HI
MC^3.<R6<+S#AD(G]W^I2JPRX%[+P[;M$:F,-)8M=DG5$(5)6/1+I0R98:GQR
M+8U X/UE(_1,/Z+-S:RONCVNA(;Z-A4^9K@70D<XC</[;]%I O/ /@VN<C)@
M>FCIM"*)U)B]$@W)&5<W $+H[M3A5@<^7\7=E%S,LME7N;C(;;V%B#>IUP8Y
M-3_4\$-=6OWQ?!<NR/&-DT>LPN&'(PILB,KM(_6I6L5:H-\(LJ APAR3_T.9
ME<H(_%\[J+H$BPTA%I,<@0AT4K$/[-=R@AJE[FUH#20Y8LIKRZL1/-*AOW$U
M:'_*WU@*8<0W=ZZW5SF*V[C2&H.(^G[[_8?KFR*2TCHZ\U+Z@9"U5!%H& Q5
M,,)@:LE9@\J) 'IN0.$/TE**!+0E.=FJ.F^,1!=XB2@\GBW:T8ADJ49D N)L
MI9\SU\4 U1EH,SXRO'W,.01<##(HA[.T9YI\(-M;H+!<%857+RCHH_?IN"CA
M*3-NT=M'F'^>*BUJ,<C\']NM@3_]-0.%)D?**24Z@AI:,])NTUYQSH\;!,E^
M$EVY:CE7UA4-K)8V +;2+SW_DF$QE>;'W4"E&-2#FGP:[43G8\(F$.@=RGN-
MJ-(6JPC'FA-DBPT[ LZ(6$G4U% K6Q6/537@;!B9!-O@RN[46&%I?L44CC9H
MEH!-=BJ&F V]XEF;".7FYE2S9155A:6VI'? $.2N"=0N4=NAIYZ2H[(EZO;
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MSSWBN\[1C(;"(;X!0T$")"I%/>WQ-EZ"$UO"?\=\5.OQ%!KV*-,)=\$E39[
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M/QY)='>8XLS32N+$FY95<C7'HB#HKK?NL=MA<D1UH_B"B&SC(%4(C^FT5>=
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MWLD-C.*>#:(K)9]M_A:]=2SO%0T9.0V)S]G9??;C.AX=9OB!MRJK9H>O[ X
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M@2>4:5K'T4D9_9Y>S>"3_:W=EWM;V[&('^(J/1.52N-F7%1.Q*-V3%)GH"*
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MO.O_]NOY61P='O_W\>'1A\.H?WIZU#_M_WQTAK2SYO#HU^,/__7;T8>#9:D
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MS(99C<$6%RDL.A\08Q><')O@L.<XLXTA&K<P85>%LHYM4T(7^75:L23MR7W
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M,L?$OJ QF(L2N6*)7S"GEP*70F?5A5]&V+S8,GK\2PL](5)+GUQ_#.XD2B2
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M<%_OK'HAC<;'770RI*F+)K]^^-OPWXJBQNE&>0@Z_KVYB?6P AIK6!$V&2%
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MCOOG:G,*MVJ\]_EX]R0MYN>$V2Z=LOMHV.;_!EMP(*&!BXSQL_$:K57^B55
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MCKR*&,7.T#?P"_&^[>'3)X$A/G(L7/IJ8^@L\".FB-JW.\]$A#D3EQD(2T\
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MXNP^^E=K<J.10FTY("004D1"GN>".X6035E-H]AC?DQ4J"T'NA"\<( %\&L
M6@&M@-8<FCB%37SK= >M[H_.]]MHVAOXWV*V;9HYH5[N80#'?:[];QW;-^Q'
M<V@%&3>T8M5@:M@_'&?\;%K6GDMONBHW*[D]]P,S19 XS\P\]U+JZ<S4-%FK
MY39+E2^/'"3'Y4XS@EL.L ".#D KH!70FC,[I[!NN1^]WO6_.K>WQ=4'"5Q
M57+"M-SC ,[Z7'OAWC_2-RN:W*CF]KX;$% $B?-,P/.<;>\3L%'79%W++0'Y
M\JF!.RU/N@_<:8 %<%  6@&M@-:<F3C<&S!ZO.1:>Q)]^X']4Q/JFAKS] IO
M]>B"[B(<XV#KH1F/5QH[BZ&%DA7WWY,Y\^\:OD@^M_<J3&ER76_(U5H*"6[
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M"*^G1R&.B;"ZX"3D98Q<BA'P!_@#_ DH.,!?@8,D<8KQA^MX'IWBW'4FIE\
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MA$'XK&BKRZ7@(/,!\,?/V@+^ '^ O\S%"*&3-$HU)5<]B%=M "6:XAPWE**
M4A199JU!B2;@(G"1CZPX*-$$7 0N\I%U!R6:(+ !KA\QSG6PNN#8XV6,7(H1
M\ ?X _P)*#C 'P0VDK=@PW83R'!M_&I/FB,L6M+,73(B"6!XV!*B]^.C=^,'
M<#?^K)%JVC@) N9X#4!3BZ*I 7^ /['$"/@#_/%MJ>;8#BT,@\&3FN?5Y5)P
MH)\!?_RL+> /\ ?XRUR,X$E-(T7\N^&9HQT.5D@<%\$LYB$K)^?@X#@M3O",
MN+5,<>W(A#BJN]J!VB)Y<??([1/%M<R/4];SX_"_4\7F??A6N:BF4$ 'N A<
M%(:+>G9<5!(H,@Q<!"X*R\5J5ES4+JHIE*V"S'&(=_#B$>+V8 >K"_X^7L;(
MI1@!?X _P)^ @@/\0;PCHWC'M6DM?#2&B =$/'@8-Z_@ ,\.EQ&/0'N='O-(
MH.D.L!'8*"P;SXIYG,M&104V AN!C?%$/<YCHW:AZ_ED8WBN_$+OR7[[96P^
M?2N5?OE"_OQE?OR<9H;[:.*ADX\JZ[/YS\+SS<EK@A.:BS;^P125C-&(W4'&
M4)!LQ\</H->7;=K%[M$U+ P4UP^;>4],V[!')OZMYQL^FN%CF'<AK@1VK>!R
M!O]5+DLW)K+&E]*]\8@54!_]M4#VB#RAT?@J_6Y8"_SWFE0N!]^EJIM]&?\G
M'"6;5MEWYOC#A&C!+T+RT=^]UQ3EPX9$;:*$K!/#2LM!T%$I6T9%9713CDHA
MG/]7:? ZQS-ON<;0''V5NECC,1EU'2*,9O1+7\)O43$1,2\%M$M@<_RD\M!%
MQI_E(<*Z%C_<L)Z-5V]]U#MDB25E2.;XUP_#?RN*3FYU&QNR.[BTV,:>LX92
M_/#AMYO>P]W/VY;4_Z,_:-_UI4]JLU']+-T.KC$YAFS*I[X^\JZM^U^(X>@K
MWF^O$]<@V"9QU>OV>[>=Z]:@?5WJ#_ ?=^WNH"_U;J2KWMW]0_NW=K??^;TM
M=;KXYW8R\HA[O\+K^O.B?U$:.Y9EN!Y6B%@%.@O/L,<>6]65VMB.YR@%"#56
M6H)/#?GNEL;*68R09076 S5;R,_X"Z/PYW40CHCXYAX6:_BWK]*S.?:G9+K*
MQQ"*AX0TUEW0VQW+*Z?Q<C*;%E+Y&1'R,-3M[/\5^?[2(L=S(++Y]8.ZFNB6
M)V[3MN^K]S^0X4K('J.Q=(U&:#9$+AM#197?3F-'+Z>-L:Q-8XLC/ULI:O$+
M45,T-1YA"3);I4BS59OI$N&T.%6@WVKZQT/"2-$V;,OH5'/NOXU,-8.:0W@G
MPD8[>BN(4*E^/&JY-K]\2H/!O^\83//HYX6G>EYKN!\G\VVRVDZZXJQ>EE6_
M8?7.7;T,ZT3'NWB'[P";^OTP5;T.E7T(.!1F>XY_NS^X[8$PF'-!<8I9L&D*
M' :DGC]%KD0<=2Z:(MLSGU!@ TB?+,RESY*-F(O.>)'09()&_B6'PH7!@"[B
M>QVX&DP*N@COTXYKD.WU$F_"V%*P3'M+D/!0/=6:X3'XGN1/#5]Z-BV+1!2D
M(9)<-+(,SS,G)L(#6 P]Z@_VK5=2&G5.;0+)<26BRT!QB328LQ77<2A3+DAJ
M)@;:R%\8+@E#/1JF'6Z"$]>98>-T@C$\QJBS$8'5W#)L+V'))7A8I5O_573G
M[]"-OXO\WF1@O/S \Z?Q9.3U[ <T0X:W<%E<KC>Y9K+XSD1Q3R2QV^RNR(JR
M[=HY%]A,\$"9GH0;^K84-R[D^RG!,U^2 O;P)/"0WDI:VW9/]#U!?^;T"! J
M/9HN0J)0U-A_]TB CP,LM&^2F/YH1+9FK!?QTDEX=V;UR,75BU08O<DN;/4F
M+<]S1J;A(Z]EC__AF+;_.Y8P!I;7"F5QX[@_/2SG-I7%'?*GSGB/4TEKB,G>
M\]1C&H+>P6*UUCR=QMF ^CQ-F3ZH:^\[2?DT ,<DUDWW" D;@F3"S/SS7;Q#
M6/A(0WZQ)5F)?6JRL.ED\3^-%JZ+[%%P$D$>_I#!UC7X!W%UY!$;[PV62L=^
M0H%,.S:#3\?V?'=!?[5',2IR17_?7UMHR_$L^=9EO7**09.]?%,S',^1KZ[*
MJGJN?%.P&L''E[_!G+U])N[!&R+BF:,_3PU\R!@B9*_[\S9<>-(SIJODS3&O
M)^:(:(2Q24;(4HMG"((30@T&5)LH*\758#(Z&?RT782_^;]8,45]P]@R&:,A
M29U:6@3$#3(Q3%=Z(DG\6,5AY#Y.]WA69.)Y2=J<BN3 ESTT*ILOY:DYQO.^
ME-B?Y0DV4+ M]:T<).7R 9$D?1!;/81XZ5M/AFF1E&3\- \;=S?A@0^?DY'O
MA7;B(0[#8CD:8A3HF]R=;<4R.=MLUO3*J;F8H;JY<5R$'R>AE]'4L!^1-#8G
M$T0<!\@C2F?IC\!_=R9DE>C'G3EB5IOW5CS'IX^=DC.V'80G98OM)_YY'HPU
MG+8#$5^O)-RS!ROY'D%W59&KC?>#,0?GE7T6?A73TMZG+.);K[!<J\>X=MN%
M*-P")AG!2XR&#;EQ0*;GL32$;"H8C+"&!<77P/$-Z_T8KQS)^Q1>@640"-F]
MR6ARH_E^N+=H>TP&L90]^4JZ7*^_?]R -4H\'K.'1IJL:]MJE\2P1K#+PV"X
MV^7U8_?XJRV[^WOTT$_10/N+0!VA@-XKQY3<-GZ4ZE%U76XHQY\3=Y1!.FQW
M$'=ESMN]CUR9AEQOOI]J#"L3PYY]W,JH-;FA)[(RL%O#8#+?K8_9F+<>NPW?
M=\WA@I7!\1W(8Q!I,!D%I%DFFC1U++PO>&$AO2M6=2_+$&+LQE@KPHZ!TWNV
M\7Q[DWO#Q3+:O>E4:[*B<YM:GZ[1=)H$:ZJL**>DRF<OP=B-F],DJ-?ERM;Z
MXSSO9N>&KKN.72:+X3J61=+E2<%/%WF^^"'I+-4>EFI$J)U0IGMN!>+34/7]
M_!/P8Z:G>(]?P[I<;T"\@"?5?_0:UIJR?H)7 GS5 AT!N!I,LO;"&9[IS#QJ
M&Y7,.'- [PJ #::&_R_3LKJ._QT]1.Y&#!Q6\*SGDNR9[[20]?[DIIQXK9-?
MR63"S7&N9#Z\W,FO9#)!Z1A7,GFO./2_@/X7/*W@8?TOFM#_8F?_"U7AIP%&
M%1I@9-D X[=6]T>[+W6Z4ON?/SN#/Y+L?D$:5DC;&E9(G]#+")'I3YE^&Z\Z
MRTICPS<^YZB/1=9[U7F=R0Y0RT?UX3A\2I&V'&^;;9S;[_F<7L[;5/>^GLUO
M.SS'@Z,&9[W9=XQGLP]#[00D;(J\4$+D;3SO-=> 115P/+"H28SG0$LJXY4]
MR?:.?7E;H]%BMK#P07;,O4QY QZP-X?C@47-X7A@4>,8SV:T$HZ$@JP=' G!
MT,S8T!RS"H"&Q;U(><,=[%Y WFR7EY:AX%Z:O$%. -[^,OPV<&GIM]>U?N8<
M2I-+R(E"8)+HS[TP>4.< /SE7XAP:DQ>Q>WL.)SIB?(,S7=0(E!<<Z,M5^AT
MKHRYZ<=S0,EB240:JR@;Y]PPQU@)B"IFD<8J"B0>D&^0AG2BREFDL8J"B;52
M$:(*6Z2QB@(,FEWIB2IED<8J"B(B5U)%%;5(8Q4%%K3DD*A"AD,^D(?O0WYW
M,1O&$\( A5L4S+!.>**N@TACS0]F1N!"!- <.S=DN#:6'1P3 35'S(W4+A!U
M%40::^:(^31R/'^COQCW<A-IK)FO<6QSBY1P%',I1!IK?F##2A2+N@X)^)].
M*[EVI*2"V_::\G%;O_:,7%;?#<NP1RPCPJ#5JO]AV O#?65R5V4\7DV-!RIA
MN8&/Z=#TS$%N*[?!I28,1EQ_,^+SBE)LR1[=5].K%JWII1Q9THNYZWH3FIOC
M]1:^YQLV(<.R1I<2J='%@FP?OJE566MB>M:V5>J*%:ZB(0$(1LO8Y9);1]?+
M8WO]GE+H<D7?5G\2& 0,R@N#ZHDR2-6;LJ9OZ\< ' (.Y85#C40Y5-'P/E3=
M5E$?. 0<R@N'FHER2*O*5;4"% (*B4VA3WLYI)Y7TG^31!Z>!'[0)IO$MN@^
M XL*S:+])%(3W8EJ2E6NZ-MZ7(G#']B*@$3[251)UJL@JTI#KNJY,^B2B-[%
ME3^>:2B._^O]\0F9-[$EJT82&"*/0@3L ?8 >T*)#; 'V.-C80%[@#W GE!"
M!.P!]@![0HD-L ?8XV-A 7O<W60XSUNZ=@$D,R=J%_ET<B9M"GTV'#*\973T
M6-_O@<J_ACAN#G'KD/U5DT_&BPB"!Z"+ /1(O^BRAT9E\Z4\-<=8F5Y*[$\\
MJY%?UA/A!.U$"\P 9@C,C"HP YA1+&:DDU"FGY4,<^\Z$],G-4Y:ON^:PP5M
M>#YPNHX=J:#9":L=[,Z:J>IRM5$]+F4&. H<%6/WJL'N!<P 9FQA1AV8 <PH
M%C/2L>O.NSH=FUW7J,L5]<A"'\!1X&@1.'K>A;C8**KJJMQ4CKST(PQ'X=8"
M1-0Y5$L040?L\;"P@#W 'F!/*"$"]@![@#VAQ ;8 ^SQL;" /< >8$\H(0+V
M 'O\^D*SNK60LK?TQG$1'@6=R6CANL@>O4J^:]B>91!O.7 \>P+Q=ZN =_D!
M[&*$W8$9+PT.,UYX%SC@-'V<-@&G@%,!<*HJ %0 :A[LS7?J9U=/2!?"'_%?
M+X/#RU5P;AFLCBT'U-/&)ZGX4X,V%_HS7RL-!,E DZN@R0&H!=#DI^1FQZ')
MU022/#/KA #4R"$U3DF)CH$96B6!*PHIVSB0Z+Q#5JV1OS!<T[#H7!X-TY8F
MKC/#0)N8-AI+0V3CO_G2W,*0 963/Y4#?GR 70*G%0U.*P!4$8!: : "4/.P
MD2=9R:;G3Y%[Y<SF+IHBVS.?4(=6HNPBOS<9&"\_L-WHD=N6R.O9#VB&#&_A
MXC]LW^M-KIDI^9U9DO?$D-S7($JO'=FX/0_0 $9EH/IU4/T 5!& RF-]/]XE
M#D 5SD8YKRI+FC9*54_%)<H7-(!1HC'JO!HJZ1&J(BN*\(3*T_T!/KH>]*>&
MBX*^!Y)#T(CA'8%CT Y!<B;2?QS3]K$8;1]#$,I001FJ5",@7-1R J#S+^]$
MJX6J4$@7J '4V$H-J*0+U !J;*4&CU?N@!I #0%.#O%?25EY7^CAMS?9Y83I
M35J>YXQ,PT=>RQ[_@YQ_?V?'7Z\U&CD+/)+QC>/^]# <VW\M3/_U#OE39[S'
MK:DU,BQS&P("F)=GYAVZ*?%XOQ8V):!&]M30>+S1"]0 :HANKYT7+"N:N29:
M)"T7EW4@C)_7,+Z0%?, >X ]<80(V /L ?:$$AM@#[#'Q\("]@![@#VAA C8
M ^P!]H02&V /;A4D[D0=.'Y0[6C/E8)/EN-YYY98@_!2L<)+<)$ @,XUT ]-
M,>"QU"Q0 ZC! 35XK&L&U !J"& >95&@*O5"4\!%X*+P7#SOYL+Q7*P #X&'
M0O'P4'.1Q^JB0 V@AO!;5#*UPO::BY4$6CT!%X&+HG,QF2ICNZFHR8TF7'TX
M/-P'5Q\@+ ]A^:Q'"-@#[ 'VA!(;8 ^PQ\?" O8 >X ]H80(V /L ?:$$AM@
M#[#'Q\("]KB[^C!TK+%8+M/518=3KS@<..<,*'_R:J1+JI.&F>ZUA'Q)$J"8
M"!0/37?14TYWR9?L ;R9@C?M+HOYDCV EVLC(,GD^Z.R-ZHU6=&/S*3*UT(#
M4P1FRGFI\4EFQ>=KC8$DF=I":;<2RY?L ;P":_CS,LN/TO"-AERO:J#F@2DB
M,N6\O._C;E_HNMQ0CKRNR^E"0XHWA!\YC^U!^!&P!]@32HB /< >8$\HL0'V
M 'M\+"Q@#[ 'V!-*B( ]P!Y@3RBQ ?8X3_$6REMZY7@^JV(_D3S2?+8\-#PT
MQL-YG>%W2I^ZCH\DM7YN$7L@.X=D/[_2/._R ]C%"+M#LS[J'%8KY%WB %0.
M]>/^#(_*"8%K_!'_]9)LNKT)[?5.=]M[MMGN#ES79;VBQU^KC/?5!5)DH+T;
MH+T!J"( M0E !: * -2* D %H.;?'CXEX_ET>UA)H(PV[ZL+I!"-%*<D-Y_(
M"567&Y6FZ*2 M.8=LKHVGTS\\#&=BN](-QA("\OX[[\U-+7^U6/.^ZECC9'K
M@9K)GYH!7SW +H&S"8\]6GF7.  U Z#RV#&5=XD#4#G<R#_%7T.%G1A""W'@
M!+:AUX_8A-&#@X<GAA^^T1%'DY5& BUQ$EQO2$OAB"&'JG(>NQGR+G$ :@9
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MS8&_P,4.'O$O> "Z"$ _].S'8P$$H 90@P-JZ$ -H 908QLU>+Q,!]0 :G!
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M9^EV<'WQRY<AF^"IKX^\:ZLB#"$;?<7[5POC&@33(%>];K]WV[EN#=K7I?X
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MC:JLZ@?W=Q "#4!"(&',)*PGNQ.J<JT.' 0.%IR#[_18B;OKYOD]5H3 Q*Z
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M @4$Z2%(+U20'C (&.1GC)R,"# (&,QZ1(!!P&#6(P(, @:S'A%@$#"8]8@
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M\F)L0)Y;56@O+\@X\QS8=Y]0EC_MY4795]<GA"E >WD1IKT?N'ZPKI\5@8Q
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M]NRW^<+U@[G(RFF?^=P$JJ=/L!#M_:T;<,TXW]B$*7]LD!#+XB0MBB @^"D
MO[1:7[-*6A\A5@7$JN[YQ[,X5/G$(7POS^ -BETS=:EB$=ZO(A2]1=9(+<P-
M$N:$V$(AMD:()<06"K''FQ%<A&U7A**WB-CC*,R[--+946&NZRV#5&9BCL(P
MQQ&-R;K>/D\],U?=%TSU%5ONX:7U; '%IEAAX&K7@+")S?[WO]LUX_R3+Z,"
M(]<VN4>U%*650A0$(/@=TJ9ID$U#B"T48H\WN* (VZX(16\1L5D1^3[[:0/2
MU(@TR <WU!UE-62H,R8M#A\V 6Z^7-RE5^NIFZ(K\LXI(T8Y3DDMVZD\A1!;
M+,12>0HAMEB(I?(40JP2B#V._KR[IY[49TKM/X9C'[!QBI#U7-L&JC4+T.MQ
M/_#A7YH_Z?N6:3'/HHY)Y15AY.4G^!U2YZ,"3T)LH1#;HN(40FRQ$$L9^(38
M8B&6,O )L<5"+&7@$V*50.R18O_[S;*-'$W^/;/,!_?6=1)NIIO(R[0A\[BM
MU^KU0OLOB5G>#+/L-XZ6>(4R]+?=O@>/.;Y\T;Y8Y8L5C#:X\\T)1W\_!I#P
M#X,1<Q[Q]I8SL"?B(_Z+>P/+Y]CUAS^-;7?*N1]F_ /%[N"GYH[%\S02<V45
M<Q0,(/@=THBBE']"K!*(/9(1M7L&R!HM\$(>W)<3_N#^51[FX4<WT4E^%1[D
M=\.KZ!COX?%])T_O-,DCU:(-UB#+2SD.2WTF4%$-(;98B*52 4)LL1!+I0*$
M6"40FQ61AVH?=!2U>T';UJO-HGEOB;W>,'LI;M3.<U>G#+Q%I1#9;W-W\.?$
M\BT$1#3L8&WXA 1=604=!3P(?H<TO*CBE1"K!&*5#W@DSN.[88H<F#6QBT[!
MM#V*7"C'*JF%.Y6V$6(+A=AS*FTCQ!8+L53:1HA5 K%'4J!W#UUDI$#7]7:]
M34HTL4L1V"5W<Q.XI5&TZ2%4>K'7]O5X$-@<!V=$<8/Q)(AK(UQ8* 42WIZ<
MHD "P>^0=A U3"#$*H'8XV1P[:[8S8[GN^']) @31.[@6-ZZL+;6*EH=!#&-
MFDR36LQ3EQ%";+$02R6=A-AB(98*S@BQ2B#V.*KT[A&%#%7IIM[L%,U/2FSS
MAME&"0.TJ;>;)>":DI<O1%^4B_BH&6?-<5Z[?SL?>1#KGW6!8I[E8SQBZ+E/
M\+$56,RVIPA\W[4MDP7<A%^>@);I&I"IM-;7I6'?]4SNQ<1^L0%>DF1-+%B9
MF-)&>;G=*E0,@JQ!31$VGP!?1L"GMA6/U^J!>(1X1"D>H4.! )_W4M0\%([7
M385XA'BDF#QRO,)7XA'BD6+RR/'J!XE'B$>4XA'50U]K7/5=Z4"]]MRGF\A]
M>I'PGEX(YZG%-_CT&\W4)>K$M<2U;X]K,V\O1DR;471.O=";*GM(>0$ER@M(
M3:2J&ZD(181!PF#>%!$&"8-Y4T08) SF31%AD#"8-T6$0<)@WA01!@F#>5-$
M&'QS&"Q5!81X_ M'%"#=]LKPR*(;O)%;^.<+LYDSX&(CF(_]FB[Y@#_UN2=?
M5-W0M5K5Z&P2&O.K56=M.X:V@&#-="=]FZ=\FXHL+L-U*1O^JC62\:]JJO"7
M-?3\T^'$MC_>3A#8=\/>B'G<OYL$?L <!&L<VZHF8EN^^-;)9Z.IUSH@85JI
MB\W6LT#QH$0<GM?B_N=M,W?*X/:,NZ_^G%C!=$.86J\W4K<L(A8F%B86WIZ%
M=\E/2<_"1JVJG]?I'"8F)B8^(!.W#LK$M793-QHM8F)B8F+BPS'Q^6%/8D-O
MG1,/$P\3#^^UILT3'&KMC)EXS:"&VNX9W(JS\L;A)\3%Q,5'.(EW*;3:PJUU
MWM!;G49)^9>.8B5?RYMCXGKUH$S<[K3T>OT-,7$4\_\M8( +41;^N0+_A17:
MX^1C/VI&%2#TRD.?F/=HP3KQJ]7YI?][X@?6<)K-BI"6I26-EU;P7Z>GVK7%
M;?.C=L\> ?D]_N>$.P.\0Z?V2?L[LR?P[Y9V>AI>*Z2#O#A1)"^7=1JX8_@R
MON;P@^C5B\]>*VX\6=I1!]%KI]K8Y$X..-8-QD0(JJHKJ!)[='V:W(5H_9^T
MA^D85M[U6-\:?-)N@57D'MVZN!E&/7G5;]%E8I]PG^,=6K=C8[C5:=_C[.=I
MGP.7PMV9_<*F_CS9:S9S>:N0E;;>J%"0)4 )-^Y_OK[[_NW'UZ[6^V?OX>I;
M3WMO=-K-#]K7A\NSWW_KRP7N^OC$LU;0,H-L\A&O5\5F102*GY//%W>WO;NO
M-Y?=AZO+2N\!?GR[NGWH:7?7VL5?N[=_7/6TFUOMZO_]N'GXYV$V0]+QXZQW
M5C%=VV:>KUF.%HS<B<\<T]?>\U\#CLO'Z+\&'VEC[H6_F2Q@'S: ,(E;!/2,
MMTLDV(3 !D%@V^$I)+(F\'>X9!#]'I+R8IG!"&]=?1=!Z?4EGZ3,!MOF+"M+
MP>W^&O'QF@ULU($'+N+%^<N),4/+*QI,=/BD$UH'7]P_.?/$<C@@QOR][_T&
MJUO*GMNA!<3\#N0%JO19F<2'9>##6D'9L%:M&85E,D),/HBI$F((,=L@9FT&
MO/J(*55Y16A0M!KO<COXOW.?>\^R9$+,BC!Y/P CT@^\"0XV\346:$-F>=HS
M^GC MH0M?1QI;C "2Q(G2'A\Q!W?>N9P%?PNS4S N?7, OATW2#LR)AZES]'
M+U.DHA86DM=YEY>3^;7(T%X^Y1"'=\,_&("OZYA?7=_G_IWSG3]QYD\\8)_N
M,[-L--CASCZS^;7E,&=@,;L+7]TT7*=13>V,+@8(B&O*PC5UXAKB&E4W3%VN
MV2^ >6"V:1::;:A)Y"L77KL>F$*.6-!@XGG<&4RUP&..;S,!54_":WX&6_P%
M_"#"$CR>!5SJV>X008QWUMPQ]\2MUBG/BD@Q=4";=_N"5W,?LY%75[\&(^8\
M\DMK..0(/!1:#S/HI<B.--IZ(WV"54YO>&.B(^&^.+C/2+W- O<UO=,BW!/N
MCX/[C!34; 1^6_&!W(O +Y63-Z<=[9J83R-42]D/9RME5'QK.'$$5N!/,SW7
MU<:HWSJ!U'6C/Y#@*HK@REQ/E1,9$GA+3&%XF $M-J![,<SP&]<QR"Y"*#VX
M]PF$;9K4H+<:-<4%6]Y=ZH@[<G;6YL8=53@"53_VB3O*Q!V[Z+QYL4>]IANM
M>O'8HSC>696F(YU\%EWRQ"HM9V7R@NWZP@<[B$9$:6PP ,,BX";B&-,@N*A[
MTC6'!\K-0BOP[+."SCH[A,M72D.!U1OG#E%ZD00IAJGNAO$0LVX$T&O7ZP:R
M*N^6!VE*Y/5J?>=^%_DR\CH7&;$>L=[^>OHQ6,]([X8FUB/6*QCK[6X$')[W
M#+W329V<H3+OD8.<? ]OS?>@WCP(PA!AB#"DPNLB#!784:C.1)F3SZ!;3IXF
M-LZ*%RO=4.;T'CV&:4VBXZT@@TY=.8%XYS9<2D9#]HBDSS"X; O="/ A]#;T
MI&[J36._=K;JR#'B*>*I#.+OF?!4ZG@A\13Q5%%X:H^H_;Y,E4'?=768:G43
M2"4[I:UOC+8ON1N;**[J79==K[>'$:]@R!Z]Q%-,;'7< */XHO$=*.T!?_28
M#;:%%V"<'P"[,O7U+/M-4:;;W<8VGG5JX[F^C6<C[S:>3+-,.&+^5:VVX+??
M&#7VS*FQ9[?W5^WZZ]T_>KET]-RM7V?1!=@NS3K3KS'1UI.:=6;B^8PDLJ*)
M :NZ=6X7;X\6N-5*CJ%42<*RY$DX#N+>H*G^$PU$-=E!=+&!*)X>>I*_"P<B
MZB2Z=SB+NOP=8VW42900LS5BJ),H(68KQ+R)3J)O\R"?NU#08/*!*_L2?9P
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M%HE./ \6L##KC$GD^ GMD\1.*<3.,73/<,[,3.YL<'76JGJSJKJSAP[>$G'
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M, A#BFX488@P=&BEXXUJ%,1WQ'>$H?Q?%V&(,$08(J>#@BK"U2_N#2R?1]6
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M[E[V_/@]3@!O\D7[TR=0?*+W#=;UPS_#;U5":F^9;[(_M3]LM\]L[1OS?O)
MVGM<^P$; ^L2?.3#70/+UO[&@-6]J90:=5VK50UXSRS07D;68"0*E\2UMN5C
M^2"ZNQ9!@+16$&M2EQ*%A]BM:YF<'K?Y((BHBM8JOQ.M]DR[8O!@N*GF\3'L
MB>AEX#I\ 6P)2LXJ#_"H$/V:Y<>M#H .%D'>@MOAATYPIN'7$[5;R79BD3\O
M<3=T70]<[=ZUD6MZ9]T9.\H_Q6^_PO!;EC_2QI.^+2Q(<1=] 5+_ ".<O2P
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M)65CG>F <ORHP(QO&;6:;V:N7X%RLU([FBE6P,ICYDE_$:I@GLDP'4D4-XB
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M7H*Z4!Z% >YHF>(.**NBJ\AJRU,M63FE:1\M)]O<\XL$5ZQPDNQDVV7[3#(
MRVD UI4W "]>.S'([%- OAK95K15]XZP[2A2TV:9[RRQ"W[XHQ7ZNLDI8EF6
MS]?7YX6ZMNB8F:I3?[(?YH>SRH7\IF:AHC]"11P[]G-G[B+X(^B(KE"XP09
M9[S(6D*+UA6=G<61YO%@XH%V+)3!<.B+:S]+-3_.9HPFP8C0VB@T3*2R.Q6V
M7Z17HS(9W3**D.%=QS@?6'8&3=[O3+MWL: 1-^C9%9JF)#(>.0"FHQ<M#U5M
M'X,$%?A5Q/?0(L?^;C+8$.Z@M%YF+^J50AU\%T^8#^=')I),MG7"(.!@MMMN
M'^TY;E:$!NZ8OJ1+!#^CKPV$)4@:;ZX2.>,:8R,OB9PVAW]G@5]P<*Y-X)^?
M2B(]<,,YT8/&]C  &=+GH@3;1(*E)VLQ%UR/$@%DFD24PNV#P5&);>[(",9'
MR4CFK%X[:4D''F>R<3$0Y%NP;N;)M'XV"+US*%S@8O<);"O\\%FX%,"8AY6@
M'P()$2ZKR!\858BO=#X"Z1Q]>XXXLN!H>6(_Q8K'8\^%DPJ%G5Q]Y$><:](,
MI#WB^#6MSVPFI*3P420(%M+P$02C'P5TA6,0/0[X''FRS.XSO]9YZF ]V.DD
M\BN\>MB2F,U5S&9;U&[4\A*S:?/*=I;B!0?G[_WYFXEGF2"C9#CFXP0>Z]F@
M&9U\OHI"!Y50(0HA_7$NJY.X-0=NS;8<VMB_'GI'=FH>EEL+GX-UXU08:!9!
M^$Y>1@LEBAHVH/4UT0@&K$],^GQB_W8]-*- )PGM,&FQ811 >P1VC@PM&2\4
M1FOX#4S^' X1)S*VRD54IY)\('PZ<2R,%(JB/U!BO%D8QN;/3*A(D:(C%",T
MJ:(G!FAD)<PP_HM[ ["PS3/M'W-VH1;9A7(-E="6''%[R:9&Q6.>[D>1>AHN
M:[[B,3)$?5%..90A-FSM:WF#R1.H(Z@7Z;.JRH\B)"9#-U+O1+MXWL 5D5-\
M)#Q:Z'#RVV&L"91)/[1;W6A%7).=@_U/0.-JJSFQTLJ<[BOND>@^+%2UL WE
MIYG-;?FQQA8EYJX<\@37)$=Y(+6B3E[>#IT$XLFF:84%]&OV3 +IB6$_(Q/#
MJ3R.*";GA@@/ANG"]S%0+3*7%QP0*Q!522!*F.EP8%F^T#H='J8/RS!B^.9$
M[G&" 5B 5?QH]?O<>Y8)P& $/(N16$^<X[<D6!/[2AJIJ-1<=<CEL1M+!1<;
M2T<[5#JZ4#I:JU+I*)6.4NEHWO*9*D6I4I0J1:E2], N@FR['QG[MS_:T89O
M'=9%T"RZBV!5E6@BO3,,IH:#%(5%9G)_; 72[A)Z":9+]F'S)@%?[SX(3;FP
MW4_2:*K,&Z-#[1L+/.L7D,S&8)%+6_$;>[0&6L\=!B_P97U=BR18E+#7_41T
M9W-(_:P2AHB%V0>H]/@C$\V$9([L+Q&W&<2YGNAX2"1:8O,>?U/'I [^OU85
MBX!_&))6#_906*EN9=_58M,G-%U7?4D$NN/>PFAYNUXB4>@MVZ6Y^5ZSK<$W
M]B_"WU'RG1]6L+:*+EC3ADDD_\]B(\2;^?%FME7CQJJR\:/P9ONPO'E>=-X,
MT_>V./+A<(T.:O@G<NZZ8SB*$,05['3^*L7CV5:N&^=Y\7CGL#S>?D.E#F^I
MTL%2OM+A#\P-=C!HF]HQU'?-,%HLA?1;J8507-1F6P5OK"J#/XJHG97-'4J4
M9Z8('&6NU&44/J_$'!?[CN:<.0O>'N&)"=A/[J 3!C-3L,QXT6<D4D;G>FVM
M<!Q]DGD5<G+O>]']&5#U8?F)ICL6*1;"/R5"_IB8@KV(1*+!LV7B'632 "AG
M.B;#XNCXQ76A"C7F0H_2V,2T\,N5*/_7@?T6KJ"YDFV15OO,%^^T,DL9O3XS
MMUO\79E3C!4([IA+V]'_-._IJ0@]=.$9F,XQL'E4RBP&W8N*<J2V+P8.P%_B
M5<\D)R;5H',*E5@\_'&%@BY1-8\E$A//$W7?8;^URHPP6> //R;!"%[H?V1F
M!;YO4<T?,)&G8D]%ZLPL!6/68 U3.M O)L0"?A%!(/(MX#X;<%8!-%G!AE7/
M6KO),GKY:-&*B@'L)H$FD(!U')^T326MK=:&ZM+XX/HBCJ/(M(])7K'OEBP2
M<D55_K#2!-RB!Q%@6,,OOHS<)YD8_4N,D4@ %0$6MK28#9L(!UU?Q"5%7]F+
MKC7/FYU3H]/I8%&Y3.9Q'1[?']^8D\1W)7J(CN_&YF$NS1.S'+&%+VZ2#(_'
M>XW5.0A&D(1/$YLE]SW\*-X++%;"CEY\, EDL@V\<^R:/G(KXIW[4=.#P0B;
M/S!'6Y8URQMZMEPBF+FME>/H/K7/^UJVU>5&)[?SWCAP^6.5C*MR&E?J6U>]
MY+F9VL#R V\R",*6)V1C*21SLZTXK^56<6X<NN0\PYKSM1K 8=VM\]K/?-A\
MQJ"80MV?JY@.D\A13^0#-O$Y&CF@*\OL[G3J;F+T>/+]W+) (.Z[2&&'1XZL
M\3] !>Q%9>K3?V#-P3U#F^&OS+\4BIH]O?-N'#/\]U>P(AY&S/DKLX=WP[^[
M\FV_<._D<R).KX/."A8!*JZ)A6OO6<*>LAQX"X$P\SY41 +\DRL*'N %--^M
M4"#G,A3>"WOMEVA3!$\RJN\^K&RI%)9W"@L4[FYA*KK&A?DP")/6@=Y*6&0Z
M]Y8PFT)4X)O:H\><J%V:,UU.RP?S.*(.B)JN-8/C0GJ;^6 ]@04G4A(J[ZTS
M?B:'$IUBWL$'?7'Q2ZD88H 5IKJ+; :P*>9HCVURI DMM=G>]GGP@NW#SUOO
MA W8KKW#Y:-)EMSA13ML,>TD^=TS[0LL0[9JTYXLQURN!@C)L:,JEKG75VFT
MSSJU=U&I;^ &LPJ)N*S#$CW)G5GO,LW&5F_"?)05 ],5H%E106'-BCB G"?7
M1).85T0-[(ML0B#W5:1FP,Z^?LL7T9]+%CB(\H21]3@2KQHVO'-^UNZ\PZT1
M><*B[ %>C_4\5]V#[P!K>M;DYJ")M1)49]K-<BK)8BD$6_*0),D//ZS$V+(P
MRH99ZA*>.I;76/Y*&*QP@X@F<\.0MT2?"Z1%=IH7&Y/<7I^+%M*.;?V$MY&K
M15B0\%N:DHA:M4HE$8LE$0:51%!)!)5$%$,X4I%$[#=Y]U9K)*A$@DHD,O.5
M9-M:JI9;:RGCP+VEC#(TE_*$?J97I-VRPD9QQY8C@HIK:R36F&+BN)X5[.,#
M9LF&\WW\*K!6C"WCV04VG^4,[4GH=>!1X#IJ*)4(T46F6M136JY%>(K"=GT+
MIIR\-FJ>GNA_7DF$MU=%@Q-A:BI_S]4OG&U#IEIN#9F, W=D,HK?DBEEH4%8
M8$25!BJP9[8=F&JY=6 R#MR"R2A\#Z:=:@U"7J5B@X*S>;95U+7<JJB- Y=1
MBS)&RH@I84:,\@DQ>Y4;A'*:<F&4D+;9EE;7<BNM-@Y<6VUD6%Q]_(*#D.="
M9T4Q"@ZBHH+5)0>#D8M=(1<6MD?%@>R8G6+T>S1D+&WI065%DXD%LG<H/8A:
M7Z2L/:BL\#8=MO9@?HGSF5<9UAZ<+>[ERHJ!2J)B0&O-*@;J<Q4#2?0DJUO$
M $H>MKK?(BM?B[/R*XM9^:\2?0A7(&7AKSNVLFUB4,NMB8%QX"X&HG2;;(X2
MVASJ&QT99.&3Z:&2T,VVJT0MMZX2QH';2H@B[B*I )M4OQD_6OX^6?;GJF79
M8XGGRK3Z,$R]F%:/IM'"T+:51I3V?BZ+O'D6)HPWSXQW'UY)J%_,I$?U="Z5
MOK)O*CU0HB_DTP]1"Y8]_L1KK%6-<U3=,:->7S0+]DFHQ[0^D:,>Y])7PUQZ
MXZR],8T]MB\JJY*IL\RIUQKULU9#$I,D)!PF6$F=4+]@,*1.J->BA/JN,+.6
M^BU6Y&L)YM/MQ8M+GUO?;I^=&Z_FUJ]+Z*B\EEN_F(Z>,M=^@],C^FQMKGWE
MB+GV9.<=3>7(MKM*+;?N*K4#=U<Q,FRODG/Z6<C)(&,.D("6##LOC(^=I9U5
MMDH[2_:T79EWMB#6UN:=14[."N6=J2V5ZMGV@*CEU@.B=N >$*+2NM#P3-_@
M]M$:5*)FUI1^I@*79MLUH)[?G/H#=PVHE652_;:M;I?ZS[_%++2CE]@:5&*[
M6&);HQ);*K&E$MN\16&!*VPK12RQ7:ZI72BZI1+;PI385@Y38ZLR\Q_%B,FV
M_K:>6_UM[<#UMZ)XCQ)=2ICHHGR>RYZ]_)-6*"6Z*.$YRK:NN)Y;77'MP'7%
MM0SKBO-HZI]DO:,W]Q>I#(=M[K]R?<DFZ%'*O;8YY5XF]X=]_E?>=+?$^\JF
MGO]:V/-_Y?-VZOV?O!/FF*_-PU_ST T!N=U2\RNIQP*\CM3=4O0KJ\<#B"RA
M-4]]M<._MD6'_\KA.OS'#Q'OAL$;GG@ J,3W%RH#*FLJ W11&L!L/U$?L!8B
MJV]!22/'/+ZS[3M0SZWO0.W ?0=$J3793"6TF=0WFC)IT4^FDW*R-]MF$/7<
MFD'4#MP,0A1>%TD3F,]P6:V#9E4KT%:H5H"M3L/6XC1L6"WFP%=PST51P=R6
MO ?9,HI5VM7U!A]$(CJJYLNM_%=JF?,M_9,Y]I7.64/FU)^?Q64+TB9]M?9@
M=3/_I1*$#=W\*X<I05BS"XNE")4M2A&B"H16\]UI^WQ=NO\VQ025E<4$S;-F
M9\W=MVK.OW(#EFL**KO5%&@K:PH6-W!SMW[CK/.NLF-!P:O-^G<K**BDL)M?
M+2Q(U<1_=4%!A0H*E--/LFV?4E_5/N6@:D.&74W*VV9V17;?JF3_RBX]9N><
MB!MZS:Z4/'.Y_Y45N?_4<U9U 9)MYXEZV'EBG2J,KIBMS)T'4-)\)C&&*O&M
MZX0YKS9\[09S&;D?K)Y%>:+!S=D8W03>A+^B@V?R[#?D?\K&1500!U1#>?\3
M8/,T 4XX D)TOA$WTMRP*-5D;+:-)NJK&DVD4M+V$J8%/YP7&*02,PAJ5W[D
M:+'P%K%E+>LM_IR@-K;P+1'@!!O(L_H3P4^Z%GEBT#JU8K^,+OP+8,:A_G.F
MK2<#]:]9D!T>%S[8YW"M-+^%+R%!4_+Y(CX[^U-DY(9.D%!5/-/N/7<(>JHP
MH'V_@@J?"'4Z(L(-WY9&.'X&-B5W?#1Y+8#)$Y=CP\-'A@'AA!8J=$<7]F6-
M(#K3OL(3N;]PF\JF:S30* ';8@TBA#RQQ:0%ICG\47@%M#ZS65@,L_XV(CM<
MUKQ$1LHLL(^Y$S-'UMCU+620,ZV+#=.<1QY=[;Z $8^NN?C&0G6?P0+>-5KN
M&'MF8GL3%3JZ".A*EH2'8W@>>_^%CZC,7C?F89B"(\+0]H!YWE1D3CSAQ=$;
M7;]8X3V .[N>3 @P9=H%WC.R =9@"-_%1OQH-NKNOVEC>^+'.VJ9H2H/(+=,
MA!8Z'.#=F*3:[UA35*.:HL6:HCK5%%%-$=44%4(V4DT1U1113=&Q:HH.;G'#
M!D4\GEA6+N5#V?9/JK<S]E9^"=W;H"[WP:(0AG;7,?]P7?/%LNV#>"G3/Y.\
MD^7T3C:5]TY&&$6_0@Q2H40]AC!]*^EN*OLI&]GV@:KOWP=J!WF:MKG,3J*Z
MX)IZM.;*/!NB/3/GF4(?U'AL3R,7%!O\.;&D6TQ[XF 3F6?:@_#^^+$[*?D=
MF0:$^(FKA8;,\K1G9D_04U=9=AT%Z)H><@\O<9VE.Z++3CJVQ%_@Z!(?IW'Z
MB=MXG)]AD@UG@]%L%$5B&^8CZB:'FSSAE[27$1<>T<"-UO2*^VWAL5J?^?&:
M8 ]P(RKA1JQ9)_H&@_#K8\_%RB+X&_Y%FIOA$^:V=.Z9<7S>X8&&:7$ +4N<
M_,SW>4 A]WS%;+:-O!K[-_+:01:F+7_?28(7')0R/;>2Y&N4E%+2HCO?FD5/
MXB@$\O!X+C@C<F<<D3E#GO1\.3;;KA6-_;M6[,!6:6NG=Q(&!0?EC5-AVBJU
M($Q^E0%9X-5'O$L<$5YWY(L\/TPQ[V-.=C0D/O$5/-<M5R@5;C]@ENBV$*H3
M0DHLJD]+.D+B\'\967"R@\AQ 8?_$<$^[9&)U&4I1V3<5+3VBP+('L=K6:1$
MX2P 29'E//,H3BA7)5628:*O>$@HR:1<95*V31T:^S=UV$%PI"T(W4G<%1R4
M%V+S'S%!8=Y4$C41DMFE@$@: FM,"I'G88/V#Z# BS#U8);S(*P"(2[ 2K#L
M,-UE5I!0F?40[>@:6A>UZJ<XRQOL*BR4$GG>XF_&IS,-2Y=$C#8(4QS\]6;+
M(%[I@E&(DG"V5$R2F->0P*1[Y0Y8R3^_;&<FOB.JHYJ(I-!=VM/*2G,4<SW\
MV5(]'MX#;TOR,5?YF&W5?&-5U?RA9%>&M93Y "9:'-9O@7(3]@I)\I=P'<EV
M(7&ZG1_V-QYPWU_E5EH0#F$WEEE:U%J?3"6NSEOC$(GT,E/<-9*"EFB-X8.,
M,&-),].EPN=B]6&8BZ;/JWBQY)+3-V=72N5LM:0FH9&KT,BVW+O1R#B^>!-K
MYS=.-^R&PU&:_ TK?/X.GP/%ARF&V/K1%&TL9[2QI7RT<095U#G_+9J',<]#
M+50HJ11K5$#29ENXVEA5N'HLV9HVY+B/]"ZX,B!66$DRH0P[)C\ 7I4*83(2
M-P*;37)PY'72_I;\-:IE%[^R03"17>D>/8XI_B/9[6"6AE\)BVUGS]7#AXJQ
M&KX<I?DRXDYBX#SKHYDG=3B;/S,4)[*;@<7C=F_B[Q,PB2W0"WVAJR:2[;%1
M"'RY$E%$+C059%"VM:^-_:>N[RXATL;C]I%R;T>A>TOZG'6FNCXG#X_4>;G/
M(8C?BIJGN)#-MOBUL?^4]=U%8-H0ZCYB_/ ]<PX>2I7Z6L2&2?TGBHP^\WFE
M+O;VS?0R^:UP,GF8+('>N]!AMWP!%FR*FU;")R]77/:G&CIC'Y/UCV$^6^:*
MF$%J6%J6SC:IO['_4.3=^3=M0',?&41J6"G5L-+I8;,63Z2)J2!GF]FF]S?V
M3^_?70JF[6:[CR0OC2:6&.N0G2X6!4X=4W/[L*KP ='@C40,M2([>*+:Y2XK
M;0\)9]\L8BK;5LINN**CG? /AETW\!>9"1^1*FC1DP_%+BZ@!TZX[''"?XVY
M@\U'PBL6-N:H/2M) USBM6PSXINK,N(/+"XR[&.9$W >%G*<@%/F,ES9(M,L
MIV_,<FA%GVF3#^$7D3HK<L?J*YK@S.RQQ+,KTBA;'/*2R*V*^'AE+L=B"D<R
MFTL/_?A"T$3K!$)EY5' ?J' \"P_D2T[RPR3\0));(0=+? XFVNL(^06WFS6
M;2O*_P]35A8>']5 8EI;'P#!+*<RGGB#$?.Y2!;Q44Q:HAFS+22WNY0[$NV'
M3+:9R4HQ*R8LETI\ON:-BB-A]D(32=%D(%=VZN13ITX^BYU\&M3)ASKY4">?
M HA&ZN-#?7RHC\]19X,KR?I'L0&SK;%L&D=)O3UT?NT;<O:_J23:\P(ET4I;
M,8;D6W'FJYP]V\RV^+.YJOAS#X=9>?)69VNJB.8-\0C?N635/SQW,A:IJOYL
MZQ-36.+RHT3))?K-I=]%3#Z3+R>N*1RQN4IK]))7K+FT=I;@R4UNM0.G.5"^
MZ19LEFU)8K.^CXJ3D._="#K T#\0.%<",]\$9-9-;EJC\ #X@NG'+)Y$JD\Y
M59]VH52?5&*55"(%A&NVI9O-+2?U[BM.5]80[2^C"W[*H]HCE*NXHYVUSBP1
M&M5"YNER9T/2BU34B[*M!6QN60NX+Y>M++W97QX4'(@_X+9>98G3]#!,G31E
MPA2>T)813:@223J);.[9>*2X@\2JEJ!C^,MI,IU@H0/-O$2),XEFV>7)Q(,-
M\Y!FV4<STI?H/JO\@1%\F94@!R M]N-*3.6*!SG/S,JXS\7&QPA9QVWK"5N,
MS-H+P@L.)QS);8\RJ%)N.LG%7.5BMO6)S2WK$_<582NK9?87M@4'8MP:9RDK
M<CZ;9\Z_@QV!-XI#7V1USK* -HI7[&8U=S-]N34/2AT<<>=/_8 _,6'R8F'U
M$S8C_@\VQ(D6@I2$W01#)<MZ&C/+B\8 KR:LDEKNBUYE+R/7)FF4KS3*MI"O
MN64AW[Z"8V5ESOXBKN! 1 -KYI2.FQ$OS?T3[NH5ZLZR#@)""6=="ID47N&S
M)]E&U(^R;2S7]&7J]RR1LA([P66:HQDW#-Q 7PJE: *X=+TGV0(1.XCYJ!+-
M-,?HL94M'BLT,Q)'N8JC;*L&FUM6#>XK.586L.POXPH.Q!]CL-9V4(:6NS3+
M'BZ"CX'YN;=*)XK:-;^PA)^W@AK,>.+Y$XSAA;K9V'.?PV8P0$W4"#5AHYGN
M.&Q?./; .K3&-I]]M0X6WR/SA#FYJLFTGZ2_(ND_ ]'KA&U%<8CP'CVG)8EQ
MP^E9'^>5P<I*+-6C>J#%?M0IV\W*215H1L]DZOINCDM-K"NO-[%.$$)M5Q41
MRZULBPR;6Q89[BM!SP\AEC.L#<I/2YSSXFG63$O#EVC+FK]PY/7J)(A5!E]T
MQ;S 664&HEB*.CD/) Q8,AH@)1[*;I^1I9BS#,BVG*^5KIQO?]8O.%3NI.H4
MS6O8S(V+IWQ2FPD/4[36L";W2<ZGV-JKM* KH$XP7^"[,.Y&$&\-AZ#@((5)
M3_A\S_AU9%7$6'K\*]QYP+GISW0%E KIW6.+ZF7H@L?9/=-$[^=EKU940T>M
MG%<*H70U<PVJF5NLF6M2S1S5S%'-W'958T?/D:)Z.:J7HWJY@]?+J<GVQS6Q
MLJV6:V5=+7<]<0:RY<0%SJ]T!M.##*78^!A*("]G GE'^03R&2RU08A+/<K6
M"&5"^+%0I5 ?!Z+C#RF=7 $?5K85=JW]QRNF$ZEI9U&D%=!O1X:^)1&J?J_1
M&3[3*Z9S0G6EN'TKDE7Q^$"V=9"M5:,9#R%;T\[82"NI#]\Q,.L@X&H=1KK!
M?3&$1WC(9";H:_E3T>B>'V>]T.FDO<??P_FR\J-PH.P'7?,MS$Y()J7UN8U9
M$V$GTY7/LYS$[7V9QV%R[<GU$L-\+ =S1-A\KU%TZ;N>S%B;^-Q#VBOK\L)D
M+MMP6>V+HZ3]J0;(>)K83,>L"887.R:\+M?A6I_Y%NR\C*1>\@%_ZG-/<G;=
MT+5:U6CKF*4BXSMB+6=P.]MV7T0TPM'X+_84CRP7@9:E =^8 8(<IG%X3>X3
MF'C<>;8\UXD"(;*>W0I"X@-[&E:HAWE[V$-U$  1;LQ=B1)V$2-A/\.YF^Y"
M>D?8]1"?%,"]37E'W&G8^A?FF:>VZ_Z<2Y#Q WSTXU1?-8L8[W>#;G>Y9MCQ
M&1]J/=Q:N*=6,[3W-]T>_ 3\A-N/A(5)*0(V@H85+V[U2ZH,W"?8+U1[M+\Q
M$#;>5+XG^9HZ$:9O;WKK,)',<)RA8E:.,NG#OEG,L\)MG_4<F,]1 MK#F#P+
MIT\E'K#5*^<,_H=+E%<]Q:_]J&UQW_RIF&T!:VO+ M:=S[&T0U'2GK'%0EI7
M%HQ59@5CR9"WB4^4)]%DC!)EEO^F+_6IE7F.\N3!K$0ICL6D]M!!$#=JU27/
M8^&8Z#5;87(^'>(&:?!$$EX@.=OC8RS:@(]%5%J[GP^[6W"&^0OWPVL9&%D8
MKN&_9/F<)D\"(7IL.\KBGA6AG%4>YJ8<1W<328%Q6-]?&.J.4FA#B=U[)/$#
MR:%CRJ%LJW%;^T_F3"<YTHY>22O5BH6T&QQ_^8AJ=<5V6=B(7XH0$%"!+;MF
MBV'EEF W7#(VYW90#E@_^?]G[]V:&\>Q;.%W_@I&SIF)S C9;4F^5I[N"->M
M)T]T=^57F3,3\TB)D,1.BE01I)WJ7__MO7$A2%$R)4$7VGCH+J<MD2 (+.S;
M6ANL/;#:TC$8$9H!D>+>9A3_F12*4$'V&%HI.9IC@$0O,+Q6P N!KR<M.G@Q
M6-TL^[Z7.%-!#%7$P['$$)_M/5)UY0WSX+O/X+/C_(.&E@RL.\\!R[D!BUTZ
MZ^W^[3;;04';7B-M8:I;*TU3,C AAT8#M0\!=R:,^"+E ?4+:3!1#$L =J(J
M1JR5^#88-L*109<HQ^U*8OABLQJ%_RLW$TBGZ0^M[0MTU]!.4?K_::TH\=+7
MS]_VN557!'QZ3=/(&)+.I#->FP3M\2U5<P+Y[&2VP=T5UTT4'6[S;-B:(,^B
M42$E 9(TN9!WCZ6G+N@D#@B/"81VF;2W^[?$; ==C>2(/6#5Y99>96[I_)-+
M7PW%E5[[_-*:_C* PF\U@W_F.&N7(GS;1!&V"(@6"2C'20@9N\@+&0:8A?90
MPX:HN&8B%J9:%9G-D&08J^H*RE\J7@LY?>6M+_W'"1@Q7L/E>OX\!4\1 ^!K
MMFZ;45>C8@T1-<IW2!.Y(0&T]I$43<3_9:WGNQHKJYNG_P"+3CVEM^M3PN=7
M!6!6'OVE-^.MO!ES<#N_@MK@S/!J-09*::=UK\$0_JL\ IC-3T%$QK#Y-"5[
MO+S=,[4T@[4VQZYFSF(^(I+?V645WS[8+'?]FOZL5@5FIF&])SG_;?)3P&>/
M28C_0?HAK"'\O:7:UZWN^88,[3=5"-N_.OM*6%R)E*:62_&M&,;G7-IZ9Y>>
M?;=;M]5=4;/C5%I\,,_8$+YH*R%J9<#"F4736;P$"PD^$IIJQZ8F:9%@T X6
M%QI-? :VZ 5.I3\*DF]@HBQ2CE4M5"@3H()*! \/QM \R(LLRI<BH(BB,6"<
MY3-.UB26W.@ J[*U#:8TII/H@OHR^ $JI )3-JE<L.>/BEP&0H4)&S(VIR,H
M3<!5F*-1IUI=+!B,+1>&GO@*R7692:6J8.L8,04N$:@6T@0R5"I311LE/\-E
MZ)232(0GBF+@[:&]"6_NXA// A9'_I<9^\;BGJH6Z_F_%%G:\_]? "\?DT__
MR^#]?DK""![W]V+!!!'R1YB+".[[&6[AA*1WY7S?.,YWG?-]ZSC?CO/M.-^=
MP$;'_';,;\?\/FJGU#/=_$?QX.RRO^]LL[^_H$OR%3P2\.1^UY[*S](QV;^C
MV+ZW= &Q5QH0ZY]]0.Q+Z:T+GH[VXY7?[D)D9Q BL\O^OMNYO^JN2-KQ,[;<
M)5XUID6^QXL!KO61J8TAKC("%:;4_&+.6"XX=VP2)5J-NA9FDNR_RAB-UARJ
MSEEJ24>9C\]%U9#R*Y?^[ZLPH()7GOY%P441'V=C+,4>PVD1R%)L11B3,3(_
M3:8I]97-TG\B9Z^'8JG/<+CA?^G[.$O5B801([\/[Q"S@./K@0D1;6^E\"JI
MO8*?+*L.>17+8KBK^!<R_6!R +,.4EAX+G9?!_*F=IG6=WMUG&V M[]38A]^
M@^*M"=PK8K8RI&NN[DR_5VKZ#<[>]#-6H;/QS@ ;[?)M[_;GVVY$P[;"/B]
M:L</8>.AO'I?"B%!_XSFR<1H8L:0,@%C_!?!/I5R"8.-/B(M0'E-0:2(./W$
MA5[%HLC&,["')!E?]-Z@NC+BF(UPKE5MF7DI;>Y)6Q#&IH3K12<BT;#R$IY^
M=81*1P#LPFA.M7&<"<H&#$^+Z7MD66)Q'2R#C),]J_43**-;?E\_#SYBS/1
MZI](P';C'*\)#S /OC$MGWWI&[./5JZ'$MSQ4D]::$X75NWA3_"8<N[ & V+
M,9J;9&./12\F_ Z#WP>R8H^GD_P97^VW".U6O'8!1B7\B(SC!=B=\"$TOA=$
M,L0+\P69W$&64]L43CS'LE)/=2F1NB*3*!,=,"]\\6-:Y%)E1&@\.)/UI+!L
MEWY\UT0_WA](.]^>]ZOJK"V)_+*_HVKD*-!'@Y1HZ$,PAX I!7(T%&")+B %
M-_LD42L.@..+>?JD9/KU%TKN[Z7W#_!H"U0ZT%TCN3\+GE@3DX^T_6F\ANZ
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M3"=Z<=T$$,L<V\'],0'DQCZ 7#MKS%ECIZP8$_D 9XYU$4V'EEFY@_U9N5M
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MKD4K*-6G:^TH1=(1_[R@UD-CU.>$884H/*^2D5]0FBK(A&21S@$J^2?CCH8
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M<9_/X"%8=LSB%)?H7I4VLZSE=M.DY69_=]]T?7=CBSACOPB>AUE)I[:P[BG
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MH.V ]\[7?Y6^_OD[^Y]TC>=6[CX<L"E6I6##ZVIAJ*Q'I-H=\!7RI50%=9&
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M_,WD"<X=+"T+]%SO+]"S&>;:]FI]"7*[I7-I)@8P("OVT#:9@,;HOYD?,/(
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MJM;"W@*]U^S;:[E<53V>4U7VL=USSSE?]L)2RF8:@8875VE^_8W(Y$T"22!
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M-&9<E# R([C;VA8RK&'1.V:]&J[^C-6A(S3W5W..;QL%YSF,!5 3@Z?8%05
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M#)'N'QQQ/*&!\*[:KA>HP6-%6'TMQHTKP6-[86#$["*O=&,>YI,@%G'9NV7
M%\!$6JQ _I,7QX4>?;]Y.&!-XV.MZ1K:=IULVA5O1:91&:8+-C48*.IHFC:L
M=YMMWE^9<;/!A4HS'FIQJOSB>*#TAVE/ #032<.%!OH(M_7=BV==7WVX"_*@
M'^TK 9@?(V?XSCQP:.A8\,U\S_BK(T4=:V7'?W3$^)?J2.JUC(;*1!NF7PLO
MR8HN&LXJZ#Z7TC? 59MGNZ//<!<+-L.Q3$I0Y!X1B&ME0*C@F='Q(9Z3!E2=
M#1^,J]0 ML.EM?A9O#E\';5DPW[C(J-7+I[L1G/O)WB3NPUAU%-Z&9/<EAU(
M-?AA13U*UTF=*-HXPU&AA2LF2H '.3X+W\.ZB YS?5.\0'L5/#NR@T!Z@-=M
M%3_BJ7?>#SLH]+NPD1 6?IN(>3AJ2PO=<$1U2+RCZW-%@FQ34@(UA*W[\-@I
M">MU OD7:.X_L+7@?]EO9;<I]97A>)QA28"/?RG2WD(X7J#!&15U>Y/T%/3^
M4D[86LC2@U &JZK\@"A%-I9ATMBE_(>E^W.#S^R.+9K-R2Y8T&J^P[3X33 %
M+<@W@ LC[LTZ_C;*3(.9/!$Q9R>E;2CJ0%,6AH<3$P0%0=B5:$IDU]&M$HV+
M,RB@2::/Q:@,2PHX//N3X()>;#&Y+S.>ESTNF8_FA*3#C^9A)[8R=MKD6T3(
M.&F.WOFKTIQR39S%8LR_GF[YFIC#?#P+\.#?Y3F.<)$;I"_!>L;E\@@RA/E\
M5IUO!1*A6%@2^H6S?B##K<MPL\AD^8W^4*I OC*Y=[%Q? YM8W,&.\7>-M]L
MWKEO+;8&_RH_Z;,_<1/#FE_,;--V/LC.\],[K3=0M#[$7</A^X)'8SS=)+4-
M/9G\FG6F%?3] O_:VJM.'+F*3T]PMO3+;[A&X5W8<.4=.];A:_GU1(W;\C4\
MM\H>;35SL$_2QK_L'ZOIKYEY:"=IVMZ(51VJU6T]%-YT.&Q@9WJ=:9/C1Q!Y
MD*44;.R&BO!,@V<!-A!!MD^%^&(/%XT7T:)QUWIQAQ7LZ'E#(.=PBF9S3/?8
M5K<<I>*-F81QHETFUMJ/MJ>;&R#VB-*+"^;LW:W+7G$7,^3FV$=>:*L[:#J,
M?H-&8A\WHMSA4V:?FHQJT$!Y;OL0N#<NO"K4WI;#F0BZTH"U)^H:*H/^T3 U
M:")(G2D!MLSNP?GJ6N7= ,A2I,B_\?!6=[WB$Q%7_B_77_WVCA>F@W]P;3UQ
M3.[9N/$5[1?KKLL\48*=5QF'*Q*ER!6)'\T[#',(^#ZZG=I)VWVT0KMKM3E(
MEBY"?N?:N[NF#K6\^VO1IEH4O^)Q(K>H\'SYRII_C>WIRL/C@HTCQT>T[T=X
M^D>PT#]I0V['AIR:'5.J)PPJOS./]R& #/833Y)XJA+FSX3I +1%UX4MNG<'
MPL5^J=5O1(476'%D.L)84<=J>W;PWC=I\ZY!L'*+2I&\Y:8-+?,8IA%RN]CQ
M*AN"'\U9B&2WJ4&+RW)HP0WDNVT%PA(",W;#PD09]]-I:SD&K FKR?.'):W%
MC,2RA8"C+<!1;YS!S>1:P$9B%;(;.P;*<-1T[* X8D?&0,"WX(WGN86X 'XQ
M5@0'K8&#6M$@-) @[_3&\G3KV7@R6:E52'^JJ,-TNG^S,(/BC9+G:8X^9[SE
M:%0$*&\94()3+[0(E"0SJH&1B3(:=!A%N@\1GYA(T>"-]_2?M!YI(U[4L1X)
M-5.%?3SJ/Q-+D=UHD7GYGOR?GC*=#!H.(,<M72@"P<,7V[I 6W1LTX2F\3X8
M06UR3G0.SE]8=++K^D^N,3=T9TWP0_"#^Z>Q^815[=T;*SBH9>Y#9"])E'%A
M#.!1Z73#?D?1YCS9T@U F-]M>XX2_I3\3,G/]6[$A)9V[(Y+7QED$.LIU_DL
MN<X-0*XXVSG,9@NE*;*D*B@)FI*@:X&U&S1^8\$+!6\FP24SX$2296'9E4ZE
M2!]4D3U'>PLD06<F>28TW>]]DUTD==VWLY"&1=/@$O<(LAP/I\\&7LA'.:O2
M0T7CQCN?EK5/C<%ONPL9E<^'G9;(ARU<^:AH!C/))=?LRQD)VR+U_=!J],QZ
MR9CIGUNP-#O//TB]#\\@>")_?"01!D0&JNWPDHT9N?J%-5-1P2O)0.#D ?CL
M24=E'EY:6DR<!I>#TH,:VZ^Z8>JB4:5:P8F\GAT-B!"/VE"#@D_<4-DI4.G9
ME,E9<H5$KNKSA-6Q7YF;OP'XO&07 TU%E]<,UUU;J!3":!@NUQX)&AKI7*5>
M7]Q6)7\KGGQ>F_.';O [\PK;<U$*'&ON)=IGL1G H.[PNN:H\6."#6(A$W>C
M,7R<'%X)IT SDH:PA-X#]$:J;8F7PLU 7ZV8[G!;<?VG?Z(YH@ <+_:=>$M<
M&G+F%7DC&_TZZ [8)#$T^/W,7JY,%MC141:I1]6^T+9=6[!B5CQV$U7E\659
MMHR)!XY0'\6')<8KJ$FZH<G\IL70\Y7%FE!9K.VR6%,JBW74XZDL5I&64%FL
M<ABXT2M:?91>?5"=J3H[<\(Z4_([5!N]?'^@WE0V*A3UC087GZJ90*SV2NR8
M3*DF3#=KPCR]^9HPMPOVIWS%N#KPW8OMV<^.OGI9;U:(P8NH.,QI%0]4M4Q%
MO%[;14%N+>D;ELT0KT7M\_HPO8WZ,,)TMZ29JRD-,TD>C T*I!TER\'$96+V
M%8:9C"Y[Z43HG:5AN,,JTE95&'AO?S*/UU*!M4=0!F2!*PN^+Z4+_\:UB8LJ
M_*;A,?C-:@73EB(_,^'TQHRO5V H3)/-HNVBE6/C=AJ_-/@;=_\<"57HF?-J
MP+?X2 M/D6!1E+P?/,*$"8K;J2*V[&"2PIYDU""!^Z$>O3961F.U8/F(R0G+
M=RB3R61']0YLOSI0^KV^5*S]T[.7O^@KTWY:76!']8LL77NYC*Z]5%;7/NGN
MQ77MI7"&.T93/K></5Z;"5IUZ,F3;A"?"$O5E57;/HOFD-;*/F;3D_I9&\X1
M <$!)2UY4TE+(B6MAGA$F>*HJG9(2VM 6EJDI95!YR MK=.D(C9 2^M TN&P
M 5): V4R3!>8:JR4%A%1]_R0]+3:SP,[ !G'%(<\6D\+L$'-C0W->8G-IU4T
M"#-B+91$5$)PT1&X*!=A)&D-%6GF3,9-YXY2A+%/ZL+ #6]+2%VL]+4HRBWV
M,C>+_A*$M 5"#C'/C\&03>$+@1BA[=P)LWFTOW"C>8AM)@?[?*ST,BJ<-PM!
M2.NB,BD=!0]="$JZ B7'EZ1.B.(<BC_B*[\S+P>D])L>D31*S:)!8+%7&(=
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MIF[M%;/N-1U*2.EMU_9G0A;28:_,\@D@WC9 ;"J\W0<VD4//;:B,!^DJ@UW
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M:D6":16BD_W#/4X.MU;PU..C[3CV#PBKW!MDQC+7NT^>WEYHB;%'C108_-3
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M )-R0S9**T)H90Y2RO1G>*</R+"Y%KSN:/%RH256+Q <@'N/TN?,OVZ0PWG
M%GAK@A5>B!1N^YYK0\S'":Z+F",>D+XYZ3&\TWX^MK_*PT4=GY*5K2IJ/WWT
MEHN5?8Q 6+6L[$E6TP]PLFL<_IR4[%%ZKU"DU*<8V8?YX\?L(11IK#9,"^O'
MC96@07_WS0".!@*.E(Q">8**+=? ))>>UJ%_;Q/'Y4/$\=U)UH6XX\<;3!GN
M^%!-8]^EO#<#&3TV^?AOAF4[AK?F:/MBF_!0]Q-S9XZQXL_^[0;&"()Z_$/!
M?=]@D2A%0AWXIA.Q$,^"7P9W%0 L;BOC?^"5+^%U(C"BA@=G4_K@J_QA,,/
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M?A6Q%"Z,FD[")Q&Q<N-'(F($%;5IB*7@9-!ONB@0!1=[?D@:8NU%BD,:'D=
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M$U-%':73?-_CJ8:T?:IQ*=]8T8(O!CGP?HX>@?(>RI[)2]_ST<5TTPP$MKQ
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M@4LZ)C*ZQMS [,K=F!,.TU!1Q\-4_Z'[@WXT2!J,Y#AUS7#42PV0) ;HGB_
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MNON*A%"R'BR@@SE:/3I<VS)D:8:F#(UA@+^BVX">^S#TTL;81L-B07_PI/U
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MY=FB+$F590OL!I_?O$"9X(Z:LMW2-E>/>.QHX?4VU2)<JXG_Q2A<W9%.:5R
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MJR)0DQXP_9T5$(*!:707_I<&%+"BSK1<":@Z6.(1U1H;ZXJ$HP]DK\^B9-D
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M+'JW#;/"W,'XG]'20S*F C[KF,?B/FJ@*"]M_#7-071U3!;%1,(M'/.B&T:
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MCO$9K);F GQ/:,-G;QWAO#3T*0US7<!!X05V!*+-J&FLSRHK-8&S*?2Z]24
M@E:\8I-G'92'*'<V0(Z>M!EU <X(BT4A\!"A(2J@SOK<2P,%'OV)?%N-('U:
M\;6/6A$^.PMX/!1'(;%;S$9(HJ+[?[89#C+>8/A >$S+!>/.<5A0S8X#/Y+8
MI68X\*\UVP0*G4_4M^#W,!YKOX@3;AIW:<XNGW#C_T,_PGS0=P(X%"@(336D
M(2Q /T7G>7=#-Z!'PH[)='F<3'_+7'9),SIU@4O!'&^$6+E(L=MX?8+8-;:*
M'?6R^Z1&I2YT\'_S?X#%H%<W&"-\F/S2PE%?Z_R,(MGP7-O>K4+\ZF5&C13
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ME.?Q08Q<VZU@'.\[&G,:&H@^:9.@N@VL),;$POHCO0L&3/!@8WU7$\,+PY?
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M+:ABI"WA@+'A3">>%@8G+8:!3G2#?;D*@@SNV=*_74.%CQYM:&]:RXDK,^<
M.^EIF7-:\)S> QKD07<,3UV"XY):X? E711650)5C_2O]]P<\SG5'5!']*<]
M\A4[5KJ1^A2\\OEA/9?5!5SM#89U31_3$["F+'H*0% //XBT77\UO1L FLBO
M1]@)U_&S9VB5PM<,Z^_K./2F%DT+.? FP+MI_I#E#1S4XZ?.^J5-U;8Y_@UA
M]VQM+ADV@;EXX/]L]U4Z;6/1!.V5JDX8DJLO*!MHTHN-5SLFOIZNQ03]\S3J
ME:TZ4VC]F(+4K]_JU(NM-[D*CSYMGTE/  ./CN=0\^AB_K]LTP_KKV&;8$W1
MC_#*JI "',2N%QQA$Q>O@M._G39N(%/&;33X']#.9'Y'EZ6;$E:5@+E=6,91
MB*;SWU-T#'I#.FBJL-I>2X35KH?5*B*L5H35BK#:2B#A&PL%%6&U=0BK+:+=
MBE+]?BOK]PAA?3.NX.$6W[KOUPZI@JFO4!NKJP%TH;)(3C/D<)UY6BC]%U9\
MQKM 317ILW9AY]US.D'$C'?=>1JY)Z67?ZN<MYV7I2A.\3?WS(D><ON&EQC=
M[')CY>Z.6 UGY]+?K1?8&HR903]V?-DI7/=5G:M0SA_S#P>E$(+::,M%B*@0
M-0U6O&]%#;TPCE 4OC'9R(07=Y\'QJPB&I(HQ^A(<G+!^L0M38SM?C!A<6?K
MQ5(=_^:"V:IP+C:]&Q2J97FII9&'M%6U32_L&[DYZ*;A>[\P/M%]!;! 0P6!
MAG;8T"+= Z2V$M^$(#'BNY,CXIM%W?\(K40XQOLSKD-"<H B#SLQ345V-VK*
M$YR^%ZF=KCR,B4%?:^+PAFZCC@P.191]5OJ'NS<)78FD=!T4=6^R[Q7)-BWX
M$+<F!]"QI]OZDW-S79*V._E7S;7U7W'-R0OR-.[H8GYT8X@3O:.(>G9*+0K:
M16-A6'_RY$+CO0,4&F=R &JXR[+7T&V_%L#UG3QKSUJXJKQ_4X#5Y:74Q>7E
MQE?[7/H*1H#TQ]*EJQ1;;IZ1Q.[\YO@\#9[Q3#]J)4A!@>S8&&=E0!L\+;#:
MN6>XF>2EL9J6OO84:T/G+857<%]"8AF=DMKMR8-A2SJE57AE;ZJ[VI8!Z9&V
M98UHV[(HW;W-KF58B-Z,#YE296FR=*DIQES2S&I=3M!>\PU6-I\@GVEK?1=Z
MQ;72K+RJ3+3$^:H:N%^Y:16'1:/<6'XCJ);M_F"C 99?@!]6[8Q%B6_&-9'9
MUF9<3)4.;8/?;4N5^]U>XMO6.V^)VFI'1WJUB-IJRC&*JQ6,Z^O(,F1!J_%]
M[Y,!OW\XP$^3$1D%D&T=2AJ19 ]%[G18.SR+):U',CZ"4$:6T\$JXH<>V>S#
MX9$+?Z/I^0CJ7C$ FOR!V8)@>#O$Q(MR[Z )/<BR"7RL\2L!^&6-/0+!G,?!
M.\IYWP_2#R76Z;:?%AZ"PU4&J!/VN06Y ^L9#D'RY[G4;;W;H,!+>/'@,3YQ
M1UF%4[/L"!K32M,-&G[(JN[[,?'L<[8,I/I^BO9F9?A_^J4]/0=CL'*41%?[
M23T@4R+[6Q3D<@(3 3M@C+5?=K1!NQV8Q%V-\D0PZ$9WGKPPG"#,UMMF/-!H
M:,8SZVGSRO)5:7FXF1]-XJ=)8.JD'^$3I.8<-W'B30!Y$55#U.-4#2D4R&_(
MQ(Y#\@=B8KYO.!4LJ'BW$]('QX!T;8[92=;$]5 B NP;FF$$V!L!L%.4\(:.
M.;PBJ#_("/F#;7C?V(KWLG\W\PVO&5"5H@3^ P']\Z.FXV6&CZMAJC.= .US
MI=?(<01(Q1P!M)G0%O27M\._='#X;^2 ?^DP\-_8 ?]HE:RI8&@NI1#<-&+4
M2"E&4A8QBL1*>GR!08LS":_7IQBF:=%KPH;_.>"6C3U>&8AKU*47&ZRK0\TJ
M&Y:&85!PN0CZB3;;TI.J+8[>HH_>(BK#J,>H#%/D;F!:\V;1KS!6(]P]:>[J
MBMW':G8@+1W_T/NDF]83NCR>K!DQHNG+K*),<%1A6)OSLSFW"6GXZ8$2S='2
MG5V%FH?A"[*LQ9LBQ_]WH.$&2/!K-G_?40(LIB9MZSRN+G,S>0I*BZ<I*.>]
MS2G(8/'9M%B =YK,-830W=N#9>_RE02.S.O:>V_&N?1C2@1[#C /9I\MS#PP
MZ#WS(>:R99^NO??_(WA]QIFIFY7FWC%M"VFV/17"T.?K,MQ83?/_L_>NS6TC
M2;KP=_X*K+=[0XH V03OM'<=(<ORC.;8DE]+?<X[^^4$2!9%C"& #8"2N;_^
M9&85K@0O( $2H*IC=RQ11*$N>:_,)].M9"T=H!L#D_$#$I.]H202GI3COOO8
M7;%K.-1X4)<:$Q=O36OMED>NR3SR9!YY2^:1RSQRF4=>1L'WQE*=9=KX&:2-
MM_) 4&M5'T&-W+WP#HI"A>[B&68(7W*#H(1/Z-3:7?3CCF=TXNTU&M&1@LH4
M6-[X]?+[4UX$$X&7P"(LGM3S0%IJ(=+2!J^AUWNG@'^CSU'D.0L6]Q0>QC,V
M69CP7DY0#TA&1$71O-0K04./2(7!%(Z2R/@.%78N:8K<:'HG#(!]<O12 2/$
MPNMHIB#Q:JMTSJWP BDZCZ1#WU7PU^/;F&1=%COWX$3&-M*-11Y\YL5LMXU3
MS^08F8SY$P#X)KPQ$W=# LFF5'<]]G3W*GH1,4DLOO*,L#+WO7S94G/RSBO:
MDYUS6YS?BN(_1\X?8 S@PD3W/OY)$' 5O](-ZED=9I4Y2:J4?41PG.9WEL9Q
MOMCUO^"Z/N-SD2BZ>!*OK,Y'#UX8UNZ;P0$4I1XLV0+.2 ]>/3TAO*8786\#
M&-"P7&,L/J(+Z;,Z/RIVRM?QA).$DWMR[(4UJ0-9V,Y[Q7D:7;2:';75'JBM
M;O<R=^<T&3H4SND:GU6XW=W6[\7B#-Y'.GJ0_O!24[L.MD7\,,+O1V+V_2=8
M['[G9-J)V0X3LQ7753GJP$U7_=W837]SCT;&T>O\""6FMF3SF[%I:J_?4;7V
MZM5^?D1:)1J0+'6V+)4E$2C1KM%/!:)6AS%&B_#9[6K3O6C6]O;&B%JSD9(\
M)/E0\F%A?+CA>J6[:TY6@E=^^-[O=>C./H(?&^&4*^\3 _<3OW0_16#]/#>N
MU1@,@FU+%H%*'I(\= ZZ+!,H3^#HWOKNK>CA&V')J.VX'J='&ZK#]FJV<855
M5!'N\(F=W2)WT#>$)@<>>5D%4P6D4:$BZ&*C#,*,B]Q<U("4=K>;$6T09%^*
M&SO0")$B?\E4)$$<BJTDF:B<3)2!APKQ2??@K.-ZI*4G$,E9N7)6I"8"W<BZ
M\:L^,R9@SKQ7^+]U+.VJ:\->G@NJ)SI526J5U%I:8RH?ARZ0_.O<N54+BOMU
MFJIUA]42])>%^W&EO]9,WA]WTBN,"KW?3$^S/YAR4I965C&7FL< \Z4N9":K
MA!S,M(8C![Z:I[@7'?0(=#!_D7ATGLV)0B1#2H9,8\CRWZIJC8XF^5CR<77X
M>-.M;+.:M[):8]C._596\J#DP7/2I:>ZU>VK76VU^\I9J,@SO-\]^K;>A)B>
MTNN7@K%Z7G^$@/=P)WQ'HEO0%7,9Q*1DUM)O]U[,NO/-6[^,-V^2,R1GG)PS
M!I(S)&>\)<ZHKN<;L?-V]'S5;J^ _*8R<*?O^![<U[ 4F''I0&>Q(&(Y@,^Z
M>0"?=<X"XT_WV30LJQ<([Z(+X(3#G3*! :B/[!?L=3$';XMZU=&?J!=T<@!J
MH?YJ+\P);Z0^8LP2C21@U-&2.C=P*"6%]WUPX8L3[%JA)#X.VM*)OA\^[+P
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M2,]AB;A5+IOKCHXA!G!';(7B*_2D[X+4J'4C#C<%>6R_NN_?O/%8/ ]H.?
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M7AHUS;FUB5^>&K\2ECP8\;J!BKP6NAB&A>^ 07'(*; 4>2Y_@-J>VZ8QQDG
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M,$5^!9>'^I/#>+T*R"9OIL #%'2!WUUF&6!&V-.I,68.3 4L"; TQ/WA1%P
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M$*TX%J_$B3F-=,L1)Z:5(T[,R6!BT/$0$!&HD#EQ!BFAS'H"=R05PS(=O3(
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MGB0>VLD1@:H]K'I2X9](QM3E"-&7@BL'[/# <]#@WUO7T9EII+<T0J G(/^
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M2-&=G^#M_H*W5HQ-UH\(8[_$P#ZT&':2IX!,F$*7$$@BE4S$=R*@OAX>BK"
M0R&$@;T0-<OFWQ;\<<G7)1+P4KB""P[E7[;!NXJBJ%KC[M/F!"<0;!)G_]%2
M^8=N1>SL;M3$CVR>NQA1A $Y1,R$-!F)$SC_E? ZGQ21X16(4I./+X9?RWQB
M*?')$P)RH &$G)H0[?&8V222S9@X3!$5<R@+AF)'7%R*%%:P+&@9C-IE>A1R
M$QR!WA&)'EIFP"<( XUO7F(C+LR4A+$PW,Z]$BX9-JE V O;\?-R]?%?"\,U
M_*,(ROW0:3']*O)D]AG/+<42ODBB+5Y:/UO H>/ ]7HQ1*Q;#.M_E62[L])<
M+9BB#*1D25_K-V7Z6C)]39/I:S)]3::OE5P&RO2U2J2OG6\#IVZ.@-==K8@+
MA%*D#F9$EKBU:H%G[=_-CL!8!"\3<8=&8!/RJ[U8N)Q?[L(TZ!GX5PW,1N"8
M/\!D31:]\>RH*=BY!GIBY)3#W_&VLP9CT#O DIT\&Q8&<T2R%#P#SAXV/L5[
MV]@4^.VH"N[R,TIQ?KEIO8"G8?C7Y.("Q$9?$4UU= ]<<M)\SS*2N%$3UZWD
M$8B,)]]+-4WX9<$W@2!LU-!1 _7Q/#?M);D389=:\-JQPHI[1L*Y&(^=!2X]
M8JR_SO#F%4WT&HCW&;Y@Q!L"T.5NY)OH29 ' 3.FIO+!%7X\VD %9V,@I1$Z
M@;IK6S#>4L%]P1JD24-Y %(DTQ\>^M=B\H0SKQDN.6J&$^:-^+50G)]QUVSA
M9_%9\GEQ,!\>%N)!%YW/@49,O!]61COB,KX;NDF44,.*6/:*:_* %"(M;4WQ
M@@ER#O=/P#DSF;B7":N"+/8$SJ NJO7 R_),OX.S**=3U]U6U\)3,RP></'3
M^2A#P$5[P //3 20=.YI8S]>_YRCQ\P#'"Z_HZ,+;N %9DZC-]^1*^\:L5M
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M3%@_YNCQ)COD)>#&URBK><$_;S;:8@RZE$R,@+^(FR),"(#QT.KD3R<2EP.
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M6P.UIQW!'#DR)_K&2%X)3ZOI3L7G-<4 U=;D.<42G7+.<\J,Z=?KR0S,\\S
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M [Q'*O4;1.EC$2D(82ED+"/LUG-UBE6 A]H(%EGZ+,<6<"$LJVU9YP![OF\
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M[,0/&V=H@3D@.SM$S#% 8I(!DF(9"*>$[(^!X73A5B\'!$X1C.42+@J??+9
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M;['7Y97I&9;C!2Z]'U_#'_RY]XW.')?/]( ^LE:!WO7/F:7S\Y=YTB)P=0O
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M3,8V$+,)3Z-,,<;RK:03$XXY/,_2BN@QPY5$6 TE17G"RRAB5EM!<1.Q'/'
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MAB[L0YAG*9I%\[R8%!OZ,!@]BJ;9X+][[.7R2-G8,0)., J[-=9B?!CX-9$
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M3\2GS*(B/A&?,HLJ"3Z16'F_8A>9ABOR;Q_TGR&C\B7<VK0# %?(-N'8WOH
MN-95M(:*Y,J2I>3RQS]3!E$FM[52XXZ7QG]'?3YHY%@^]#J!U2_%"(JX1%S*
M*"CB$G$IHZ"(2\2EC((B+A&7,@J*N$1<RB@HXA)Q*:.@DN!25C:*_RD;$<7>
M ^"!5W_4]=EYDA&^/LC=;RDMK5E&UHD-N=_O?1W>Z$<^*D/$_/5P6$O?C,RG
MC[5?W[/__#I+RR&"RT1M $0VBO*!3'7WT831LY\VQ+_/NDF.M^_JML?>VSD)
M9C/J&KI'EZ/>W:6D\#\#SS?'\_W-T2P<;C1>\=+O@BG\VEC$7>.$A/-$1Q<
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M90@F:@ D%9A<53!K R"IJ.9'L&@"0%*!GE938>V@Y1DB=:S:*@421*=J6:5
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M@8Z2#%O2D"=9KRE8T*#:6%5=0YX##%X2[*N.E:?HSB:D/5C ,<>)5W@TQVP
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M*QD;E&70OVJ$J+H5.G:FAN;DO[GQ'/O'YFIM&_".@2!N%Q5TSY3^>1?6*%
MX,R<^'R0_?-Y3_2F)X^0PQ3?!1PZX=G?$?NVB$W7I.R(A:>8XBN+2K:&)ZN0
MRVIA;:)F.6*2I+2,G*>E_Q&F:.EF+0P>2#?3,U /,D";TE@]@N,5LT^$5@^D
MJSN2I0&UY[)P[:W\(#C_#(?)HQ]SF PWM^D4Z;4Y43%QYL9Y!)>_#UG@+&:\
M]07,4R4]\TY"3'MCW4PQA Y,F>?*>Z*OU(6>@2CAYZF"?V&2;4 =">.8Y?')
MFGZ:1_1WJ> ^;R,KBR3<I>R\GQG_K6?&IH9&1)<"5OF4S_<%B2(@JZKVLZ/;
MF.0#E^^H&<,W<%'OANOBZ;W9-P&VNOR-ERPK6%.F&.AH1IK/\O]4)6,,( HQ
M6XLJPB& KLP1+21UV$[%Y"NO&-\%PK_W3->$#L@L2*L&T%"@6L N?#=0 ;06
MR[,J1D:/B&MT(?OAZ!,J<Z1GRH?:3 B/QP,3"5D^PC_@^A6EL3ZT]WZ>RGR"
M"F!QGMU-C-9RZ% =IW]]7]'^A>=>JKF0@HCGL?A33D3]E_#]Y.'J8ETY-85V
M3\OD0=3WCK"W<%<TV\.GE<OLNWWQ^$OOI1JU[J9F 5E#42Q_S_XF2YX/%&7B
M<H;1FZA+WF3M[=MX68!EYPXP#S?G]PF5/SMSAQ9_8\ IQ#]#BK]+XI\O_1]0
M2P,$%     @ TG2P5+)AJ9FD P  '@T  !T   !F,C!F,C R,65X,3,M,5]F
M;W)M=6QA<WES+FAT;>U7;6_:2!#^CL1_&%EJ1"0#-I2H 1?)V*9!HH"P<VH^
M+O8Z[)V]=M?K)MROOUEC)VF:2DW;Y*33(>27W9EGGIEY=E>V+H*/RVF[95UX
MMHMW4#\K6 1+;VKUCW><[=?3UFSM7H$?7"V]]UJ<<3D&T\@E!"RE!:SH#6RS
ME'#].*"#3P6+-71$U\US_2:0$G'-^!B4J3$!26]EER3L&H<$N]Y+;6K-IM[M
MGNV8!'/8,ZW^#&EO7C;@"=\5^>0%0X642RJJ6(ZW#1;SA6,'B_4*UG,(+CQP
M+A;>'+Q/GG,9+/[P<!@MO.WK,-I<;OU+>Q5 L ;S'5SV_)[3 ]]S*H;F<&3H
M8/M@N^M-X+GM5F/_.NR05$/EW#AK"N;;VYF]\OSN^M/2NP+;"7"FW1H8QN 5
M:#5Z>9$@?Y:%9/&A'F0\H@K4Z(T8UZ8+#F'&.0TERSC<,+D'N:= ."])TFX)
MFF="0A;#/!-IF1#P#X6D:0$=\_S=Z!26,NI!1[F<)-'G,ILX69H3?C@1U=LI
M(*IRA8'1G4.<B0K^0(D BDPB<&E(TQT5,#1U-!K@E100LP3G&CKMED_#4C#)
ML 2$1^#=AGO"KRE@M)05A>*.?P4=$4EA3P5%S@]Y;:M,&EHZ+'3X4!Y@1@7'
MA!@6U-DS&B,TAI+L"X5U'+,0B2&0PJD3T]LM'%0%U2$O15$2+D%F#X1^4F U
M)[7.,1<29;G$;!Y:US9*@#6\3\2.<%ITU[<)/8 =5E57^M-QGLCQOZ&.1[H,
M[-D2]Q9ON?0WMK-8?7BO&5KUOK%=MWE_-KL;%LF],C7>:-4!8P7;!N6+JG5(
MDH:NS'*M/H2LP&VL:H2*]014Y&[!_J;'\$_FJTT[YBD>7^ZW8#_F'F#/CIJ"
MN$R2 RZC-$^40.\6D:"?2R9HBA4M5#/]>I69PP[!A2' ''6BTZ-&<O0-R2ZA
M^IT@[B5_)_=:%>;Y\*VN%D*5 %ZVQ[+UJP9-?X-&_N.M'_QRZQG'O2PE53]Q
M Y6$<5SB[+@'-;H@3* P<D$+)0%=39,DP4KCIL](@@(I<M1$H5=>,>.$AVH<
M 2-60:O-#JW*Y*B@+*>BBED\VI5ZCY3PW"K^6.*-)GZ^= \0_I<M(IP9;[X1
MK39U42!C^$@.8)Y5A^+@Z9KO,A%1T=UE4F;I&'8)"?\"LS?"!(HL8=$=T;=/
MAND7_:_/P)\4T9.Z:)Y^O:6/*&Y^'_)W3GP5X[X4]_*L%-57WS?'#Q[U7?0/
M4$L#!!0    ( -)TL%0R63"MI@,  .D,   =    9C(P9C(P,C%E>#$S+3)?
M9F]R;75L87-Y<RYH=&WM5_]KXD@4_UWP?W@$MBA$370M6W6%F,1KP%4Q*5Q_
M')-)G;MDDIU,KO7^^GL3$UNZ7>BRURX<)Y*0F??E\][[O#?,[#KXLIJW6[-K
MUW+P#>HW"[Q@Y<YG@],;=P?U]FRQ<6[!#VY7[F<MSKB<@&GD$@*6T@+6]!YV
M64JX?EK0P:>"Q1HJHNKV1_6FD!)QQ_@$E*@Q!4D?9(\D[ Z7!+L[2&T^6\S=
MAP/;,PGFJ#^<#18(>_NV#B_XOLBG;^@JI%Q24?FRW5W@+3W;"KS-&C9+"*Y=
ML*\]=PE+;VVM;<]:X3)*N+OW0;2]V?DWUCJ 8 /F)[CI^WV[#[YK5PC-T=C0
MP?+!<C;;P'7:K4;^?= AJ ;*E7'9),RW=@MK[?J]S>\K]Q8L.\"==FMH&&_)
MF 96PY<W<?)'64@6'^M%QB.JC!K],>/:W.,09IS34+*,PSV3!Y '"H3SDB3M
MEJ!Y)B1D,2PSD98) ?]82)H6T#&O/HV[L))1'SI*Y2*)OI;9U,[2G/#CA:B^
MNH!6E2H,C=X2XDQ4YH^4"*"() *'AC3=4P$C4T>A(3Y) 3%+<*^!TV[Y-"P%
MDPQ30'@$[D-X(/R. GI+65$H[/A7IB,B*1RHH(CY*:Y=%4D#2P</.5B0&!8H
MRC%!F%'[P"@&RCCA(2,);.*8A8@,+2E#=61ZNX6+*J,ZY*4H2L(ER.P)TR\*
M3.>T)CH&0Z(LEQC.4^E:1C&P-N\3L2><%KW-0T*/8(55VA4!==PG<O(KZ/&,
MF(&U6.%P<5<K?VO9WOJWSYJA5=];RW&:[Q]&=\\B>5"BQ@>M.F%FP:ZQ\I?*
M=4B2!J[,<JT^A6:!TTC5%BK44U">>P7[FY[<OQBO-N^873R_G&^-O4X]P)J=
M2 5QF21'[*,T3Q1#SUTDZ->2"9IB1@M53+]N,W/4(=@9 LQQ)^J>.)*C;DCV
M"=7/A'CD_)GO-2O,J]%'775"%0 ^=J>T#:H"S?\%COS'2S_\Z=(SCL,L)54]
M<8)*PCBV.#L-H887A DD1BYHH2B@JVV2))AIG/IJPN!&CIPH]$HK/D\>-!BQ
MRK2:=BA5)B<&93D5E<_BV53J_\^$A@F7QH=O>*#-'<SY!+Z0(YB7U4$S?)D!
M^TQ$5/3VF919.H%]0L(_P>R/,8 B2UAT!OKQ13>#8O#L7'E6F-<&=<[Z*VBJ
MS7^!R^^=EN_BO+,5#-WFZ/<1@>H5*PRSDF,.[AI W4= CUU1$7F@KBJGNXNZ
MXOP#4$L#!!0    ( -)TL%1Z.E#O#0,  /<*   =    9C(P9C(P,C%E>#$U
M+3%?9F]R;75L87-Y<RYH=&W-5FUOVC 0_H[$?SA%:M5*O*6(KFM3I$ "1>5-
M2:JI'YW@@+=@(]NT9;]^EQ<8T]JUU=0Q/B0XOKOGN<>^LZV;8#1LETO6C6L[
M^(;T9P6#8.BVK7K^QMEZ,6UU)LX]^,']T+TV8L'U)9B-E8: +:F",7T$3RP)
MK^0?*N!3R6(#'=%U^EZ_*U@2.6>\JL7J$M!\]T&R^0)#-'8?0J&U6!9&FC[I
M*DG8G%]"9FFTK4[;?5JPD&DP6S73JG<PN^E_P>N8AVIU=7A&$>6:RHQ2=S+V
MW7$ DQX,QHX[=?&!0\_M#_S <SW7@>E=9SCH@MWM3N[&P6#<+Y=Z V]TB#2,
MG82'E._K6FD6;XSV%PJ1X K5!"U +R@P'@FY$I)H)CB$&Y TII+RB)9+C&<F
M'ITSI0L+7Q--EVD '/2$7()?O8"3L:A!L]FLFJWS\XOS4Q!Q-KE."/@;A1X*
M3LS/%ZU3&.I9K9+.B[5$,(36"F88= 8CL@'SO )GC;.S"CPRO4 #M:*1+I<*
MNBE[D;#</F:<\(B1!-26E7H%&0B?98%H'&-<]D Y59D32W<8QU@(H:5(0#Q0
MN0>14V5\7BZ] H&2)NL9\LOT8PHQ^7H78:?;6:/:@UC(C,Z&$@F4IUX.C>@R
M1.RFF4EAUO[]ICUHZ;\$']B=H0M==SCTIW87R_K::!C9>&H[SG;\;HJ/;*87
MJ6GCZ I"(6=45B.1)&2E*':>XI^1G3]6X!7GD!4X6ZBLTABN'<\SPGVC6422
M;?5A\CN49O,(T^M-L&/M$:TJ]IWF;(UV0),JV _LH0(#)0E-K'IJGYYXSM^!
MFXVCG_WH+<$*-;9KTTE(] W,6@M%S:KP=[C<=(?8^G3T0B/_HP1U58=;H70E
MK10J*] G88C-X9@L,9M;HABV*+FO"SZ\[0IMPSXCA?%:SJ\QVV]1[UB7-\C^
MBT"%:&^F=3OQ Q1K@N<?BF5W.O;]5BS;'^"AZ'V,6&_?3!^M@ VCO&MB<W8E
M5[K(_UZL^1SZB0A)\KP&]:ROM ]X)ZBG%]?\)IM>>'\ 4$L#!!0    ( -)T
ML%3$2L;.[0(   4+   =    9C(P9C(P,C%E>#$U+3)?9F]R;75L87-Y<RYH
M=&W=5EUOVC 4?:_4_W 5J5,K01*@H+:$2$!"RQH^1%)-?9I,8L MV)%M1MFO
MGY.0EM&U6R68IO'@8%_?<\[UQ[VV;H*>9Q\?63=NTU%?2'Y6T T\U[:,[*NL
MQL9LM0;./?C!O><VM FC\@I*9BPA( LLH(]7,&(+1 O90 %\S,E$4X[*=9C[
M+1"?$GH%IJ8HACO&/P6MPS.,FFK60>(G641S,E5#G$QG4J&W;/=I1L9$0JFJ
MERVCM3_"M#TG]"WB3W0LXOI>*7^F"C&5F*=<[4'?=_L!##K0[3ONT%6-ZC;O
MG&XP&/E_040>[:$C'73^HV"L.[N'IB0$GTWD"G$,GU&,*-SJMY9Q9^__N)IZ
M=?? ;LDY^(E]6 I))FO-_H(A9%0H:I ,Y P#H2'C,>-($D9AO :.)YAC&B:F
MXZ-DR@A/B9";&;Y$$B\2 -7I,+X OW@!IWVF0Z52*9:JM=I%[0S8)#4NYPC\
MM5 > DY+EQ?5,_!DI!<2.UMR1::H)40*,X(.'O,EXFN5,@I0-LOE JR(G*E)
M(L:A5&(RR1-"$0T)FH/(Q8@$\*TM!92:'1SBQ1ASJ)12>-6N9B2<Y2)0'&/$
MA0H[94&4+A7%QI@'6S:+G>.C]Z.#">,IQ%KA ::1BNT5N7[HK=ZY2T&SY;G0
M=CW/'S;;W?YU0S.UM#]L.D[>_["2%8GD+)EJGM1AS'B$>3%D\SF*!59G?/-/
M2^N;%8QR@F^82Q*B>:Y:LEC;U$ K<)ZU!\[+8.X:HR@B=%H<,RG90E''2=KO
M]J[!'[4;&GXJ58OEKZ99TA_BJ09-+VAH2;E36*H9'5K)EL/'Z?)9FU6MF2?:
MNPHV"YX+:,U1^ @EO:KV3; YB9[WYSQ!LCH#59NVMK@HR'><[;-F&\* 6Z<)
MS66DJG;[)2E81N*WUQ7\C91_1$:6]U0RC#(UC(M?BS#2RV7OX2[OO01J=L >
MUZR09<,]PO;0&BZS-/T:=>N=N1./D3QCLW=M\OS] 5!+ P04    " #2=+!4
MM:H3*Q0C  #.R@  '    &8R,&8R,#(Q97@R+3)?9F]R;75L87-Y<RYH=&WM
M/6E/',>VWT>:_]#/3XE :@A@XUPOUQ(V]HLE;\\F><K'FNX:IN*>[DDOX,FO
M?V>KZJI> /L:L(!(,3#37<NILV_U]+>CMV^>32=/?WMY< @_(_SOZ='KHS<O
MGSW]A7_"M[_(UT^?OS_\,_IT].>;E_^^-R_R^G&TN[.JHR.SU%7T3I]&'XNE
MRF/^((X^Z=+,[\&+\.J'KWWO2;14Y;')'T?XZ,Z3J-9?ZBV5F6/XJ#3'B_I)
M-%/)Y^.R:/)T*RFRHGP<G2Y,K>\]>_K\V<LO"S,S=;2WO??TE^>PG0^7L9!$
MY[4NSU[)S_FL6CVYYD4\_?W9H:Z2TJQJ4^11,8]>%>6RR=1T\FE=U7I911N[
MC_ZUOQF]J=/MZ& )LR8JCP[UJJA,K<IU]&FA2ET]_>7W9]>Y%PO-[S;[65 [
M:.I%49I_=,J[CUZH%0 C^\X N%;L^:NI:C-?RX<F3S4.>G]_^\'^ZBP:.UKH
MZ42U *H(0 D#R$.P: B_-A:ZU"97<SCL./HY2_]NBB?RPL\E_>4^/M7=3YJJ
M^TG1E/+1=%*44666)E-EI+^L &4KP/AJ,TK@7U/5%:YM;S_>V=G!_PEFKZM2
MZ<S (>O/.@.PP1CO7G^*H]2<F!0V9_*Z\%\JRA16#T1!NX875C#;B<H:C>]%
MN]L[T\E*E_PU#==Y8SOZ5"PU+J5>Z.Z7<%SK:*:C4N/RD2+2:%X6RZB&0XU@
M)?1SMCZ#3&G.@\-/53R=P($EBW:PWFS #Q3\H[?F1;D%/^', 5# ! A4!ZO2
M9-']G3C:V]G;BZ-3'2U4&NWNQ_=W?XT?/ORU-]Z&R9.L@<^.[2=5,_M+)_5T
M FN'OVM8-+*A*E)YB@MKRF2A*MI2 R=EJJJ!+>.715-7-?P"@\6X&M[+[OY>
M?']_UPY_"L@4  M! WL'V*H:5GL"(VN=VW%ANJI1.2]'16D+.W5<:KU$&)V:
M>A$!BD?/5?X9)T8T^;,H/T=O=98AQ&!Q7<"JU:HLOIBEJG6VCG9_PO< ,_U-
M]/#@!Z/J[\Y>!Q9%?.VC/@9B+!6)HW?-<@;4@C#]T)1P'+JRI/&B6*Y4OKY\
M!G@U>Q\^D'O/W@.:E#Y(<@()$"\B(@+"\B@+N!(AQ- QL"931?M[6SL[]Q\^
M?+2ULQWA@ 51'5 9D$>UTHF9&^)EA)1+O2Q*@'BSQ(%4516)H:FW >_A!-S;
M3,WZ\94"9N]?V_<),)U#.3IX_N9E].+EFS<?#@X/7[_[GW_?V[E'?W_Z</#"
M_OV-Z]NJBQ6MT7TP*^JZ6,IGIR:M%SC>SD^ PD<?[30GNJR!"V=V1S#*"(;A
M!@[M:S+<SO:^R>^AOGWX;.C;/?@Z'"[3<P#,TU?OWQWY.]V:*Y!ZZ\?G[96>
MK4!F,V@ Q/_]Z.&OCP#&.&)O(<,$_-TF+T!, MKEQXSJ@)R([("H68IX:7(0
M2DO"2] JD$$D@/)-C;*5]8I@W6BM''W$WQ%/GET9K[A#RQN&EB#(0?,CM(3'
MU3%I!3'ID$V&Z$JX6*D,.*LN3TP"HP.F.NRLXA91]=^-6?'[53&O3Y$=!\_2
M6/B)A^T_*'K[Z-Q%]Z]>28"YZ'XX&WOOB8NBCXX/_K7ZTB[ZZ'#TP;T'^."E
MXFAOZJMBH*#*SIK*Y&#P(.<4_ '<4MD:]/G8?0*X?5RJY=)BL4-4[XLG^$U
M>HAX=$9WR'>'?'8)8,NI66:J!>+27"4F,[415FAR4%,;,O0(S4!G-3D]U^-]
MJ3DFKX%@Z/:/@7B79_S\41#!?D0W9G7EOAT1[==@[LC,!UG6<QJ0E6[P,22\
MZ>2D<%*V (VP9)\O6B.1@M?AE15:)Y=L/U^I"XXF.P*;K)IKLNZLQ_6VX0?:
MKO,FR];12IFTBRK3"2I0XLL!=&"S69>:=*@EH8PXT.:E1D],+3#%1QJ8JB0#
M6"&/SW"Y39ZAT$3#PSZ*]K3U5&E< @I'BBBP>TGEA)73"7,YUN[4:I4!]LY
M*<S4*;Z$0Y9-QNX,%55UD7R.])=DH?)CC8XW=B'A8T('N+<,]\,:(:PGU=OD
MB2I.<^"7"[/"@84\K(-)(#2=R"BPPKS(M^!7(BF:GAT(N#%8N[\Y)*E\'9TB
MS-8!:.P68#?.(?.I5K5NQXMQ.QH.&%?KECB=X K$;&-U!-V=2='D,*L6SYSU
MC3H/74QK 3#)%* JLR>.Y[IQQ/XRTZU\_*B7Q0F[S@]-"5\4Y2VE_:YL2 M$
MV>F$\"1I,$A0&_A5B$ DPUR055N@ B!3"TCR9BO$>C#?8GIN460I*B!$F4OU
M5U&:>FVQ7(9>%:<H>CS7LH)U*%Z8'6"I-3U,R\.7^:VZX*60O!)"=>N)K4^<
MW/D+\<^ABP-]R(@&)9J-)=F=O#< EB[1"])NZG:AQN\]UMWQ7,84_&GY.CXZ
M*U29!J@0+6$2&PW";Y =B@!0Z'X"H0&65 V?1\NBU/PQ'.6)SOT#;*,<"M]7
M,%A]6KACFD[:&4\7!;D)M(L]V&.W7MW6D?M&G<;1_J_[C[9V'SUZ%%L6'#S
M D$E=0/HP)[BSA99_JD4 :K3Z60P? 1(762-I16$EH_7V^B+#Q;;6:16(+JZ
MB!UML+K&0.NA+!P1XC( 9.E0WA%L@/(H3-<BKGN38XR(WQ-QC"&_%<A=1\=
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M\%ZPR&O&$^P:_/S]X9_4/OBWH[=OGOT_4$L#!!0    ( -)TL%0KS#-RD (
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M64+2TH( 1(D"F(8EW!/;DC^2O3"C>SMW)EP$ ?(@N3HV *UCYZ\)_DR)R"7
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M0*K/,7GC4Q0C5@.R8MP!9Z<>L87HJCJ R%LS5JM[8955M>8FNJ4?3)$O4AX
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MU9*0SVD;TZ2T<#KV5=E-(,_3%E2IQ&D4I A_6=*T*4FZ\W]1C.D.D2Q*"7=
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M[B''4QMBDVB++XN)0V1$;A&^GY6YE-B=%1*@82>YVH@@?>I0GBAN'-QC=[%
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M8DAR21*P**+P2+P99(OXT05,!+#-09^%1;YZX) 38#A.R4(E@VN2V$15Y?D
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M$%YJ4Y+KH,( =NF35RCPK0<T*9(Y5!C6*IF(;\MC'CLE^8RJV#4P6:%&G.E
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M8!H*F89"IJ&0ZG#8-!0R#86ZOC0-A3)9@I-G,:FS\LF4YW9U;&HP'@^.M3L
ME\T?*]],>V[7QB>]@T;"91ULF318_/W4YW%I9#2/G#+J;;F!7Y@45_I 6_&4
M1FWE@0UV1N!0W+\7CS$(DTEYM8^F[GKU,:9Z_%ZB_SWBPQVIYI"F%\OL/%:
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M4O[O*!77^JFV/+[VA%R[)A7V)6MA.%HLW<+ZM0=AK>90TO6+;&!8*#Q(_%.
MEU@4(X3OO"<8'* 5+C<M^&'Z@(R#MMY]J&<B5&(S'J4IZCI:$OD6CZ:$RE]N
M.GH<'J)P>8CO6;*OSQP\-(?:5#85U**B/K^I3"=6,YWT!B%L&C_1;&V:"MC6
M#N")CB=SN(,60.B$'0#L21T_OOF OS@ [Q04(%6'!*,%4%4,JGJ5<,<![@Y>
MI=P7,??EAOPJX;XJ\ /X+X,M-TY5D!UW]:6$?[CS?O:QLG_!/^,]-$@Q$]#&
M)[#/6,O;&SPMP],##'?^>#=].,535:6AAZ'(\9_:W1Q>8RDL[E1D6D7/>$]V
M &D+4)7/L_'IQ\=Q6S@>2(E'-+TAD.!L[/$66LLHN[922#.QA65P(3E#AZ!;
M+KHC*DT106VKA['0^UAH.?=3:JMQ62O<.SL-3;ZD3YERLI\X5;]8A (CX*4^
M 0@H@QF+F)A;F[)KKNEH=@"1\*$0JCS]:;VPGX@V4PEZ;F&T(2VIL<T5.#@A
M<#_YH;"%J$AIS,E)LQ2=SA25<N)V5X*6ZJ<QC?MV7 O?@'+4I%=\;[N&:-\'
MUA>_!BK*90H7\;A,*JQ>JJ20W'IJL)533\5T]-E-DE]3%U^)TF@/]UHNH>1E
MF T.V ,['<TA'XV=CZ:4N!,)X?,BTG*#M1/TZ8\[I.?AP1MKE+V$_N!,$=4/
M9]!T+WT"IFP+Z[4FR2P$08 %3OXWA1$E^<!2-[$[KXPL6FRW"&Y!"*^=33KB
M2QA^A=#+-;/ NP(V#<C:0\56\NR$\#4,\5+D>-".1TL^B,MA:VCMXEZ>_X+A
MVK^$!?_QLB\ST<?\9\$,E:ZP%X!UNGE)ZDI/>$AW7G*K$Y]K$-P19#[95/$V
M1GUZ8R,ZB8O04E955FT.QI.:XA,L\,9W7?\K=LVD55BTWP/D_('WC!T<J$"F
M-9S2<59J!7*]@[>9;#'-52X;*2"-6Y]4*@QC];*^L??NZ[0P"VIR$]@2QO",
MM@AJ2-%2;PAF>)]DCL6)ON7F!B /\PW(SH2/51N>C!L#Q2DD ,8U-I.^9=]'
M*>5TEYNNS83+Z&PT7]T49U0YS6XN,L_OO"PJP;&JBW]A7Y[H\T-4I"81BFF<
MVITJID*GZPC5@A#'F&28)0SPP2^_%22>87%::ASXCT"EQM& )/=)=L_8I&0D
M800C+@6RL?0C&4$093M_1R.2<9VP-3VFS*;";4?XDFYK_%=!N8#RB/P#Q(,>
ML^5(OQ#:7WX;;TI7<U$#ME'4:J3);MR[ZYW\%48CE'U%J"9+%YRLKLT10(15
MEN.U#^DSH=:.(1(-2-4EA .$$6R9GE(K_EYW2X>A=:.$I2C&J&@-R]I-QK??
MQO+Z*M,)P,;&"I(Z]:ZLBPZY\*3#Q V^^G)?.LW<5+_49$=[/]'.A\#&:>!:
M?QOLU1F]TQ:2[_W6.!:^ILL!VB5XG3._SR2#C9SYO" 9RE@63[F]3NMFJJ;I
MULS:I<2R(I*[Q$.X\H-PN8D3K,\@(/W;3VEB@R;@I2"D$V:L*T5%H]_4K'^1
MAMU*6/_JHR_Q&[<Q=IV@W9,6+Y[=N6)W6I>.EJZ+J[J,2ZGAU+[?2]J($]Z/
M$%E88+"%J4_=>6TK<J=%N[]_15'4H"I3T_U5>BZOBF:[\ZJNI O*V)#C=2W9
M+ 9*/>,'F3"_FQ<K[OU"]HGZZ]"?(/ZET/O+O-1?W7K ;88LK]+_=!['>I&]
MHSO6NI#S>T6V;]-V9E %36M-2X$YN01S]X'!9GLZ4"@[9[MS\?^%07RCZ1 C
MY7V$!<0#(2]I(IN\0BB& 18V$Z64#8NIQETPR\49V8\EZ*B@%2:9%$:=JA L
MO$XK$<S"9G8)S^D89,MDD2T\2X!<D(M!N1B4BT&Y&)3+*T2Y/,$C]"(XEK]G
M[&:=JQ.)GUHTKPSADMPN;KXNHLZ\)8ZSK:_(L6Y9]PIN\=3ZFO!?K*8@]&KG
M*KVJ!^$K+!:.@HLM (??.B^)Q?@)DMM=@Y?FS XRA6] \!QK/248S^RWT V#
M[#<7R41^?Y&Z!!OG.:?71-R"T3Y2(2T=1<!DM>&MIJ9?SQBO(C[+.U4ZB&/A
MRSQ>0OR_<+''_^'\ 9(6_(.UG,9\[[0Q-_G7.JE%K4*!B^$ /+$)4BKUT0*A
M^!F\ZM5"Q# 4"!LN7]F$$"E;3WBIS[<F*\%)>"TR".3A/ \.-A\H^M,O/'MZ
M;U0HD_]U>ND8CC&,/!)TYN*<7>V=,2F/Y13RE6ZQTFQ, 7'B2;T<XJ?0O.T3
M#")\F(Z[.M-F6UJ_?=TQ=X<^:>%,.K IAS1M?W"!%[^,2![(.! MYG 4CD-]
M2O0Q(WJ3$<6104/OW2(T5#V4#I#.E[<?E2Q)6, B<GDJ2GIW $&4>4PI+2+7
M)!* '+RWN>-G3(-X,RE&M"@-:$Q(!Z4TJN)22F2'DOE8N^Q-:1;9SXM4"C7M
MC,?%<@R)H2X6I$1TL$V@1C&L7\?:S#L>TH/*P,I-W _Z4&AC*A ([]J.X]8H
MA$C3U.UBK_5U6LIEK;8:=RE2$?CDP<?_^@O<.98+@W&-UL9:\Q.$7"9K5:&J
MB789.:Y-NM2.:ZLZV_&A)8)&:NAM^-4?3@O=DPN .]^U[_8X'CO&4?7(UNH3
M03?RCLMZO3JE:%S"]8B"'X2,+>0KG^A"7XUP)*VJ1L4+%IU>$GQ$#3 =76:A
MA8K&K%^;=W6<^=N&+Q=/W^@]<0T/"))J U$'VQP8HJ)1YR/,C$$=*@ B=O"L
MCG91':V8,?M)ZUKX*/UWT%@#BE-UE:5SSL=3OMH4_19_<,IE'N\M*R$9SW)#
ME&4_FB!&4ZG%R5$2($9)># 4O?+;@%TTS-#"E+6J(LR&.W3DY,QVPU: A:JT
M2.=M63GV+E]^%5&PC!*(: VD/H(8^+'> 2_K)J&E%D(GE;)$./5U5_'IU5$#
MH32+TN<S!R08^X(KG3CZ[[OR3:WZ_4E*Y>MW@#$OR%*[P#1*)^H=@*Z4(EA+
M6?F;\"M 4$\II<9==]J0<5EL+ZK4-:KL5OM5%(3^G@#.X]-E7?B1+4HES+P-
M3*=O95,V?N#7=_WM*6[5JM?>=,+,VMZ4^I9<XTDO* 'K"^:,3_B?_!BO"4.X
MV"((N\K>W3?$*"AIK6!SV(A!1U2O[['6#?#T9[1"Y1.==4UN;5<'/7C9E7N5
M2Z]AZUS;^D28]8K6JUN*"[ <('KD;!T/N$E&LB5LIB\34)'2"K&7G8"B4YZ:
M-X-+98OJU39^ S*1U-N,0K8EV;0Y'%$H.O1/YK"O\Z:>/-LS:9X68**C.&.E
M=240+T3^9IM*+5:A*9YMKC_&G*=0V% !# 2Y:N 9E<LHP.8F]WOWSWA]#DL9
MY $)^RCHJERRFZ%8UWHUHBSQD>Z'3]#RMYX3Q-<"UPAX 981<RY^OX('@/"B
MZYYN\8 7UN^1DW16CF^Z)J]BX!^B_2'Y9:EQ^ITW:&5UZZ.^ >J[BLKGAE/0
MF8JFAW&:V=DX5LPB6#S[4=B^2W?C!/M(S,W.-%JA2,1P6 *[$72V7O*8G76*
M7<I-,#_V?Z+T3BW^(T;K,).=I\78M3=AC$JPPV,*(=J[Q9(0^L_ ^T(@/#Z)
MZ0*!B\$K0GZ-R=^7R5^FY..0,6B^'T A4R,X'8JCU O"F4Y0)AD+*D:Q$.,W
MFA_/\8J%0;4EM;62O_01\K^22R"7IT]@#\>$V+3R5G2NH(31C#-C:]=P6DV@
M[#A29S?RI:EV[N-<,^W%RO3-A'Z#T9?.95IL/+!+C\VT@EM$+4:)6.'>^<F2
M0):.>Q^'D4SUM\[/===S^A>/VG[9.G[9=^J[^+T75/A[U5ZN5MWO:_J6[>!7
M_GZ/-U0'N"MH12C>\S[YX;V#CR,VD^II*,W""%0JH3GU<Y@C#C)NLQ?9[KP@
M=,(HSCHPV6*0C$XL *T=AG6A F61Y S"!Q"FIE]N[GUO2R9E/"%)]BZ.(]DF
M!R/5.=B'65/#Z UV<VV$YTH?A3F8H5<#P^@*T5#V#I]O$3XG/8$07H) QZFS
M*8+.,OZX:0U*DRA#AQ9<,]A(EG0=WP\:$FA,7FMW@J8Y5.$[TGT@WZD[G^-6
M"0/O%N$UK@6])J$H=0BDR+/%9^F18&!=#@;B\;*"*YCIOAY[<VM>P9LQ'<'@
MNA$,DC(W8^<9'M+:8"T:/(!/]S0OSVBJ>,8C!DF7Z.  3B3GGE4X10!?R31(
MZ3XF=+G!7KW$.%?1C_X1(H\4B$K!/#7(J^U;C<AD-KV7T5VM2E!XH2V>/E@^
M3,B^>3E +XA?(D@>+$C^55]00R^7-O0JNZ5%M"\;>5YY<*TN.UXQ$\EZ'4#6
MHWA4W&=D9@[5TB96=>Q+;IK>ZMFF\5<'/P'V"6!R\NV;(8A@$ZX13@SL+F-*
MQ!6 JA>0!:PSEC3*,AP=F!T-CED$!J.96!C%8S \$C \(\]H.6 >@^4Q6![-
M-C-8GFZS/0%O.^JZ6C!4=Q*?PWI:4KS4>RLU#B-?V:_PG,!ZV7#O%B/0([C$
M[3#>>MBPA-95D,$.M L>[S85AOY^N8DYCAU5-%EK?@*C;8FH;THM^E*6>5S[
M!RVF:?#542AG,4M348K@D"1C!+8):B*KG#.AB7H(:'9^6CQ1GPJD;AG=[)9>
MZX1@4GI!8RY8ZP%-J&FX4L8*/>(H$GHAEH%2[QT?ZZJ]:DU.=2E2,O*JZ2K7
M,+"0<V"H%'9]K0\NI3>MV*5,-3>[6\::5;N"'#_;56QB23CW4GV5<Y19]4J@
M4BU2K/T,GY$(TT!T\'O!,&GC"M1&H.@_R.</-<_[!,/E1L0)Z.AI!(=H-SZE
MQN4"Z!/V\1/TLJW.2/2UFIY5]ZG]_])K_XEB$?;).$XV#DF#4M,T$0@=Q;J9
MJN]T3=ARP^NX&8G&9=?PN>0!3_  3G&[&/)LL>-9S@&X_X( X9,9XZ;,0'@"
M$!]10S>W6A;%2G^#@DN4]5=?C8T)X==LXUBQJE)XC*)@RRJ:R0EI_0T6]9DY
MT:W<BT=<DMSZ$74RD8/R)%#6VLR<*'?PK*S>R,Z1H$K7>*00;$+Z]+$H&ZU7
MCB9@_Z;>93?J;\H5!_(<!DZ^.]=%.=4*U:E5QZG%AL_8@2)4G$?8O> ZI]$X
M)A;D&T?  1=A),KKP51L6(#&# 05^7P'4IC/2H57LVA*QJ.7!K(K 6+&[MY2
M4+<&=&M MYIM9D"W'9E#TD*+O$&?S7ZV=FX=7^O%*U%W<^L:NV1 63LW5A!-
M]_>SZ-K6,_RQ7'O]U1?S[H+ 3+!B?2H8S/K([#PU_@Y0X:XS < ?: \K5<$3
M$^1$>4[0)=%S3J<^E#SP^0C0+\"-X)UW%P01\"R8(@WI"\V]).9KAW[-2 8"
M%3/ODT\TE#VV-]8R5N.J,7TM8_6JZU )2N>S!Y(G].+M+GQ$<.]$^VLGB)L:
M+#P[=QL_".E?)V0F.]\9QJY!)6^#\@)LI@.<$S4$+\R%:WGSK(3;(S$]>=BJ
M^!6>MS$ LQ@/\8 BMZQ^%>013EO=7LY2R66/U#V^EUG!S7N=IUU@LLB3]O#4
M]?D\8_$AG:06^*O\%+;^6=@ST69G1QJ]IK;\H7];TU&> ]LM@EM\]#MD]5W@
M>1%PL\)O6P&/,WF2%T(7&<^\IKR(>3[FQ>9"@]QH0BXF7.?;<I7\TO?LX%<G
MW#G>)VR9O!TK*9I3#H&:W 3@9"*6+-9 >@4JN(W8PWP%+?P+R39L(SH),)%R
M6[:J<SA3*]6DZYV#9%NTA>9KF)IMJI2: 1Y>'/P(A3O9:VP+T=<Q/UO5J>+!
ME=[U?A/N*L@RZ5MH/P-]R18^1Z?<10>TJJ0\R>*PE(9E(JGS6"AJ3#;=438*
MT'&^R&XD 0^XI\#!YXG(L],$(+0W$1F!"T&0ZPM!"SI'<M+ Q/T#1"!TO&W\
M)Z4#"$<5*J;0.-Q)E:]Q/ARJ;8TJ$__]BA'$9&JU.IH\JN*XKEZK.GRT5)@<
MS\XR\)N<V:\,8STF<+/"4^&^1-L7<.P)7<V352V@".N9[Z#V&JOB$N ]>%RX
M9[< JJI(E&C/M@E0-5"/[E0!/3M9CH?U[#689KRG@,T4]U<E[Z1BKFB] ][2
M@R2<'7>>=0N@\RW'P>6G43KHTJ*J&5?GA\^'92G67WWRVY$733:A9F1@1FW+
M38O2BT&N[T[0['6Q=#?XDVS\AM9E]R%K$:5@6I.&Y"=TN@"U8)H1T[P^0*]X
MJ?>K6R3)&=8%<8Y:%P%:N;3>4N U/[72:2Y4"WN ;DNW6'2.-NVP73>,D0>-
M6AS%;^.C>'R*SQ+"3_E1_-9'R^PHGAST*=-J(AQTYMHU9\V$#*.B_'T/@^!N
M?XA"9H1=VY>OV+*MBE31VN81D\9RQK<1EIMXU.S]8 >(:(,D:#;BD&[I[GGH
M*)T%H6]]><;RVJ31(?0"0+C Y+U,/*K()0H@JH[_TH]O$05;!+"R^'MMW.P/
MKG^"<!F3>W2!U_)ZL8!DK#6R\>3AF[NJY6,IC(TCB[H@K:,L-KI+%JO'2-85
M+X?QM%:R0'(?X,[#@L-5B,-9PJ19&.L.&'IIZ"]TC3HYR_V9>E6KK-5E!]?K
M2CF(UZ0I%85'M-[Z%8/34A@B4XG<Y#H5TWI!2\02&FI2*NR@M!N)BW^Y77CV
M T!?()G*V8OCC)T;ANCH?$N#:N*7FS@,*D4R(C![%CSE_!%Z.'YWR8/@]AZK
MBJ!50^<(^TPCZ=5U-@FTGG[IS<JI7E55II3/+1[,:@<0C'?7-"&RQAMG *QX
M$R6@R&R+'@V+PR><MN.SEN!7V)2*7OQL=>?1\"&MS/4VIA*::34 2;MN:>!9
M.K(C#R!$SDN[YY-!'^/<DNWYX0/8.E;@;\*O6$%J$R.<0JG(B0B+HBX=(F0Z
M[1J:<!)$EONQY3_$S*DC]7'G'2%>6&![_]9.IVI\ILX)).8W9,RV\J.'==6I
M.$*7N3!E+UH^' .\V9FOZ/*T=H529R5D:)0Z#]&E4RV06'ZUJGAV.^&5S#"F
M=$+E$UU=A;IG6:''ZMAH,I?L^OL4$>K+31S!)DM9L(S"(,3+$CZW4*ITB(K&
M2[QZ]NY!M2I*N?T*G>TNA/;B"!'8XI,$WLF<@-QDM&!%FI(P=U[C^+) B#S_
MG>[]-!Z@@+&NJ:G'8U183D%+@)J83Y H$XMRA2-'<NL] BYY':,DY"*\A%O'
M(W^TW#!<))?!Z56[$)]M%#PLE$/[[K <#@XPK!014I*DO%!2.@@S67U5 CW^
MP*[W8=RKE @C6]QL*5N/ (/7YA$BME#Q-B_UIB?78Z2SG72%0F.LPNI</1U1
M);A7YX:XR>7DV(8$F9@0A<4B@ZU1)48G(D[!2/35G8]9E4[3D%5J;$(RL(JC
M$PH6KVQ?$3,'1:/7$4(4:8ZC@/&KWFND6"Y+VTFMN+!NBD30$0*5!AN=@*Q)
MN!"'93*'D5SV&-H_.5V$F>QK.T"SZSUS@+Y^ II@/"MP<+ ZN'$\BB JO&(U
MS"8!IR(N"^\,5RF=;#2/F!SCOI0\J@>R@7D$S3GVN\RO$,\C9<*) 7H,HL<@
M>LX:T9/.,;8;0I5O] 6E-*B>VO@474A,7N=;;IK8$]YZ/ O%:1\+%&SO3.JF
MF#<&^?.*G$<+]$=EGJJ.+P@4):HZ^4PZ;Z[>@W@L0]&+16JBRF!_%.]("L _
M<BIL'\G=1W78'SKR$Z^X*G (?DLHZ*A'O>7)=!;)3%_=DB+;:!2@'P,WG+7'
M2, ;]KR"; "'K\:1E"$.1T$4'1R$1??L6Q]MH*,P]F%G998D+@/1/2JM;G%2
MXU$*!3 +ECQ;#H.0#!)R[OXC!0K9@SHR0,A7Y$PJD9 #N"8#A3Q3)Q+ 0HZ6
M8S9@2$TYYD$7Z'U990)PR*1-WX$HLGCX> 047XEO0^^2@7JMK#B7;0'>*K&(
M#38*EVU)<,,^!^!'$S;U+0$LR/'6!A9@N6%$"M8^FD=C<QIG+[V34=.+$A1@
MP80) ]CX3&\3\G87:E.ERC;C=2[4Z+\V;6K#_;'J4F6K\!F#_KHFE@CDCUN#
M2P_R*+'X3&-AG%J1I4%*;79<8;+^ZO-HLOAL#IHL#5)!LZB,"7EUDTN7I0]G
M,+\KXZ1[VXI/H>0=2QY]EK[3E0&C5F9YC"K:$F5LG".7:Y:^F[XJ2V-4T<7G
MB60%B]8-<5HQZ 2:W?M?(;IW]@YM_I>;_(PP7G3'/GY%*X&<LXFCQ-JOW<94
MSY6KMNSGPT'EC"Z1?^76+BM:27S14G64T@RXW@OXC"PXI#(5L0LWW'^D>QAS
MK)+165M<\SK!U-3WAS@]1 KG^531N%Q&CG5H^B6.C *B]1DQ'F<7 0BJ?!(H
M:7G.H8+SJUU0./QH$ ZMHS ?[N#3ZG,*47!@(-!_*".ZW*PQT2!:Y$07ST&\
M@].F@88)R;J[_SEI*F#G]\AI\2M#9'0EKNB-T'G!OD4GBAHIU&9;?+7I&H3P
M%C@H1KODLMRP')*8R>I;Q7C,Q:XU!86<FL^DM]+X9D_V\8SG3#Y^BI21DIG"
M9@!J<MH2"DHF1MU*<A,\-9?X)9Z"?#,B_59C0"YA3F0*H+C[KF)&,.F?EIK.
MK(N2*5$SDM3:5<T?&K=Q(D0+3J2A-*NEBDHU2NYP#WJ$@)GX:)]9]-5KR]['
M%72<__8$CKY*X>C]^'7E8&T&61I'> GH9B[V"D'=S*;1HHHI@[]%'(H-$,YN
M*VT@<0)J"1@QXL4WRA9KB0!QWHE31>>6]*0*YARS8$:,E[]2%O10PL4;SM2B
M0WJPN)A/<\#%ZZK4V"B639N4<'%V;<;7TQB??"Z^T S+;9E/Y1>?2R-3Y(O]
M@ 7>[K"L5*=\ UO.ELRL9S7ME'NK1=)?Z:4G/_%"KAP?X%>^$EB?P0U-V#GX
ML41CO-7<XZR.=^V[+D"B]^JI6$P:/2C'+\1,,-(3SJ:)J\8X0E;?5J78(-.Y
M=4J[RQC-6DV[UOFYB>(.K:9'ZUE[CXZVK%+6F%O5G5AI&;S2-89:_S2/.JM<
M8^0ZBG2V9HWA]ZF^1YP5Y%5O/%MJ1K6@]UJ/05WJ5?3F,G4RC]72'(1?^[P?
ML+S<M"G-4SHE,63EPP;)OXIYSZ]\JG:CIE/V#'U"3G-LN0]=F?;8<_(@E1VQ
M^_*MIB?VF7F.0!OLGE2JZ8$]91?@;WL].6AU<N,X\(M8*H '@/#8\,_8U\CJ
M%O@;F*Z/![(^8B>$6Q^5+^(J0A>+2=>PH 30L2R)N&KSZ@64C=&6(8VR%44
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M\4M\SWAY1;.0O#-9B]@LMVLT"JBHUM=Q56<:7E[J ZC1,V1TZ&:?"^15AWA
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M3"SJ#?ZF%X=T'N U>,X(X?;7 L*-#(/*:V-GJNOBB9\W]_H$C@4>O*\Y4_)
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M'5L\DR(?5B;+UG3*5Y3L-]W**):XC0I-0>EG%!=XZBSP 5^/E4;L"KT7\S#
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M#IM_YGV.HWA_8H"Z((KRW>^_8?3I$_5/%YLX^:E^A(%-D9=O.A(["_34>!+
ML'H5Q5NT+5]&A^)M]'>O>+^)1:=HU(,!1:;& C4%IPC2ZV.2D!%FY /(.)KM
M/&AL#UIH?FNHR^+,"^\&H==B0("Q-26#-OF3R&./PJ.)*Z\V;/J3L[["#:-)
M=H7?<I;X^A>PN&_5OS[B162GGQB^EMD.)W=Q]$R6=,_["-FSS("X?)>;Q[\9
M>?V;W@*>[XL:9F7PPPK)HQ?T68[T'0I?3A84 Q)SK2TW12WL5OTV@>)8\4H
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M.O+I^>^!%9=V>4U'CANW5RODF!)E<.0O%P7^V.MOT"%DD9RBCOTAUY#M>SU
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M[\3JWJ@IN4$2#DMO#/$A,L?;M<2*EZ9RV"DCFUKMC$[?/*O$ E@DB8%4;-$
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M&%(J[,G96,[1IR.T&FO*"V!\$^81A[19Y(-'_F CYC=,#ZH;SR!74M&^)*=
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MLIBZA/'FY[PE[/*8I9G'"FU:B@\,#N$XKV&<H^$ 0?XF8J^^0?G+J/$V>'!
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M7=H@V&UF[SYX)W:!8QVSOZZ.AT,8<(NNGP=W2CR!J&(5#@=O&!V*E^#3EG2
MT :H\J*HJ\;<ORZS^6@?RSVN+UUR"WH+HR1C5!P"2XJAL7S,!+_@Z BS8RO)
MI0Z4R,S8*&UAMMDD1R],6Q=S167?SU2W98 %&&=V@"-1Y9_](8Q/N+BU0G06
M&8I=TZ)TH$,G$C+NE"<9F;]Y6C#G%@R ^2;#RG1N3XU;=<MV)G"Q=8(;<0H2
ME[LPQ3'NC(X1%M%C?K5XN;TZID%$V\_'^R<R''5D4LGM4H&@*U"I,B8Z;F@$
M@H*HO(=-/8:G@@C:-*B 1.]TA<H]E)!9)GV/H@EKR"CR*!\PN^\86Z*\L"-!
MY(')AR(SBB,R^RBC&S'-<0UHYQ.<9O ^K:SXQ;K029RY2DI^IE>GS47&"S;G
M&U881\\7W8CS+UA,!G'F.J0&>+PYS 3P'4_Y4\[ZHN>4SCFE)"RZ\CEXVFD,
M.<B]:H0+]U;Z,$,BR,4>V9U&CCS!@2>O[206P8*JF^"9F1YS ,<"6HS*GWE-
M *W&!UOZ2P22!ZC-KC!+MV& ^=5[;U!1SFO3.RJ"/?&<@N3U<Q?)2M.%7AYP
MXM$&2,,GE^)8PR@=YUF,8QR)ML2!,T?WX0-9\32B!E+S-BXRQ;7QG 8*^!Q
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M54\T!M[CD2[$<LL^G+205>HP>48T/HQ_*.!&#O]OD%=A'?JH84RN'?]O:-Y
M-:B'>.(V?.:M_9>^^(:MH-ND':?%\<8&B+USV)#]G /V-/R>,"3&(2RUT].
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M=3@UBFQ877_= S*3"-D4XF(*T;"1"!B$?2,9^K(<\'H?Q_ZG( S9[9F,K%%
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MBE%!+SF9U["94H8X:6MMD[72+E7;&G1U?$H#/_ 28NJU&8AH3_1X$WB9NR1
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MR:$&QO@4M>ZNW\71\QHG^\X5^589!^)@L'\WPYUJ1I+I**Y3<@SY%1UB53V
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M1#'(\EG:\84^W&EJ !!_'!) (^0HG*112EZSHR>!'QDD.SV0%<MFD4]!=IA
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MTJV>7:WJTK[='[%D;*BOXRLTT\/_-*Y'NU387+>5([4^ZC0I"I#U@R&1 =]
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MYSZ%A"YK"BQ]I'_+\@".N!!"6CQ*\NE/-U:>D&G"2!@6\"J/R$59*7*=9BS
MD 'Y*&X>>4_.S@^=;&A%B'KPC'1J1_1TJ$<U_"KZ8Y+Q2.7?V?Y7%F@8>!FM
M1]57N)86=SKWT1#PA_8"-20$;/E-7V>G8-G-M+ZT+'/,XF4&QUUZZ@URVD5:
M;Z^TN_MRJ=<VX_6HN3]P:G*F-.]Y:VI,L>84?*(Q]8> [HD_J39''P:XD5)%
M6UQ?2E9'Q9ODH(/"W(<N+/"F3<ZQ+TV7+W680PMNY7D2 *=$FI? !B.%-H(9
M]&5DZ6R;+7_;1^43^L?]@D1A%&2MMXY*?*G;NRXMKV)$55"^_IZE$11:^#WY
M]6I$J!S?.6;;!+_[W2YF03)!]EHE$ZXB9X1\1L;VEP5EYR=!"R95IMC'^_O;
M*\C_/WOX!5W?W,WN+FYFM^CQ:?;$?HUN[J[G#Q]F3S?S.Z]+U "5"Q:9I>"&
MN"=8P<$TIG];E]E=;Y(/M,>,=GT?9#G]3_PZ?TEP*$X/J]/#:-VY/5:,Q;;&
M>0/" Y9U7R@J.F-O;XONT*[L#Z70H6+A]>$N&15,#6_*> JP.\((*>%9<$\2
M%H$'=C-!FYR_:@"=?&E >562*D-HX=ZA#(3QNE:;ZE):&*!?/);&0]5'27JV
M(*PDK"FT6NU]8>F0$579@ HP)4K^V^-JUJL&"2JD QT+!M411DBP(=Q8G.])
ME&!"+M+M@C8U.>".TI7K^],QF-8&HGA&%C*S'MQ\+8HN(,ZUZL.GBV9,#'7
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MN,O6B*?)8NTGLMB;*%'AL.N4C>7!JR Y2T)+1'51<)R'5LV)\ME< 1?PO/5
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M 2#>KL9-W7)"=]W::JMAI">/(=5";O$SCK^;KZZ#*/L4Q'O\<X0S.J2--.7
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M)X,]2(4++%HGT2I:!DD^6[)RK+2/^S2.A.=Y1G=BVO2<.HQUN5*Y=>OVJ":
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M('3L2@Y&G6I:MT4GGF7NG8T6G(8<<R*"=R7O"RME^N[==]5YYB8L=@M5I@>
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MX&!ZA19%[R_K:95A <VM*\C6D\"^ FEM)V<H]4^S*XV\UG$21@1^Q.O^Z%7
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MDW>K(4S<-(=6IS%!AA@#K+C[+8M<.PA5&%K1=10NBL43*XY)*8JV\&U5B"3
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MJ5M$0+W3JO8I /3OV.5LG$7=+<, &G(Y.Q# Y[D7)OO*H"\ATYU;9"BAL()
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M0!FX5,& 4+ +O\>R1OPWX99=AT5<R&X6:TL/"?T,PM8>6I@PIZ,98X]U>>M
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M++]EZ3[,O_V2)6!;6!R>P3)1%FWAO($4L]=/7Y%6_9D.-V+K.9.J?JN%-+V
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M-'/@_Q1".6V.Z1SP6CUQ$44YW$7\QV6^RMZT;F,E_:OQ5P',"+@N#'-H>&I
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M)33=4J1FLVJU657_'(F^7?EU)Z+G8(U%!(T&0&.!'F"66ZL[.%#7%;42C**
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M@0R?AT,!P>\<#KA$MT'?%^;:SY>"JV3MV^!<M-?QGI++[-)*' =M&3E7P?<
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M9C+Y7^.[L?@X]+I6)9@:@J+/[WXQ:H\^-?[$4M+&JV7<]^34<W#?QCS]W[T
M-[+QW=)=15<\:8X92_,MU'>N?3"^2C\X\ZG2$UJ@B=+7*>@W6A[O,.D-#NI1
M.@RR@<IT#0%T8&?W46+DM[)(:;I?->#,%:-#=]UU4M,4H!+L-_CD35F;J;,P
MO0=\5OPU!&Y(<$D@QV^;D:/W$?'"&<%77BWAG81=OQ%;-:\P2W&+1>7F/<+^
M*$DS%]&ANH+>87*"^C-DN21!UM4/"XRKJ"/ZO)(,8*<ISOY<-)$"PN.U8HH;
MGZOGL/?T(\#\TWY99VF60!'H8T\_VQO;,(!G%D*M=#8[";/ *=,%8BJZ8SLO
MKB!2TUT"]IBV[%WT4VB$ODR!N9&*G]I]U!EAO!R8UR-,^Q/9?D,4-^X*.WQJ
MHC!C<8)%JY>2H_*J[L$)), KP]9/CUZXT"KFM4^$=\BD7_&00"['-\Z/!JW7
MKD:NT!!?^DKSWY0DT-\S6C$Q-P<'$@O:D=]Z&;0;V5@+NXJ$NW)(: !:>>DE
MZ/77 _C[10?NC:9X%XY7B]<-OO@_CEW\'W^6Q6^1T++XG7H)L/BEQ=H6;.$[
MI8P":T_9MGJ-< Y\^'(4W(YBRFO&KS/,C6(&W6<>:4UALMF]_1860BE9_&S^
M.-D(K:*T:S89UYM5*OUGX*&("-@PF;):E;N2V>"+ZA:2B"HH.P"50C5%P^?[
M9E-68+##?;JN]_1ZWWPK&]60OU62=Y_+Q8_"4K9;R046@R#H@>7#($L<A[[B
M>](.A9M#,!C"WHH([F-'BYI.#,EF)8XI_I8:<@;LR(%P:R T[L-A$WXN7VE5
M@%R?H;BWI9J@ATG^TG9&7K"W:3&^#%3%."-;K]#@/*UJ6(,=@15-:LI6-OY[
M#\5_4RH&[V KZ$>',M$9^9"*[H!C LFIJ5P6+;-!_"UFA"9\(D4#5#HU!YU:
MJP+J6QIX\2_EIE,+@/"*H\8JMC_5;C%<C>/VD['3%3:<5-;-8OV46%QV\ BL
MDCK)HZ?+*L,UA&WZ\H3^B)50$(3%6NMQL7XNFR2_88N!W5LX<U6O!K8.G'ST
MO%KI>Z9&X*Y2C+.T9GALINYQ.C!LW^<H-#"^D:XV19F7+P<,JU\D-MOU*6+U
M/UUL]ARMZ)?$^7J.4@RMX88% CJ%9;%8/R25)?U$%$A+E*:=&8A9<=@\[@2[
MQ;.!\]QJ">Y?0--PL>[ @]HH.9KMP.=]C(.,$\U61VR(4Y\*%3R3H4LI^_2*
M!OFZ@< :8 ;@YH0I1(,3^.@K]ZI 7P* @#=9GJ$UJ9OI4 687!^C]!CH,Y)^
M7(!"L$\#G(4P1GLPH7N8X-.:U(H('FNM"#J?M476*50F.^"Y.*C^V(%\P-M%
M]!I51G%,1IE5^GC5)<:@O8^W.3]8=_R-;3!^>XB6@G].1^@$&R#W&'E!/JS8
MLY'324_&[@' B 1K18C-':7S D"VVZRNW?!WCB5:LT\"XFVKMIDFW!8/7&20
MR0(TLFHAR)4-<V!YLB"[2]1E4=#\+GG[MK<=X3(ILFU!6!/"V\3D]C<*HDZ!
MA\11&3 0@H[&KH#J*TC]X4=)K4#_=P+ZGR@=3BQA:(0>W"?-,(V&IBS FSSX
ME;D]O,EVTE^L,+A:Z/1$>Z30DSVT[OHC"MW8FZ2OL/H9'::J:67.WNT+# XD
M.><;6!TN%;E9MST+_DOV^TG9P>=H9EPPQD/94POWW3(S_A4Y=UHHPWU1-]6>
M8QF*]'>:O@!9TX563=J^3X&M9-T;\9:UX>_\R8K%CU#EN&4V>LZ"W>M$_>:G
MPW99YL:@@RA8S9^*R-AR--K^A4TC2M!S^KJLJO('\",OJHS-:K>W&!E$VA8S
M4HHV[18=>U<VBZ/_%ESB3VT_?4[>:)<YT^9_7@PN =VKF4R2/!Z(X*?CJ3E;
M22/!$)[*CY*WI*&GE]3SGQ-V @(&F8V^>*1*=;1ZL;ZE[* $O"$ZJX#MS$@R
MMC!6%U K!LS("[R/<Y%1H+DLH'"7\E)X,.6OE8Y 9)R; ";TTJJTN$@N/F%A
M+0.4 >! I_3M/A5D$8:EY;5/3IB%XZT$FWR6J76K)7#4\B[!BG-0L>JYO$_9
MP++U@9>#K'G(#2+73_0%UYCG$;+FG1(L]M64)!/]$HH=\YI],IT:H_ZU>$%D
M:,\P;1C\S2,T&IZ#N@\3_5Y6?[$3[2;994UBO#G?ZT&V/WACLN*M8U_U7-(9
M$ 1>.@E;$56]=CQ4V3:I#H]L;&4!6-^.^&Z[9#L)/.7Y?>YX5Z3B?>$%;RGI
M_U9==['9?X>*[W%Y\]=B<(^X+&G]Z6VU 5\MT-W<X$_LK(?Z@A W8?\ QN4U
MR6W[\:>V"C@5G2%W(.$_UW#QXF7](+($/]"NS^CGZP@]&!!88Q4:>CNV,@H;
M2'U]^)BCN;P'L"T[9 _% 7Q;KM"+)=!%=@)@^3#A3VO(?P,[DK2C[SN4+"*&
M!H[D^X:FGY*J /\*F#-L3!BR,BUXT810T4862F!+A\?[8M\Y+#*9HG4.)<2[
M:7C76'R?HI<_CSM)KY5Q+B2;AH-?1;[ !7A3YNG]%OAJN8/!19@@FI!,:7/*
MDQ")(\$HCWZVG J(Q/)_#"=WE3@[XOZ?G>#L-27/(M<%T(MGO#AX*"7P+MK"
M,X_(KKVPJ7W^[]A;GUX4T^9F$SSX]H6NMG[>C'W[XK['T^RCB90WM4AD\3;:
M5!#O>O$O=LZQD^\1#!;ANV;GGPVQY'G/>.4=DTKI&:\:#D38E-P<PY7C<=T8
MJ_' ONA_TL/7I$CX"%J@HLI*>S)DT\I@79%MVQ>8"0*UN5)ZF^D61N3%,$('
M^@4P6IG!4XI[5-?2^RK_A8MQT925A1/ME"E<NJDE*P2ZJ;.NI[B'ZP"1]9,[
M6&<38W<Y67HJF\"E( NZ7?^(]6%*A>XNI+!QMN>PZ0AZ<WC:E%73T&I[2W=E
MG37UM[*YR=GE+%MGD 'MZ1#';JZ@'R@C@!W-D)!JU?8%V>4V7WBL2IJ#Y-?/
M_R@EAKT@*MAUO+HJQ)&#$P X2BGO>IB22\E/4)//<("6@EM=)ZOL4M^I]S<Z
MC2_T_,_3Y]L,.[?ZV^1BS7$-BXH3&MA-;..=',*4V ]P#'+*APGQJPX1?<A5
MW*:\J-E8?:_!X/U7XT69Y/YK$=2]_SJU%&@.(;+'%Q(F!B58-><V:1)1YM,(
M$>!?G-((0I@)$<UBS))+E'Y TRUV^"3?#N#7H[XVPV95P&.N9?>> LS12?7M
M$C^T7X%GMXI42(4<U309_/DV@50ELHT.B3')HI\)N^3!SQ8STD9+">>#2XI$
MSS< >V03.L"NI.(]>*%GCOJX8[\SA^TEK$44MA;H%FP3,\?=*(@)X6*0./C*
M?ZC*%:5I?<=$$015UV61@OF--9-NZ9+R DH6H!?V0$ ;@DN;[5!+Z 4=&*)(
M5=KV%/\S\9?:&-@=I+7 C*(%1I?WP,VXW6:M$U8AXCN]'-I8)41OG.%#<6*K
M-(>Z2W5TKM(QBC!LEF<H-?QQ!M[3ZK!8WY;;;)7EU&[UBL<QLTDTT!JWD291
M*XMIEBR"1R3;:SE3OW;94(-M5J7(BY)4-;5$<'^IW0:LE]J")6YS6VZ>IJS3
M^J&LFR3_GVQW4Z9&\(PP8$63&>&-"&M%H%G$M&ZS+'H+UBQU6%RN,)W;W'X/
M"U8T42@5]!9LI.W-+)!ABW-I(&!!I [?9OH"OM'FN +2#/Z;[Y'<X$%PY,Q[
MH+]CGG8BV62B,E%VHJK38E)$L#U)FA//K&>GS00/1<?_PR!,1E$G16A/S'>:
MO6P:FLY?:96\=!SG\T8Y>B 9 1T6"XQ3UUBEA/LL='J7?9*$=ZH>X$ES=(8#
M1[B ^I"2=\[+P!PY=J)L4.=H1K^#G:_KT#12?J7M=1B0KB4OU*RTG4Q-,K=\
M)LB&GUXB$/ J6)+'K/[KKJ)4GB*/PSYB:$[6K'U'WE9Y?*SQ$3J><GN@<09I
M,)#C\$L)WK--65 [)R8^1_#!/A-FX/.O/^+^&:B7*.Q.]\"ZVR0UA1QD0\JC
M&O?G^4#LBC:'T):U)*SLF:=V6S)#^U"*3+Z#).U+(J>"G*TD@T_Q0LJ?&NO3
M_7;'3G@8_F)]RBARL9+V[5O@&1TIR]0<)9=2F\<.?OZL1/2=/=*<'3CI0\*^
MB,$^LXHW!LA.,S$*3K>(;@>953=ASPZ\$3RPRWNVWSI*3>#-:<<?U3F:(V'D
M^N/7J]\D9^ O1$/ -::\T8V6#\V[VE&\H, @Z4W!@A$J#!K)$]1,&0QG<(TM
MG2]4[?"L.F:Q)GZT1O1+X$P%!P[K.I:KH;SE>9^^L>)H]-CN.&V,W JLNHU#
MF<GC &R5TNP5!NG@+)3PO:IK$->.,DBAGR"KR!$OITC",!Q^G&.SJ5DD-KG<
M=U&#*L)SE FZ&DE5XV*@D,]W1#V389TPB:*?#+O@<1@.-!OK<(+>V*:!21+;
M5F62.ZXS7%>7820TQ:L,QB#$RB3=,.,P+)?0>6B#4HN)UUX<K8D <7$4OO")
M$S$#:[NC[E>C*M=)G1G5KI8N.(I%D24TBWM26>31SX-3 2%A+#RCO'XNT<JK
MJ"1<I362FB-0GO_%&">4?8#-))XE73<S\HU3S&/J@.PK+J!E@-!:R,M@I04O
MX:6-H7RNRKJ^2:KJ +&3+6S-=ZS!H8UF6^;8'KAZ@9[)2G0-L?X]CT; @ Z0
M+"Q?(/TM=9/E4.$'6,BC\YN-5I<AG'7V!(3U7]\=1T"<WI]_:!;(73_D-,"A
M%H=,?H#0^FD>KK: 2:<25_9(7S*PA9!2J&$CL3)V2;B<VHJTS:(#Z+3"]-$$
M'I('OO&X^("@EA24747SR<.KY4FHU$"WN%-SR@V=^RO:I76L3O2?XGD:#@X;
M4%Q'8"V7,H>&G0_[W6"/VJKK O[[ IU,-*??*JW;S^:AK#!SV64'0$84["],
MSSRA=[%OZH9]=.R$=^1&\*8$V\X(;TV4YC&3.MW"];==7W4$YSI3JRXMEGGV
MPE&;S0-[&=LPT!EAH8 ]JG95MNTA7 2!?.B"^WGB[ZE^LIK\-OYZ"CR%TMP2
M?G;%?Z&"PL1MS N1)PU6&8Y0_3E]%-Y:]JM#X46;ZM$Z,5@LYZDXJ'F+1A3/
M.C%-,#X"8$OV3-S#3QFL7O,GT@2O;L(TQPV8>=,Z9XU?#ON?,/!P ^R\W!/X
M)'2"&):[6>;@M;X@A3YU%?;"AS0%O&)!4=1!&^ EIW+%\>IWE1N<7OVNYL4$
M=OC3X5N]^B=B!M8V^+B: S.Q/*(H_%FT3"<52-')8(@W&Z4-Z[G[5C9?DH;7
MM5T4]+]I4MD!J*P! =RL*!,,N2$'UFA"A'Y&D?0SX=! V.F8IRD:ITG^D&3,
MY'%LZ]WC9,>>O\J*TRT^DG-&*X?)]V(1.K2G#7WJBBL6JC]W;,G=[Y_H+H$
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M0[.SLOSD>%HE8,K8'Y 8&P^K29'[[+FG.%JRIZ'XVX'%20&-G<M=U$R9_0<
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ME*$N>!J)N'26.KU'&PBE:YV >-S*WH$[O,^#(&(#5;*W_I>]Y]YX+M400?S
M3WX.;7IQWI+G5#'QNBBE8$]+T4O2+^/VL!DF4L@F?]HGR],5IG:@E:B9"0!
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M3DTG2U NR_@9V-75@,_,MYGS-6D2256-X3C'<G?^>.ZCVG7-O\S4)$"=KIE
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M/7LB^^25P 9G']C$H*0%H^$^&!99>6E8Q2\GCW8*9>MSOB\,IGN9]LH7J(H
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M]R7#D#?]K/ -BOH4$+BD'*FP2RABRQ ZPUB0UJ?/<'27)+W/FP5LR2Q"]7A
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M^13*7^QPVS!K>(0E2Q*88WD+Q82P7^8AS8SFWU1=1TRJD3'K6>$P1GIY]"6
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M*X!5["!^4K C#N(+X7Q9EZ 8NS+9 _!1]R5^N[UA^^S0+-:?/7>=)6KAS0\
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M-Z&]_I/S^NN&)>/EZEGVQM>PY)8X^ZU]+I*:NV:I"/PHY.7GAX?CD1)HHB%
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MA/[R-D5D9;R(7PVRT%^',I&F?2HI'_!4S2?/L[[9SF JY;3>J_,EG"F=^98
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M1(9-WVU& #?-L>YL%+G80CJ%Q-V"W_J>0O=76\-=N(29@<.RIAF!L;.FA72
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M.:OHJ]VPK9_(A.P0J<2',/"5^%1=%8\MI'6OTIUQOHP)B!0DL_7R?E&=IF5
MZ >RPX\$);QI[R)\$PD-]SCA_W2#7[/E:QQM!)3T="\Y_4$MIVZ%T_;=RY'5
M<AY.YZ S9Y:5NV>6<9TS-R3(^0I:)&'A-GQ(^)^*+T ]-#VDH.X8'5+@ RS$
MT9%RC:#$^R*M0\>&BX7VQU_YCS\4/PJF>PG#+S,*<@JOC!M>'SU'60%TAZ_F
M?E%:U1_FI L>%F'($*"8EC]H>&;T\!\@[\,(TED;%?!#Z#@)G8(+K<:'=MG.
M?CEU*?HZZ?25LA*2! V[NG2<Z%5.V3Y!*>^;R%;DH'M%#V8Y53]N!#C0"DSF
MVU0)LA7T'U-VGI23*)[QAM^#49+Q(C:.MM\6T0EMNE+[58V&PUHH4/&L4A3R
M=\[#[I7$UG)I4IN2[BLET@+ 2RW+.L]\DW)F'@IB/D\\B"2:"/@H5<*Y*(I
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MXBILE]_2GVDVA;^-!WJIID@D_EMWO#_]V86GV877V],,]!(9HQE9BS3VA<E
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M+3)?9F]R;75L87-Y<RYH=&U02P$"% ,4    " #2=+!4LF&IF:0#   >#0
M'0              @ 'S;0< 9C(P9C(P,C%E>#$S+3%?9F]R;75L87-Y<RYH
M=&U02P$"% ,4    " #2=+!4,EDPK:8#  #I#   '0              @ '2
M<0< 9C(P9C(P,C%E>#$S+3)?9F]R;75L87-Y<RYH=&U02P$"% ,4    " #2
M=+!4>CI0[PT#  #W"@  '0              @ &S=0< 9C(P9C(P,C%E>#$U
M+3%?9F]R;75L87-Y<RYH=&U02P$"% ,4    " #2=+!4Q$K&SNT"   %"P
M'0              @ '[> < 9C(P9C(P,C%E>#$U+3)?9F]R;75L87-Y<RYH
M=&U02P$"% ,4    " #2=+!4M:H3*Q0C  #.R@  '               @ $C
M? < 9C(P9C(P,C%E>#(M,E]F;W)M=6QA<WES+FAT;5!+ 0(4 Q0    ( -)T
ML%0KS#-RD (  /X/   <              "  7&?!P!F,C!F,C R,65X."TQ
M7V9O<FUU;&%S>7,N:'1M4$L! A0#%     @ TG2P5.>I,[O-2   ,-D# !(
M             ( !.Z(' &9O<G1Y+3(P,C$Q,C,Q+GAS9%!+ 0(4 Q0    (
M -)TL%0PQ KEFQ<  ',O 0 6              "  3CK!P!F;W)T>2TR,#(Q
M,3(S,5]C86PN>&UL4$L! A0#%     @ TG2P5$Q= _1QI   ?",, !8
M         ( !!P,( &9O<G1Y+3(P,C$Q,C,Q7V1E9BYX;6Q02P$"% ,4
M" #2=+!4E;@FZ :% 0"M2A, %@              @ &LIP@ 9F]R='DM,C R
M,3$R,S%?;&%B+GAM;%!+ 0(4 Q0    ( -)TL%2C9%;=VJ4  (IC#  6
M          "  >8L"@!F;W)T>2TR,#(Q,3(S,5]P<F4N>&UL4$L! A0#%
M  @ TG2P5(D*S9=6$0  3!(   T              ( !]-(* &EM86=E7S P
M,2YJ<&=02P$"% ,4    " #2=+!4VUM-R \:   G&P  #0
I@ %UY H :6UA9V5?,# R+FIP9U!+!08     $  0 &4$  "O_@H    !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
